AP Business SummaryBrief at 11:35 p.m. EDT

Trump says he's not backing down on tariffs, calls them 'medicine' as markets reel

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.

Tariffs will make sneakers, jeans and almost everything Americans wear cost more, trade groups warn

NEW YORK (AP) — Sending children back to school in new sneakers, jeans and T-shirts is likely to cost U.S. families significantly more this fall. That's the warning from American industry groups after President Donald Trump put high tariffs on Asian countries that make most of the clothing purchased in the United States. Walmart, Gap Inc. and Nike are a few of the companies that get a majority of their clothing from China, Vietnam, Bangladesh and other leading garment producers. A trade group for U.S. footwear distributors and retailers estimates the price of a pair of athletic shoes made in Vietnam may rise from $150 to $220 if the new tariffs take effect as planned.

Trump's tariffs hit a sour note in landmark NYC emporium of sweets

NEW YORK (AP) — The biggest-ticket implications of President Donald Trump's tariff blitz understandably gain the most attention. But small-dollar items are affected too, and so are the families selling them. Economy Candy has operated on New York City's Lower East Side for nearly 90 years. Owner Mitchell Cohen is quick with his assessment of how many of his shop’s 2,000-plus items are affected by the historic round of tariffs: All of them. Cohen notes while gummies from Germany, lollipops from Spain and chocolates from Japan will be subject to the tariffs directly, many American-made candies will indirectly be hurt because they rely on foreign ingredients.

Asian markets plunge with Japan's Nikkei diving nearly 8% after the big meltdown on Wall St

BANGKOK (AP) — Asian shares have nosedived after the meltdown Friday on Wall Street. U.S. futures also have bounced lower. Tokyo's Nikkei 225 index lost nearly 8% shortly after the market opened early Monday, but recovered some of those losses. Australia's S&P/ASX 200 tumbled more than 6% and South Korea's Kospi lost 4.4%. Oil prices fell more than $2 a barrel. On Friday, Wall Street’s worst crisis since COVID slammed into a higher gear. The S&P 500 plummeted 6% and the Dow Jones Industrial Average plunged 5.5%. The Nasdaq composite dropped 5.8%. The losses came after China matched President Donald Trump’s big increase in tariff with higher import duties and other retaliatory moves.

Ukraine will send a team to the US next week for talks on a new draft mineral deal

KYIV, Ukraine (AP) — Ukraine's economy minister has told The Associated Press it will send a delegation to Washington next week for talks on a new draft of a proposed mineral deal with the U.S. The negotiations mark a renewed push to finalize an agreement that could establish a joint investment fund. Talks had stalled earlier this year after a contentious Oval Office meeting between U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskyy. The latest U.S. draft is more comprehensive and has drawn criticism from some Ukrainian lawmakers over concerns it could undermine Kyiv’s control of its natural resources.

'A Minecraft Movie' delivers Hollywood a much-needed box-office hit

“A Minecraft Movie” is smashing all box office projections. According to studio estimates Sunday, the video game adaptation earned $157 million domestically and $144 million internationally for a $301 million global debut. It's the biggest of the year and broke the record for a video game adaptation previously held by “The Super Mario Bros. Movie.” “A Minecraft Movie” nearly doubled expectations and also helped narrow the year-to-date deficit compared with last year's box office performance. Industry performance is now down 5% compared with a year ago at this time. It had been down 13%. Second place in theaters this week went to “A Working Man,” followed by “The Chosen: Last Supper—Part 2” and “Snow White.”

Trump goes all in with bet that the heavy price of tariffs will pay off for Americans

WASHINGTON (AP) — President Donald Trump's new tariffs mark an all-in bet that his economic vision will pay off for Americans. It's the realization of his decades of advocacy for a protectionist foreign policy and the belief that free trade was forcing the United States into decline. The early reviews have given Democrats some hope for a turnaround for their party. Democratic activists participated in rallies across the country Saturday to protest Trump's policies. A leader of one of the many organizing groups says “the winds are changing.” Trump has promised that the taxes on imports will bring about a domestic manufacturing renaissance and help fund an extension of his 2017 tax cuts.

Iran's currency falls to a record low against the dollar as tensions run high

TEHRAN, Iran (AP) — Iran’s rial currency traded at a record low against the U.S. dollar as the country returned to work after a long holiday. The exchange rate had plunged to over 1 million rials during the Persian New Year, Nowruz, as currency shops closed and only informal trading took place on the streets, creating additional pressure on the market. But as traders resumed work Saturday, the rate fell even further to 1,043,000 to the dollar, signaling the new low appeared here to stay. On Ferdowsi Street in Iran’s capital, Tehran, the heart of the country’s money exchanges, some traders even switched off their electronic signs showing the going rate as uncertainty loomed over how much further the rial could drop.

The Latest: Elon Musk says he hopes for zero tariffs with Europe someday

U.S. President Donald Trump’s big raise in tariffs has triggered an escalating trade war and sent global markets plummeting. The S&P 500 fell 6% Friday, the Dow Jones Industrial Average plunged 5.5% and the Nasdaq composite dropped 5.8%. China announced Friday that it will impose a 34% tax on all U.S. imports next week, part of a flurry of retaliatory measures to Trump’s new tariffs. Trump has doubled down on his commitment to tariffs, maintaining that his new levies will bring trillions of dollars of investment to the U.S. while also criticizing other countries’ retaliatory measures. Billionaire Elon Musk said Saturday that he hopes the U.S. and Europe can create a close partnership and reach a “zero-tariff zone.”

Texas county that swung to Trump grapples with immigration crackdown after bakery is targeted

LOS FRESNOS, Texas (AP) — A recent immigration enforcement action that resulted in the arrests of employees and owners at a Texas bakery has shocked residents of the town of Los Fresnos. Abby’s Bakery doesn’t employ violent criminals and the owners are green card holders with strong ties to the community. The reaction may show the limits of support for President Donald Trump’s immigration crackdown in a majority Hispanic region where Republicans made big gains last year. The owners are accused of concealing and harboring immigrants who were in the U.S. illegally. But it’s unusual for business owners to face criminal charges rather than just a fine.