AP Business SummaryBrief at 10:24 p.m. EDT

US inflation cooled last month, though trade war threatens to lift prices

WASHINGTON (AP) — U.S. inflation slowed last month for the first time since September even as additional tariffs on steel and aluminum kicked in Wednesday that could send prices higher. The consumer price index increased 2.8% in February from a year ago, Wednesday’s report from the Labor Department showed, down from 3% the previous month. Core prices, which exclude the volatile food and energy categories, rose 3.1% from a year earlier, down from 3.3% in January. The core figure is the lowest in nearly four years. The declines were larger than economists expected, according to a survey by data provider FactSet.

Trump vows to take back 'stolen' wealth as tariffs on steel and aluminum imports go into effect

WASHINGTON (AP) — President Donald Trump is openly challenging U.S. allies by increasing tariffs on all steel and aluminum imports to 25% as he vows to take back wealth he says was “stolen” by other countries, drawing quick retaliation from Europe and Canada. The Republican president’s use of tariffs to extract concessions from other nations points toward a possibly destructive trade war and a stark change in America’s approach to global leadership. It also has destabilized the stock market and stoked anxiety about an economic downturn. Trump on Wednesday removed all exemptions from his 2018 tariffs on the metals, in addition to increasing the tariffs on aluminum from 10%.

Canada will announce more than $20 billion in tariffs in response to Trump's metal tariffs

TORONTO (AP) — Canada will announce Canadian $29.8 billion or $20.7 billion in retaliatory tariffs in response to the 25% steel and aluminum tariffs that U.S. President Donald Trump has leveled. A senior Canadian government official confirmed the amount. The official spoke on condition of anonymity because they weren't authorized to speak before the announcement. The European Union on Wednesday also announced retaliatory trade action with new duties on U.S. industrial and farm products. The EU responded within hours to the Trump administration’s increase in tariffs on all steel and aluminum imports to 25%.

Canada's incoming prime minister says he'll meet Trump if Canadian sovereignty is respected

TORONTO (AP) — Incoming Canadian Prime Minister Mark Carney says he’s ready to meet with U.S. Donald Trump if he respects Canadian sovereignty and is open to talk about a common approach to trade. Trump has declared a trade war on his northern neighbor and continues to call for Canada to become the 51st state, a position that has infuriated Canadians. Trump has threatened economic coercion in his annexation threats and suggested Tuesday the border is a fictional line. Carney says workers in both countries will be better off when “the greatest economic and security partnership in the world is renewed, relaunched. That is possible.”

Trump to name Michelle Bowman as top bank regulator at Federal Reserve, AP source says

The Trump administration is expected to choose Federal Reserve governor Michelle Bowman to be the central bank’s top financial regulator, according to a person familiar with the decision. Bowman, who has been a member of the Fed’s governing board for six years, would replace Michael Barr, an appointee of former President Joe Biden who stepped down last month. Barr came under attack from big U.S. banks after proposing they hold much more capital in reserve in a 2023 regulatory reform proposal. Bowman voted against the proposal.

Federal student loan site down Wednesday, a day after layoffs gutted Education Department

WASHINGTON (AP) — An hours-long outage on StudentAid.gov, the federal website for student loans and financial aid, has underscored the risks in rapidly gutting the Department of Education. Hundreds of users reported FAFSA outages to Downdetector starting midday Wednesday, saying they were having trouble completing the form, which is required for financial aid at colleges nationwide. The National Association of Student Financial Aid Administrators said it had received reports of users having trouble with FAFSA. The developers and IT support staff who worked on the FAFSA form were hard hit in the Education Department’s layoffs on Tuesday. In all, the Education Department has reduced its staff by half, to roughly 2,000, since Trump took office.

Wall Street rises after encouraging inflation data, but the trade war keeps knocking stocks around

NEW YORK (AP) — U.S. stock indexes rose after getting some relief from an encouraging inflation update. But even on a rare up day for the market, President Donald Trump’s trade war still knocked stocks around on Wednesday. The S&P 500 climbed 0.5% after skidding between an even bigger early gain and a later loss. The Dow Jones Industrial Average also pinballed between gains and losses, before winding up with a 0.2% dip. The Nasdaq composite rallied 1.2%. AI stocks led the way, but U.S. companies targeted by tariffs announced by Europe and others weighed on the market. Harley-Davidson and whiskey maker Brown-Forman fell.

US factories likely to feel the pain from Trump's steel and aluminum tariffs

WASHINGTON (AP) — President Donald Trump is once again lashing out at three of his biggest irritants: foreign steel, foreign aluminum and Canada. Trump on Wednesday will effectively plaster 25% taxes – tariffs – on steel and aluminum imports. And on Tuesday the president said the U.S. would double the forthcoming levy on the two metals to 50% if they come from Canada — only to suggest hours later that he might reconsider the additional increase on America’s northern neighbor. The pain won’t just be felt by foreign steel and aluminum plants. The tariffs will likely drive up costs for American companies that use the metals, such as automakers, construction firms and beverage makers that use cans. The threats to the economy have rattled stock markets.

Affordable housing threatened as Trump halts $1 billion slated for extending life of aging buildings

The Associated Press has obtained a document showing that the Trump administration is halting a $1 billion program that helps preserve affordable housing. The cuts could jeopardize projects across the country intended to keep 25,000 units energy-efficient, livable and affordable for low-income Americans. The details of how the program will be wound down remain unclear. The lack of communication from HUD about the program’s future has sent organizations in search of contingency plans. A spokesperson for the U.S. Department of Housing and Urban development declined repeated requests for comment.

Intel hires former board member as new CEO in struggling chipmaker's latest comeback attempt

Struggling chipmaker Intel has hired former board member and semiconductor industry veteran Lip-Bu Tan as the latest in a succession of CEOs to attempt to turn around the company that helped define Silicon Valley. Tan, 65, will take over the daunting job next Tuesday, more than three months after Intel’s previous CEO, Pat Gelsinger, abruptly retired amid massive layoffs and questions about the chipmaker’s ability to survive as an independent company. Intel has been led by interim co-CEOs, David Zinsner and Michelle Johnston Holthaus, after Gelsinger walked away from a job that he undertook in 2021.