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The Latest Breaking News from the Commerce Department

U.S. GDP Grew Faster Than Expected in First Quarter, but Consumer Spending Nearly Stalled

The Commerce Department's Bureau of Economic Analysis (BEA) said gross domestic product (GDP) grew at an annualized rate of 2.1% during the January through March period, an upward revision.

International Business Times

European stocks climb as Dow Jones hits new high

The FTSE 100 closed up 68.26 points, 0.7%, at 10,529.89.

Evening Standard

US economy expanded at solid 2.1% pace in January-March, government says, upgrading last estimate

The U.S. economy expanded at a solid and unexpected 2.1% annual pace from January through March, the Commerce Department reported Thursday in its final estimate of first-quarter growth

The Independent UK

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Legal tech firm sues US over order limiting foreign access to top-tier Anthropic models

Legion LegalTech Corp, a legal tech firm based in the US, has initiated legal action against the federal government after a controversial directive mandated AI company Anthropic to restrict access to its advanced models for foreign users. Legion argues this mandate, issued by the Commerce Department, has significantly disrupted its…

The Economic Times

Anthropic says Alibaba illicitly extracted Claude AI model capabilities

US AI firm Anthropic has accused Chinese tech giant Alibaba of orchestrating the largest known attempt to steal its artificial intelligence capabilities. The company alleges Alibaba used nearly 25,000 fraudulent accounts to extract data from its Claude chatbot between April and June 2026, aiming to replicate its advanced AI model.

The Economic Times

US new single-family home sales post second straight monthly decline

US new home sales unexpectedly fell in May for the second straight month, hitting a seasonally adjusted annualised rate of 580,000 units, the weakest since January, according to the Commerce Department. The decline was driven by high mortgage rates—around 6.47% for a 30-year loan—and elevated home prices, which continue to…

The Economic Times

A developer is trying to sell condos at Miami Surfside site of deadly building collapse. Not one has been bought, report says

The 12-story beachfront condo building collapsed in June 2021

The Independent UK

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Lutnick’s Anthropic crackdown claims new power over AI models

The US government has taken an unprecedented step, using export control laws to restrict foreign access to advanced AI models from Anthropic. This move, citing national security concerns over potential 'jailbreaks,' has sparked debate about government intervention in AI development and usage. Industry experts warn this could lead to broader…

The Economic Times

US awards $500 million to Nvidia-backed SandboxAQ for finding new chipmaking materials

America is investing heavily in its chip industry. The US government has given a massive $500 million to SandboxAQ. This company will develop new chemicals and materials for making computer chips right here in America. The goal is to reduce reliance on foreign supplies for crucial components.

The Economic Times

US holds off blacklisting China's DeepSeek, more than 100 firms deemed security risks, sources say

DeepSeek, CXMT and other companies were approved by an interagency committee last year for addition to the Commerce Department's Entity List, which is being reported for the first time. Reuters is also exclusively reporting the large number of companies awaiting publication on the list.

The Economic Times

US connected-car rule prompts Ford, other automakers to seek licenses for China-built models

Automakers like Ford are seeking U.S. government authorization to continue selling vehicles with Chinese-linked software, facing a ban set to take effect for model year 2027. This complex process highlights the auto industry's deep ties to China's supply chains, with hardware restrictions expected to pose even greater challenges.

The Economic Times

'It's not a jailbreak' — Research leading to U.S. export restrictions on top Anthropic models was for defense, cybersecurity CEO says

"It was Defense Oriented Prompting (DOP), capabilities defenders need."

Fortune

Increased Demand For U.S. Oil Amid Iran War Gives Trade Balance a Boost in April

The U.S. trade deficit narrowed sharply in April as exports climbed to a record high.

International Business Times

Bipartisan AI draft proposes three-year preemption of state laws

Another artificial intelligence regulation framework has joined the growing ranks on Capitol Hill, this time focused primarily on model safety and workforce impacts. Reps. Jay Obernolte, R-Calif., and Lori Trahan, D-Mass., unveiled their long-expected framework as a discussion draft bill on Thursday. Notably, it includes a three-year preemption of state…

Roll Call

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Reason

Bernie Sanders' AI Wealth Fund Bill Shows That He Doesn't Understand AI or Wealth

Sanders' plan would impose a one-time tax of 50 percent of AI companies' stock and give the government voting shares and the power to block corporate decisions.

The Economic Times

US takes step to halt Nvidia AI chip shipments to Chinese firms outside China

The unexpected guidance suggests the United States' ‌best AI chips ⁠may ⁠have been making their way to the subsidiaries of Chinese AI firms based in places like Malaysia for almost a year despite broader US efforts to starve Chinese firms of semiconductors needed to develop critical AI capabilities.

International Business Times

Americans Are Spending Faster Than They Earn As Savings Rate Falls, Figures Show

Consumer spending rose in April even as disposable personal income fell, suggesting many Americans are no longer spending from strength but from savings.

International Business Times

Key Inflation Gauge Hits Three-Year High As Prices Increase Across Different Sectors Of The Economy

The Commerce Department said Thursday that the personal consumption expenditures price index rose 3.8% in April from a year earlier, up from 3.5% in March and the highest annual increase since May 2023.

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AAP

Key inflation gauge worsens as Americans' income and spending power erodes

A key inflation gauge accelerated in April to the highest level in three years, the latest sign that spiking gas prices and higher food costs are squeezing Americans' finances

International Business Times

Trump Admin Officials Reportedly Tried To Ban Half Of U.S. Voting Machines Over Conspiracy Claims

The effort was reportedly led by Kurt Olsen, President Donald Trump's election-security adviser, who asked whether the Commerce Department could classify components in Dominion machines as national security risks.

International Business Times UK

Trump Admin Pushed to Strip Voting Machines From Half of America Before the Midterms

A White House adviser attempted to ban Dominion Voting Systems machines in over half of US states, citing debunked conspiracy theories. The plan, lacking evidence, ultimately failed.

International Business Times

U.S. Economy Expands By 2% In First Quarter But Iran War Muddies The Outlook

The U.S. economy expanded by 2% in the first quarter of the year, rebounding after the last three months of last year's 0.5% increase.

International Business Times UK

Only 1 'Trump Gold Visa' Approved Despite $1.3 Billion 'Sold' - Here's What We Know

Trump's Gold Card visa program, promising expedited US residency for financial contributions, faces scrutiny with only one approval despite over $1 billion in sales.

Roll Call

Lutnick urges boost for trade enforcement at BIS

The Commerce Department says it needs additional funds in fiscal 2027 to enforce export controls and prevent the diversion of semiconductors to China and other foreign adversaries. Testifying Thursday before the House Commerce-Justice-Science Appropriations Subcommittee, Commerce Secretary Howard Lutnick said investment in new law enforcement agents at the Bureau of…

The Independent UK

Trump considers a taxpayer takeover of Spirit Airlines and would aim to resell carrier after oil prices drop

‘I think we just buy it,’ Trump told reporters in the Oval Office on Thursday

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