Trump says announcement expected today on Spirit Airlines deal
Workers at Spirit Airlines wait for passengers to arrive for their flights at O’Hare Airport on March 10, 2026 in Chicago, Illinois. (Scott Olson/Getty Images)
(WASHINGTON) — President Donald Trump said an announcement was expected Friday on Spirit Airlines, amid a report that the airline was preparing to cease operations after a $500 million rescue deal fell apart.
The Wall Street Journal first reported that the airline is preparing to shut down operations.
When asked if the administration had decided against bailing out Spirit Airlines, Trump told reporters on Friday, “I guess we’re looking at it. If we could do it, we do it, but only if it’s a good deal.”
“No institution’s been able to do it,” he continued. “I said ‘I’d like to save the jobs,’ but we’ll have an announcement sometime today. We gave them, we gave them a final proposal.”
This is a developing story, check back for updates.
Donald Trump speaks with guests during an event announcing the expansion of a foster care initiative in the Rose Garden of the White House on August 20, 2026 in Washington, DC. Finn Gomez/Getty Images
(WASHINGTON) — President Donald Trump’s 50% tariffs on some Canadian goods are set to take effect early Saturday morning, just days after he pushed back a previous deadline while the two sides negotiated a trade agreement.
Trump claimed earlier this week the United States had reached a preliminary deal to resolve a dispute with one of its top trade partners, saying the breakthrough had prompted him to issue a reprieve from the levies.
A statement from Canada appeared to downplay Trump’s assertion about the trade agreement, touting “substantial progress” but noting that important work remained.
The new tariffs, targeting dozens of products from hockey sticks to wine, are poised to take hold at 12:01 a.m. ET on Saturday.
Due to exemptions on key goods, the tariffs were expected to hit only a fraction of U.S. imports from Canada. Still, the list of affected goods features an array of food items such as dairy products, honey, whey protein and molasses as well as alcoholic beverages like whiskey and vodka.
It all comes weeks after Trump imposed sweeping new tariffs on 60 trade partners, including the European Union. Those levies ramped up an effort to reconstruct far-reaching duties struck down by the Supreme Court earlier this year.
Trump said Wednesday that he had held a “very good conversation” with Canadian Prime Minister Mark Carney on Tuesday night, repeating that he’d struck a deal to avert the 50% American tariff on a hodgepodge of Canadian goods.
The president claimed that as part of the deal, Canadian tariffs on American agricultural goods would be “non-existent.”
“The tariffs will be non-existent for our farmers. Our farmers were paying tremendous tariffs into Canada. And those tariffs are going to be totally eviscerated down to zero,” Trump noted.
In a statement, Carney said the country’s representatives aimed to achieve an agreement that would bolster its domestic industry.
“While we continue this work, Canada remains focused on building a stronger, more independent, and more competitive economy at home,” Carney said in a statement.
When later asked by a reporter whether the deal would reduce tariffs on Canadian steel and aluminum, Trump added, “Well, we’re looking at that.”
The U.S. trade representative’s office on X responded to Trump’s announcement Tuesday, providing a bit of insight into what a final deal might entail.
“The deal will include comprehensive market access for all American goods, economic security commitments, digital trade alignment, and many important provisions that will continue to protect our market and American workers, along with our Canadian partners,” the USTR posted.
Trump had suggested the deal might include a renewed effort to build the Keystone Pipeline despite the project being canceled in 2021 after years of criticism about the project’s environmental impact.
“Keystone XL Pipeline, long ago killed by Sleepy Joe Biden, may be awoken from the grave!” Trump added in the post.
Unlike previous tariffs, the new U.S. tariffs on Canada would have applied to products compliant with the United States-Mexico-Canada Agreement, or USMCA, a free trade agreement. The levies included significant exemptions, however, leaving out some top Canadian imports such as oil, gas and potash.
Trump has carried out on-again, off-again trade negotiations with Canada since he took office, aiming to resolve a dispute that began with tariffs announced by Trump early in his second term.
Trump sought to impose the new tariffs under a legal authority enshrined in section 338 of the Tariff Act of 1930, which allows the president to enact levies up to 50% for countries found to have discriminated against the U.S. relative to their treatment of other nations.
The provision has never been invoked before, meaning the move lacks judicial precedent, Abigail Watt, an economist at UBS, said in a memo shared with ABC News.
ABC News’ Michelle Stoddart contributed to this report.
People walk along Broadway with shopping bags in Manhattan on February 27, 2026 in New York City. (Spencer Platt/Getty Images)
(NEW YORK) — The United States economy grew at a solid pace over the first three months of 2026, rebounding from sluggish performance at the end of last year, a government report on Thursday showed.
The economy grew at an annualized rate of 2% in the first quarter, marking an acceleration from 0.5% growth recorded in the previous quarter. The performance came in slightly below economists’ expectations.
The fresh data covers a period mostly before the outset of the Iran war on Feb. 28, which sent gasoline prices surging and prompted warnings of a possible recession.
The jump in economic output over the first quarter owes to a rise in government spending, exports and investment, the U.S. Commerce Department said.
Consumer spending slowed down from the previous quarter, however, providing a cautionary note for the nation’s outlook. Consumer spending accounts for about two-thirds of U.S. economic activity.
Households, meanwhile, are weathering a surge in prices as a result of an oil shock set off by the Iran war.
The Personal Consumption Expenditures Price Index, a measure of inflation preferred by the Federal Reserve, increased 3.5% in March, the report showed. That reading marked a jump from a 2.8% rate in the previous month.
The Middle East conflict prompted Iran’s effective closure of the Strait of Hormuz, a critical waterway that facilitates the transport of about one-fifth of the global supply of oil and natural gas.
The average price of a gallon of gas stands at $4.30 as of Thursday, hitting the highest level in four years.
The Federal Reserve held interest rates steady on Wednesday, in part due to the recent rise in costs. The benchmark rate stands at a level between 3.5% and 3.75%.
The solid economic performance at the outset of this year may allow the Fed to keep interest rates elevated for longer as it seeks to avert a prolonged rise in prices amid the Iran war.
Nvidia’s logo is displayed at their headquarters on Aug. 26, 2026, in Santa Clara, California. (Benjamin Fanjoy/Getty Images)
(NEW YORK) — Nvidia surpassed Wall Street expectations for revenue over a recent three-month period, the company said on Wednesday, demonstrating strong performance as a data center boom drives demand for the company’s advanced artificial intelligence chips.
The California-based company recorded $96.2 billion in sales over three months ending in July, which beat a Bloomberg forecast of $92 billion. The jump in revenue marked 106% growth compared to the same quarter a year earlier.
In recent years, Nvidia has defied skeptics with blockbuster revenue quarter after quarter, despite political backlash against data centers and looming concern about a financial bubble in AI.
Rip-roaring growth transformed Nvidia from an ascendant AI player into the world’s most valuable company.
The results hold implications well beyond Nvidia. Many analysts view the company as a bellwether for the stock market and the overall economy, which have both come to rely in part on massive spending on AI.
As big-tech names spend hundreds of billions on chips and data centers necessary for the energy-intensive technology, however, the financial benefits remain uncertain.
The earnings reported by Nvidia offered a gauge of demand for a key building block of AI, showing whether appetite for the technology remains at a fever pitch.
Before the earnings report, Karan Girotra, a professor of operations, technology, and innovation at Cornell Tech, said investors would watch whether the company has retained its dominance in chip manufacturing.
As opposed to the highly competitive markets for AI models and enterprise products, the chip sector has given way to a clear winner.
Nvidia “does not face a serious challenger at its layer of the stack and is probably the best chance for public market investors to profit from the AI boom,” Girotra said.
Fears of an AI bubble persisted ahead of Nvidia’s previous earnings report, but the company rebuked naysayers. Nvidia recorded $81.6 billion in sales over three months ending in April, which beat analyst expectations of $79.2 billion. The jump in revenue marked 85% growth compared to the same quarter a year earlier.
Despite Nvidia’s continued expansion, investors have proven jittery in recent months. Shares have climbed 13% so far this year after soaring nearly 39% in 2025.
The company boasts a market cap of $5.1 trillion, making it roughly equivalent to the GDP of Japan or Germany. Nvidia expanded at a breakneck pace after an AI craze set off by the release of OpenAI’s ChatGPT in 2022, soaring nearly 700% over the ensuing two years.
