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The Latest Breaking News from Commerce Department

'Warning Sign': Experts React To Surprise 1.4% Drop In US GDP

The SPDR S&P 500 ETF Trust (NYSE: SPY) traded higher by 2.1% on Thursday after the Commerce Department said U.S. GDP declined 1.4% in the first quarter.

Benzinga

US economy posts surprise contraction with trade gap surging

The U.S. economy unexpectedly shrank last quarter, the first contraction since 2020, as a ballooning trade deficit and softer inventory growth belied an otherwise solid consumer and business demand picture.

Tribune News Service

US economy posts surprise contraction, belying solid consumer picture

The U.S. economy shrank for the first time since 2020, reflecting an import surge tied to solid consumer demand.

Tribune News Service

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AP News Digest 3:40 am

Here are the AP’s latest coverage plans, top stories and promotable content. All times EDT. For up-to-the minute information on AP’s coverage, visit Coverage Plan at https://newsroom.ap.org.

The Independent UK

Solar group says US trade probe will cut domestic installations in half

A US probe into whether Chinese solar-panel manufacturers are circumventing tariffs will slash expected domestic installations by 46% this year and next, according to a Washington-based advocacy group.

Bangkok Post

Biden probe into solar imports risks 65% of planned US projects

A United States Commerce Department trade probe that could result in tariffs against solar imports from Southeast Asian nations, including Thailand, is already threatening clean energy projects, according to an advocacy group fighting the investigation.

Bangkok Post

U.S. targets seven Belarus national carrier planes for violating export controls

The U.S. Commerce Department on Thursday confirmed it had identified seven Boeing 737 Planes operated by Belarusian national carrier Belavia that are in apparent violation of U.S. export controls.

Reuters

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US Bans Exports to Three Russian Airlines for Sanctions Violations

The US government has banned exports to Russian state airline Aeroflot as well as two other carriers for flying aircraft in violation of sanctions, the Commerce Department said Thursday. Washington warned last month that the carriers had gone against penalties imposed on Moscow over its invasion of Ukraine by flying…

Asharq Al-Awsat

US moves to choke off exports to 3 Russian airlines

The Biden administration is moving to choke off U.S. exports to three Russian airlines as part of what officials described as an unprecedented enforcement action

The Independent UK

Asian stocks fall after China manufacturing weakens

Asian stock markets are lower after Chinese manufacturing weakened and Russian shelling around Ukraine’s capital shook hopes of progress in peace talks

The Independent UK

Vietnamese carmaker to build electric vehicles in N Carolina

A Vietnamese automaker has announced plans to build a plant in North Carolina to manufacture electric vehicles, promising to bring 7,500 jobs

The Independent UK

US to consider tariffs on solar imports from Thailand, 3 other SE Asian countries

US trade officials on Monday said they will launch an investigation that could result in tariffs on solar panels imported from four Southeast Asian nations, a blow to clean energy project developers that rely on cheap imports to keep costs down.

Bangkok Post

Commerce inquiry imperils solar industry, advocates say

The Commerce Department says it is investigating whether imports of solar panels from Southeast Asia are circumventing anti-dumping rules that block imports from China

The Independent UK

U.S. targets Abramovich plane, 99 others over Russia export violations

The U.S. Commerce Department on Friday moved to effectively ground 100 airplanes that have recently flown to Russia and are believed to violate U.S. export controls, including a plane used by Russian businessman Roman Abramovich.

Reuters

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Bangkok Post

Trade probe of solar imports from Thailand, 3 other countries poses threat to US projects

A potential Commerce Department probe of solar imports from Southeast Asia has the potential to freeze investment in the United States, industry leaders warned on Tuesday.

Reuters

U.S. speeds licensing for gun, ammunition shipments to Ukraine

The United States is rapidly processing requests from Americans to export firearms and ammunition to Ukraine, the U.S. Commerce Department said on Wednesday.

Reuters

Biden hits Russia with tough export curbs, slashing access to global tech

The Biden administration announced sweeping export restrictions against Russia on Thursday, hammering its access to global exports of goods from commercial electronics and computers to semiconductors and aircraft parts.

Bangkok Post

US economy grows 5.7%

The United States economy expanded 5.7% in 2021, marking the best one-year performance since 1984 and underscoring the recovery from a coronavirus pandemic-induced economic downturn, data from the Commerce Department showed Thursday.

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Axios

2021 economy boomed at fastest rate in 37 years

New GDP numbers from the Commerce Department show a remarkable acceleration in economic activity.

France 24

US warns of chip shortage risks as companies' supplies shrink

The United States has warned that companies' stockpiles of semiconductor chips have shrunk dramatically due to a global supply shortage, putting production at risk from any disruption. A survey of 150 firms for the Commerce Department found the median stocks held by manufacturers had fallen from 40 days' worth in…

Benzinga

Why Are Alibaba Shares Trading Lower Premarket?

The U.S. government is reviewing e-commerce giant Alibaba Group Holding Ltd's (NYSE:BABA) cloud business to determine whether it poses a risk to U.S. national security, Reuters reports. The U.S. focuses on how Alibaba stores U.S. clients' data, including personal information and intellectual property, and whether the Chinese government could gain access to it. …

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