03132025 BUSINESS

THURSDAY, MARCH 13, 2025

Baha Mar: RevPAR down through all Q1 with rates sacrificed

By NEIL HARTNELL Tribune Business Editor

BAHA Mar is sacrificing rates and yield to drive 2025 first quarter business volumes, its president revealed yesterday, with plans to “invest north of $38m” in upgrading and refreshing its product this year.

Graeme Davis, the Cable Beach mega resort’s president, addressing the Bahamas Hotel and Tourism Association’s (BHTA) first quarter meeting, said revenue per available room (RevPAR), a key indicator of resort industry performance, was expected to decline year-over-year through the three months to end-March 2025 as it bids “to grow some volume”.

And, while Baha Mar hopes to break ground on the Melia Nassau Beach hotel’s replacement “as early as possible in 2026”, both Mr Davis and Jackson Weech, general manager for operations at Atlantis, confirmed that The Bahamas’ two mega resorts remain “cautiously optimistic” as they pay close attention to the impact Donald Trump’s trade and

Capo accuses Genting of ‘cooking the books’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

RESORTS World Bimini’s

original developer has doubled down on claims that its Genting partner “cooked the books” in such a way as to “effectively wipe out” its $25m equity investment in the project.

Gerardo Capo’s RAV Bahamas, in legal filings with the south Florida federal court on Tuesday, asserted that $878m in debt carried on the balance sheet of the resort’s holding company, BB Entertainment, had been “peculiarly structured” by the Malaysian conglomerate so that it would “only become payable” whenever the development is liquidated and wound-up.

This, RAV Bahamas is alleging, would mean that upon Resorts World Bimini’s liquidation all available

assets and funds would be upstreamed to pay Genting, its affiliates and other creditors first. Such an outcome, it is arguing, would ensure it never recovers the $25m worth of real estate it contributed to the parties’ joint venture for its 22 percent minority ownership interest in BB Entertainment.

Besides wiping out the value of its investment, RAV Bahamas is also claiming that Genting - by “dumping” more than $600m of “illegitimate debt” incurred elsewhere in

its global empire on Resorts World Bimini - will effectively “steal RAV’s land without ever paying any value for it”.

Tuesday’s legal filings are the latest salvo in the spectacular falling-out between RAV Bahamas, headed by Miami-based Mr Capo and his family, and the multi-billion dollar resorts and gaming conglomerate with whom they partnered in 2012 to develop the original Bimini Bay project into Resorts World Bimini.

Genting Americas and its affiliates have vehemently denied all of RAV Bahamas’ various claims and assertions. They, in turn, have accused their minority partner of trying “to extract an exorbitant payment” by mounting a $600m damages claim, while also seeking to “inflict severe reputational damage” on the publicly-listed resort, gaming and leisure group through a series of “baseless” allegations.

RAV Bahamas, though, has this week launched a renewed offensive by claiming that both Bahamian and Florida law permits it to bring a “direct shareholder claim” as the only party set to suffer “harm” whereas Genting and BB Investment Holdings (BBIH), the vehicle which holds its 78 percent majority stake in Resorts World Bimini, will not be damaged at all.

Bahamasair Exuma ‘hiccup’ drops Family Island growth

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AIRLINE ticket bookings for Family Island travel between February and July 2025 would be up 12 percent year-over-year if George Town and the Bahamasair “hiccup” are not included, it was revealed yesterday.

Kerry Fountain, the Bahama Out Island Promotion Board’s executive director, told the Bahamas Hotel and Tourism Association’s (BHTA) first quarter meeting that the increase in

airline ticket bookings to the Family Islands would be six times’ higher in percentage terms if the 16 percent falloff in travel to Exuma was excluded.

He attributed the Exuma drop-off to a “loss of seats” associated with Bahamasair, at least temporarily, discontinuing its George Town service from Fort Lauderdale because it simply does not have sufficient aircraft to operate the route. Bahamasair has been struggling with Pratt-Whitney, the aircraft manufacturer, returning repaired engines to it on a

timely basis, which has left up to two of its ATR aircraft grounded at the same time.

The temporary closure of Sandals Emerald Bay, for its conversion into a Beaches resort, may also have motivated some airlines to reduce seat capacity into Exuma.

Still, Mr Fountain said airline bookings for Family Island travel, as measured by the Forward Keys consultancy, were still up year-over-year by 2 percent for the Promotion Board’s member properties during the period February to July 2025.

“As

‘Uncertain’ times for world, warns PM

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

PRIME Minister Philip “Brave” Davis said the world is currently facing a period of “uncertainty” due to economic instability, geopolitical realignments, and shifting power dynamics.

Speaking at RF Bahamas Economic Outlook yesterday, Mr Davis said although the global landscape has “particularly high stakes” for small island states it also presents an opportunity to define this nation’s place in the world.

“In every era of history, the world has confronted moments of uncertainty, times when the established order appeared to fray, when the assumptions of one generation no longer

served the realities of the next. Today, we find ourselves at such a juncture,” said Mr Davis.

“For small island states such as ours, the stakes of this new global reality are particularly high. We do not have the luxury of retreating behind vast industrial economies or self-sufficient markets. Our prosperity has always been intertwined with the global order—our financial sector, our tourism industry, and our trade partnerships. So, our task is not to lament uncertainty but to recognise the opportunity to define our own place in the world.”

Mr Davis said many of our “economic pressures” are external and our prosperity depends on accessing international markets and

far as looking ahead, February through July of this year, future bookings from

BAHA MAR RESORT KERRY FOUNTAIN

PHILIP “Brave” Davis gives remarks to reporters at the RF Bahamas Economic Outlook yesterday.

Photo:Chappell Whyms Jr/Staff

‘Downtown would shut if not for cruise lines’

By FAY SIMMONS Tribune Business Editor jsimmons@tribunemedia.net

WITHOUT the traffic generated by cruise lines, Downtown Nassau would be closed, according to the owner of EF Consultants, Ed Fields.

Speaking on a panel about the cruise industry at RF Bahamas Economic Outlook yesterday, Mr Fields said the assumption that the cruise industry does not have a financial benefit to the wider economy is “absurd” as taxi drivers, Downtown businesses, tour operators and other businesses depend on their passenger spend.

“There’s a kind of a misperception of what the industry actually means to The Bahamas. I’ve heard many people say that the cruise ship industry really doesn’t have any spin-off benefits to the country, and it’s kind of on the absurd side of things,” said Mr Fields.

“You couldn’t tell that to 600 or 700 taxi drivers. You couldn’t tell that to all the vendors in the Bay Street area. In fact, I grew up in the Downtown area, and it is morphed from a marketplace to a cruise ship destination. In other words, if there are no cruise ships that day, downtown is closed.”

He encouraged local entrepreneurs to create more activities for cruise passengers highlighting that most operators have

profitable businesses and there is still a gap in the market.

“We have to create opportunities for people to go to. Most of the onshore excursions do well, there’s just not enough of them,” said Mr Fields.

Joseph Gaskins Jr, regional public affairs director at Disney Cruise Lines, said creating authentic activities and experiences for guests is “where the money lies” for Bahamian entrepreneurs. “The cruise industry is growing. There are more than 70 cruise ships being built over the next ten years or so. This is a growth industry, and where the money lies from my perspective, is in the experiences that we can build and create for people who are visiting us in droves and more than any other place in the region,” said Mr Gaskins.

He explained that while locals may not have the capital to launch a mega cruise line or construct a mega resort Bahamians have the opportunity to “own” the cruise industry by establishing operations that provide experiences to passengers while they are in port.

“What Bahamians can own are experiences. There were 30,000 people at Nassau Cruise Port the other day, if you could capture just a percentage of that in a low-cost, high-quality experience for guests, you have an amazing product that will bring

benefits for the commu-

nity,” said Mr Gaskins.

Mr Fields said while there have been “some mistakes” in previous negotiations with large cruise lines as the industry becomes more established in the country the government will have more leverage.

He explained that mega cruise lines will be more open during negotations as they are investing large sums on private island destinations and creating profitable short itinerary trips due to the nation’s proximity.

“I think that while we may have made some mistakes because we were going through a kind of a learning curve with this, the investment is here now,” said Mr Fields.

“The shift in negotiation, has changed from the leverage being on the hotel side 100 percent to more of a balance where the country now has more leverage. I think that’s going to happen with the cruise ship industry, the more investment they put here, the more brick and mortar they put here, the more leverage the government will have in terms of getting better deals.

“The reality is also that the bread and butter of some of these cruise lines is a three-day cruise. There are no other three-day destinations other than The Bahamas. So, I think that we will see more of a balanced approach going forward.”

Former US advisor hails Trump policy on tariffs

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

A FORMER Deputy

National Security Advisor of the United States said US President Donald Trump is leveraging the country’s economic position to ensure it benefits from any agreement struck with foreign countries.

Speaking at the RF Bahamas Economic Outlook yesterday, KT McFarland said while no other president has “exploited” the fact that the US is the world’s largest

trading market, Mr Trump is prepared to use tariffs and “trade wars” to ensure he gets the best deal.

“The US is the world’s biggest market. Everybody wants to sell in our country and we need their stuff a lot less than they need to sell to us. And that’s a fundamental principle that most political leaders don’t get,” said Ms McFarland.

“He knows that we have the leverage that gives us that other countries need to sell to us more than we need to buy from them, and that gives us an enormous amount of leverage on our trade policy, but really on all of our foreign policy.

“And he’s using that. No presidents have really exploited that before, but Donald Trump is going to use it. Hence when he talks about trade wars, tariff wars, whatever kind of agreements we’re going to have with other countries, he’s going to use that need other countries have to sell to foreign market to get a better deal for us.”

Ms McFarland said while the “jury is still out” on whether his tactics will be successful significant change will not occur without some fluctuations.

“President Trump is using trade wars, not because he necessarily wants a trade war, but he knows that because every country needs to trade with the United States, we have leverage that we’ve not used,” said Ms McFarland.

“Now, does any of the Trump experiment work? I think it will. Jury’s still out. The stock market is going up, it goes down, it goes around. You know, relax. This is big, significant, serious change, and it is not going to happen without a lot of snips and snaps and back and forth.

“Maybe we’ll do this now. Maybe we’ll not do that. But what Donald Trump really likes, and what he thinks is his secret sauce, is his unpredictability, the advantage to that….He’s like a sole proprietor. He doesn’t want to hear what the staff says. He has his own ideas, and then he’s the one who is dictating and driving all of these negotiations.”

She said the US’ new energy policy will focus on deriving natural gas to fuel manufacturing since technological advancements now allow producers to extract natural oil from rocks using a safer, cheaper technique.

“The US has in the last probably 15 years, but much more so in the last five, eight years, has found

that we have energy. We get it from shale rock, oil and natural gas. We have enough energy to give electricity and every other form of energy to the world for hundreds of years. And we can do it cheaper, safer, better than anybody else,” said Ms McFarland.

“We’ve always known that you could get oil and natural gas from rocks, but it was never economically feasible. It was too expensive, it was too dangerous. In the last 10/15 years, that technology has become safer, better, cheaper, et cetera. We’ve realised that the US not only has these rocks, but we have the best rocks in the world. We have far better ability to get oil and natural gas out of rocks than any other country except maybe Eastern Ukraine.”

She said the energy revolution will also allow the country to tackle inflation as one of the main drivers is high energy costs.

“We feel that American, definitely American natural gas is the best way to go because it is cleaner and it is safer and it is cheaper. It really is a triple win this energy situation. It’s not only better for the American manufacturing and the American economy, it’s better for American foreign policy and security policy, but frankly, as an interim fuel, maybe that interim period is like ten years, maybe it’s 30 years as an interim it’s better for the environment,” said Ms McFarland.

She suggested that China is more likely to pursue economic warfare than direct military conflict, particularly regarding Taiwan and Trump’s strategy might involve trying to break the Russia-China alliance.

Ms McFarland said China has not recovered from the pandemic and the country’s economic growth is “stagnated”.

“China has not recovered from COVID. Their economic growth is stagnated. They have a lot of internal problems. They have very high unemployment, youth unemployment, I think some 30 percent under the age of 25 are unemployed and no good prospects,” said Ms McFarland.

“They have a demographic time bomb, where they had the one child policy, and most Chinese wanted a male child, so they had disproportionately more men than women in the sort of age 25 to 40 cohort, and no jobs, no wives, no life. That’s kind of a recipe for really the big disaster.”

Bahamasair Exuma ‘hiccup’ drops Family Island growth

February through July are up 2 percent compared to the same period last year,” he explained. “This is a report from Forward Keys, so what we’re looking at is the amount of airline tickets sold by GDS (global distribution system) accessible carriers. This is something we tend to look at.

“If they are flying and coming in on a plane, they are probably staying at a hotel or some form of accommodation. We are using Forward Keys to give us a read as far as future trends. The months that are driving the average [2 percent increase] are February and April. April, of course, this year we know that Easter falls on the 20th or 21st [of that month]

compared to March 31 last year.

“We’re up 2 percent for all islands,” Mr Fountain continued. “If we pull out George Town, and we’ve been having some hiccups with George Town simply because Bahamasair, as you all know, is short of a couple of aircraft, so they discontinued their Fort Lauderdale to George

Town service. Which means we have less seats.

“If we were to pull GeorgeTown out of the mix, February through July would be up 12 percent. April is driving that. George Town, February through July, is down 16 percent and we attribute that to the loss of seats provided by Bahamasair.”

As for other Family Island destinations, Mr Fountain said data from Forward Keys showed airline travel bookings for Marsh Harbour for the period February-July 2025 were up 15 percent year-over-year with April alone some 40 percent up on 2024. North Eleuthera was up 7 percent, while Harbour Island was ahead by 15 percent and Governor’s Harbour ahead by 69 percent.

Baha Mar: RevPAR down through all Q1 with rates sacrificed

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economic policies are having on the country’s largest visitor source market, the US.

“Just to wrap up 2024, we ended up being down about 2.5 percent in total revenues compared to 2023,” Mr Davis said, while revealing that each of Baha Mar’s monthly RevPAR comparisons for the 2025 first quarter is, or is projected to be, down year-over-year.

“Started out very strong in 2024, [but] with the safety warning and, of course, the elections, some instability in the economy, we had a downward trend throughout the rest of the year as many did, and ended up being 2.5 percent down from 2023,” he added.

“2025, though, is certainly starting off to be a fairly strong beginning. January’s RevPAR was down about 5 percent compared to last year. Occupancy was flat. Really, we’re trying to grow

some volume with discounting rates, and trying to grow that volume.

“February just wrapped up; RevPAR was down about 7.5 percent, still trying to keep some volume. Occupancy was about flat compared to last year, and March - with Easter shifting to April - we’re still seeing a strong March, but not as strong as last year. We’re looking to be down about 9 percent on RevPAR yearon-year in March. April, of course, being up about 8 percent forecasting with Easter shifting into that month.”

Acknowledging the global uncertainties stemming from US economic and trade policies, Mr Davis said the hopedfor increase in Canadian visitors as a result of antiTrump sentiment has yet to occur. “We’re cautiously optimistic for the remainder of the year,” the Baha Mar chief said.

“Of course, with what’s happening in the US there’s uncertainty. We’re very, very cautious about what’s happening up there with the economy in the US. With the Canadian noise that happened in the marketplace, with the potential shifting of tourism away from the US, there is some potential upside with Canadians down to The Bahamas.

“We’re all optimistic that we will see some of that, but we’ve not really seen that so far. We’re closely monitoring our geographic origins and noting there’s not a big bump going forward at this time or going forward from Canada, but we’re continuing to monitor and being cautiously optimistic with what’s happening in the US,” Mr Davis continued.

“Certainly our booking pace, we look strong for the second quarter headed into the summer months as well. We’re very, very busy working on our fourth hotel

and architectural plans as we continue through 2025. The ground breaking is still planned for 2026; we hope as early as possible and, as soon as we have finalised our brand to be a partner on the property, we’ll certainly make an announcement there.”

Besides developing the architectural plans for the Melia’s replacement, Mr Davis said Baha Mar has already opened its new 385seat jazz club. “We’re still this year investing north of $38m in capital improvements throughout the property,” he added. “We just completed a renovation to our guest rooms at SLS, now being just eight years-old.

“We continue to renovate and enhance the property throughout with this continued investment around the property. We’re excited about 2025 ahead, but are still being cautiously optimistic with what the business outlook is.”

Mr Weech, also the BHTA’s president, in giving an update on Atlantis’ performance and outlook, said both January and February were “strong” even though they “did not quite meet expectations”. He added: “Travellers are cautious, they are spending less and the booking windows are definitely shrunken and shorter.

“March is showing a very strong performance with occupancies north of 90 percent over our entire campus. Again, the good news about that is it continues to show strong seasonal demand.” Mr Weech said this momentum was being maintained into April and the Easter holidays, with occupancies “at this juncture across the campus well into the 90 percents”. Atlantis marina operations have also shown “robust continued growth over the first two months, and certainly well into the second quarter”, Mr Weech

“We attribute that growth, that 69 percent increase, we attribute that to the American Airlines new service from Miami to Governor’s Harbour, which we didn’t have this time last year,” Mr Fountain said. Airline tickets sold to Bimini, meanwhile, were up 119 percent year-over-year.

added, while the Paradise Island mega resort’s group business for 2025 has been “back loaded, with a stronger performance expected in the third and fourth quarter”.

“Recent booking trends have been positive, and that is reflected in upward trends in terms of demand,” he said. “Transient remains strong, but that’s exhibiting some signs of instability. Graeme would have touched on the concerns emanating out of our premier market, and certainly those conditions we see as impacting, and we continue to very closely monitor them.”

Mr Weech said the third annual Paradise Island Wine and Food Festival has provided a further boost to occupancies. Atlantis has also opened a new Mexican-themed restaurant, plus golf and mini-sports bar, plus two escape rooms that feature interactive pirate and ocean themes, respectively.

Capo accuses Genting of ‘cooking the books’

“RAV’s direct claims against Genting are proper, under both Bahamian and Florida law, because RAV is the only entity fleeced by Genting’s carefully orchestrated fraud,” Mr Capo’s investment vehicle alleged. “Genting’s misconduct did not harm BB Entertainment and actually benefited.

“First, BB Entertainment was unharmed by the illegitimate debt that Genting shifted to it because the debt was peculiarly structured so that BB Entertainment would never have to pay it. Genting structured the debt to become due and payable only upon BB Entertainment’s liquidation and dissolution.

“Thus, BB Entertainment is unharmed because it has never paid, and will never have to pay, that debt during its lifetime. Second, the debt actually benefits BBIH because Genting booked 90 percent of that debt as payable to BBIH, even though BBIH did not actually lend that money to BB Entertainment.”

As to the implications for itself, RAV Bahamas then asserted: “RAV is unequivocally the only victim in this case because the illegitimate debt effectively wipes out RAV’s entire contribution, while not harming BB

Entertainment and benefitting BBIH. “After RAV transferred over $25m in real property to BB Entertainment as a contribution for its shares, Genting began shifting over $600m of illegitimate debt onto BB Entertainment’s books. The obligations to pay the debt completely bypass BB Entertainment and, upon BB Entertainment’s death, a liquidator pays BBIH and other creditors before RAV’s capital contribution is paid.

“Thus, because the illegitimate debt far exceeds the value of BB Entertainment’s assets, RAV’s capital contribution will never be paid. In effect, Genting cooked BB Entertainment’s books to steal RAV’s land without ever paying any value for it.”

BB Entertainment’s financials showed that, at year-end 2022, the company was effectively insolvent with some $191.511m in assets dwarfed by $885.176m in total liabilities to produce a $693.665m solvency deficiency. Of the $191.511m in total assets, the majority - $165.254m - represented the value of Resorts World Bimini’s real estate, with its holding entity possessing just under $3m in cash and equivalents.

The majority of BB Entertainment’s liabilities, some $795.452m, was

described in the financials as “borrowings” from BB Investment Holdings, the Genting-owned and controlled entity. Some $578.848m of this sum was said to be “interest bearing” at a rate of Bahamian Prime plus 5 percent, which would be 9.25 percent.

However, RAV Bahamas highlighted in its court filings where BB Entertainment’s financials stated there was “no set terms of repayment” for this $795m, with interest due on the borrowed principal being “capitalised as part of property, plant and equipment”.

And a further $83.537m owed by BB Entertainment to “related parties”, including other Genting affiliates, were described in the financials as “interest free, unsecured and have no repayment dates”. As a result, any winding-up of Resorts World Bimini and BB Entertainment would result in any available assets/cash being upstreamed first to BBIH, Genting and its affiliates, leaving RAV Bahamas as “the only victim”.

The latter added: “As of December 31, 2022, BB Entertainment’s total liabilities were $885m, which were primarily composed of $83m purportedly owed to Genting affiliates and $795m purportedly owed to BBIH.

engaging with global partners to ensure the nation is at the forefront of discussions such as climate change and global tax policy.

“The economic pressures we face, from inflation to supply chain disruptions, are not born within our borders. They are the consequences of a world in flux, where economic decisions made in distant boardrooms and capitals shape the realities of our people,” said Mr Davis.

“Importantly, while BB Entertainment’s 2022 audited financials characterise the BBIH debt as loans BBIH made to BB Entertainment, BBIH did not lend BB Entertainment anywhere near $795m. At least $201m of the BBIH debt was the Bimini Superfast operations debt that Genting’s president, Ed Farrell, already admitted was illegitimate, and which Genting arbitrarily re-characterised as a ‘loan’ from BBIH.

“Not a penny of BBE’s $885m liabilities is owed to a true third-party unrelated to Genting. Genting did this by design.” RAV Bahamas said the two parties’ shareholders agreement allows BBIH to make “non-recourse loans” to BB Entertainment that would only become payable when the latter is wound-up.

“Because these debts have no set repayment terms, they become due and payable at BB Entertainment’s dissolution and liquidation,” Mr Capo, his family, and their investment vehicle argued. “Conceptually, placing illegitimate debt on a company’s books would, at first blush, appear like a harm to that company because it would be responsible for paying debt it did not incur.

“However, under the unique facts of this case, the illegitimate debt placed

“Our prosperity depends on access — to markets, to investment, to technological progress. And access is only secured through engagement. Through engagement, we have positioned ourselves as leaders in the global discussions most relevant to our future as a nation.”

He said while The Bahamas will engage with international partners the well being of Bahamians will always be the priority and we will not be “pressured into choices that do

on BB Entertainment’s books is not a harm to BB Entertainment because those debts are completely illusory as to BB Entertainment. BB Entertainment has never made a payment on those illegitimate debts, and it will never need to pay those illegitimate debts.

“The illegitimate debt is payable only upon BB Entertainment’s death, which ordinarily would mean only the shareholders - who would otherwise be entitled to receive the proceeds from BB Entertainment’s liquidation- feel the debt’s harm. But here only one shareholder, RAV, feels the illegitimate debt’s harm because the other BB Entertainment shareholder, BBIH, stands to collect 90 percent of that debt,” RAV Bahamas added.

“In sum, BBIH is not only unharmed by the illegitimate debt, but actually stands to benefit from it because upon liquidation the shareholders’ agreement’s waterfall provision gives the BBIH debt first priority for repayment. Since the BBIH debt ($795m) alone far exceeds the value of BB Entertainment’s assets, the value of RAV’s BB Entertainment shares are effectively wiped out.

“The illegitimate debt thereby enables Genting and its web of companies to effectively steal RAV’s

not serve the best interests of our people”.

“We’ve always believed that we are the best little country in the world. That belief is what fuels our high expectations for ourselves. We will not allow our voices to be dulled. Our national interests are not served by silence. They are served by engagement,” said Mr Davis.

land, which at the time of its contribution was valued at over $25m.” RAV Bahamas in its original lawsuit essentially accused Genting of using its 78 percent majority ownership, plus Board and management control, to conceal how it funnelled hundreds of millions of dollars in liabilities incurred elsewhere in its global empire on to the Bimini resort’s books. Complaining that this has undermined the value of its investment, while also “depriving” it of expected profits, RAV Bahamas claimed that Genting “has deliberately kneecapped” its attempts to gain a true understanding of Resorts World Bimini’s true financial position by denying “full access” to the property’s financial records and its calls for an independent audit.

Genting Americas, though, has cited numerous legal grounds as warranting the lawsuit’s dismissal in favour of arbitration in The Bahamas. In particular, it is arguing that it is the wrong party to be named as the defendant, instead asserting that BB Investment Holdings (BBIH) is the correct entity. There are also assertions that the claim is time-barred under Florida’s statute of limitations, and that it fails to rise to the standard or level necessary to plead fraud.

“But let me be equally clear: engagement does not mean compromise. We will not abandon our national priorities to fit neatly within the designs of others. We will not be pressured into choices that do not serve the best interests of our people.

“Within our strategic development framework, we must ensure that our solutions, even when reliant on international support and partnerships, always prioritise the well-being of our people first. The Bahamas has made its choice. We embrace international opportunities as a partnership between equals. We will not be dictated to, and we will not be sidelined.”

CANADA AND THE EU SWIFTLY RETALIATE AGAINST TRUMP’S STEEL AND ALUMINUM TARIFFS

By LORNE COOK, DAVID McHUGH and ROB GILLIES Associated Press

MAJOR trade partners swiftly hit back at President Donald Trump's increased tariffs on aluminum and steel imports, imposing stiff new taxes on U.S products from textiles and water heaters to beef and bourbon.

Canada, the largest supplier of steel and aluminum to the U.S., said Wednesday it will place 25% reciprocal tariffs on steel products and also raise taxes on a host of items: tools, computers and servers, display monitors, sports equipment, and castiron products.

Across the Atlantic, the European Union will raise tariffs on American beef, poultry, bourbon and motorcycles, bourbon, peanut butter and jeans.

Combined, the new tariffs will cost companies billions of dollars, and further escalate the uncertainty in two of the world's major trade partnerships. Companies will either take the losses and earn fewer profits, or, more likely, pass costs along to consumers in the form of higher prices. Prices will go up, in Europe and the United States, and jobs are at stake, said European Commission President Ursula von der Leyen.

"We deeply regret this measure. Tariffs are taxes. They are bad for business, and even worse for consumers," von der Leyen said. The EU duties aim for pressure points in the U.S. while minimizing additional damage to Europe. EU officials have made clear that the tariffs — taxes on imports — are aimed at products made in Republican-held states, such as beef and poultry from Kansas and Nebraska and wood products from Alabama

and Georgia. The tariffs will also hit blue states such as Illinois, the No. 1 U.S. producer of soybeans, which are also on the list. Spirits producers have become collateral damage in the dispute over steel and aluminum. The EU move "is deeply disappointing and will severely undercut the successful efforts to rebuild U.S. spirits exports in EU countries," said Chris Swonger, head of the Distilled Spirits Council. The EU is a major destination for U.S. whiskey, with exports surging 60% in the past three years after an earlier set of tariffs was suspended.

Could there be an agreement that takes increasing tariffs off the table?

Von der Leyen said in a statement that the EU "will always remain open to negotiation."

Canada's incoming Prime Minister Mark Carney said Wednesday he's ready to meet with Trump if he shows "respect for Canadian sovereignty" and is willing to take "a common approach, a much more comprehensive approach for trade."

Carney, who will be sworn in Friday, said workers in both countries will be better off when "the greatest economic and security partnership in the world is renewed, relaunched. That is possible."

"We firmly believe that in a world fraught with geopolitical and economic uncertainties, it is not in our common interest to burden our economies with tariffs," she said.

The American Chamber of Commerce to the EU said the U.S. tariffs and EU countermeasures "will only harm jobs, prosperity and security on both sides of the Atlantic." "The two sides must de-escalate and find a negotiated outcome

urgently," the chamber said Wednesday.

What will actually happen?

Trump slapped similar tariffs on EU steel and aluminum during his first term in office, which enraged European and other allies. The EU also imposed countermeasures in retaliation at the time, raising tariffs on U.S.-made motorcycles, bourbon, peanut butter and jeans, among other items.

This time, the EU action will involve two steps. First on April 1, the commission will reimpose taxes that were in effect from 2018 and 2020, but which were suspended under the Biden administration. Then on April 13 come the additional duties targeting 18 billion euros ($19.6 billion) in U.S. exports to the bloc.

EU Trade Commissioner Maroš Šef ovi traveled to Washington last month in an effort to head off the tariffs, meeting with U.S. Commerce Secretary Howard Lutnick and other top trade officials.

He said on Wednesday that it became clear during the trip "that the EU is not the problem."

"I argued to avoid the unnecessary burden of measures and countermeasures, but you need a partner for that. You need both hands to clap," Šef ovi told reporters at the European Parliament in Strasbourg, France.

Canada is imposing, as of 12:01 a.m. Thursday 25% reciprocal tariffs on steel products worth $12.6 billion Canadian (US$8.7 billion) and aluminum products worth $3 billion Canadian (US$2 billion) as well as additional imported U.S. goods worth $14.2 billion Canadian ($9.9 billion) for a total of $29.8 billion (US$20.6 billion.)

The list of additional products affected by counter-tariffs includes tools,

computers and servers, display monitors, water heaters, sport equipment, and cast-iron products.

These tariffs are in addition to Canada's 25% counter tariffs on $30 billion Canadian (US$20.8 billion) of imports from the U.S. that were put in place on March 4 in response to other Trump tariffs that he's delayed by a month.

European steel companies brace for losses

The EU could lose up to 3.7 million tons of steel exports, according to the European steel association Eurofer. The U.S. is the second-biggest export market for EU steel producers, representing 16% of the total EU steel exports.

The EU estimates that annual trade volume between both sides stands at about $1.5 trillion, representing around 30% of global trade. While the bloc has a substantial export surplus in goods, it says that is partly offset by the U.S. surplus in the trade of services.

SPACEX DELAYS FLIGHT TO REPLACE NASA'S STUCK ASTRONAUTS AFTER LAUNCH PAD PROBLEM

By MARCIA DUNN AP Aerospace Writer

A LAUNCH pad problem prompted SpaceX to delay a flight to the International Space Station on Wednesday to replace NASA's two stuck astronauts.

The new crew needs to get to the International Space Station before Butch Wilmore and Suni Williams can head home after nine months in orbit. Concerns over a critical hydraulic system

arose less than four hours before the Falcon rocket's planned evening liftoff from NASA's Kennedy Space Center. As the countdown clocks ticked down, engineers evaluated the hydraulics used to release one of the two arms clamping the rocket to its support structure. This structure needs to tilt back right before liftoff.

Already strapped into their capsule, the four astronauts awaited a final decision, which came down with less than an hour

remaining in the countdown. SpaceX canceled for the day. The company did not immediately announce a new launch date, but noted the next try could be as early as Thursday night.

Once at the space station, the U.S., Japanese and Russian crew will replace Wilmore and Williams, who have been up there since June. The two test pilots had to move into the space station for an extended stay after Boeing's new Starliner capsule encountered major breakdowns in transit.

Starliner's debut crew flight was supposed to last just a week, but NASA ordered the capsule to return empty and transferred Wilmore and Williams to SpaceX for the return leg.

LABELING on the head of a bourbon barrel is seen near bottles of product at the Brough Brothers Distillery which is under construction in Louisville, Ky., Saturday, March 8, 2025.

Photo:Jon Cherry/AP

TRUMP VOWS TO TAKE BACK ‘STOLEN’ WEALTH AS TARIFFS ON STEEL AND ALUMINUM IMPORTS GO INTO EFFECT

By JOSH BOAK, PAUL WISEMAN and ROB GILLIES Associated Press

PRESIDENT Donald Trump openly challenged U.S. allies on Wednesday by increasing tariffs on all steel and aluminum imports to 25% as he vowed to take back wealth "stolen" by other countries, drawing quick retaliation from Europe and Canada.

The Republican president's use of tariffs to extract concessions from other nations points toward a possibly destructive trade war and a stark change in America's approach to global leadership. It also has destabilized the stock market and stoked anxiety about an economic downturn.

"The United States of America is going to take back a lot of what was stolen from it by other countries and, frankly, by incompetent U.S. leadership," Trump told reporters on Wednesday. "We're going to take back our wealth, and we're going to

take back a lot of the companies that left."

Trump removed all exemptions from his 2018 tariffs on the metals, in addition to increasing the tariffs on aluminum from 10%. His moves, based off a February directive, are part of a broader effort to disrupt and transform global commerce.

He has separate tariffs on Canada, Mexico and China, with plans to also tax imports from the European Union, Brazil and South Korea by charging "reciprocal" rates starting on April 2. The EU announced its own countermeasures on Wednesday. European Commission President Ursula von der Leyen said that as the United States was "applying tariffs worth 28 billion dollars, we are responding with countermeasures worth 26 billion euros," or about $28 billion. Those measures, which cover not just steel and aluminum products but also textiles, home appliances and agricultural goods, are due to take effect on April 1.

U.S. Trade Representative Jamieson Greer responded by saying that the EU was punishing America instead of fixing what he viewed as excess capacity in steel and aluminum production.

"The EU's punitive action completely disregards the national security imperatives of the United States – and indeed international security – and is yet another indicator that the EU's trade and economic policies are out of step with reality," he said in a statement.

Meeting on Wednesday with Ireland's Taoiseach Micheál Martin, Trump said "of course" he wants to respond to EU's retaliations and "of course" Ireland is taking advantage of the United States.

"The EU was set up in order to take advantage of the United States," Trump said.

Last year, the United States ran a $87 billion trade imbalance with Ireland. That's partially because of the tax structure created by Trump's 2017 overhaul, which incentivized U.S.

pharmaceutical companies to record their sales abroad, Brad Setser, a senior fellow at the Council of Foreign Relations, said on X.

Canada sees itself as locked in a trade war because of White House claims about fentanyl smuggling and that its natural resources and factories subtract from the U.S. economy instead of supporting it.

"This is going to be a day to day fight. This is now the second round of unjustified tariffs leveled against Canada," said Mélanie Joly, Canada's foreign affairs minister. "The latest excuse is national security despite the fact that Canada's steel and aluminum adds to America's security. All the while there is a threat of further and broader tariffs on April 2 still looming. The excuse for those tariffs shifts every day."

Canada is the largest foreign supplier of steel and aluminum to the United States and plans to impose retaliatory tariffs of Canadian $29.8 billion ($20.7 billion) starting Thursday in response to the U.S. taxes on the metals.

Canada's new tariffs would be on steel and aluminum products, as well as U.S. goods including computers, sports equipment and water heaters worth

$14.2 billion Canadian ($9.9 billion). That's in addition to the 25% counter tariffs on $30 billion Canadian (US$20.8 billion) of imports from the U.S. that were put in place on March 4 in response to other Trump import taxes that he's partially delayed by a month.

Trump told CEOs in the Business Roundtable a day earlier that the tariffs were causing companies to invest in U.S. factories.

The 7.5% drop in the S&P 500 stock index over the past month on fears of deteriorating growth appears unlikely to dissuade him, as Trump argued that higher tariff rates would be more effective at bringing back factories.

"The higher it goes, the more likely it is they're going to build," Trump told the group. "The biggest win is if they move into our country and produce jobs. That's a bigger win than the tariffs themselves, but the tariffs are going to be throwing off a lot of money to this country."

Trump on Tuesday had threatened to put tariffs of 50% on steel and aluminum from Canada, but he chose to stay with the 25% rate after the province of Ontario suspended plans to put a surcharge on

electricity sold to Michigan, Minnesota and New York.

Democratic lawmakers dismissed Trump's claims that his tariffs are about national security and drug smuggling, saying they're actually about generating revenues to help cover the cost of his planned income tax cuts for the wealthy.

"Donald Trump knows his policies could wreck the economy, but he's doing it anyway," said Senate Democratic Leader Chuck Schumer of New York.

"Why are they doing all these crazy things that Americans don't like? One reason, and one reason alone: tax breaks for billionaires, the north star of the Republican party's goals. In many ways, the president is addressing what he perceives as unfinished business from his first term. Trump meaningfully increased tariffs, but the revenues collected by the federal government were too small to significantly increase overall inflationary pressures. Outside forecasts by the Budget Lab at Yale University, Tax Policy Center and others suggest that U.S. families would have the costs of the taxes passed onto them in the form of higher prices.

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IRELAND’s Prime Minister Micheál Martin speaks at the annual St. Patrick’s Day luncheon at the Capitol in Washington, Wednesday, March 12, 2025. Photo:J. Scott Applewhite/AP

EPA head says he’ll roll back dozens of environmental regulations, including rules on climate change

By MATTHEW DALY Associated Press

IN WHAT he called the "most consequential day of deregulation in American history," the head of the Environmental Protection Agency announced a series of actions Wednesday to roll back landmark environmental regulations, including rules on pollution from coal-fired power plants, climate change and electric vehicles.

"We are driving a dagger through the heart of climate-change religion and ushering in America's Golden Age,'' EPA Administrator Lee Zeldin said in an essay in The Wall Street Journal.

If approved after a lengthy process that includes public comment, the Trump administration's actions will eliminate trillions of dollars in regulatory costs and "hidden taxes," Zeldin said, lowering the cost of living for American families and reducing prices for such essentials such as buying a car, heating your home and operating a business.

"Our actions will also reignite American manufacturing, spreading economic benefits to communities," he wrote. "Energy dominance stands at the center of America's resurgence."

In all, Zeldin said he is rolling back 31 environmental rules, including a scientific finding that has long been the central basis for U.S. action against climate change.

Zeldin said he and President Donald Trump support rewriting the agency's 2009 finding that planet-warming greenhouse gases endanger public health and welfare. The Obama-era determination under the Clean Air Act is

the legal underpinning of a host of climate regulations for motor vehicles, power plants and other pollution sources.

Environmentalists and climate scientists call the endangerment finding a bedrock of U.S. law and say any attempt to undo it will have little chance of success.

"In the face of overwhelming science, it's impossible to think that the EPA could develop a contradictory finding that would stand up in court," said David Doniger, a climate expert at the Natural Resources Defense Council, an environmental group. In a related action, Zeldin said EPA will rewrite a rule restricting air pollution from fossil-fuel fired power plants and a separate measure restricting emissions from cars and trucks. Zeldin and the Republican president incorrectly label the car rule as an electric vehicle "mandate.''

President Joe Biden's Democratic administration had said the power plant rules would reduce pollution and improve public health while supporting the reliable, long-term supply of electricity that America needs.

Biden, who made fighting climate change a hallmark of his presidency, cited the car rule as a key factor in what he called "historic progress" on his pledge that half of all new cars and trucks sold in the U.S. will be zero-emission by 2030. The EPA also will take aim at rules restricting industrial pollution of mercury and other air toxins, soot pollution and a "good neighbor" rule intended to restrict smokestack emissions that burden downwind areas with smog. The EPA also targeted a clean water

law that provides federal protections for rivers, streams and wetlands.

None of the changes take effect immediately, and nearly all will require a long rulemaking process. Environmental groups vowed to oppose the actions, which one said would result in "the greatest increase in pollution in decades'' in the U.S.

Amanda Leland, executive director of the Environmental Defense Fund, made the claim as she denounced Zeldin's "unlawful attack on the public health of the American people.''

The EPA has also terminated its diversity, equity and inclusion programs and will shutter parts of the agency focused on environmental justice, Zeldin said. The effort strived to improve conditions in areas heavily burdened by industrial pollution, mostly in low-income and majority-Black or Hispanic communities.

"This isn't about abandoning environmental protection — it's about achieving it through innovation and not strangulation," Zeldin wrote. "By reconsidering rules that throttled oil and gas production and unfairly targeted coal-fired power plants, we are ensuring that American energy remains clean, affordable and reliable."

University of Pennsylvania climate scientist Michael Mann called the EPA's action "just the latest form of Republican climate denial. They can no longer deny climate change is happening, so instead they're pretending it's not a threat, despite the overwhelming scientific evidence that it is, perhaps, the greatest threat that we face today."

The directive to reconsider the endangerment finding and other EPA rules was a recommendation of Project 2025, a conservative blueprint for Trump's second term. Russell Vought, director of the White House Office of Management and Budget and co-author of Project 2025, called the actions long overdue.

"EPA's regulation of the climate affects the entire national economy — jobs, wages and family budgets," Vought said Wednesday.

"The Trump administration's ignorance is

trumped only by its malice toward the planet," countered Jason Rylander, legal director at the Center for Biological Diversity's Climate Law Institute. "Come hell and high water, raging fires and deadly heatwaves, Trump and his cronies are bent on putting polluter profits ahead of people's lives." Reconsidering the endangerment finding and other actions "won't stand up in court,'' Rylander said. "We're going to fight it every step of the way." The United States is the second largest carbon polluter in the world, after

China, and the largest historical emitter of

house gases.

The moves to terminate environmental justice staff follows an action last week to drop a case against a Louisiana petrochemical plant accused of increasing cancer risk in a majorityBlack community. Zeldin called environmental justice a term that "has been used primarily as an excuse to fund left-wing activists instead of actually spending those dollars to directly remediate environmental issues for those communities."

VICE President JD Vance, right, and Ohio Gov. Mike DeWine, left, listen as Environmental Protection Agency administrator Lee Zeldin, center, speaks in East Palestine Fire Station on Feb 3, 2025, in East Palestine, Ohio, Feb. 3, 2025.

Photo:Gene J. Puskar/AP

green-

Tens of billions in Hurricane Helene aid to

start by March 21

By JEFF AMY and RUSS BYNUM Associated Press

TENS of billions in aid for victims of Hurricane Helene should start flowing later this month, U.S. Agriculture Secretary Brooke Rollins pledged Wednesday, but delays are already making it hard this year for some farmers to plant crops.

Congress set a deadline of March 21 to hand out the money when it passed a $100 billion disaster relief package on Dec. 21. The late September storm cut a swath from Florida's Big Bend across eastern Georgia and upstate South Carolina before causing historic flooding in western North Carolina and eastern Tennessee.

The National Centers for Environmental Information says Helene is the seventhmost expensive disaster in the United States since 1980, causing an estimated $78 billion in damage and 219 deaths.

At a news conference in Atlanta on Wednesday, Rollins pledged the aid would begin to be disbursed before the deadline.

"That money will begin to move in the next few weeks," she said.

That's not a moment too soon for Chris Hopkins, who farms near Lyons in south Georgia. Helene wiped out half the cotton Hopkins was growing on 1,400 acres (560 hectares). He said Tuesday that he began planting 300 acres (121 hectares) of corn this month, and plans to start planting cotton in late April.

Hopkins said the big losses forced him to dip into emergency reserve funds to pay off $200,000 in 2024 loans for seed, fertilizer and other materials.

Some neighboring farmers hit hard by the storm still have unpaid debts from last year, he said, leaving them unable to borrow more to start planting 2025 crops.

"It's desperately needed," Hopkins said of federal aid. "What we're seeing is that producers are almost in a holding or pause pattern because they can't afford to pay their rent or their loans."

Hopkins said farmers had hoped the money would come sooner, in January or February, so they could pay off creditors before planting season. He said some have sold equipment or even land to generate enough cash to get new crops started.

"The general consensus in the farming and ag community is that it would have been much better earlier," Hopkins said. "Ag producers are thankful for it by all means. But taking the full 90 days to get it is tough."

In South Carolina, Republican legislative leaders decided to wait to approve Helene damage relief money in the state's regular budget instead of an emergency bill in part because they expected federal officials to get relief money out quickly.

Most but not all of the disaster relief bill is earmarked for Helene. It includes $21 billion to help farmers, $8 billion to rebuild damaged roads and highways, $12 billion in grants to help communities and individuals recover and $2.2 billion in low-interest loans for businesses, nonprofits and homeowners.

Officials have estimated that Helene caused property and economic damage to the agriculture sector totaling $5.5 billion in Georgia and $4.9 billion in North Carolina.

Beyond the cotton crop, the storm toppled pecan trees and flattened chicken houses in Georgia. Farming in western North Carolina is dominated by specialty

crops including Christmas trees and nursery plants, with fewer growers covered by crop insurance.

South Carolina officials estimated $620 million in agriculture damage in 2024, not just from Helene, but also from other weather disasters.

State governments have been moving to expand their aid packages. Georgia has earmarked $285 million for low-interest loans for farmers and removing downed timber from private land in an amended

budget that Gov. Brian Kemp signed last week, part of $862 million in Helene-related spending.

North Carolina lawmakers are negotiating the details of a supplemental Helene relief bill that may total more than $500 million, in part to provide more funds for crop losses. It would be North Carolina's fourth Helene aid package to be enacted. The state has requested close to $1.9 billion from the disaster relief law approved by Congress in December. Most of that

money would go to address crop and timber losses, debris removal, stream restoration and erosion.

The South Carolina House on Wednesday gave final approval to a budget that includes $220 million in Helene relief for farmers and others as a match to money from the federal government. They also set aside $50 million to give to the state Department of Transportation to pay back what they spent repairing roads and clearing trees.

FARMER Chris Hopkins observes cotton bolls before being harvested in a field he owns, Friday, Dec. 6, 2024, near Lyons, Ga.

Photo:Mike Stewart/AP

Affordable housing threatened as Trump halts $1 billion slated for extending life of aging buildings

By JESSE BEDAYN Associated Press

THE Trump administration is halting a $1 billion program that helps preserve

affordable housing, threatening projects that keep tens of thousands of units livable for low-income Americans, according to a

document obtained by The Associated Press.

The action is part of a slew of cuts and funding freezes at the U.S. Department of Housing and Urban

Development, largely at the direction of President Donald Trump and Elon Musk's Department of Government Efficiency, that have rattled the affordable-housing industry.

Preserving these units gets less attention than ribbon-cuttings, but it's a centerpiece of efforts to address the nation's housing crisis. Hundreds of thousands of low-rent apartments, many of them aging and in need of urgent repair, are at risk of being yanked out from under poor Americans.

The program has already awarded the money to projects that would upgrade at least 25,000 affordable units across the country, and details of how it will be wound down remain unclear.

A spokesperson for HUD did not respond to repeated requests for comment. But an internal document reviewed by the AP said the program is being "terminated" at the direction of DOGE. Two HUD employees, who have knowledge of the program and spoke to the AP on the condition of anonymity for fear of reprisal, confirmed the directive to shutter it.

On its face, the over $1 billion Green and Resilient Retrofit Program, passed by Congress in 2022, is intended for energy-efficiency improvements. It is distributed in grants and loans to owners of affordable housing in need of updating, including replacing or repairing heating and cooling systems, leaky roofs, aging insulation or windows, or undertaking floodproofing.

But the money plays a much larger role in preserving affordable units. Projects that use the funds are required to keep their buildings affordable for up to 25 years. The money is also leveraged to pull in other investments for major repairs and renovations needed to keep the buildings livable.

It's like building a Jenga tower, where one of the program's grants or loans — which range from hundreds of thousands to millions of dollars — is a bottom block and each new block is another investment, housing advocates said.

This money "was essential in order for the project to come together," said Mike Essian, vice president at American Community Developers, Inc., which received funding for several affordable-housing projects. "Projects will fail and these are projects that are already difficult to finance."

The news has been a jolt to Al Hase and Joan Starr, tenants in an apartment building in Vancouver, Washington, full of other low-income seniors with few or no other options — most of whom live on less than $33,000 a year.

The 170-unit Smith Tower Apartments, built in the 1960s, is in need of updates, including its first building-wide sprinkler system. The $10 million award was a financial kickstart for its nearly $100 million project, and is cited in applications for other investments.

The potential loss "seriously jeopardizes our ability to be able to provide an upgrade to the current systems," said Greg

Franks, president of the property's management company, adding that the work is "needed to sustain the livability of this building based on its age, and to keep it viable for another 60 years."

"We are depending on that $10 million," he said. So, too, are Hase and Starr, a retired couple in their 70s who have lived there for 16 years.

They fill their balcony with geraniums and petunias, count the eagles at a nearby park and live off meager Social Security incomes. They learned about the potential funding loss in a letter from the apartment's management company.

"It's kinda terrifying, it's almost like getting news from a doctor that something's going to take your life in six months or a year," Hase told the AP in a phone call.

"We're from an era where the wages weren't there, so our Social Security ..." he said, pausing. "Sucks," pitched in Starr.

"If I'd been born a rich man," he said. Starr added:

"We're just regular people."

"And we're the lucky ones because we've got two social securities coming in," she said.

But being lucky ones doesn't count for much in today's rental market.

"Prices keep going up, I've looked, and there's no way," she said.

"It's the difference between living and not being able to live," he said. HUD's lack of communication about the program's future sent organizations in search of contingency plans, though roughly two-dozen projects will still get funding, one HUD employee told the AP. The rest are in limbo.

"Each day of funding uncertainty increases the odds that deals will disintegrate," said Linda Couch, a senior vice president at LeadingAge, a group whose members were awarded over $150 million.

JAMES Richardson works on a heating

Photo:Jenny Kane/AP

FTC ASKS JUDGE TO DELAY AMAZON TRIAL DUE TO RESOURCE CONSTRAINTS

HALELUYA HADERO

Associated Press

THE Federal Trade Commission asked a federal judge on Wednesday to delay a trial in a case accusing Amazon of using deceptive practices in its Prime subscription program, citing staffing and budgetary challenges at the government agency.

Jonathan Cohen, a lawyer for the FTC, made the request before U.S. District Judge John Chun, who is overseeing the legal proceedings from a 2023 lawsuit the commission filed against the e-commerce giant in Washington state.

"Our resource constraints are severe and really unique to this moment," Cohen said during a status hearing on Wednesday. "We have lost employees in the agency, in our division and on the case team."

When the judge asked if the agency's challenges were due to recent cuts in the federal government, Cohen said it was, adding that some employees chose to leave the FTC following the "Fork in the road" email sent by Elon Musk's Department of Government Efficiency in January. Staff members who resigned for other reasons also have not been replaced due to a government hiring freeze, he said.

The Amazon trial had been scheduled to start in September. The FTC is seeking to relax some of the deadlines in the case and a delay akin to a two-month continuance. The agency does not want to "move the trial back more than a couple of months," Cohen said.

Currently, the agency's legal team is "racing at considerable cost" to meet a late April deadline for discovery while at the same time dealing with restrictive rules on purchasing court documents and travel, Cohen explained.

Other factors could hamper staffers' preparations for the trial, he said. In April, FTC employees will have to spend time packing up and vacating their office building so they can potentially move into "an abandoned USAID facility," Cohen said.

Chun, the judge, asked how "things are going to be different in two months" with the issues the agency is experiencing.

Cohen responded by saying he "cannot guarantee if things won't be even worse."

"But there are a lot of reasons to believe ... we have been through the brunt of it, at least for a while," he said.

During the hearing, John Hueston, an attorney

representing Amazon, pushed back on the agency's request. He said most of the FTC attorneys assigned to the Amazon case were still employed by the agency.

Even in the case of staff turnover, the government still lacks the grounds to seek a delay since changes in legal teams happen often, Hueston argued. Amazon executives and trial lawyers already cleared their schedules for a September trial, and the company has wanted to clear its name for more than two years, he said.

"We really want to keep the date" for the trial, Hueston said.

The lawsuit, which was brought under former FTC Chair Lina Khan, alleged Amazon had enrolled consumers in the Prime program without consent and made it difficult for them to cancel their subscriptions.

The agency filed the case months before it submitted an antitrust lawsuit against the retail and technology company, accusing it of having monopolistic control over online markets. Attorneys for that case, which is scheduled to go to trial in October 2026, presented economic arguments in court last week.

Like other tech companies, Amazon has been attempting to forge friendlier ties with President Donald Trump, who repeatedly criticized the company during his first term.

In December, Amazon founder Jeff Bezos said he was "optimistic" about Trump's second term. The same month, the company said it would donate $1 million to Trump's inauguration fund. Bezos, along with other tech leaders, was also a guest at the inauguration.

This week, Amazon's Prime Video service began streaming "The Apprentice," the long-running TV show that boosted Trump's profile before he ran for president. The company is also working on a documentary that offers an "unprecedented behindthe-scenes look" into the life of first lady Melania Trump.

Meanwhile, Bezos has made changes to The Washington Post, which he owns, that some critics have cast as favorable to Trump.

Before the election, Bezos defended the newspaper's decision not to endorse a presidential candidate as "right" and "principled." He rejected speculation that he ordered the non-endorsement to protect his business interests.

THE FEDERAL Trade Commission building is seen in Washington on Dec. 8, 2024. Photo:Jose Luis Magana/AP

A breakdown of major EPA deregulatory moves around water, air, climate

By MICHAEL PHILLIS, ALEXA ST. JOHN and JACK BROOK Associated Press

ENVIRONMENTAL

Protection Agency Administrator Lee Zeldin on Wednesday announced nearly three dozen deregulatory moves that he said would spur the U.S. economy by rolling back rules that have unfairly burdened industry. Many of the moves would affect landmark regulations aimed at protecting clean air and water.

Industry generally applauded the proposed changes, while environmentalists worried about what would amount to historic rollbacks if they are approved. Here's a look at some of the 31 regulatory changes Zeldin announced:

Reconsider power plant emissions standards

The Biden administration set limits on planet-warming emissions from existing gas and coal-fired power plants – a major step in the administration's effort to reduce greenhouse gases from the heavily polluting energy sector. Trump has long opposed such tough, climate-friendly limits and has instead promoted oil and gas development. Zeldin said the agency would reconsider the Biden administration standards to avoid constraining energy production.

Reconsider toxic emission limits on power plants

Coal plants emit toxic metals like mercury and the Biden administration issued a rule to severely limit those pollutants. Officials at the time said technology had progressed enough for these plants to do better. The EPA on Wednesday said nearly two dozen states had sued, arguing the rule was costly and a major burden, especially to coal plants. They also considering offering industry a two-year compliance extension while officials reconsider the rule.

Reconsider wastewater rules for coal and other power plants

Hazardous metals like mercury and arsenic end up in the wastewater of steam-powered electric generating power plants like coal. These can have serious health effects including increasing cancer rates and lowering childhood IQ scores. The Biden administration tightened regulations of this wastewater. The EPA said it will revisit those "stringent" rules that are costly to industry and therefore may raise residential energy bills.

New uses for oil and gas wastewater

Currently, treated wastewater generated from oil and gas drilling can be used in limited ways in certain western lands, such as for agriculture. Environmentalists say there can be a broad range of contaminants in the wastewater, some of which might not be known.

The EPA said it will reconsider those rules and look at how the treated water could be used for other purposes like cooling data centers, fighting fires and other ecological needs. They say the current rules are costly, old and don't reflect the capabilities of modern treatment technologies.

Reconsider petrochemical emergency planning

The Biden administration tightened safeguards against accidents for industrial and chemical plants that millions of people live near. The agency's risk management program added planning and reporting requirements for facilities and forced some to implement new safeguards. Accidents at these plants can be severe – a 2019 explosion at a Texas facility, for example, forced tens of thousands to evacuate, for example. Industry associations have criticized parts of the rule, such as requirements to publicly report sensitive information.

Zeldin said Biden administration officials "ignored recommendations from national security experts on how their rule makes chemical and other sensitive

NOTICE

NOTICE is hereby given that THERE L IE I TIL  of P.O. Box SS 6582 Mango Drive, High Vista, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that LUC LE L R  of Davis Street, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

facilities in America more vulnerable to attack." The EPA is reconsidering the rule.

Reconsidering greenhouse gas reporting requirements

The EPA said it was reconsidering its mandatory greenhouse gas reporting program, which requires thousands of major industrial polluters to tell the agency about its emissions. Zeldin said the "bureaucratic government program" costs hundreds of millions of dollars and doesn't help air quality. Until now, the EPA said the data helped businesses compare their emissions to competitors and find opportunities to reduce them and lower costs.

Reconsider light-duty, medium-duty, and heavyduty vehicle regulations

Zeldin vowed to review his agency's emissions standards for cars and trucks, calling the tightened emissions rules the "foundation for the Biden-Harris electric vehicle mandate."

Nothing the Biden administration implemented required automakers to make and sell EVs or for consumers to buy them. Loosening standards would allow vehicles to emit more planet-warming greenhouse gases, but many automakers have already been

investing in making their vehicles more efficient.

Reconsider 2009 Endangerment Finding and regulations that rely on it

The scientific finding, under the 2009 Clean Air Act, determined that planet-warming greenhouse gases endanger public health and welfare. It has been at the core of the nation's action against climate change. Trump had already directed the EPA to consider the finding's "legality" in an executive order. Experts say the impacts of climate change on human health and the environment are already clear, and that upending the finding would be devastating.

Reconsideration of technology transition rule

This program enforced strict rules to reduce the use of hydrofluorocarbons, highly potent and planetwarming greenhouse gases used in refrigerators, air conditioners, heat pumps and more. HFCs, as they are known, are thousands of times more powerful than carbon dioxide and leak through equipment that uses compressed refrigerants. Dozens of countries around the globe have pledged to slash their use and production of the chemicals.

NOTICE

NOTICE is hereby given that LUDER PETIT-FRERE of Prince Charles, Pine Barren Road, New Providence, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that SITHA ILIE   of General Delivery Marsh Harbour, Abaco applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

Pinewood Gardens, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the

within twenty-eight days from the 6th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Reconsider Particulate Matter National Ambient Air Quality Standards

Power plants and industrial facilities release particulate matter, or soot, that can easily pass through a person's lungs and into their bloodstream. Last year, the Biden administration tightened standards regulating soot in response to scientific research indicating existing regulations were insufficient. At the time, the EPA estimated its stronger regulations would save thousands of lives and prevent hundreds of thousands of cases of asthma and lost workdays annually. The Trump administration's EPA says these regulations are "a major obstacle" for companies and that the U.S. has low levels of soot.

Ending 'Good Neighbor Plan'

This rule was intended to limit air pollution by restricting power plant smokestack emissions, and those from other industrial sites, across 11 states. Eliminating it would especially impact downwind neighborhoods that are burdened by pollution from groundlevel ozone, or smog, that is out of their control. However, the Supreme Court had already put a hold on the rule last summer, ruling that states challenging it were likely to prevail.

Reconstitute Science Advisory Board and Clean Air Scientific Advisory Committee

These seats have long been politicized given how influential they can be in setting national environmental policy. The board reviews "the quality and relevance of the scientific and technical information being used by the EPA or proposed as the basis for Agency regulations" and agency research programs. Congress directed the agency to establish the board to provide the Administrator science advice in 1978. The committee can give "independent advice" to the agency's Administrator specific to the nation's Ambient Air Quality Standards.

Reconsider national emission standards for air pollutants for American energy and manufacturing

These EPA standards apply to pollutants known or suspected to cause cancer, birth defects or other serious health problems. Industrial facilities are required to follow strict standards to monitor and limit the amount of these chemicals they release into the air. Last year, the EPA tightened standards surrounding ethylene oxide emissions, a human carcinogen commonly used as a sterilizer for medical equipment. The Trump administration said it is considering a "2-year compliance exemption" for facilities affected by these standards, among others.

Restructure the Regional Haze Program

For decades, this EPA program has required states to reduce pollution that threatens scenic views in more than 150 national parks and wilderness areas, including in the Grand Canyon and Yellowstone. Zeldin said that the U.S. has made strides in improving visibility in national parks and that the program is being used as justification for shutting down industrial facilities and threatening affordable energy.

NOTICE

NOTICE is hereby given that GILBERT OBSAINT of Marsh Harbour, Abaco, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that L ER VI T R  of Carmichael Road, New Providence, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that JEAN THERVIL R  of #67 Avacado Street, Pinewood Gardens, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE JEFFREY Energy Center coal-fired power plant operates near Emmett, Kan., Saturday, Jan. 25, 2025. Photo:Charlie Riedel/AP

From soup cans to airplanes, steel and aluminum are a fundamental part of American life

By DEE-ANN DURBIN and ANNE D'INNOCENZIO AP Business Writers

STEEL and aluminum are ubiquitous in Americans' lives. A stainless steel refrigerator holds aluminum soda cans. A stainless steel drum tumbles inside an aluminum washing machine. They're the metals used in cars and airplanes, phones and frying pans, skyscrapers and zippers.

That's why President Donald Trump's 25% tariffs on all steel and aluminum imports — which went into effect Wednesday — could have widespread impact on manufacturers and consumers.

Here are some of the industries and products that rely on aluminum and steel:

Construction

The construction industry uses about one-third of all U.S. steel shipments, more than any other industry, according to the Council on Foreign Relations. The industry depends on a global supply chain to build everything from airports to schools to roads, according to Associated Builders and Contractors, a trade group with more than 23,000 members.

The group says some contractors were able to lock in prices on steel or aluminum ahead of the tariffs. But if they are prolonged, the import taxes will ultimately raise prices at a time when the construction industry is already struggling with higher costs for labor and materials. And uncertainty around the tariffs will make it less likely that companies will commit to big building projects, the group said.

Annie Mecias-Murphy is the co-owner and president of JA&M, a contractor for commercial buildings based in Pembroke Pines, Florida. Some of the main materials her company uses are rebar, or reinforced steel, and post-tension cables, which reinforce concrete after it's poured.

"In attempts to get ahead of the tariffs, we do try to lock in our prices and work with our trade partners and clients on different strategies," Mecias-Murphy said.

"But ultimately, the rising costs make it difficult for small business owners like myself to contemplate largescale multi-year projects."

Steel cans

Tin mill steel is used for a wide variety of packaging,

from soup cans to hairspray. And the U.S. currently imports 70% of its tin mill steel, according to the Can Manufacturers Institute.

The institute said the more limited tariffs Trump imposed in 2018 resulted in the closure of nine tin mill lines in the U.S. as manufacturers shifted to other types of steel or simply shut down. As a result, only three U.S. tin steel lines remain open.

Mick Beekhuizen, the president and CEO of The Campbell Co., said in an earnings call last week that his company imports tin mill steel from Canada. Beekhuizen said Campbell is working with its suppliers to mitigate the impact of tariffs, but it may need to raise prices.

The Consumer Brands Association, which represents packaged food makers, said it's urging the Trump administration to exempt aluminum and steel products that aren't available in adequate quantities in the U.S. Otherwise, consumers will likely see higher grocery prices.

"We encourage the Trump administration to recognize the different needs of different U.S. manufacturing sectors," said Tom Madrecki, vice president of supply chain resiliency at the Consumer Brands Association.

Autos

Most of Ford, GM and Stellantis' steel and aluminum already comes from the United States, reducing the direct impact the companies would feel from higher duties. But experts have warned that tariffs might mean the three Detroit automakers have to raise their prices. Domestic steel and aluminum producers will have to increase their capacity to meet demand or risk a short supply in the near term, making these products more expensive and driving up vehicle costs.

Another automaker who could feel the pain from tariffs: Elon Musk's Tesla.

During a January earnings call, Tesla Chief Financial Officer Vaibhav Taneja noted the uncertainty around tariffs.

"The imposition of tariffs, which is very likely, ... will have an impact on our business and profitability," Taneja said. This could be detrimental to an already inflation-sensitive American car buyer. The average transaction price for a new vehicle was

just over $48,000 last month, according to Kelley Blue Book.

And as with the steel and aluminum tariffs of Trump's first term, automakers are likely to have to revisit their financial outlooks for the year as they brace for impact.

Appliances

Makers and sellers of products ranging from microwaves to dishwashers are considering how to navigate cost increases.

Some like Whirlpool, which produces 80% of what it sells in the U.S. domestically, appear to be more insulated from the tariffs. Whirlpool executives told analysts at an investor conference earlier this month that Whirlpool has locked in contracts for a minimum of one year for most of its raw materials, including steel.

But Abt, a family-owned appliance and consumer electronics store in Glenview, Illinois, received notices this week from manufacturers that said they would raise the suggested retail price of countertop products like espresso makers and toasters anywhere from 10% to 15% starting April 1, according to Richie Palmero, the store's small appliance buyer.

Abt sells coffee makers that range from $100 to $500, as well as espresso makers priced from $1,000 to $5,000. Palmero said that putting another $250 on the price of a $2,500 espresso maker is a lot, but she said

she doesn't think sales will suffer significantly. "I think customers would still buy it because it's good quality," she said. "But they might think about it. They might take longer to buy it. It might not be an impulse buy. I don't think they're going to go down to Mr. Coffee or a $20 coffee maker."

Household goods

The Retail Industry Leaders Association said the compound effect of those import taxes, earlier tariffs on goods from China imposed during Trump's first term and maintained by former President Joe Biden, and a new round slapped on Chinese products last month could be substantial.

The trade group, which represents major U.S. chains, asked its members to come up with a list of popular household items to illustrate how the multiple layers might add to the cost of finished products. The 20 entries included pushpins, trash cans, ladders, grills, paper towel holders, mixing bowls, wine racks, shower caddies, chicken coops and steel wool.

By the association's calculations, the selected imports face a potential duty of 45% to over 70% when they go through U.S. customs. The amounts varied depending on where the products were made and if they already were subject to a base tax or a tariff from Trump's first term. Portable griddles and tabletop grills from China, which had the

A STEEL worker works at the ArcelorMittal Dofasco steel plant in Hamilton, Ont., on Wednesday, March 12, 2025.

highest starting duty, would get taxed at almost 75% of its value.

"Stacking tariffs on household goods will also raise costs on American families, millions of whom have struggled through the worst bout of inflation in 40 years," Michael Hanson, a senior executive vice president at the Retail Leaders Industry Association, said in a Wednesday statement.

Aluminum cans

U.S. beverage companies use more than 100 billion aluminum cans each year, according to the Can Manufacturers Institute. Most of the thin rolled sheets of aluminum alloy that are used for cans are made in the U.S., but can makers do import a small percentage, the institute said.

The Brewers Association, which represents 9,500 independent U.S. craft beer makers, estimates that 10% of U.S. cans are made from Canadian aluminum. Aluminum tariffs will force small brewers to pay more for cans, the association said, even as steel tariffs drive up the cost of equipment like kegs and fermentation tanks. But not all manufacturers are worried about aluminum

tariffs. Molson Coors says it shifted production in recent years and now gets "almost all" of its aluminum for U.S. consumption from U.S. sources.

Coca-Cola Chairman and CEO James Quincey said during a recent earnings call that if aluminum cans get more expensive, Coke can shift to other materials like plastic bottles. Quincey told investors he didn't want to exaggerate the cost of aluminum tariffs.

"You should not conclude that this is some huge swing factor in the U.S. business," he said. "It's a cost. It will have to be managed. It would be better not to have it relative to the U.S. business, but we are going to manage our way through."

Aviation

Airplanes have a mixture of metal parts, from aluminum frames, wings and door panels to steel landing gear and engine parts. Many are extremely specialized and sourced from overseas.

The Aerospace Industries Association, which represents nearly 300 aerospace and defense companies, says tariffs put their industry — and national security — at risk.

NOTICE is hereby given that CHOUBENKA VERNOT of Cowpen Road, New Providence, Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the dissolution of Mexlend Fund Ltd. has been completed, a Certifcate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the Dissolution was the 27th day of December, 2024.

Photo:Nathan Denette/AP

Wall Street rises after encouraging inflation data, but the trade war keeps knocking stocks around

By STAN CHOE AP Business Writer

U.S. stock indexes rose

Wednesday after Wall Street got some relief from an encouraging inflation update. But even on a rare up day for the market, President Donald Trump's trade war still knocked stocks around.

The S&P 500 gained 0.5% after skidding between an early gain of 1.3% and a later loss. The unsettled trading came a day after the index briefly fell more than 10% below its all-time high set last month.

The Dow Jones Industrial Average also pinballed sharply, careening between a rise of 287 points and a drop of 423. It ended with a loss of 82 points, or 0.2%, while the Nasdaq composite climbed 1.2%.

The inflation report, which showed overall prices rose less for U.S. consumers last month than economists expected, helped companies in the artificial-intelligence industry lead the way. It's a bounce back after AI stocks got crushed recently by worries their prices had gone too stratospheric in the market's run to record after record in recent years.

Nvidia climbed 6.4% to trim its loss for the year so far to 13.8%. Server-maker Super Micro Computer rose 4%, and GE Vernova, which is helping to power AI data centers, gained 5.1%.

Elon Musk's Tesla, whose price had more than halved since mid-December, rallied 7.6% for its first back-to-back gain in nearly a month.

Even with such gains, though, more stocks in the

S&P 500 fell than rose.

Among the hardest hit were businesses that could be set to feel pain because of Trump's trade war. Brown-Forman, the company behind Jack Daniel's whiskey, tumbled 5.1%, and Harley-Davidson sank 5.7%.

U.S. bourbon and motorcycles are just two of the products the European Union is targeting with its own tariffs announced on U.S. products. The

moves were in response to Trump's 25% tariffs on steel and aluminum that kicked in earlier in the day. Canada also hit back with tariffs announced on U.S. tools, sports equipment and other products.

"We deeply regret this measure," European Union President Ursula von der Leyen said. "Tariffs are taxes. They are bad for business, and worse for consumers."

Egg prices continue to hit records as Easter and Passover approach, but some relief may be coming

By MAE ANDERSON

AP Business Writer

EGG prices again reached a record high in February, as the bird flu continues to run rampant and Easter and Passover approach.

The latest monthly Consumer Price Index showed a dozen Grade A eggs cost an average of $5.90 in U.S. cities in February, up 10.4% from a year ago. That

eclipsed January’s recordhigh price of $4.95. Avian flu has forced farmers to slaughter more than 166 million birds, mostly egg-laying chickens. Just since the start of the year, more than 30 million egg layers have been killed. If prices remain high, it will be third year in a row consumers have faced sticker shock ahead of Easter on April 20 and Passover, which starts on the evening of April 12,

both occasions in which eggs play prominent roles.

The price had consistently been below $2 a dozen for decades before the disease struck. The U.S. Department of Agriculture expects egg prices to rise 41% this year over last year’s average of $3.17 per dozen.

But there may be light at the end of the tunnel. The USDA reported last week that egg shortages are easing and wholesale prices

are dropping, which might provide relief on the retail side before this year’s late Easter, which is three weeks later than last year. It said there had been no major bird flu outbreak for two weeks.

“Shoppers have begun to see shell egg offerings in the dairycase becoming more reliable although retail price levels have yet to adjust and remain off-putting to many,” the USDA wrote in the March

TRADER Fred DeMarco works on the floor of

Wednesday, March 12, 2025.

The question hanging over Wall Street is how much pain Trump will let the economy endure through tariffs and other policies. He's said he wants manufacturing jobs back in the United States, along with a smaller U.S. government workforce, more deportations and other things.

Even if Trump ultimately goes with milder tariffs, damage could still be done. The dizzying barrage of on -again, off -again announcements on tariffs has already begun sapping confidence among U.S. consumers and businesses by ramping up uncertainty. That could cause U.S. households and businesses to pull back on spending, which would hurt the economy.

On Tuesday, for example, Trump said he would double tariffs announced on Canadian steel and aluminum, only to walk it back later in the day after a Canadian province pledged to drop a retaliatory measure that had incensed Trump.

7 report. David Anderson, a professor and extension economist for livestock and food marketing at Texas A&M University, said wholesale figures dropping is a good sign that prices could go down as shoppers react to the high prices by buying fewer eggs.

“What that should tell us is things are easing a little bit in terms of prices,” he said. “So going forward, the next CPI report may very well indicate falling egg prices.”

However, he doesn’t expect lasting changes until bird stock can be

Several U.S. businesses have said they've already begun seeing a change in behavior among their customers.

Delta Air Lines sank 3% to compound its drop of 7.3% from the prior day, when the carrier said it's seeing demand weaken for close-in bookings for its flights.

Casey's General Stores, the Ankeny, Iowa-based company that runs nearly 2,900 convenience stores in 20 states, offered some encouragement. It reported stronger profit and revenue for the latest quarter than analysts expected thanks in part to strength for sales of hot sandwiches and fuel. It also kept steady its forecast for upcoming revenue this year.

Casey's stock rose 6.2%.

All told, the S&P 500 rose 27.23 points to 5,599.30. The Dow Jones Industrial Average fell 82.55 to 41,350.93, and the Nasdaq composite jumped 212.35 to 17,648.45. In stock markets abroad, indexes rose across much of Europe following mixed sessions in Asia.

replenished and production can be replaced.

“Record high prices is a market signal to producers to produce more, but it takes time to be able to produce more, and we just haven’t had enough time for that to happen yet,” he said. “But I do think it’s going to happen. But it’s going to take some more months to get there.”

Emily Metz, president and CEO of the American Egg Board, said wholesale prices dropping is good news, but noted that increased demand for Easter could drive a temporary increase in prices.

the New York Stock Exchange,

Photo:Richard Drew/AP