President Donald Trump’s tariff policies are projected to cut California’s tax revenue by $16 billion in the next fiscal year, Governor Gavin Newsom’s finance department said in a memo.

U.S. President Donald Trump began a tour of wealthy Gulf states on Tuesday by visiting Saudi Arabia, with his focus on securing trillions of dollars in investments rather than security issues ranging from war in Gaza to Iran's nuclear program.

Commerce Secretary Howard Lutnick said the Trump administration's goal is to use the power of the American economy to open China to U.S. exporters.

The president's approval rating on the economy has fallen, though his overall approval rating has increased slightly since April.

A global trade war is offering Puerto Rico hope as the island attempts to strengthen its fragile economy. Government officials are jumping on planes to try and convince international companies to relocate their manufacturing plants to the U.S. territory, where they would be exempt from tariffs. (AP Video: Alejandro Granadillo)

The president thinks he can return America to manufacturing glory — but the cycles of economic history are hard to break.

In the second part of this conversation, Fareed asks Microsoft co-founder Bill Gates about his outlook on the global economy and his thoughts on President Trump’s tariffs.

This newsletter was originally sent out via email to our Ground Game subscribers on May 12. You can subscribe at any time at apnews.com/newsletters.

Japan’s economy likely suffered a contraction in the first three months of this year, signaling underlying fragility even before US tariff measures started hitting the country in earnest, according to economists surveyed by Bloomberg.

President Donald Trump once again lashed out at Federal Reserve Chair Jerome Powell, calling him a "FOOL" a day after the central bank decided to hold interest rates steady. Trump wants interest rates to come down more quickly to help boost economic growth,

The Republican Party is trying to figure out what it stands for in terms of economic policy during the second Trump administration.

During his visit to the Middle East, President Trump announced the lifting of U.S. sanctions on Syria, arms sales and U.S.-Saudi business agreements. For additional perspective on this, Amna Nawaz spoke with Vali Nasr,