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The Trump White House reports that countries are routing exports through third nations to avoid U.S. tariffs, causing tax revenue losses of $19 billion to $26 billion annually.
The report says China has responded to 2018 tariffs by sending goods to other countries for packaging and assembly.
Forbes editor out for reportedly accepting $6M
The top editor of Forbes has left his job after reportedly being fired for accepting $6 million from the founder of a firm that works with the magazine.
The New York Times reported this week that the payment came from RJ Shook, whose company, Shook Research, has collaborated with Forbes since 2016.
US stocks rise to record as oil prices drop
The U.S. stock market rose to a record following the latest sign that inflation is getting less bad. Stocks also got a lift Thursday from easing oil prices in their latest yo-yo move.
The S&P 500 climbed 0.7% and topped its prior all-time high set last week. The Dow Jones Industrial Average added 0.1%, and the Nasdaq composite gained 0.8%. Brent crude oil's price fell 2.1%.
Wholesale price inflation slows as costs fall
Wholesale inflation dropped last month as gas prices reversed some of their Iran war spike and other costs also cooled, a sign that consumer inflation could decline in the months ahead.
The Labor Department's producer price index -- which captures inflation before it reaches consumers -- rose 4.7% in July from a year ago, down from a much larger 5.5% increase in June.
US unemployment claims rise but remain healthy
U.S. applications for unemployment benefits rose last week, but layoffs remain at historically healthy levels.
The Labor Department reported that 209,000 people filed jobless claims last week.
Mortgage rates dip slightly, but remain steep
The average long-term U.S. mortgage rate fell slightly for the first time in six weeks, although borrowing costs remain steeper than they were a year ago.
The benchmark 30-year fixed rate mortgage rate tumbled to 6.67%, mortgage buyer Freddie Mac said Thursday, down from 6.69% reported last week.