US, China seek to repair damage from tariff war

President Donald Trump’s trade war with Beijing has sent U.S.-China trade into a freefall and forced companies on both sides of the Pacific to regroup. U.S. firms are looking for suppliers outside of China. And Chinese firms have pursued business in Europe and Southeast Asia.

The sparring goes beyond tariffs. China has cut off purchases of U.S. soybeans and deprived U.S. manufacturers of crucial minerals and metals. The U.S. has blocked China from getting advance computer chips. The world’s two biggest economies have shown they can hurt each other. Now Trump and Chinese President Xi Jinping are trying to stabilize the relationship.

Producer prices surge 6%, pushing up costs

U.S. wholesale inflation came in hot last month. Producer prices rose 6% from a year earlier, most since December 2022, as the 10-week Iran war pushed up energy prices and put pressure on companies to pass along higher costs to consumers.

The Labor Department reported Wednesday that its producer price index — which tracks inflation before it hits consumers — shot up 1.4% in April, biggest monthly gain since March 2022.

Tech stocks carry Wall Street to records

A rebound for technology stocks led Wall Street to records, even though the majority of U.S. stocks fell following another discouraging update on inflation.

The S&P 500 rose 0.6% Wednesday and topped its prior all-time high set early this week. The Dow Jones Industrial Average dipped 0.1%, and the Nasdaq composite climbed 1.2% to its own record. Nvidia and other tech stocks led the way, a day after stumbling in an industrywide swoon. Other stocks weakened after a report showed inflation at the wholesale level was significantly worse than expected.

United flight attendants ratify 5-year contract

United Airlines flight attendants have approved a new labor contract, marking their first pay increases in six years.

The agreement includes an average 31% pay raise this summer and boarding pay worth an additional 7% to 8% in compensation. The union says the contract was ratified Tuesday by an 82% vote.

EU commissioner warns of jet fuel shortages

The European Union’s energy commissioner says a jet fuel shortage can’t be ruled out in the long term. Commissioner Dan Jorgensen says that the situation depends on the Iran war and disruptions in the Strait of Hormuz.

Fighting in the area has affected supplies and caused fuel prices to spike globally. Jorgensen notes that airlines are vulnerable due to high fuel costs.

GOP blocks effort to reverse CFPB changes

Senate Republicans have blocked Democrats’ efforts to reverse Trump-era changes to consumer protection laws. The Democrats’ push on Wednesday had aimed to challenge GOP senators in an election year.

The Senate had held three votes, each of which was defeated along party lines. These votes are tied to changes made by the Consumer Financial Protection Bureau since February 2025. Democrats argue these changes harm consumers, while Republicans believe the bureau has too much power.

Meta launches WhatsApp ‘incognito’ mode

Meta Platforms is introducing an “incognito” mode for WhatsApp to allow private conversations with its AI chatbot. The feature aims to address privacy concerns about sharing sensitive information.

Messages in this mode will be processed securely, won’t be saved by default and will disappear upon exiting.