AP Business SummaryBrief at 2:25 a.m. EST

Stock market today: Asian shares slip as worries grow about Trump's tariffs

TOKYO (AP) — Asia shares are mostly declining as worries grow about President Donald Trump imposing tariffs on key U.S. trading partners. Benchmarks fell in early Monday trading in Japan, Australia and South Korea. In China, shares declined in Hong Kong, while trading was closed in Shanghai for a holiday. Analysts said Asian markets were bracing for volatility set off by a possible trade war escalation. Wall Street ended last week lower. Trump’s 25% tariffs on imports from Canada and Mexico and 10% tariffs on goods from China are to take effect Tuesday. Both Canada and Mexico have ordered retaliation. Oil prices rose.

Trump says Americans could feel 'some pain' from tariffs as he threatens more import taxes

PALM BEACH, Fla. (AP) — President Donald Trump says Americans could feel “some pain” from the emerging trade war triggered by his tariffs against Canada, Mexico and China. He's also claiming that Canada would “cease to exist” without its trade surplus with the United States. The trade penalties that Trump signed Saturday at his Florida resort are causing a mix of panic, anger and uncertainty. And they're threatening to rupture a decades-old partnership on trade in North America while further straining relations with China. But by following through on a campaign pledge, Trump may have simultaneously broken his promise to voters in last year’s election that his administration could quickly reduce inflation. The tariffs are set to launch on Tuesday.

Trump's trade war among allies triggers retaliation from Canada and Mexico

TORONTO (AP) — Canada and Mexico ordered retaliatory tariffs on American goods in response to sweeping tariffs imposed by President Donald Trump. Businesses and consumers in both countries questioned how the trade war might affect them. Canada initially ordered tariffs of 25% on American imports starting Tuesday, including beverages, cosmetics and paper products worth $20 billion. A second wave would include vehicles, steel and aluminum products and multiple food items. “We can play the game all they want,” Trump said, adding he would speak to Canadian Prime Minister Justin Trudeau on Monday morning. Mexico has so far said only that it will impose retaliatory tariffs, without mentioning any rate or products.

Trump kept his pledge on tariffs. Is he ready for the fallout? Are Americans? Here's what to know

ATLANTA (AP) — President Donald Trump has taken executive action to impose new tariffs on imports from Canada, China and Mexico. The move fulfills campaign promises but also sparked retaliatory moves that could signal an extended trade war with key trading partners and, in the case of Mexico and Canada, the closest U.S. neighbors and allies. Unlike during the 2024 campaign, when Trump billed his economic agenda as a sure-fire way to reduce the cost of living for American workers, the president now is acknowledging what many economists have long forecasted: the levies could yield higher prices and lower supplies across the market.

What do Trump's executive orders say on tariffs and how would they work?

PALM BEACH, Fla. (AP) — President Donald Trump is using a trio of executive orders to throw the world economy and his own goal of cutting inflation into turmoil. His tariffs against Canada and Mexico in order to stop illegal immigration and the illicit fentanyl trade have led to retaliatory taxes by both countries on U.S. imports. He's placed an additional 10% tariff on imports from China. He's done so without congressional approval and by his own acknowledgement at the chance of “some pain” in the form of higher inflation, job losses and worse growth for Americans.

US businesses brace for Trump's tariffs on Canada, Mexico and China to drive up costs

WASHINGTON (AP) — From an ice cream parlor in California to a medical supply business in North Carolina to a T-shirt vendor outside Detroit, U.S. businesses are bracing to take a hit from the taxes President Donald Trump has imposed on imports from Canada, Mexico and China, America’s three biggest trading partners. The levies of 25% on Canadian and Mexican and 10% on Chinese goods that Trump imposed Saturday will take effect Tuesday. Canadian energy including oil, natural gas and electricity will be taxed at a lower 10% rate. Trump’s tariffs threaten to raise prices for consumers. Mexico’s president has ordered retaliatory tariffs and Canada’s prime minister says the country will put matching 25% tariffs on up to $155 billion in U.S. imports.

'Dog Man' bites off $36 million, taking No. 1 at box office

NEW YORK (AP) — DreamWorks Animation's “Dog Man” fetched $36 million in ticket sales at the weekend box office, making it the biggest debut yet in 2025. It was a big opening for the Universal Pictures release adapted from the graphic novel series by author Dav Pilkey. The big-screen launch for the cartoon canine was produced for a modest $40 million, meaning it will easily coast through a profitable run. Family movies like “Moana 2” and “Inside Out 2” last year buoyed the box office. So far, they’re lifting 2025, too. The horror comedy “Companion" also opened well, with $9.5 million from 3,285 locations. Drew Hancock’s sci-fi tinged film set in the near future is about a group of friends on a weekend lakeside getaway.

Southeast Asia looks to nuclear power to supercharge its energy transition

JAKARTA, Indonesia (AP) — Most countries in fast-growing Southeast Asia are looking to develop nuclear energy in their quest for cleaner and more reliable energy. Nuclear energy has been used for decades in the United States, France and Japan and is viewed by its proponents as a climate solution since reactors don’t emit plant-warming greenhouses gases, unlike burning coal, gas or oil. Recent technological advances have helped reduce the risks from radiation, making nuclear plants safer, cheaper to build and smaller. But countries across Southeast Asia have been daunted by high costs, limited international financing and concerns over nuclear safety and the environment.

Trump fires the director of the Consumer Financial Protection Bureau

PALM BEACH, Fla. (AP) — President Donald Trump has fired the director of the Consumer Financial Protection Bureau, Rohit Chopra, in the latest purge of a Biden administration holdover. Chopra was one of the more important regulators from the previous Democratic administration who was still on the job since Trump took office on Jan. 20. Chopra's tenure saw the removal of medical debt from credit reports and limits on overdrafts penalties. But many in the financial industry saw his actions as regulatory overreach. In a social media post Saturday about his departure, Chopra thanked people across the country who “shared their ideas and experiences” with the government’s consumer financial watchdog agency.

Elon Musk's DOGE commission gains access to sensitive Treasury payment systems: AP sources

WASHINGTON (AP) — The Department of Government Efficiency, run by President Donald Trump’s billionaire adviser and Tesla CEO Elon Musk, has gained access to sensitive Treasury data including Social Security and Medicare customer payment systems. That's according to two people familiar with the situation. DOGE, which is assigned to find ways to reduce federal workers, cut programs and slash federal regulations, would have wide leeway to access important taxpayer data, among other things. Senate Finance Committee member Ron Wyden, an Oregon Democrat, sent a letter to Treasury Secretary Scott Bessent on Friday. He expressed concern that “officials associated with Musk may have intended to access these payment systems to illegally withhold payments to any number of programs.”