AP Business SummaryBrief at 12:03 a.m. EDT

Trump's tariffs were supposed to help manufacturers. But instead, they're hurting

WASHINGTON (AP) — There’s a growing body of data showing that the tariffs President Donald Trump said would help American factories are, in fact, squashing many of them. Take, for example, Allen Engineering, which makes industrial equipment in northeast Arkansas. Jay Allen says his costs for the parts for his power trowels have all been hiked by import taxes. He said he lost money last year, even though he cut his payroll and increased prices. Data shows manufacturing jobs dropped during Trump’s first year back in office. The White House says Trump’s policies will take time to make a difference. But economists say the uncertainty caused by the tariffs has set back the sector.

Live Nation ticketing worker regrets calling customers stupid, he says at antitrust trial

NEW YORK (AP) — A Live Nation Entertainment ticketing employee says it was immature and unacceptable that he called customers stupid. Ticketing worker Benjamin Baker testified Tuesday in Manhattan federal court at the company's antitrust trial. The Justice Department settled its claims and dropped out of the case last week. Now, over 30 states are pressing claims that Live Nation and affiliated Ticketmaster drive up concert ticket prices through monopolistic practices. The states argue Live Nation has gotten too big and arrogant. The company denies it, saying it acts fairly in an industry more competitive than ever.

Twitter shareholder case accusing Musk of driving down stock goes to jury

SAN FRANCISCO (AP) — Closing arguments concluded Tuesday in a trial filed against Elon Musk by former Twitter shareholders. The investors say the world’s richest man engaged in a pattern of deceptive behavior that misled investors as he attempted to back out of his $44 billion deal to buy the social media platform in 2022. The civil trial in San Francisco centers on a class-action lawsuit filed just before Musk took control of Twitter, which he renamed X, in October 2022.

Flight cancellations and delays continue after US storms dump snow in the Midwest and head east

ATLANTA (AP) — Thousands of flights are canceled or delayed one day after powerful storms swept across the eastern half of the country and disrupted thousands of others. The flight-tracking site FlightAware says more than 1,000 flights scheduled to fly into, out of or within the U.S. have been called off Tuesday, It says 4,200 others have been delayed. Travelers have been facing additional jams at airport security checkpoints as a partial government shutdown strains screener staffing. The disruptions come at an already challenging time for air travel, in part because the shutdown that began Feb. 14 has pressured staffing at some security checkpoints.

Trump team applying pressure to media: Tell the war's story the way we see it

President Donald Trump and his team are increasing the pressure on journalists to cover the war in the Middle East the way the administration wants. The Republican president has complained on social media about stories he doesn't like and berated a reporter on Air Force One over the weekend. The government's top media regulator warned broadcasters risk losing their licenses to operate if they don't stay away from “fake news.” Trump and Defense Secretary Pete Hegseth have questioned the patriotism of some news outlets because of their reports. Antagonism between presidential administrations and the press isn't unusual, but Trump's team has shown a hostility toward the very idea of being questioned.

Bank of America settles claims over lawsuits by Jeffrey Epstein victims

NEW YORK (AP) — Bank of America has tentatively settled a lawsuit claiming it ignored suspicious financial transactions involving Jeffrey Epstein while he was sexually abusing hundreds of girls and women. The proposed settlement was revealed in filings in Manhattan federal court on Monday, the same day billionaire investor Leon Black was originally to be deposed. Terms were not disclosed. Though not a defendant, Black was described as a “critical witness” by a lawyer for Epstein victims. The October lawsuit accused the bank of ignoring “numerous red flags,” including $170 million Black paid to Epstein from a Bank of America account for “tax and estate planning advice.” The bank declined comment.

Paraguay becomes final South American country to approve Mercosur-European Union trade deal

SANTIAGO, Chile (AP) — Paraguay has ratified the Mercosur and European Union free trade deal to complete South America’s approval of a huge new trade zone. Paraguayan lawmakers backed the pact on Tuesday. The approval came days after the Senate signed off on it. Uruguay, Argentina and Brazil have already ratified it. Newer Mercosur member Bolivia didn't take part in the talks but it can join the pact later. The European Commission has said it would provisionally ratify the deal soon. Some EU countries including France still oppose it.

Oil prices resume their rise, but US stocks hold steadier this time around

NEW YORK (AP) — Oil prices resumed their rise because of the war with Iran, but U.S. stocks held steadier this time around. The S&P 500 rose 0.2% Tuesday and added to its gain from the day before, which was its biggest since the war began. The Dow Jones Industrial Average climbed 0.1%, and the Nasdaq composite gained 0.5%. It’s a break from the usual playbook since the start of the war, where stock prices have tended to go in the opposite direction of oil prices. Airline stocks climbed after Delta and others raised their forecasts for upcoming revenue. Treasury yields eased.

Japan records trade surplus as export growth balances out weak China demand

TOKYO (AP) — Japan has recorded a trade surplus of 57.3 billion yen, or $360 million, in February, according to government data, reversing from a deficit a month earlier. The Finance Ministry's seasonally adjusted preliminary data are showing Wednesday that Japan's exports grew at a better-than-expected 4.2% to 9.57 trillion yen. Imports grew 10.2% on-year to 9.51 trillion yen, or $59 billion, following a 2.5% contraction in January. In January, Japan racked up a 1.15 trillion trade deficit. The rising price of oil and other energy, because of the effective closure of the Strait of Hormuz due to the war against Iran, is likely to add to import costs.

Trump side-stepped diplomacy on his way to war in Iran. Now, he's asking China and others for help

WASHINGTON (AP) — President Donald Trump relied on his gut and largely side-stepped diplomatic coordination as he made the decision to launch strikes on Iran with Israel. But now with the Iran war’s economic and geopolitical consequences unfurling rapidly, the Republican president is cajoling allies and other global powers to help mop up the mess. Trump says he’s asked roughly a half-dozen other countries to send warships to reopen the vital Strait of Hormuz to oil traffic. So far, none has committed. Trump even indicated he'd use his long-planned trip to China to pressure Beijing to help with the coalition — a notion his Treasury secretary later downplayed.