Ticker: High gas prices spur states to waive taxes

The day\'s business news at a glance

State officials nationwide are focusing on rising gas and diesel prices tied to the war in Iran.

They're offering gas tax holidays and other measures to ease costs as affordability remains a top voter concern in the critical midterm elections. Lawmakers in Ohio passed a 90-day state gas tax holiday with broad bipartisan support on Wednesday. Ohio is among about one-third of states that have implemented some form of fuel tax relief, with many taking action within the past week. Some states have suspended their fuel taxes. Others have temporarily reduced taxes. And still more have targeted relief only to farmers, loggers, and others who use a special type of diesel fuel.

G20 trade talks yield little progress

G20 trade ministers have failed to agree on curbing the flooding of global markets with overproduced, underpriced goods.

Meeting in Milwaukee, representatives of the industrialized and emerging economies reached no consensus on the so-called excess capacity issue, which the Trump administration claims undercuts American manufacturers and threatens U.S. jobs. The White House accuses China and others of overproduction, affecting industries like steel, autos, and semiconductors. The meeting likewise failed to produce any thaw in talks between Canada and the U.S., which are locked in a bitter trade war.

Bond market shakes stock markets worldwide

More swings in the bond market rattled stock markets around the world. Thursday's moves were relatively modest on Wall Street after U.S. bond yields cranked higher but then gave back the gains later in the day.

The S&P 500 rose 0.2% and broke a three-day losing streak. The Dow Jones Industrial Average edged up less than 0.1%, and the Nasdaq composite also rose less than 0.1%. The moves were more dramatic in Europe, where stock indexes tumbled 1.7% in London, 1.6% in Paris and 1% in Frankfurt. They were hurt by sharp moves for bond yields on that side of the Atlantic.

Senate punts bill to ban Chinese cars

A bill aiming to permanently ban the sale of Chinese vehicles in the United States stalled in the Senate as lawmakers headed for the exits until after the November midterm elections.

The bipartisan bill, sponsored by Republican Sen. Bernie Moreno of Ohio and Democratic Sen. Elissa Slotkin of Michigan, aims to prevent China's auto industry from gaining a foothold in the U.S. market. It gained renewed energy last week during the summit in Washington between Chinese President Xi Jinping and President Donald Trump. Slotkin and Moreno delayed the bill as they negotiated with the lone holdout, Republican Sen. Rand Paul of Kentucky, who argued the legislation could unfairly sweep in Mercedes-Benz.

Moore forms bipartisan governors group on AI

Gov. Wes Moore of Maryland is forming a bipartisan group of governors to address concerns about artificial intelligence. He argues that states need to act due to federal inaction on the issue.

Moore criticized President Donald Trump's recent meeting with AI executives, calling it a "billionaire boys club." As chair of the National Governors Association, Moore plans to develop an AI framework with Republican Gov. Mike Braun of Indiana. Governors from both parties are participating. States like Maryland, California, and Texas have already taken steps to create AI standards, while federal action remains slow.