Finance
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The U.S. auto industry went from global hegemon to running a $3.3 trillion trade deficit with the world: ‘That’s not acceptable’
It would hardly be an understatement to say the U.S. auto industry has historically been one of the country’s primary economic growth engines. The assembly line of the Model T days would go on to permanently reshape manufacturing work, and transportation infrastructure and cities were built around Americans’ unrelenting car-centric culture. But despite its outsized
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India brings back COVID-era work-from-home rules and asks farmers to halve fertilizer use as the Iran war chokes its oil lifeline
Indian Prime Minister Narendra Modi is bringing back COVID-era work-from-home arrangements as the war in Iran cuts off a major oil lifeline. In an address earlier this week, the prime minister said Indians should make arrangements to work from home and take more virtual meetings. If citizens must leave home, they should take public transportation,
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The China shock hollowed out factory towns. This professor thinks the AI shock is coming for your urban coffee shop
We all know that something changed in America in 2016, even if we’re still struggling to sort out what happens next. President Donald Trump broke through the “blue wall” of Pennsylvania, Wisconsin and Michigan as rust-belt voters agreed with his campaign messaging that they’d been “ripped off” and “taken advantage of” and the system had
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Current price of oil as of May 12, 2026
As of 9 a.m. Eastern Time today, oil is trading at $110.43 per barrel, based on the Brent benchmark we’ll explain in a bit. That’s $2.76 above yesterday morning’s level and about $45 higher than where it stood a year ago. Oil price per barrel % Change Price of oil yesterday $107.67 +2.56% Price of
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April inflation shoots 3.8% higher on surging prices from war in Iran
U.S. consumer prices climbed sharply again last month as the 10-week war with Iran pushed energy prices higher. The Labor Department’s consumer price index rose 3.8% from April 2025, according to data released Tuesday. On a month-to-month basis, April prices rose 0.6% from March as gasoline prices rose 5.4% during the month; the month-over-month gain
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Trump is on a charm offensive ahead of President Xi meeting—and he wants Elon Musk and Tim Cook in tow
When President Trump lands in Beijing this week, he’ll be bringing with him the might of U.S. commerce. The U.S. and Chinese leaders meet after steadily escalating tensions over the past year—including a tit-for-tat trade battle following the announcement of the White House’s “Liberation Day” tariffs a little over a year ago. But it seems
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The Fed is ‘meaningfully deviating’ from one of the most basic rules for fighting inflation, BofA warns
Good morning. On Fortune’s radar today: Fed is breaking Econ 101’s golden rule, BofA warns. Markets: “Blown past expectations.” U.K.’s Starmer clings on as his MPs revolt. Iran vows to make U.S. taxpayers feel the pain. Tech bloodbath: 118,000 jobs gone in 2026. Forget your office ping-pong — meet the Wimbledon of work. Quick note: Subscribe
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A second wave of Iran energy shocks is about to hit Asia and the wider world. Why aren’t markets reacting?
Global oil inventories are approaching their lowest point in eight years, with Goldman Sachs analysts estimating that stocks could fall to 98 days of global demand by the end of May. Yet if you’re looking at the markets, things look relatively rosy. Brent crude prices are hovering around $100 a barrel, down from a post-Iran
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Trump wants to suspend the federal gas tax. The move could mean higher debt—and more potholes
Gas prices have hit their highest level since 2022, now averaging over $4.50 nationwide, and as high as $6.16 in California. But that’s apparent to anyone at the pump. As the U.S. and Iran fail to reach an agreement to end the war and reopen the Strait of Hormuz, President Donald Trump is exploring new
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Native American businesses have diversified beyond casinos to become a rural economic force. Trump is cutting off a lifeline that goes beyond tribes
Near Thackerville, Oklahoma, a town on the Texas border with fewer than 500 residents, what started as a small roadside bingo hall has spent the past 20 years growing into one of the planet’s largest gambling destinations. The WinStar World Casino, fully owned and operated by the Chickasaw Nation, is now the cornerstone of Oklahoma’s