One year later, Los Angeles residents continue to face rebuilding challenges: 'Fatigue factor'LA City Council waives permit fees for Palisades and Eaton fire victims, removing financial barriers to help residents rebuild their homes faster.

More than a year after deadly fires struck Los Angeles, residents are still struggling to rebuild their homes, citing permitting, insurance and financial gaps.

The Palisades and Eaton fires began in January 2025, and destroyed more than 16,000 homes and burned more than 38,000 acres, according to official reports.

The city of Los Angeles has received 3,561 permitting applications and has issued 1,939 permits for 844 unique addresses, as of Feb. 21, according to the LA Strong Return and Rebuild website. The data is updated hourly by the Los Angeles Department of Public Safety, according to the page.

CALIFORNIA RESIDENTS FACE BRUTAL CHOICE ONE YEAR AFTER LOS ANGELES FIRES DESTROYED THEIR LIVES

There are currently 1,189 applications in review and 2,372 plans approved as of Friday.

"Hundreds of homes are already under construction in the Palisades, with over 1,000 permits in the pipeline. That's real progress — but those are people who can," LA District 11 Councilperson Traci Park said in a statement sent to FOX Business. "Thousands of others remain displaced, faced with lingering insurance disputes and lack of access to affordable capital to rebuild. 

Palisades residents such as Michelle Bitting, whose home was destroyed during the fires, say there’s a "fatigue factor" within the ongoing process.

"The minutia of what we had to navigate with just the insurance stuff was exhausting," Bitting told FOX Business. "Just the policy details and sort of understanding all of that stuff."

Bitting said she had a "good experience" with insurance, but they struggled to obtain a permit for their rebuild. She said she and her family were "ahead of the game."

"Our trenches [were] dug, we’ve gone through two rains now, we’ve covered them, they’ve been scooped out again … They’ve been telling us any day now for two months on getting this permit," Bitting said.

Mychal Wilson, a whistleblower attorney and Palisades resident, echoed a similar sentiment regarding the permitting process.

"Permits have been being issued, and it takes anywhere between 30 days to six months, but some of that falls on the homeowner," Wilson said. "You go through the design, and then you say, ‘Well, wait a second. I want to increase the square footage … I think there’s that issue in the permitting process that has delayed stuff.'"

PALISADES FIRE ARREST: THE FINANCIAL COST OF ONE OF L.A.'s MOST DEVASTATING BLAZES

Wilson said that they decided to expand after the fires. He told FOX Business that they submitted their plans to the city and a "soils report" and, as of Feb. 14, he anticipated that they would have their permits "within two weeks."

The Los Angeles City Council unanimously voted to waive permit fees for residents who were affected by the Palisades and Eaton fires.

The motion, which passed Feb. 3, waives plan check and permit fees "for all structures, regardless of rebuild/repair scale, only up to the amount attributed to 110% of the original footprint."

Part of the motion requests that the city controller establish a "Wildfire Emergency Permit Fee Subsidies, in the General City Purposes" and would "appropriate $10 million from a temporary revolving loan from the Building and Safety Building Permit Enterprise Fund," which would then be repaid with interest.

This resolution waives fees for all structures, including single family homes, duplexes, accessory dwelling units, multifamily dwellings, and commercial properties. 

In an Instagram post, Park thanked the city administrator officer for revisiting the proposal, as it was initially only meant for single-family dwellings.

NEWSOM VETOES FIREFIGHTER PAY RAISE MONTHS AFTER CALIFORNIA'S MOST EXPENSIVE WILDFIRE

"That wasn’t good enough, and we weren’t going to leave our small businesses, our renters, our seniors and our condo complexes, or our families in the mobile home parks behind," Park said in the post.

She said the passing of this motion "[removed] the barriers that are causing so many people the inability to begin the process of rebuilding and returning home."

"Now that recovery reports are in, we're focused on the bigger picture work that will speed up rebuilding," Park continued in the statement.

The current state of rebuilding in the city has drawn scrutiny from the federal government. President Donald Trump issued an executive order mandating the federal government step in to take over rebuilding efforts in Los Angeles.

The executive order, titled "Addressing State and Local Failures to Rebuild Los Angeles After Wildfire Disaster," directs the heads of SBA and FEMA to issue regulations that override California and LA’s permitting requirements, according to previous reporting by Fox News.

Wilson told FOX Business that federal assistance "would be great if they did come in and help out."

"I think it’s great because the federal government, FEMA hasn’t really helped out anyone … and it’s not just on the Palisades, it’s just part of the policy and administration right now," Wilson said. "The problem is it’s FEMA and they’re more worried about the overall big picture, whereas the local government is the one who can really enforce, for example, the permits."

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Park said an upcoming town hall will allow residents to directly weigh in on what should be included in a "long-term recovery plan."

"This has to stay community-driven — and government's job is to clear the path, not stand in the way," Park said.

FOX Business contacted LA Mayor Karen Bass, Gov. Gavin Newsom and gubernatorial candidate Steve Hilton's press offices, but did not immediately receive a response.

https://www.foxbusiness.com/politics/one-year-later-los-angeles-residents-continue-face-rebuilding-challenges-fatigue-factor

JPMorgan admits closing Trump-affiliated bank accounts after Jan 6 Capitol riot amid $5B lawsuitIn a court filing amid a $5 billion lawsuit, JPMorgan Chase admitted to closing bank accounts tied to President Donald Trump after the events at the Capitol on Jan. 6, 2021.

JPMorgan Chase Bank recently admitted it closed President Donald Trump's bank accounts following the Jan. 6, 2021, breach of the U.S. Capitol, a confession spurred by a $5 billion legal challenge from the president last month.

The suit, brought against the bank and its CEO, Jamie Dimon, in Miami state court, accused the financial institution of debanking Trump for political reasons.

In a new court filing, Dan Wilkening, chief administrative officer for global banking at JPMorgan, confirmed that in February 2021, the bank informed Trump and several of his hospitality companies that certain accounts would be closed.

Copies of formal letters sent by JPMorgan are dated Feb. 19, 2021.

TRUMP SUES JPMORGAN CHASE AND CEO JAMIE DIMON FOR $5B OVER ALLEGED 'POLITICAL' DEBANKING

One letter addressed to Jeffrey McConney, of The Trump Corporation, explicitly states, "JPMorgan Chase Bank, N.A. ('we') has decided to close its banking relationship with The Trump Corporation and its affiliated entities."

Another letter addressed directly to Trump states, "We may determine that a client's interests are no longer served by maintaining a relationship. ... With that in mind, this letter is to respectfully inform you that we will need to end our current relationship."

Wilkening claimed the bank handled the remaining balances in the accounts by working with Trump and his companies to move their funds to other institutions, in accordance with the bank's standard account agreements.

Trump and his companies were given until April 19, 2021, to transfer hundreds of millions of dollars before the accounts were officially closed.

TRUMP SAYS HE WILL SUE JPMORGAN CHASE OVER ‘INCORRECT’ POST-JAN 6 DEBANKING

His attorneys alleged that Bank of America later refused to accept large deposits when he attempted to bank elsewhere.

While the bank's letters do not provide a specific reason for the closures, Trump attorneys are alleging the accounts were "unlawfully closed due to political discrimination" and that they were placed on a "blacklist."

In an earlier filing, Trump's attorneys noted he was a JPMorgan customer for decades, and he and his affiliated entities transacted "hundreds of millions of dollars" through the bank.

Based on account agreements JPMorgan shared with the court, the institution can justify closing certain accounts, with or without cause, and generally permit either party to terminate accounts with at least 30 days written notice.

The agreements also authorize closure upon written notice of specific reasons, including breach of contract, financial impairment or insolvency, legal or regulatory requirements, or activities the bank in "good faith" believes violate its policies.

JPMorgan's policies are primarily structured around regulatory compliance and risk management, specifically anti-money laundering and anti-terrorism, government sanctions, unlawful transactions, and adherence to general legal and banking standards.

The agreements note customers must comply with all notified bank policies, and the bank reserves the right to refuse transactions, freeze funds or close accounts without further notice if it determines an activity conflicts with its policies.

Trump’s attorneys are accusing JPMorgan Chase and its CEO of trade libel, violating Florida’s unfair and deceptive trade practices act, declaratory relief and breach of implied covenant of good faith and fair dealing — demanding a jury trial.

TRUMP ORGANIZATION, ERIC TRUMP SUE CAPITAL ONE FOR 'UNJUSTIFIABLE' 2021 DEBANKING BASED ON 'WOKE' BELIEFS

Lawyers said they are "confident that JPMC’s unilateral decision came about as a result of political and social motivations, and JPMC’s unsubstantiated, ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views."

"In addition to the considerable financial and reputational harm that Plaintiffs and their affiliated entities suffered, JPMC’s reckless decision is leading a growing trend by financial institutions in the United States of America to cut off a consumer’s access to banking services if their political views contradict with those of the financial institution," Trump's attorneys wrote in the initial complaint.

Dimon in 2025 denied that his institution debanks customers based on political views.

"We don't debank people because of political or religious affiliations," Dimon said on Capitol Hill Feb. 13, 2025. "But there are a lot of things that can be fixed. We should fix them. The rules and requirements are so onerous, and it does cause people to be debanked in my opinion, should not be debated."

The Trump Organization also sued Capital One in 2025, claiming the bank in 2021 "unjustifiably" terminated more than 300 of its bank accounts, and accounts belonging to Trump family members.

At the time, a Capital One spokesperson told Fox News Digital, "Capital One has not and does not close customer accounts for political reasons."

JPMorgan Chase did not immediately respond to FOX Business' request for comment.

FOX Business' Brooke Singman contributed to this report.

https://www.foxbusiness.com/money/jpmorgan-admits-closing-trump-affiliated-bank-accounts-jan-6-capitol-riot-amid-5b-lawsuit

Under mounting toy pressures, Hasbro has a secret sauce that Mattel hasn't matchedHasbro's secret weapon has been its Wizards of the Coast division, which includes Dungeons & Dragons, Magic: The Gathering and the company's digital games.{}

Hasbro's secret weapon has been its Wizards of the Coast division, which includes Dungeons & Dragons, Magic: The Gathering and the company's digital games.https://www.cnbc.com/2026/02/21/hasbro-vs-mattel-toy-industry-pressures-make-digital-the-star.html

Jon Taffer says AI 'doesn’t get sick' as restaurants struggle to find workers"Bar Rescue" host Jon Taffer reveals how restaurant AI is revolutionizing back-of-house operations while preserving human hospitality for diners.

Artificial intelligence is quietly reshaping restaurant operations, but not necessarily in the way diners might expect.

As labor shortages persist and costs remain elevated, "Bar Rescue" host Jon Taffer joined FOX Business’ Stuart Varney on "Varney & Co." to say technology is becoming a critical back-of-house tool rather than a front-facing replacement for hospitality.

Taffer explained that staffing challenges are pushing operators to look for new efficiencies.

"We're struggling to find people. The male workforce is declining in America. … So, finding employees is difficult. … AI is a great way to provide efficiency and streamline operations," he said.

LAWMAKERS DEBATE AI’S IMPACT ON WHITE-COLLAR JOBS AS DISRUPTION FEARS GROW

Rather than placing machines between customers and staff, Taffer emphasized that human interaction remains central to the dining experience.

"I don't put AI in the front of the house. I don't want you interacting with the machine. I want you to be interacting with people. I think that connectivity is very important," he said.

Instead, AI is deployed behind the scenes, where it can directly affect margins.

"All of my AI is back of the house. We manage inventory. We manage order process. We track ticket times. We track all of these incentives. We can track labor costs down to the moment. But AI in the back of house is a powerful, powerful asset for us. It can save us considerable dollars," Taffer said.

The financial case, he said, is straightforward.

"It doesn't get sick." 

Taffer has decades of hands-on industry experience as a longtime, no-nonsense hospitality consultant. He has built a reputation for helping struggling restaurants while preserving the human connection that sits at the heart of the business.

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https://www.foxbusiness.com/media/jon-taffer-says-ai-doesnt-get-sick-as-restaurant-struggle-find-workers

Is corporate America breaking up with DEI or just taking its relationship underground?XX-XY Athletics' CEO called DEI hiring practices "excessive" distraction and said companies are "happy" to focus on merit-based hiring under new policies.

The second Trump administration has been marked by blowback to diversity, equity and inclusion (DEI) programs among American companies. It's a welcome change, according to XX-XY Athletics CEO Jennifer Sey, who calls such programs and hiring practices "excessive."

"Excessive focus on DEI, whether it's through hiring practices or public marketing, actually can have an adverse effect on [a] company's performance," Sey told Fox News Digital. 

"It's not so fashionable anymore. … [Companies] are responding to both Trump and the administration and their push and the executive orders, but they're also responding to the public and where popular opinion is, and people are rejecting these DEI programs."

Gravity Research reported in November that "the term ‘DEI’ fell 98% across Fortune 100 communications." The report analyzed more than 1,000 corporate documents from January 2023 to May 2025.

NIKE’S DIVERSITY INITIATIVES UNDER EEOC SCRUTINY FOR ALLEGED DISCRIMINATION AGAINST WHITE WORKERS

"Executive teams are happy to abandon these programs. They're a distraction from the business," Sey added. "It's all the training around diversity that people have to go through. It's the interview process that focuses on anything other than just straight-up merit. It's a distraction from the business. And, at the end of the day, the values that the executive teams and the CEOs do have to make money for the company … that's their fiduciary responsibility.

"When they've got employees training all day about diversity, they're not focused on making [a] great product and marketing that product. So, I think [companies are] actually relieved to deemphasize all of this and walk away from it."

WENDY'S TO CLOSE HUNDREDS OF RESTAURANTS AS COMPANY LOOKS TO FOCUS ON VALUE TO BOOST SALES

Upon taking office again, President Donald Trump signed executive order 14173, "Ending Illegal Discrimination and Restoring Merit-Based Opportunity," which ordered the heads of all executive departments and agencies to "combat illegal private-sector DEI preferences, mandates, policies, programs, and activities."

According to Gravity Research, 40 corporations "made public DEI changes" after Trump’s second inauguration, and The Conference Board also found that use of the "DEI" acronym dropped by 68% at America’s largest firms in 2025 compared to 2024 filings.

It was also reported that "33% [of companies] stopped using the term equity altogether," while "53% of S&P 100 companies" adjusted how DEI efforts were communicated in 2025 annual report filings when compared to 2024.

That didn't necessarily mean, according to the report, that they were abandoning DEI altogether, but rather "limiting or reframing public disclosures around their diversity initiatives."

SUPER BOWL ADS GO PATRIOTIC AS BUDWEISER, PEPSI AIM TO WIN BACK AMERICAN CONSUMERS

The retired gymnast recalled the Bud Light marketing failure using transgender influencer Dylan Mulvaney for an ad campaign in 2023 as an example, citing the company’s attempt to use "wokeness as a marketing strategy."

"It backfired immensely," Sey said. 

The company has done more traditional, humorous ads in recent years meant to appeal to men, such as its Super Bowl ad this year featuring Peyton Manning, Post Malone and Shane Gillis.

"If you want to be woke and that's who you're appealing to, that's fine," Sey said. "Go after it if you think that's going to satisfy your business goals. … If you are going after a much more conservative customer and express that through your marketing, and that's half the country, you can build a successful business on that. 

"But when we're talking about large brands like Target and Bud Light, I think they do have an obligation to rise to the highest common denominator and focus on the product and unifying values. … It shouldn't just fall prey to cultural whims all the time."

TARGET CUTS 500 JOBS, INVESTS MORE MONEY IN STORE STAFFING

"[People] want optimism. They want unifying, optimistic values expressed in the brands that they're buying," the athletic brand builder added. 

It's not complicated, she said, for businesses to simply focus on finding the best employees to "deliver the best results."

Target and Anheuser-Busch did not respond to Fox News Digital's request for comment.

https://www.foxbusiness.com/media/corporate-america-happy-abandon-dei-practices

More than 3M pounds of frozen chicken fried rice recalled over potential glass contaminationAjinomoto Foods North America is recalling more than 3.3 million pounds of frozen chicken fried rice, including Trader Joe’s products, over concerns the items may contain glass, federal officials said.

More than 3.3 million pounds of frozen chicken fried rice are being recalled after federal officials warned the products may contain glass.

Ajinomoto Foods North America is recalling approximately 3,370,530 pounds of frozen not-ready-to-eat chicken fried rice products that may be contaminated with glass, the U.S. Department of Agriculture’s Food Safety and Inspection Service (FSIS) announced Friday.

The recall includes products sold at Trader Joe’s locations nationwide, while the Ajinomoto items were shipped only to Canada.

MULTISTATE OUTBREAK OF HIGHLY DRUG-RESISTANT SALMONELLA LINKED TO TRENDY 'SUPERFOOD,' FEDS WARN

The FSIS said it was recalling 20-oz. plastic bag packages containing Trader Joe’s frozen chicken fried rice with stir-fried rice, vegetables, seasoned dark chicken meat and eggs.

The Ajinomoto product is sold in a carton containing six bags of "Yakitori Chicken with Japanese-Style Fried Rice."

All the chicken fried rice items were produced between Sept. 8, 2025, and Nov. 17, 2025, according to the FSIS.

SALMON SOLD AT BJ’S WHOLESALE CLUB RECALLED OVER POTENTIAL LISTERIA CONTAMINATION

Federal officials said the issue was discovered after FSIS received four consumer complaints tied to glass being found in the product.

FSIS said there have been no confirmed reports of injury due to consumption of this product.

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Officials said the product may still be in retailers’ and consumers’ freezers and urged consumers to throw the items away or return them to the store.

https://www.foxbusiness.com/lifestyle/more-than-3m-pounds-frozen-chicken-fried-rice-recalled-over-potential-glass-contamination

United overhauls MileagePlus rewards program with major changesUnited Airlines announces major MileagePlus rewards changes starting April 2. Cardholders will earn more miles while non-cardholders face reduced benefits.

United Airlines is shaking up its MileagePlus rewards program in a move that benefits credit card holders and leaves other travelers earning fewer miles.

The Chicago-based carrier announced Thursday that starting April 2, travelers with United’s co-branded credit or debit cards will earn significantly more miles when they book flights. Meanwhile, customers without a United card will have a lower accrual rate.

Under the new structure, cardholders can earn up to twice as many miles per dollar spent on United flights compared to non-cardholders.

For United’s most frequent flyers – like top-tier 1K members who also use a United Club card – rewards can go as high as 17 miles per dollar on eligible flights.

UNITED AIRLINES TO OFFER REFUNDS BECAUSE OF SHUTDOWN-CAUSED FLIGHT RESTRICTIONS

Meanwhile, general members without a United credit card will earn just 3 miles per dollar on most tickets. 

United also said that customers without a card will no longer earn any miles when purchasing basic economy tickets.

"MileagePlus is designed to reward loyalty to United, and our best customers deserve the best benefits in the industry," United Chief Commercial Officer Andrew Nocella said in a statement. 

Beyond earning more miles, cardholders will also receive other perks.

UNITED FLIGHT CLIPS ANOTHER AIRCRAFT WHILE TAXIING AT LAGUARDIA AIRPORT

Cardholders will receive at least a 10% discount when booking flights using miles, and Premier members with a United card will get at least 15% off award flights.

They will also gain expanded access to "Saver Award" seats, including spots in United's Polaris business class.

The announcement quickly sparked debate online.

"Wow, that sounds like a big shift," one user wrote on X. "Gotta wonder how many people will switch just for the miles boost."

"Getting 10% back on flights is going to be so sick," another added.

"For 90% of people that travel, airline miles and points are a scam," a third user wrote.

UNITED AIRLINES FIRST MAINLINE STARLINK FLIGHT READY FOR TAKEOFF

The changes apply across United’s co-branded lineup, including the Explorer, Quest and Club cards.

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Loyalty programs have become major profit engines for airlines, generating billions of dollars annually through partnerships with banks that issue co-branded credit cards, according to Reuters.

https://www.foxbusiness.com/fox-news-travel/united-overhauls-mileageplus-rewards-program-major-changes

Netflix co-CEO accuses James Cameron of spreading 'misinformation' about Warner Bros. acquisitionNetflix co-CEO Ted Sarandos accused director James Cameron of spreading misinformation about Netflix's proposed Warner Bros. Discovery acquisition after Cameron criticized the deal.

Netflix co-CEO Ted Sarandos accused legendary director James Cameron of believing misinformation after Cameron criticized Netflix’s potential acquisition of Warner Bros. Discovery (WBD).

"I'm particularly surprised and disappointed that James chose to be part of the Paramount disinformation campaign that's been going on for months about this deal," Sarandos said on "The Claman Countdown" Friday.

Netflix announced its proposed acquisition of WBD, including HBO and HBO Max, in December. Days later, Paramount Skydance submitted a counter-all-cash offer.

Recently, Netflix has received an outpouring of criticism from some members of the Hollywood elite and California leaders over its proposed purchase of the studios.

JAMES CAMERON SAYS THE 'FUNDAMENTAL ISSUE' WITH PUTTING GUARDRAILS ON AI IS THAT HUMANS CAN'T AGREE ON MORALS

Cameron raised concerns about the deal in a letter to Sen. Mike Lee, R-Utah, chairman of the Senate Judiciary Subcommittee on Antitrust, Competition Policy and Consumer Rights.

In the letter, the "Titanic" and "Avatar" director said Netflix’s business model is "directly at odds" with the theatrical film production business.

"Theaters will close. Fewer films will be made. Service providers such as VFX companies will go out of business. The job losses will spiral," the letter reads in part.

MATT DAMON CLAIMS NETFLIX WANTS MOVIES TO REPEAT PLOTS IN SCENES BECAUSE 'PEOPLE ARE ON THEIR PHONES'

Sarandos said he was "surprised" by Cameron’s criticism of Netflix’s proposed WBD acquisition.

"I met with James personally in late December and laid out for him our 45-day commitment to the theatrical exhibition of films and to the Warner Brothers slate," the Netflix co-CEO said. "I have talked about that commitment in the press countless times. I swore under oath in front of the Senate subcommittee on antitrust that that's what we were doing."

Cameron has vocalized his concern that Netflix was pledging a theatrical release window of 17 days, but the company has repeatedly affirmed it will be 45 days.

TRUMP SAYS 'ANY DEAL' TO BUY WARNER BROS SHOULD INCLUDE CNN

"45 days of theatrical exclusivity – that has been clear from the beginning," Sarandos said. "I have never even uttered the word 17-day window."

The Hollywood director also said Netflix would reduce the number of films WBD releases to theaters each year, currently about 15, a claim Sarandos rebuked.

"We will keep the Warner Brothers film and television studio running largely as it is today," he told FOX Business. "Movies going to the theaters for 45 days, a healthy, robust slate of films every year. That is gonna continue."

Sarandos also took aim at Paramount over its rival deal to purchase WBD, claiming it will cut $6 billion from WBD.

"The Paramount deal that's floating around there and all the misinformation swirling around it is guaranteeing to cut jobs," he said. "They're guaranteeing to continue to make gigantic cuts to the entertainment industry. And then the alternative, we're growing, growing, and they are promising to cut, cut, cut."

https://www.foxbusiness.com/media/netflix-co-ceo-accuses-james-cameron-spreading-misinformation-about-warner-bros-acquisition

How should businesses approach tariff refunds?Trade experts note that businesses seeking tariff refunds may need to appeal to CBP or the Court of International Trade to get their money back after the Supreme Court's ruling.

The Supreme Court ruling that struck down the Trump administration's tariffs imposed under an economic emergency declaration could open the door to billions of dollars in tariff refunds for businesses, though the ruling didn't specify a process for handling those refunds.

The Supreme Court ruled that President Donald Trump's tariffs enacted under the International Economic Emergency Powers Act (IEEPA) were illegal because the underlying law doesn't authorize the president to impose tariffs.

Striking down the tariffs sends the issue back to the lower courts, which could weigh in on the refund process. However, businesses are already able to file "post-summary corrections" with Customs and Border Protection (CBP), which collects tariffs for the Department of Homeland Security that are remitted to the Treasury Department, while the U.S. Court of International Trade (CIT) has authority over appeals.

Mike Snarr, partner at BakerHostetler and co-leader of the firm's International Trade team, told FOX Business, "Although today's Supreme Court opinion did not address the refund issue directly, in most cases, companies should pursue refunds through the U.S. Customs and Border Protection's administrative processes.

WILL REFUNDS BE ISSUED AFTER SUPREME COURT RULING ON TRUMP TARIFFS?

"For entries made within the last 10 months, importers may ask customs brokers to correct the customs declarations for refunds of recently paid IEEPA tariffs. For older entries, importers should file protests within the statutory deadlines," Snarr added. 

"If protests are denied, importers should seek judicial review in the U.S. Court of International Trade seeking reliquidation. The CIT has expressly confirmed it has the authority to liquidate under these circumstances."

The process of submitting and evaluating appeals for tariff refunds could prove challenging for businesses as well as the entities handling the claims and appeals due to the sheer volume of IEEPA tariffs collected from a multitude of firms since they were imposed last year.

Estimates for the amount of tariffs collected under IEEPA that are subject to possible refunds top $150 billion. The nonpartisan Tax Foundation put the figure at about $150 billion, while the Penn-Wharton Budget Model's estimate was $175 billion. An analysis by JPMorgan suggested a range of $150 billion to $200 billion.

SUPREME COURT DEALS BLOW TO TRUMP'S TRADE AGENDA IN LANDMARK TARIFF CASE

Chris Desmond, a partner in PwC's Customs and International Trade practice, said, "Beyond the legal implications, the real challenge now is operational," adding companies will need to "rapidly model which IEEPA tariffs may be refundable and quantify their opportunity because any refund process is likely to be highly congested.

"Customs brokers will be under significant strain, with limited capacity to manage a surge of post-summary corrections and protests across thousands of importers," he explained. "Even where tariff refunds may be available, many companies will face internal capacity constraints. Customs and trade compliance teams are already stretched managing day-to-day filings, enforcement activity and ongoing tariff changes."

Desmond said that, given the demands of undergoing detailed entry reviews, coordination with brokers and tight procedural deadlines, companies that "underestimate this workload risk timing delays to their financials while creating potential compliance issues if they request refunds on the wrong tariff lines."

Tim Brightbill, co-chair of Wiley International Trade Practice Group, noted that "more than 1,000 lawsuits have already been filed at the U.S. Court of International Trade in an effort to secure tariff refunds in the event of a Supreme Court decision against the IEEPA tariffs."

KEVIN HASSETT SAYS FED ECONOMISTS SHOULD BE 'DISCIPLINED' OVER TARIFF STUDY

Trump said at a press conference Friday that the Supreme Court's ruling was "deeply disappointing" and criticized the high court for not addressing tariff refunds in the decision.

"I guess it has to get litigated for the next two years. So, they write this terrible defective decision, totally defective. It's almost like not written by smart people. And what do they do, they don't even talk about that," Trump said.

Treasury Secretary Scott Bessent discussed potential tariff refunds in an interview with Reuters last month.

"It won't be a problem if we have to do it, but I can tell you that if it happens — which I don't think it's going to — it's just a corporate boondoggle," Bessent said. "Costco, who's suing the U.S. government, are they going to give the money back to their clients?"

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Bessent added that the process for issuing tariff refunds could take a significant amount of time, saying, "We're not talking about the money all goes out in a day. Probably over weeks, months, may take over a year, right?"

https://www.foxbusiness.com/economy/how-should-businesses-approach-tariff-refunds

Nissan recalls over 640,000 vehicles for engine and gear issuesNissan issued two recalls for its Rogue sport utility vehicle, one due to engine problems and the other because of broken throttle body gears.

Nissan is recalling more than 640,000 vehicles as part of two separate recalls related to engine and gear issues, the National Highway Transportation Safety Administration said.

The Japanese automaker is recalling 323,917 model year 2023-2025 Nissan Rogue SUVs due to possible bearing failure that could allow hot oil to be discharged and increase the risk of an engine fire and loss of drive power, the recall report said.

The affected vehicles are equipped with a three-cylinder, 1.5-liter (KR15DDT) variable compression (VC Turbo) engine, the NHTSA said.

NISSAN RECALLING OVER 26,000 VEHICLES DUE TO DOOR ISSUE THAT COULD INCREASE RISK OF CRASH

Nissan dealers have been instructed by the agency to reprogram the engine control software, perform a diagnostic inspection and do a test drive, all at no cost to consumers.

The automaker is separately recalling 318,781 model year 2024-2025 Rogues over broken throttle body gears. The fractured gears could lead to a loss of drive power and prevent drivers from engaging gears on restart, increasing the risk of a crash, the report said.

CHRYSLER RECALLS OVER 80K VEHICLES DUE TO SPRINGS THAT MAY DETACH WHILE DRIVING

Nissan will begin notifying customers via mail in March 2026, the automaker told FOX Business.

In January, Nissan recalled more than 26,000 model year 2025 Sentra and Altima sedans, model year 2025-2026 Frontier pickup trucks and 2026 Kicks SUVs due to improperly welded door strikers that could increase the risk of injury or crash.

STELLANTIS ISSUES "DO NOT DRIVE" WARNING FOR 225,000 VEHICLES OVER DANGEROUS AIR BAG ISSUE

"As a result, the door striker wire loop may have insufficient strength and, in certain cases, could crack and separate from the plate."

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The door striker is a key safety feature on a vehicle that keeps doors from opening in a crash.

https://www.foxbusiness.com/lifestyle/nissan-recalls-over-640000-vehicles-engine-gear-issues

Equinox chairman says 'health is the new luxury' as wellness spending soarsHarvey Spevak, Equinox's executive chairman, said demand for "Optimize" memberships highlights the "insatiable" demand by the wealthy for wellness offerings.{}

Harvey Spevak, Equinox's executive chairman, said demand for "Optimize" memberships highlights the "insatiable" demand by the wealthy for wellness offerings.https://www.cnbc.com/2026/02/20/equinox-optimize-membership-waiting-list.html

Illiquid loans, investor demands: Blue Owl's software lending triggers another quake in private creditBlue Owl, a direct lender specializing in loans to the software industry, said it had sold $1.4 billion of its loans to institutional investors at 99.7% of par value.{}

Blue Owl, a direct lender specializing in loans to the software industry, said it had sold $1.4 billion of its loans to institutional investors at 99.7% of par value.https://www.cnbc.com/2026/02/20/blue-owl-software-lending-private-credit-concerns.html

NYC residents say Mamdani reneging on affordable housing promise with proposed property tax hikeNew York City Mayor Zohran Mamdani is taking heat from Queens homeowners after floating the prospect of a property tax hike to balance the city budget.

Some New York City residents argue Mayor Zohran Mamdani is reneging on his affordable housing campaign promises by floating potentially hiking property taxes to balance the city budget. 

In rolling out a preliminary fiscal year 2027 budget, Mamdani said hiking property taxes would be a "last resort" if Albany does not cooperate by raising taxes on the wealthy.

"I don't plan to move. It's my home. I'm not leaving," Vivian Campbell, who bought his two-story single-family home in Cambria Heights, Queens, in the 1990s, reportedly told WABC. 

The outlet reported that the retired man is on a fixed income and recently spent nearly $35,000 on a new front porch and roof.

"He lied," Campbell said, referring to the mayor's affordable housing messaging on the campaign trail. "It's obvious."

REAL ESTATE EXPERTS BLAST MAMDANI'S MATH-DEFYING TAX PLAN, WARN OF HIGHER RENTS AND FLIGHT

Another man, identified by the outlet as homeowner James Johnson, declared, "Mayor Zohran Mamdani, you are out your god---- mind."

"You are giving only two options. You're saying if we don't tax the rich then I gotta increase property taxes," Johnson added. "We are not a pawn in Southeast Queens. We are not part of your negotiation tactics."

"To the mayor, with the greatest respect, and every campaign speech and every debate where you engaged, we opened our ears to listen," another homeowner, Pierry Benjamin, told WABC. "Now today, accept the words echoing from us now, do your job as mayor and leave our taxes out."

Fox News Digital reached out to the mayor's press office for comment.

Mamdani, a self-described Democratic socialist, has called for the Empire State to hike "taxes on the richest New Yorkers and the most profitable corporations" to address the Big Apple's budget deficit. 

HUNDREDS OF NYC ROLES REPORTEDLY INCLUDED IN AMAZON'S JOB REDUCTION PLAN

But he warned that the alternative path to achieve a balanced budget, which is required, would be to hike property taxes and dip into the city's reserves, a scenario that he characterized as a "last resort." 

"This would effectively be a tax on working and middle class New Yorkers, who have a median income of $122,000," he said, regarding the prospect of an increase in property taxes.

MAMDANI PROPOSES RAISING NYC PROPERTY TAXES IF STATE DOESN'T APPROVE TAX HIKE ON WEALTHY

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The city council has to green-light city budgets, according to the New York Times.

https://www.foxbusiness.com/politics/nyc-residents-say-mamdani-reneging-affordable-housing-promise-proposed-property-tax-hike

Will refunds be issued after Supreme Court ruling on Trump tariffs?The Supreme Court struck down President Donald Trump's IEEPA tariffs, which could open the door to billions of dollars in tariff refunds, though the ruling didn't establish the process.

The Supreme Court on Friday struck down a significant portion of the Trump administration's tariffs that the justices found the tariffs were imposed illegally under an emergency economic powers law.

The Court issued a 6-3 ruling that held President Donald Trump's use of the International Emergency Economic Powers Act (IEEPA) was illegal as the law "does not authorize the President to impose tariffs. The cases – Learning Resources Inc. v. Trump and Trump v. V.O.S. Selections – were brought by a pair of small businesses: an educational toy manufacturer and a family-owned wine and spirits importer.

Chief Justice John Roberts authored the majority opinion, which did not discuss the issue of tariff refunds. Justice Brett Kavanaugh, one of the three dissenters, noted in his dissent that the issue of distributing tariff refunds was described during oral arguments as "likely to be a 'mess'."

"The United States may be required to refund billions of dollars to importers who paid the IEEPA tariffs, even though some importers may have already passed on costs to consumers or others" Kavanaugh wrote. "Refunds of billions of dollars would have significant consequences for the U.S. Treasury. The Court says nothing today about whether, and if so how, the Government should go about returning the billions of dollars that it has collected from importers."

SUPREME COURT DEALS BLOW TO TRUMP'S TRADE AGENDA IN LANDMARK TARIFF CASE

While the Court's ruling doesn't explicitly outline a process for refunds and the Trump administration hasn't specified how it would handle refunds, importers who paid IEEPA tariffs will be able to bring litigation to pursue those refunds.

That could play out through claims made via the U.S. Court of International Trade or through appeals made to Customs and Border Protection, which collects tariffs and duties on behalf of the Department of Homeland Security and remits them to the Treasury Department. Importers typically have 180 days after goods are "liquidated" to file a protest and request refunds from CBP, which could factor into what importers are eligible to receive refunds.

KEVIN HASSETT SAYS FED ECONOMISTS SHOULD BE 'DISCIPLINED' OVER TARIFF STUDY

The nonpartisan Penn-Wharton Budget Model estimated that the reversal of the IEEPA tariffs will generate up to $175 billion in refunds.

A similar analysis by the nonpartisan Tax Foundation estimated that more than $160 billion of tariffs were illegally collected under IEEPA through Feb. 20 of this year. It said that, "If the IEEPA tariffs are fully refunded to U.S. importers, it would erase nearly three-fourths of the new revenues from President Trump's tariffs. The U.S. government should make the process for importers to receive their refunds as simple and transparent as possible."

Trump said at a press conference that the ruling was "deeply disappointing" and that he is "ashamed of certain members of the Court" for "not having the courage to do what's right for our country." 

The president went on to criticize the Supreme Court for not addressing tariff refunds in the decision and said that the issue will play out in court, and declined to say whether the administration would provide refunds.

"I guess it has to get litigated for the next two years. So they write this terrible defective decision, totally defective. It's almost like not written by smart people. And what do they do, they don't even talk about that," Trump said.

BATTLEGROUND STATES SHOULDER BURDEN OF TRUMP'S TARIFFS AS MIDTERM MESSAGING RAMPS UP

Treasury Secretary Scott Bessent said in a January interview with Reuters that, "It won't be a problem if we have to do it, but I can tell you that if it happens – which I don't think it's going to – it's just a corporate boondoggle. Costco, who's suing the U.S. government, are they going to give the money back to their clients?"

Bessent added that the process for issuing tariff refunds could take a significant amount of time, saying that, "We're not talking about the money all goes out in a day. Probably over weeks, months, may take over a year, right?"

Bessent spoke to the Dallas Economic Club on Friday and said of the administration's plans to impose replacement tariffs using other authorities that "Treasury's estimates show that the use of Section 122 authority, combined with potentially enhanced Section 232 and Section 301 tariffs will result in virtually unchanged tariff revenue in 2026."

Tim Brightbill, co-chair of Wiley International Trade Practice Group, said that the Supreme Court ruling "could lead to the refund of hundreds of billions of dollars in tariff revenue – so the question of whether there will be a refund process and what it will look like is extremely important." 

"More than 1,000 lawsuits have already been filed at the U.S. Court of International Trade in an effort to secure tariff refunds in the event of a Supreme Court decision against the IEEPA tariffs," Brightbill noted.

David McGarry, research director at the Taxpayers Protection Alliance, said that the decision "does not make clear how this money will be returned to its rightful owners, but litigation on behalf of many illegally tariffed businesses is already commencing." 

"The Supreme Court has ruled, and it is now the obligation of the Trump administration to ensure that this process carries on at minimal cost to American businesses – especially small businesses. Uncertainty is anathema to economic growth. Businesses ought to be confident that the money they were improperly compelled to hand over to the federal government will soon be returned," McGarry added.

TARIFFS MAY HAVE COST US ECONOMY THOUSANDS OF JOBS MONTHLY, FED ANALYSIS FINDS

Scott Lincicome, vice president of general economics at the Cato Institute's Herbert A. Stiefel Center for Trade Policy Studies, said that, "Most immediately, the federal government must refund the tens of billions of dollars in customs duties that it illegally collected from American companies pursuant to an 'IEEPA tariff authority' it never actually had."

"That refund process could be easy, but it appears more likely that more litigation and paperwork will be required – a particularly unfair burden for smaller importers that lack the resources to litigate tariff refund claims yet never did anything wrong," Lincicome added.

US BUSINESSES SHIFT AWAY FROM CHINA UNDER TRUMP TARIFFS

Nixon Peabody partner Joseph Maher, who served as the principal deputy general counsel of the Department of Homeland Security between 2011 and 2024, said that "there will be further litigation in the Court of International Trade to determine the remedies available for tariffs already paid," adding that "U.S. importers should be vigilant to protect their interests in the payments demanded over the past year."

JPMorgan chief economist Michael Feroli said that tariff rebates could pose an upside risk to the economy, though he noted "we won't know the full amount or timing of any such rebates." 

"While the official data from CBP is a bit stale, we estimate the amount at stake to be around $150-200 billion. If the rebates were passed on to consumers, the boost to activity would be significant. In the more likely event that businesses keep the cash, the boost to activity would be smaller, as estimates of the fiscal multiplier from windfall transfers to businesses are usually quite small," Feroli wrote.

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Heather Long, chief economist at Navy Federal Credit Union, noted that "small firms may struggle to get any money back from the U.S. Treasury," and said that it's "likely the White House will fight against issuing refunds at all."

https://www.foxbusiness.com/economy/refunds-issued-after-supreme-court-ruling-trump-tariffs

Retail industry says Trump tariff reversal is a win, even as uncertainty remainsClothing and footwear were among the imports most vulnerable to Trump's tariffs, which imposed steep rates on countries such as China and Vietnam.{}

Clothing and footwear were among the imports most vulnerable to Trump's tariffs, which imposed steep rates on countries such as China and Vietnam.https://www.cnbc.com/2026/02/20/supreme-court-trump-tariff-decision-retail-industry-reacts.html

With Trump's 'reciprocal' tariffs struck down, here are the industries still facing higher ratesPresident Donald Trump's "reciprocal" tariffs were deemed unconstitutional by the Supreme Court, but some sector-specific tariffs remain in place.{}

President Donald Trump's "reciprocal" tariffs were deemed unconstitutional by the Supreme Court, but some sector-specific tariffs remain in place.https://www.cnbc.com/2026/02/20/trump-tariffs-supreme-court-ruling-industry-higher-rates.html

Energy secretary says grid must be built for ‘peak demand’ as Three Mile Island plans returnMicrosoft's power deal with Three Mile Island signals nuclear energy's comeback as AI and cloud computing drive massive electricity demand across America.

Three Mile Island is preparing for a return to service, underscoring how America's fast-growing digital economy is reshaping the nation's energy priorities.

FOX Business' Darren Botelho joined Maria Bartiromo on "Mornings with Maria" to report on the planned restart of Three Mile Island and what it signals for America's energy future.

Constellation Energy's agreement with Microsoft to purchase power from the Pennsylvania facility marks a notable shift in how major technology companies are securing long-term electricity supply. As artificial intelligence and cloud computing expand, demand for always-on, carbon-free power has intensified, pushing nuclear energy back into the spotlight after years of stagnation.

TRUMP ADMIN PROVIDES $1B FEDERAL LOAN TO RESTART THREE MILE ISLAND NUCLEAR REACTOR

Constellation Energy’s senior vice president of Finance and Data Economy, Dan Eggers, pointed to federal support as a catalyst for the plant’s revival.

"Secretary Wright, Secretary Burgum, incredible supporters of nuclear — we really appreciate the relationship we've been able to build with them. The president has been a vocal advocate and I think that's opened up opportunities through government support and really strong advocacy for bringing new megawatts on, which is going to help lead to the nuclear renaissance we're all really excited about," Eggers said.

The reopening also reflects broader concerns about grid reliability as extreme weather and surging electricity use test infrastructure nationwide. Nuclear plants, designed to operate continuously at high output, are increasingly viewed as a stabilizing force in that equation.

TRUMP ADMIN RAMPS UP EFFORT TO REVIVE COAL INDUSTRY AS POWER DEMAND SURGES

Energy Secretary Christopher Wright emphasized the stakes for grid design.

"When you design an electricity grid, there's two major criteria.. You must keep the lights on... Heat running, or people die. Hospitals shut down, factories close. This is an enormous asset of a modern society to have an electricity grid. You must design it for peak demand," Wright said.

Three Mile Island’s planned 2027 restart would restore nuclear generation capacity to Pennsylvania’s grid as electricity demand increases.

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https://www.foxbusiness.com/media/energy-secretary-grid-must-be-built-peak-demand-three-mile-island-plans-return

Deadliest jobs in America revealedThe United States Bureau of Labor Statistics reported that there were more than 5,000 deadly work injuries recorded in the nation in 2024.

More than 5,000 deadly work injuries were recorded in the U.S. in 2024, according to the U.S. Bureau of Labor Statistics, with truck drivers and construction trades workers accounting for a large proportion.

"There were 5,070 fatal work injuries recorded in the United States in 2024, down 4.0 percent from 5,283 in 2023," the BLS revealed on Thursday.

The data notes 1,018 fatal occupational injuries involving motor vehicle operators in 2024, including a whopping 798 among heavy and tractor-trailer truck drivers.

MIKE ROWE WARNS AI WILL HIT WHITE-COLLAR WORKERS HARDEST — WELDERS ARE SAFE FOR NOW

"Roadway incidents involving motorized land vehicles decreased 8.5 percent to 1,146 in 2024 from 1,252 in 2023, while pedestrian incidents involving motorized land vehicles increased 19.0 percent to 369 in 2024 from 310 in 2023," the bureau said.

There were 788 deadly injuries among construction trade workers in 2024, according to the report, and 239 among grounds maintenance workers.

A significant number of the overall fatal occupational injury figure involved homicides and suicides, at 470 and 263 in 2024 respectively.

THESE ARE THE TOP 10 JOBS IN THE US FOR 2026, ACCORDING TO INDEED

There were 410 tied to drug and alcohol overdoses

"The decrease in fatal injuries in 2024 was largely driven by a 16.2 percent drop in fatalities due to exposure to harmful substances or environments (to 687 cases from 820). This decrease was in turn driven by a decline in drug or alcohol overdoses which accounted for 59.7 percent of fatalities in this category, dropping to 410 fatal injuries in 2024 from 512 fatalities in 2023," BLS noted.

Among forest, conservation and logging workers, there were just 53 deadly occupation injuries in 2024, and among fishing and hunting workers, just 24, the data indicates. 

THE TYPICAL AMERICAN WORKER HAS JUST $955 SAVED FOR RETIREMENT, STUDY SHOWS

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But both categories had a high incidence of deadly work injuries for every 100,000 full-time equivalent workers, with logging workers at 110.4 per 100,000 workers, and fishing and hunting workers at 88.8 per 100,000 in 2024, according to the BLS. Among roofers, that figure is 48.7 per 100,000 workers.

https://www.foxbusiness.com/economy/deadliest-jobs-america-revealed

Bath & Body Works starts selling on Amazon as more brands embrace its logistics networkBath & Body Works CEO Daniel Heaf told CNBC the Amazon launch is about meeting customers where they are and leveraging Amazon's fast and free shipping.{}

Bath & Body Works CEO Daniel Heaf told CNBC the Amazon launch is about meeting customers where they are and leveraging Amazon's fast and free shipping.https://www.cnbc.com/2026/02/20/bath-body-works-amazon-brands-embrace-logistics-network.html

Tax season presents a boom-or-bust test for U.S. auto salesAuto industry experts anticipate that some Americans could use higher tax returns to finally purchase a new or used vehicle.{}

Auto industry experts anticipate that some Americans could use higher tax returns to finally purchase a new or used vehicle.https://www.cnbc.com/2026/02/20/us-auto-sales-tax-season-test.html

Ode to U.S. Civil Rights Icon Rev. Jesse Jackson Sr: A Life That Carried the Rainbow

Ode to U.S. Civil Rights Icon Rev. Jesse Jackson Sr: A Life That Carried the Rainbow

NEW YORK, February 20 (IPS) - When the Rev. Jesse Jackson Sr. declared, “Keep hope alive,” it was not a slogan. It was a discipline. It was a moral posture. It was a promise to those America had locked out of its prosperity and pushed to the margins of its democracy. And for more than five decades, Jackson kept that promise – organizing, marching, preaching, negotiating, and standing in solidarity with oppressed peoples at home and abroad.

Read the full story, “Ode to U.S. Civil Rights Icon Rev. Jesse Jackson Sr: A Life That Carried the Rainbow”, on globalissues.org

https://www.globalissues.org/news/2026/02/20/42394 {"url":"https://static.globalissues.org/ips/2026/02/Secretary-General_-100x100.jpg"}

Supreme Court deals blow to Trump’s trade agenda in landmark tariff caseThe Supreme Court ruled Friday on two cases challenging President Donald Trump's tariffs under the International Emergency Economic Powers Act.

The Supreme Court dealt a blow to President Donald Trump’s trade agenda on Friday, siding against him in a case challenging the legality of tariffs that have shaped global markets and U.S. supply chains.

By a 6–3 vote, the majority concluded that the law cited to justify the import duties "does not authorize the President to impose tariffs." Chief Justice John Roberts delivered the opinion of the court. Justices Clarence Thomas, Samuel Alito and Brett Kavanaugh dissented.

On the heels of the decision, Trump announced a 10% global tariff under section 122, "above our normal tariffs already being charged."

TRUMP DEFENDS TARIFFS, SAYS US HAS BEEN ‘THE KING OF BEING SCREWED’ BY TRADE IMBALANCE

The two cases, which Trump has described as "life or death" for the United States, have forced the Supreme Court to confront how far a president can go in reshaping U.S. trade policy.

The challenges — Learning Resources Inc. v. Trump and Trump v. V.O.S. Selections Inc. — were brought by an educational toy manufacturer and a family-owned wine and spirits importer challenging the legality of Trump’s tariffs.

Both cases turn on a central question: whether the International Emergency Economic Powers Act (IEEPA) gave the president authority to impose the tariffs, or whether that move crossed constitutional lines. The disputes followed Trump's so-called "Liberation Day" tariffs in April, a sweeping package of import duties he said would address trade imbalances and reduce reliance on foreign goods.

US TARIFF REVENUE UP 300% UNDER TRUMP AS SUPREME COURT BATTLE LOOMS

The ruling comes as tariff revenue and the economic stakes associated with it have surged to record levels. 

Duties jumped from $9.6 billion in March to $23.9 billion in May following the rollout of the tariffs. For fiscal 2025, which ended Sept. 30, collections reached $215.2 billion, according to Treasury data, and the upward trend has continued into fiscal 2026, with receipts already outpacing last year.

Since Trump’s return to office, tariff collections have risen roughly 300%, delivering a major windfall to federal coffers. In January alone, duties totaled $30.4 billion — up 275% from a year earlier — and revenue for the current fiscal year has reached $124 billion, a roughly 304% increase from the same period last year.

TRUMP SAYS SUPREME COURT CASE ON TRADE IS 'LIFE OR DEATH' FOR THE US

Tariffs function as a tax on imports, and in many cases U.S. importers absorb the upfront cost and then pass it along through higher prices for wholesalers, retailers and, ultimately, consumers. That means households and businesses may face increased costs for goods ranging from electronics to raw materials.

Whether tariffs ultimately help or hurt the economy depends on how much of that burden consumers absorb, how domestic producers respond and whether the intended economic or geopolitical advantages are worth the added costs to consumers.

That dynamic makes the high court’s ruling especially consequential for households and businesses already navigating elevated costs.

The revenue surge underscores how central tariffs have become to Trump’s economic agenda, with the administration arguing that duty collections can help fund domestic priorities, reduce the nation’s debt and even deliver a proposed $2,000 dividend to Americans.

But with total obligations hovering just north of $38 trillion, tariff revenue amounts to little more than a rounding error — billions collected against trillions owed.

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The president maintains, however, that aggressive tariffs are necessary to confront what he considers years of unfair global trade, a stance that shows how firmly trade policy is embedded in his broader economic strategy.

With affordability a central concern for voters heading into the midterm elections, any policy that raises consumer prices is likely to face heightened political scrutiny.

https://www.foxbusiness.com/politics/supreme-court-confronts-executive-power-landmark-trump-tariff-ruling

Steven Spielberg leaves California for New York as wealth tax push spurs political battleSteven Spielberg moves to New York amid California's proposed wealth tax, as reps for the legendary director say he relocated to Manhattan to be closer to family.

One of the most acclaimed and successful American filmmakers in history has left California for New York

Steven Spielberg and his wife, Kate Capshaw, officially became New York residents on Jan. 1, according to a report by the Los Angeles Times. The couple relocated to the San Remo co-op on Central Park West in Manhattan, which has previously housed celebrities including Bono, Mick Jagger, Warren Beatty and Tiger Woods.

On the same day that Spielberg reportedly established residency, his production company Amblin Entertainment opened an office in New York City, marking a notable transition away from Hollywood.

Spielberg has owned homes on both the East and West coasts since at least the mid-1990s.

TOP DEMS SANDERS AND REICH RAMP UP BILLIONAIRE TAX PUSH, SAY WEALTHY HAVE ‘ADDICTION' TO GREED

Speculation around the timing of the move can be linked to a proposed one-time 5% wealth tax on California residents worth $1 billion or more. While it has not yet qualified for the November ballot, the proposal — backed by the Service Employees International Union–United Healthcare Workers West — would take effect in 2027, and taxpayers could spread payments over five years, with additional costs, according to the Legislative Analyst’s Office.

If the measure is approved by voters, anyone who was a California resident on Jan. 1, 2026, would owe the tax, according to the proposal.

However, Spielberg’s representative said the move has no connection to the potential tax.

"Steven’s move to the East Coast is both long-planned and driven purely by his and Kate Capshaw’s desire to be closer to their New York-based children and grandchildren," spokesperson Terry Press told the Los Angeles Times.

Press also declined to comment on Spielberg’s position regarding the wealth tax initiative.

If the measure passes, determining who qualifies as a California resident could be complex. The state’s Franchise Tax Board considers multiple factors when evaluating residency, including voter registration, time spent in California, driver’s license issuance, vehicle registration, the location of a spouse and children, and social ties such as religious institutions or country clubs.

It is not publicly known how Spielberg’s relocation would affect any potential exposure should the measure pass, but with a Forbes-estimated net worth of $7.1 billion, he could be expected to pay the Golden State approximately $355 million.

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Spielberg, who was born in Ohio, lived in several states before moving to California and attending California State University, Long Beach, where he later left to take a contract with Universal Studios.

His most impactful films include titles like "Schindler’s List," "Jaws," "Jurassic Park," the "Indiana Jones" franchise, "Saving Private Ryan" and "Catch Me If You Can," among others.

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https://www.foxbusiness.com/media/steven-spielberg-leaves-california-new-york-wealth-tax-push-spurs-political-battle

Small furniture retailers face existential tariff threat, despite Supreme Court rulingHigher import costs is the latest blow to the furniture industry, which had been buckling under interest rates and a sluggish housing market well before tariffs.{}

Higher import costs is the latest blow to the furniture industry, which had been buckling under interest rates and a sluggish housing market well before tariffs.https://www.cnbc.com/2026/02/19/supreme-court-tariffs-furniture-retailers-threat.html

Amazon surpasses Walmart in annual revenue for first time, as both chase AI-fueled growthThe shuffle underscores the rivalry between the two retailers, particularly as Walmart expands its advertising and third-party marketplace businesses.{}

The shuffle underscores the rivalry between the two retailers, particularly as Walmart expands its advertising and third-party marketplace businesses.https://www.cnbc.com/2026/02/19/amazon-revenue-passes-walmart-earnings-reports.html

US economy grew slower than expected in fourth quarterThe U.S. economy grew at a rate of 1.4% in the fourth quarter of 2025, according to an estimate released on Friday by the Bureau of Economic Analysis.

The U.S. economy grew at a much slower than expected pace in the fourth quarter, according to new data released on Wednesday.

The Commerce Department's Bureau of Economic Analysis (BEA) released its advance estimate for fourth quarter gross domestic product (GDP), which found the U.S. economy grew at an annual rate of 1.4% in the fourth quarter, which runs from October through December.

Economists surveyed by LSEG had expected the economy to grow at a 3% rate in the quarter. The fourth quarter's 1.4% growth was slower than the 4.4% GDP growth recorded in the third quarter.

Taken together with the 0.6% GDP contraction in the first quarter of 2025 and the 3.8% increase in second quarter GDP, the U.S. economy grew at an annual rate of 2.25% in 2025. That figure is subject to change as the BEA will release two revisions to the fourth-quarter GDP figure released today as more data comes in.

FED'S FAVORED INFLATION GAUGE SHOWED CONSUMER PRICE GROWTH REMAINED ELEVATED IN DECEMBER

The BEA noted that the rise in consumer spending and investment boosted real GDP in the fourth quarter, but those gains were partly offset by decreases in government spending on exports. Imports also declined in the quarter.

The report noted that real final sales to private domestic purchasers – which is the sum of consumer spending and gross private fixed investment – rose 2.4% in the fourth quarter, down from an increase of 2.9% in the third quarter.

KEVIN HASSETT SAYS FED ECONOMISTS SHOULD BE ‘DISCIPLINED’ OVER TARIFF STUDY

The release of the report was delayed by the partial government shutdown that ran from October until mid-November, which also affected the GDP data because of its impact on the federal government's spending.

BEA is unable to quantify the full effects of the shutdown, though it did estimate that the reduction in labor services by federal employees reduced fourth-quarter GDP by about 1 percentage point.

FED DISSENT GROWS AS SOME OFFICIALS WEIGH RETURN TO INTEREST RATE HIKES AMID STUBBORN INFLATION

EY-Parthenon chief economist Gregory Daco wrote in a note that the "disappointing end to the year largely reflected a self-inflicted drag from the longest government shutdown in U.S. history."

"Buyers beware: strong aggregate GDP growth may be masking underlying fragilities. Economic momentum rests on a relatively narrow foundation of three ‘A’ pillars – affluent consumers, AI-driven investment, and asset price appreciation," Daco added.

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"Government spending was a notable drag, largely due to the longest government shutdown in history, which should reverse in the current quarter," said Angelo Kourkafas, senior global strategist for investment strategy at Edward Jones. 

"For full-year 2025, U.S. GDP still posted a solid 2.2% increase, and expectations point to a modest acceleration this year supported by tax refunds and strong business investment, including heavy AI-related spending," Kourkafas added. "Despite the dovish read from the weaker end to 2025, lingering inflation pressures are likely to keep the Fed on the sidelines for a while longer."

https://www.foxbusiness.com/economy/us-economy-gdp-q4-2025

Fed's favored inflation gauge showed consumer price growth remained elevated in DecemberThe Commerce Department released the PCE inflation report on Friday, which showed the Fed's favored inflation gauge remained elevated as consumers deal with price pressures.

The Federal Reserve's preferred inflation gauge remained elevated in December as price pressures continued to pose a challenge for consumers.

The Commerce Department on Friday reported that the personal consumption expenditures (PCE) index rose 0.4% in December on a monthly basis and is up 2.9% from a year ago. Those figures were both slightly hotter than the estimate of LSEG economists, who predicted 0.3% and 2.8%, respectively.

Core PCE, which excludes volatile measurements of food and energy prices, was up 0.4% on a monthly basis and rose 3% year over year. Both figures were hotter than the expectations of economists polled by LSEG, who estimated the gauges would rise 0.3% and 2.9%, respectively.

Federal Reserve policymakers are focusing on the PCE headline figure as they try to bring inflation back to their long-run target of 2%, though they view core data as a better indicator of inflation.

FED DISSENT GROWS AS SOME OFFICIALS WEIGH RETURN TO INTEREST RATE HIKES AMID STUBBORN INFLATION

Headline PCE has trended up to 2.9% after readings of 2.8% in November and 2.7% in October. Core PCE readings were 2.8% or 2.9% dating back to May before it reached 3% in December.

Prices for goods were up 1.7% in December on an annual basis, up from 1.5% in November. Goods price growth was even lower last summer, when the index posted annual gains of 0.6% in June and July and a 0.9% gain in August.

Durable goods prices jumped 2.1% year over year in December after readings were close to 1% dating back to June. Nondurable goods rose 1.6% on an annual basis in December, slightly lower than the 1.7% reading in November.

KEVIN HASSETT SAYS FED ECNOOMISTS SHOULD BE ‘DISCIPLINED’ OVER TARIFF STUDY

Services prices were up 3.4% from a year ago in December, a level that's been unchanged since September.

The personal savings rate as a percentage of disposable personal income was 3.6% in December, down from readings of 3.7% in October and November. That continues a steady decline from last May's 4.9% reading.

"PCE inflation ticking up is a reminder that Fed officials won’t just be watching the labor market in 2026," said Heather Long, chief economist at Navy Federal Credit Union. 

"Core PCE inflation rose to 3%, the highest since February 2025, and headline PCE inflation hit the highest since March 2024. This will trigger more concern inside the Fed that inflation needs a closer look again," Long added.

Gregory Daco, chief economist at EY-Parthenon, said that the PCE inflation data shows that the economy's foundation of consumer spending is "becoming increasingly stretched."

"Consumer activity is being propelled by affluent households while middle- and lower-income consumers are heavily relying on savings and borrowing to make ends meet. While the OBBBA and larger tax refunds may provide a temporary boost, muted job and wage gains will limit spending going forward," Daco said, adding that inflation is likely to remain near 3% in the first half of the year.

US ECONOMY GREW SLOWER THAN EXPECTED IN FOURTH QUARTER

Chris Zacarelli, chief investment officer at Northlight Asset Management, said that his firm thinks that the "Fed will continue to support the labor market with 3 or more rate cuts this year and will be patient as the inflation numbers come down (albeit at a slow pace) and although the AI debate will rage on, the stock market should eventually hit all-time highs again as the economy remains resilient and the central bank continues to be accommodative."

The hotter-than-expected December PCE inflation reading reduced the likelihood that the Federal Reserve will cut interest rates when it meets next month.

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The CME FedWatch tool shows a 96% probability that the Fed will leave rates unchanged, up from 90.8% a week ago and 78% a month ago.

https://www.foxbusiness.com/economy/december-2025-pce-inflation

Silicon Valley engineers charged with stealing Google trade secrets and transferring them to IranThree Silicon Valley engineers arrested for allegedly stealing Google trade secrets and transferring sensitive data to Iran, federal prosecutors announced.

Three Silicon Valley engineers were arrested and charged with stealing trade secrets from Google and other U.S. technology firms and transferring sensitive data to unauthorized locations, including Iran, federal prosecutors announced Thursday.

Samaneh Ghandali, 41, Soroor Ghandali, 32, and Mohammadjavad Khosravi, also known as Mohammad Khosravi, 40, all of San Jose, were arrested Thursday, according to the Department of Justice (DOJ).

A federal grand jury indicted the engineers on charges of conspiracy to commit trade secret theft, theft and attempted theft of trade secrets, and obstruction of justice.

"We have enhanced safeguards to protect our confidential information and immediately alerted law enforcement after discovering this incident," Google Spokesperson José Castañeda said in a statement to FOX Business. "Today’s indictments are an important step towards accountability and we'll continue working to ensure our trade secrets remain secure."

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The defendants gained employment at technology companies focused on mobile computer processors, according to the indictment unsealed Thursday.

According to prosecutors, sisters Samaneh Ghandali and Soroor Ghandali worked at Google before moving to another technology company identified as "Company 3," headquartered in Santa Clara, California. Khosravi, who is married to Samaneh Ghandali, worked at a separate company identified in the indictment as Company 2, headquartered in San Diego.

The DOJ alleges the defendants used their positions to access confidential and sensitive information as part of a scheme to steal trade secrets.

The defendants "exfiltrated confidential and sensitive documents, including trade secrets related to processor security and cryptography and other technologies, from Google and other technology companies to unauthorized third-party and personal locations, including to work devices associated with each other’s employers, and to Iran." 

"As alleged, the defendants exploited their positions to steal confidential trade secrets from their employers," United States Attorney Craig H. Missakian said in a statement. "Our office will continue to lead the way in protecting American innovation and we will vigorously prosecute individuals who steal sensitive advanced technologies for improper gain or to benefit countries that wish us ill."

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The indictment alleges that while working at Google, Samaneh Ghandali transferred hundreds of files, including company trade secrets, to a third-party communications platform. Soroor Ghandali is also accused of transferring Google trade secret files while employed at the company.

Prosecutors allege the defendants attempted to conceal their actions by submitting "false, signed affidavits to victim technology companies about the conduct and the stolen trade secrets, destroying exfiltrated files and other records from electronic devices, and concealing the methods of exfiltration to avoid detection by the victim technology companies."

According to a Google spokesperson, the company discovered the alleged theft through routine security monitoring and referred the case to law enforcement after conducting its own internal investigation.

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Google said it maintains robust security measures to protect its confidential information and intellectual property, including limiting employee access to sensitive data, requiring device authentication before network access, and mandating two-factor authentication for work accounts.

Additionally, Google logs employee activity on its network, including file transfers to third-party platforms such as Telegram. The company began blocking uploads to Telegram from corporate laptops last year.

The indictment states that Google took "numerous measures to safeguard its confidential technology, information, and trade secrets."

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Prosecutors said Google secured its physical space and restricted access to its buildings, along with its computer systems and network.

According to the indictment, Samaneh Ghandali is an Iranian national who became a U.S. citizen around 2018, Mohammadjavad Khosravi is an Iranian national who became a U.S. legal permanent resident around 2019, and Soroor Ghandali was in the United States on a nonimmigrant student visa.

https://www.foxbusiness.com/technology/silicon-valley-engineers-charged-stealing-google-trade-secrets-transferring-them-iran

US businesses shift away from China under Trump tariffsChina's trade with U.S. midsize businesses plummeted 20% as Trump tariffs hit 37.4%, forcing companies to shift suppliers to Southeast Asia and beyond.

A new analysis found that payments made by U.S.-based midsize businesses to firms in China dropped significantly last year as tariffs on Chinese imports rose under the Trump administration.

The JPMorgan Chase Institute released a report Thursday that found payments made by midsize firms to China declined significantly, falling by about 20% from 2024 to 2025 even as overall international payments remained steady.

"This is perhaps not surprising, as China has been the hardest hit by tariffs among major U.S. trade partners — both when considering the overall effective rate, which stood at 37.4% in October 2025, according to the Penn Wharton Budget Model, and in terms of policy uncertainty, as tariff announcements frequently shifted over the course of the year, briefly reaching rates as high as 125% before subsequent reductions," the Institute wrote.

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The report found that, among midsize firms that had prior outflows to China, their outflows to other parts of Asia grew, including Southeast Asia, Japan and India when looking at a sample of midsize firms with at least $5,000 in outflows to China in both 2023 and 2024. 

"One potential reason for the increase in flows to these countries might be import substitution, but many other explanations are possible," the authors noted. 

Clark Packard, a research fellow at the Cato Institute's Herbert A. Stiefel Center for Trade Policy Studies, told FOX Business, "At this point, it is somewhat uncertain whether Chinese products are shipped to countries in the region, modified or processed (this is key) and then sent to the U.S. on a large scale. That said, there are indications that it is likely happening."

Packard said that as long as the products are modified in the second country, it doesn't represent transshipment, a term used for trade practices that aim to circumvent tariffs and other trade rules.

"Transshipment is sending a product to one country, slapping that country's origin label on it and sending it to a third country without serious modifications to the product. As long as products undergo a substantial transformation or modification in a country, they are truly products originating in that country," Packard said. 

"It wouldn't surprise me if Chinese firms are opening processing centers in Vietnam and other Asian countries to finish products ultimately bound for the U.S. and that this is the result of a lower tariff applied to that country than China."

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Derek Scissors, a senior fellow who studies the Chinese economy at the American Enterprise Institute, pointed to import flows from Vietnam and Taiwan as possible sources of transshipped goods.

"What reflects transshipment of Chinese goods is rising imports from Vietnam and especially Taiwan. You can make an argument that Vietnamese goods are competitors with Chinese goods, and they won out due to the tariffs on China," Scissors told FOX Business. "But there is considerable Chinese investment in Vietnam in the area of consumer goods we buy from Vietnam.

"If you are a Taiwanese producer in China and you are facing high barriers to goods produced in China, it's very simple to reroute these as Taiwanese. It might just require a label. At most, you alter your production process so there's a last stop in Taiwan versus a last stop in China. Then, what you ship counts as Taiwanese."

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The JPMorgan Chase Institute's report also found that monthly tariff payments made by midsize U.S. businesses have tripled since early 2025.

Tariff outflows by midsize firms jumped from nearly $100 billion a month in early 2025 and the two preceding years to roughly $300 billion per month at the end of 2025.

"A stable trend was interrupted by a sharp increase starting in April 2025, coinciding with the implementation of the first tariff rate increases during that year. Total payments continued rising throughout 2025 and eventually reached a level of roughly three times what it had been until early 2025," the JPMorgan Chase Institute wrote.

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https://www.foxbusiness.com/economy/us-businesses-shift-away-from-china-under-trump-tariffs

Hundreds of NYC roles reportedly included in Amazon’s job reduction planAmazon reportedly laid off hundreds of New York employees in January as part of broader workforce cuts affecting thousands of workers across the company.

Amazon’s latest wave of layoffs has reportedly hit New York, with hundreds of employees losing their jobs.

Roughly 135 corporate employees at Amazon’s 1440 Broadway office in Manhattan were laid off in January, according to the New York Post, citing a filing submitted to the New York State Department of Labor.

More than 100 other New York-based employees were also let go, the outlet reported, citing a source who said additional filings are expected to surface in state records in the coming weeks.

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The reductions are part of Amazon’s sweeping restructuring effort, the New York Post reported.

Last month, Amazon announced plans to eliminate about 16,000 roles across the company as part of an organizational overhaul aimed at "reducing layers, increasing ownership, and removing bureaucracy," while continuing to invest heavily in areas such as artificial intelligence.

"Some of you might ask if this is the beginning of a new rhythm where we announce broad reductions every few months. That's not our plan," human resources executive Beth Galetti said at the time.

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The company previously slashed about 14,000 corporate positions in October during another reorganization. In total, the recent reductions bring Amazon’s job cuts to approximately 30,000.

While that figure represents a small fraction of Amazon’s 1.58 million global employees, the majority of whom work in warehouses and fulfillment centers, it amounts to nearly 10% of the company’s corporate workforce, according to Reuters.

The downsizing marks the largest workforce reduction in Amazon’s 30-year history, surpassing the 27,000 jobs eliminated between late 2022 and early 2023, Reuters reported.

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CEO Andy Jassy said last year that while new technology may create new roles, it will also streamline operations and reduce staffing needs in certain areas, the New York Post reported.

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"We will need fewer people doing some of the jobs that are being done today," Jassy said in June. "In the next few years, we expect that [AI] will reduce our total corporate workforce as we get efficiency gains from using AI extensively across the company."

Amazon did not immediately respond to FOX Business' request for comment.

FOX Business' Ashley Carnahan, Bonny Chu and Pilar Arias contributed to this report.

https://www.foxbusiness.com/technology/hundreds-nyc-roles-reportedly-included-amazons-job-reduction-plan