Business News

Union Pacific will buy smaller rival Norfolk Southern in a deal worth $85 billion. U.P. says this would create the first coast-to-coast freight rail operator in the U.S. Reuters said, if approved, the deal would be the largest buyout in the sector’s history. It would combine Union Pacific’s tracks in the western two-thirds of the […]

WASHINGTON (AP) — President Donald Trump says there will be a 90-day negotiating period with Mexico over trade as 25% tariffs stay in place. Trump posted online Thursday a phone conversation with Claudia Sheinbaum was “very successful in that, more and more,” they’re “getting to know and understand each other.” Trump says goods from Mexico imported into the U.S. will continue to face a 25% tariff he has ostensibly linked to fentanyl trafficking. The Republican president says autos face a 25% tariff, while copper, aluminum and steel are taxed at 50%. Trump had threatened tariffs of 30% on goods from Mexico, something Sheinbaum says Mexico gets to stave off for the next three months.

OMAHA, Neb. (AP) — Union Pacific is seeking to buy Norfolk Southern in a $85 billion deal that would create the first transcontinental railroad in the U.S, and potentially trigger a final wave of rail mergers across the country. The proposed merger, announced Tuesday, would marry Union Pacific’s rail network in the West with Norfolk’s rails that snake across Eastern states. The nation was first linked by rail in 1869, when a golden railroad spike was driven in Utah to symbolize the connection of East and West Coasts. Yet no single entity has controlled that coast-to-coast passage that so many businesses rely on.

WEST PALM BEACH, Fla. (AP) — President Donald Trump says he won’t back down on his sweeping tariffs on imports from most of the world unless countries even out their trade with the U.S. He’s digging in on his plans to implement the taxes that have sent financial markets reeling, raised fears of a recession and upended the global trading system. Speaking to reporters Sunday aboard Air Force One, Trump said he didn’t want global markets to fall, but also that he wasn’t concerned about the massive sell-off either, adding, “sometimes you have to take medicine to fix something.” His comments came after Trump’s aides sought to soothe market concerns by saying more than 50 nations had reached out about launching negotiations to lift the tariffs.

WASHINGTON (AP) — President Donald Trump is imposing a 10% baseline tax on imports from all countries and even higher tariff rates on dozens of nations that run trade surpluses with the United States. It threatens to upend much of the architecture of the global economy and trigger broader trade wars. Trump is declaring a national economic emergency to launch the tariffs, which are expected to produce hundreds of billions in annual revenues. He has promised that factory jobs will return back to the United States as a result of the taxes, but his policies risk a sudden economic slowdown as consumers and businesses could face sharp price hikes on autos, clothes and other goods.

NEW YORK (AP) — U.S. stocks swerved through another shaky day of trading, with uncertainty still high about just what President Donald Trump will announce about tariffs on his “Liberation Day.” The S&P 500 rose 0.4% Tuesday after roaring back from an early drop of 1%. The Dow Jones Industrial Average edged down by less than 0.1% after likewise pinging between gains and losses, while the Nasdaq composite added 0.9%. Treasury yields dropped in the bond market after a report said U.S. manufacturing contracted last month. Markets have been shaky in the run-up to Wednesday, when Trump will announce a sweeping set of tariffs.

WASHINGTON (AP) — Mexican President Claudia Sheinbaum said Monday that after a conversation with U.S. President Donald Trump that the planned tariffs are on hold for a month, a statement confirmed by the White House. Sheinbaum says on X, “Mexico will reinforce the northern border with 10,000 members of the National Guard immediately, to stop drug trafficking from Mexico to the United States, in particular fentanyl.” She says the U.S. committed to stopping high powered weapons from reaching Mexico. The pause added to the drama as Trump’s tariffs against Canada and China are still slated to go into effect on Tuesday.

LAS VEGAS (AP) — Sustainability is a key theme this year at the annual CES tech trade show in Las Vegas. Agriculture tech is on full display on the show floor while companies big and small also showcase their green innovations and initiatives. That includes Volvo CEO Martin Lundstedt’s vow to reach net-zero emissions by 2040 and Wisconsin-based OshKosh Corporation’s electric fire engines and garbage trucks. John Deere also unveiled a fleet of fully autonomous equipment like tractors that are already in use on some farms and orchards. Some experts say AI is key to the industry’s future as climate change makes farming more unpredictable.

WASHINGTON (AP) — The Senate has rushed through final passage of a bipartisan plan to fund federal operations and prevent a government shutdown. It now goes to President Joe Biden, who is expected to quickly sign it into law. The House passed the package late Friday in an overwhelming vote. Senate Majority Leader Chuck Schumer pushed into the night to finish early Saturday, just after the midnight deadline. The bill would temporarily fund federal operations and disaster aid, but drops President-elect Donald Trump’s demands for a debt limit increase into the new year. Speaker Mike Johnson had insisted Congress would “meet our obligations” and not allow federal operations to shutter ahead of the Christmas holiday season. He also said Trump is happy with the outcome.