AP Business SummaryBrief at 8:18 p.m. EDT

From repairs to insurance, Trump's auto tariffs could make owning a car more expensive

NEW YORK (AP) — Even if you’re not in the market for a new car, U.S. President Donald Trump’s 25% tariffs on auto imports could make owning one more expensive. The new taxes, which are set to begin April 3 and expand in the following weeks, are estimated to raise the average cost of a car imported from another country by thousands of dollars. But repairs for vehicles that currently use foreign-made parts are also expected to get pricier — and, as a result, hike insurance costs farther down the road. That means dealerships and car repair shops will have little choice but to raise prices. That means drivers across the country will have to pay more for everyday maintenance.

Wall Street tumbles, and S&P 500 drops 2% on worries about slower economy and higher inflation

NEW YORK (AP) — Another wipeout slammed Wall Street as worries built about a potentially toxic mix of worsening inflation and a U.S. economy slowing because of households afraid to spend due to the global trade war. The S&P 500 dropped 2% Friday for one of its worst days of the last two years. The Dow Jones Industrial Average lost 715 points, and the Nasdaq composite tumbled 2.7%. Lululemon Athletica led the market lower after warning that its revenue growth may slow, in part because shoppers are spending less due to concerns about inflation and the economy. Treasury yields fell, even after a worse-than-expected inflation report.

Federal judge blocks Trump from dismantling Consumer Financial Protection Bureau

WASHINGTON (AP) — A federal judge has agreed to block the Trump administration from dismantling the Consumer Financial Protection Bureau. U.S. District Judge Amy Berman Jackson agreed to issue a preliminary injunction that maintains the agency’s existence until she rules on the merits of a lawsuit seeking to preserve the bureau. The judge said the court “can and must act” to save the agency from being shuttered. Jackson ruled that, without a court order, President Donald Trump’s administration would move quickly to shut down the agency that Congress created in the wake of the 2008 financial crisis.

Trump commutes the sentence of Ozy Media co-founder Carlos Watson

WEST PALM BEACH, Fla. (AP) — A White House official says President Donald Trump has commuted the sentence of Ozy Media co-founder Carlos Watson. Watson was convicted last year in a financial conspiracy case involving the defunct company. The commutation came just as Watson was due to report Friday to prison for a nearly 10-year term. The commutation was confirmed by a senior White House official who was not authorized to speak publicly about the decision and spoke on condition of anonymity. The U.S. attorney in Brooklyn at the time of the conviction described Watson as a “con man who told lie upon lie.” Trump has been aggressively using his presidential powers to commute sentences and pardon people who he believes were treated unfairly by the justice system.

Noted economist honored by Trump warns his 25% tariffs could add $4,711 to the cost of a vehicle

WASHINGTON (AP) — Noted economist Arthur Laffer warns in a new analysis President Donald Trump’s 25% tariffs on auto imports could add $4,700 to the cost of a vehicle. Laffer says the proposed taxes could weaken the ability of U.S. automakers to compete with foreign counterparts. Trump maintains 25% tariffs will cause more automakers to expand production and open new factories in the U.S. Laffer told The Associated Press on Friday his report applied only to economics, rather than to Trump’s negotiating skills and strategic approach to trade. Trump awarded Laffer the Presidential Medal of Freedom in 2019 for his contributions to economics. Laffer advised Trump during his 2016 Republican presidential campaign and co-wrote a flattering book called “Trumponomics."

Elon Musk sells X to his own xAI for $33 billion in all-stock deal

Elon Musk has sold social media site X to his own xAI artificial intelligence company in a $33 billion all-stock deal, the billionaire announced on Friday. Both companies are privately held, which means they are not required to disclose their finances to the public. Musk said in a post on X that the move will “unlock immense potential by blending xAI’s advanced AI capability and expertise with X’s massive reach.” He said the deal values xAI at $80 billion and X at $33 billion. Musk bought the site then called Twitter for $44 billion in 2022. He launched xAI a year later.

Voice of America wins in court, for now, as judge blocks Trump administration from firing staff

NEW YORK (AP) — A federal judge has halted the Trump administration’s efforts to dismantle the Voice of America, the eight-decade-old U.S. government-funded international news service. The judge calls the move a “classic case of arbitrary and capricious decision making.” Judge James Paul Oetken blocked the U.S. Agency for Global Media, which runs Voice of America, from firing more than 1,200 journalists, engineers and other staff. It sidelined them two weeks ago after President Donald Trump ordered its funding slashed.

US consumers remained cautious about spending last month as inflation ticked higher

WASHINGTON (AP) — An inflation gauge closely watched by the Federal Reserve remained high last month even before the impact of most tariffs has been felt. Americans’ spending rebounded in February after a fall last month and incomes increased. Friday’s report from the Commerce Department showed that consumer prices increased 2.5% in February from a year earlier, matching January’s annual pace. Excluding the volatile food and energy categories, prices rose 2.8% compared with a year ago, higher than January’s figure of 2.7%. Inflation remains a top economic concern for most Americans, even as it has fallen sharply from its 2022 peak.

Charlie Javice convicted of defrauding JPMorgan during $175 million sale of financial aid startup

NEW YORK (AP) — The founder of a startup company that claimed to be revolutionizing the way college students apply for financial aid has been convicted of defrauding JPMorgan Chase out of $175 million. Prosecutors said Charlie Javice tricked the bank by saying her company, Frank, had more than 4 million customers when it actually had served as few as 300,000. A jury in New York City returned its verdict on Friday after a five-week trial. Javice, who is 32, faces the possibility of a lengthy prison term. Her lawyer said JPMorgan made up the fraud allegations because it had buyer’s remorse after a regulatory change made Frank’s customer data less valuable.

Trump's FCC commissioner opens investigation into Walt Disney Co. and ABC for diversity policies

President Trump's head of the FCC had Disney and ABC in his sights. FCC Chairman Brendan Carr wrote to Walt Disney Co. CEO Robert Iger on Friday to say he was investigating his company to see if it is “promoting invidious forms of DEI discrimination.” Carr noted there have been reports of Disney rolling back some diversity, equity and inclusion efforts, but that he wants to look more closely. Disney said it was reviewing Carr's message and looks forward to answering the commission's questions. Carr's FCC has been an active front in the new administration's efforts to target the media in various forms.