Business Briefs - April 30, 2025

US consumer confidence plummets to COVID-era low 

WASHINGTON (AP) — Americans' confidence in the economy slumped for the fifth straight month to the lowest level since the onset of COIVD-19 as worries about the impact of tariffs take a heavy toll on consumer expectations for future growth. The Conference Board said Tuesday that its consumer confidence index fell 7.9 points in April to 86, its lowest reading since May 2020. The figures reflect a rapidly souring mood among consumers, most of whom expect prices to rise because of the widespread tariffs imposed by President Donald Trump.

'Nowhere to turn': Small businesses dependent on imports feeling more desperate

NEW YORK (AP) — The Trump administration raised tariffs on goods from China to 145% in early April. Since then, small business owners who depend on imports from China to survive have become increasingly desperate as they eye dwindling inventory and skyrocketing invoices. President Donald Trump seemed to back down somewhat last week when he said he expected the tariffs to come down "substantially." But for small businesses that operate on razor-thin margins, the back and forth is causing massive upheaval. Some say they're just months from going out of business.

US job openings fall to 7.2 million in March, the lowest level since September

WASHINGTON (AP) — Job openings in the United States fell in March as President Donald Trump's trade wars clouded the economic outlook. U.S. employers posted 7.2 million vacancies in March, down from 7.5 million in February and 8.1 million in March 2024. It was the fewest number of openings since September and below the 7.5 million that economists had forecast. Still, openings remain high by historical standards but have fallen steadily since peaking at 12.1 million in March 2022 when the economy was still bouncing back from COVID-19 lockdowns.

Trump to offer automakers some relief on his 25% tariffs, after worries they could hurt US factories

WASHINGTON (AP) — The White House says President Donald Trump will sign an executive order Tuesday to relax some of his 25% tariffs on autos and auto parts. It's a significant reversal as the import taxes threatened to hurt domestic manufacturers. Automakers and independent analyses have indicated that the tariffs could raise prices, reduce sales and make U.S. production less competitive worldwide. Treasury Secretary Scott Bessent says the goal is to help automakers create more domestic manufacturing jobs. A senior Commerce Department official says the administration will offer automakers that finish their vehicles domestically a 15% rebate this year, offsetting the cost of the tariffs. That rebate would be 10% the second year, giving automakers some time to relocate production of parts to the U.S.

Amazon is not planning to show added tariff costs next to its online product listings

NEW YORK (AP) — Amazon is not planning to list added tariff costs next to product prices on its site — despite speculation spanning from a report that claimed the e-commerce giant would soon show new import charges, as well as fiery comments from President Donald Trump's White House denouncing such a move. The Trump administration's reaction appeared to be based on a misinterpretation of internal plans being considered by Amazon, rather than a final decision made by the company. Amazon's Haul service — a recently launched, low-cost storefront — "considered the idea" of listing import charges on certain products, according to company spokesperson Tim Doyle. But this was never approved.

UPS to cut 20,000 jobs, close some facilities as it reduces amount of Amazon shipments it handles

UPS is looking to slash about 20,000 jobs and close more than 70 facilities as it drastically reduces the amount of Amazon shipments it handles. The package delivery company said Tuesday that it anticipates making the job cuts this year. It anticipates closing 73 leased and owned buildings by the end of June. UPS said that it is still reviewing its network and may identify more buildings to be shuttered.

Amazon launches its first internet satellites to compete against SpaceX's Starlinks

CAPE CANAVERAL, Fla. (AP) — Amazon's first internet satellites are in orbit. United Launch Alliance's Atlas rocket blasted off Monday from Florida, carrying 27 of Amazon's Project Kuiper satellites. It's the latest entry in the mega constellation market currently dominated by SpaceX's Starlinks. Amazon launched two test satellites in 2023. These upgraded new ones are coated with mirror film to scatter reflecting sunlight in an attempt to accommodate astronomers. Stargazers oppose these fast-growing satellite constellations, saying it spoils their observations. Amazon aims to put more than 3,200 of these satellites into orbit to provide fast, affordable broadband service around the globe.

GM posts strong Q1 results, but will reassess expectations for 2025 due to auto tariffs

General Motors posted strong financial results for its first quarter on Tuesday, but says it will reassess its full-year financial outlook due to auto tariffs. The automaker is pushing back its conference call to discuss its guidance and quarterly results until Thursday, so that it can assess potential tariff changes. White House press secretary Karoline Leavitt said Tuesday that Trump would sign an executive order relaxing some of his tariffs on cars and auto parts, though Treasury Secretary Scott Bessent said the goal remained enabling automakers to create more domestic manufacturing jobs.