Wall Street tumbles after Trump escalates his trade war; S&P 500 sinks 1.2%, and Dow drops 500

Wall Street tumbles after Trump escalates his trade war; S&P 500 sinks 1.2%, and Dow drops 500

By STAN CHOE AP Business Writer

NEW YORK (AP) — Wall Street’s sell-off is accelerating Thursday after President Donald Trump upped the stakes in his trade war by threatening huge taxes on European wines and alcohol. Not even a double-shot of good news on the U.S. economy could stop the bleeding.

The S&P 500 was down 1.2% in afternoon trading, caught in a dizzying, battering stretch that’s driven the index roughly 10% below its record, which was set just a few weeks ago. Wall Street calls such steep drops a “correction,” and if the index finishes the day below 5,529, it would be the first for the U.S. stock market since 2023.

The Dow Jones Industrial Average was down 507 points, or 1.2%, as of 2:15 p.m. Eastern time, and the Nasdaq composite was 1.6% lower.

The swings for stocks have been coming not just day to day but also hour to hour, and the Dow hurtled between a slight gain and a drop of 689 points during Thursday’s trading.

The turbulence is a result of uncertainty about how much pain Trump will let the economy endure through tariffs and other policies in order to reshape the country and world as he wants. The president has said he wants manufacturing jobs back in the United States, along with a smaller U.S. government workforce and other fundamental changes.

Trump’s latest escalation came Thursday when he threatened 200% tariffs on Champagne and other European wines, unless the European Union rolls back a “nasty” tariff announced on U.S. whiskey. The European Union unveiled that move on Wednesday, in response to U.S. tariffs on European steel and aluminum.

U.S. households and businesses have already reported drops in confidence because of all the uncertainty about which tariffs will stick from Trump’s barrage of on -again, off -again announcements. That’s raised fears about a pullback in spending that could sap energy from the economy. Some U.S. businesses say they’ve already begun to see a change in their customers’ behavior because of the uncertainty.

A particularly feared scenario for the economy is one where its growth stagnates but inflation stays high because of tariffs. Few tools are available in Washington to fix what’s called “stagflation.” If the Federal Reserve were to cut interest rates to boost the economy, for example, that could also push inflation higher.

Good news came on both those economic fronts Thursday.

One report showed inflation at the wholesale level last month was milder than economists expected. It followed a similarly encouraging report from the prior day on inflation that U.S. consumers are feeling.

But “the question for markets is whether good news on the inflation front can make itself heard above the noise of the ever-changing tariff story,” said Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley.

A separate report, meanwhile, said fewer U.S. workers applied for unemployment benefits last week than economists expected. It’s the latest signal that the job market remains relatively solid overall. If that can continue, it could allow U.S. consumers to keep spending, and that’s the main engine of the economy.

On Wall Steet, some stocks connected to the artificial-intelligence industry resumed their slide and weighed on stock indexes. Palantir Technologies, which offers an AI platform for customers, sank 4.5%. Super Micro Computer, which makes servers, lost 6%. Nvidia swung between gains and losses before rising 0.7%.

Such stocks have been under the most pressure in the U.S. stock market’s recent sell-off after critics said their prices shot too high in the frenzy around AI.

Other areas of the market that had also been riding big earlier momentum have seen their fortunes swing drastically. Elon Musk’s Tesla fell 3.2% following a rare back-to-back gain, and it’s down more than 40% so far in 2025.

American Eagle Outfitters dropped 4% after the retailer said “less robust demand and colder weather” has held back its performance recently. It forecasted a dip in revenue for the upcoming year, though it also delivered a stronger profit report for the latest quarter than analysts expected.

On the winning side of Wall Street was Intel, which jumped 14.9% after naming former board member and semiconductor industry veteran Lip-Bu Tan as its CEO. Tan, 65, will take over the daunting job next week, more than three months after Intel’s previous CEO, Pat Gelsinger, abruptly retired amid a deepening downturn at the once-dominant chipmaker.

In the bond market, Treasury yields lost an early gain to sink lower. The yield on the 10-year Treasury fell to 4.26% from 4.32%. The yield has been mostly dropping since January, when it was approaching 4.80%, as traders and economists have ratcheted back their expectations for U.S. economic growth.

While few are predicting a recession, particularly with the job market remaining relatively solid, recent reports have shown a souring of confidence among U.S. consumers and companies.

In stock markets abroad, indexes fell across much of Europe and Asia, but the moves were relatively modest.

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AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Duke’s Cooper Flagg exits ACC quarterfinals with ankle injury, but returns to bench without a boot

Duke’s Cooper Flagg exits ACC quarterfinals with ankle injury, but returns to bench without a boot

By STEVE REED AP Sports Writer

CHARLOTTE, N.C. (AP) — Duke star Cooper Flagg left his team’s Atlantic Coast Conference Tournament quarterfinal game on Thursday with a left ankle injury and is doubtful to return.

The ACC player and newcomer of the year returned to the bench early in the second half, walking under his own power. He was not wearing a boot on his foot, but did not appear as though he planned to return to the game.

The top-ranked Blue Devils were trailing 26-17 late in the first half when Flagg went up for a rebound and crashed to the floor after he appeared to have his left foot land on the foot of Georgia Tech’s Baye Ndongo. He hobbled back to the bench in clear distress, then bent over with his hands on the seats and pounded a chair with his right fist.

After sitting on the bench for a few minutes, Flagg got up and put his arms around two teammates and was taken to the locker room for observation. He was later shown in a wheelchair in the bowels of the Spectrum Center, possibly being taken for X-rays.

Duke entered the game 28-3 but got off to a rough start missing its first 13 3-point shots to fall behind 14 to the unranked Yellow Jackets.

Duke clawed back to within five at the break.

Duke was projected as the likely No. 1 overall seed in the NCAA Tournament coming into the game after taking over the top spot in the rankings this week. The Blue Devils had won eight straight games before the ACC Tournament.

Duke’s Maliq Brown also left the game with a shoulder injury and will not return. The 6-foot-9 Brown is a key reserve and versatile defender who is viewed as a vital cog in Duke’s championship hopes. He had returned against North Carolina last weekend after missing about three weeks with a shoulder injury.

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This story has been corrected to show that Flagg appeared to land on the foot of Baye Ndongo, not Darrion Sutton.

Putin agrees in principle with proposal for Ukraine ceasefire and says more discussions are needed

Putin agrees in principle with proposal for Ukraine ceasefire and says more discussions are needed

Russian President Vladimir Putin said Thursday that he agrees in principle with a U.S. proposal for a 30-day ceasefire in Ukraine, but he emphasized that the terms are yet to be worked out and noted that any truce should pave the way to lasting peace.

“The idea itself is correct, and we certainly support it,” Putin told a news conference in Moscow. “But there are issues that we need to discuss, and I think that we need to talk about it with our American colleagues and partners and, perhaps, have a call with President Trump and discuss it with him.”

President Donald Trump said there have been “good signals” coming out of Russia and offered guarded optimism about Putin’s statement. He reiterated that he stood ready to speak with Putin and underscored that it was time to end the war.

Putin “put out a very promising statement, but it wasn’t complete,” Trump said Thursday at a start of a meeting at the White House with NATO Secretary General Mark Rutte. “Now we’re going to see whether or not Russia’s there. And if they’re not, it’ll be a very disappointing moment for the world.”

Putin noted the need to develop mechanisms to control possible breaches of the truce and signaled that Russia would seek guarantees that Ukraine would not use the break in hostilities to rearm and continue mobilization.

“We agree with the proposals to halt the fighting, but we proceed from the assumption that the ceasefire should lead to lasting peace and remove the root causes of the crisis,” Putin said.

The Russian leader made the remarks just hours after the arrival of Trump’s special envoy, Steve Witkoff, in Moscow for talks on the ceasefire, which Ukraine has accepted. A Kremlin adviser said that Putin planned to meet with Witkoff later Thursday.

The diplomatic effort coincided with a Russian claim that its troops have driven the Ukrainian army out of a key town in Russia’s Kursk border region, where Moscow has been trying for seven months to dislodge Ukrainian troops from their foothold.

Putin said it appeared that the U.S. persuaded Ukraine to accept a ceasefire and that Ukraine is interested because of the battlefield situation, particularly in Kursk.

Referring to the Ukrainian troops in Kursk, he questioned what will happen to them if the ceasefire takes hold, saying: “Will all those who are there come out without a fight? Or will the Ukrainian leadership order them to lay down arms and surrender?”

Putin thanked Trump “for paying so much attention to the settlement in Ukraine.”

He also thanked the leaders of China, India, Brazil and South Africa for their “noble mission to end the fighting,” a statement that signaled those countries’ potential involvement in a ceasefire deal.

Russia has said it will not accept peacekeepers from any NATO members to monitor a prospective truce.

The Russian Defense Ministry’s claim that it recaptured the town of Sudzha, a Ukrainian operations hub in Kursk, came hours after Putin visited his commanders in the Kursk region. The claim could not be independently verified. Ukrainian officials made no immediate comment.

The renewed Russian military push and Putin’s high-profile visit to his troops unfolded as Trump seeks a diplomatic end to the war, which began more than three years ago with Russia’s full-scale invasion.

The U.S. on Tuesday lifted its March 3 suspension of military aid for Kyiv after senior U.S. and Ukrainian officials reported making progress on how to stop the fighting during talks in Saudi Arabia.

Trump said Wednesday that “it’s up to Russia now” as his administration presses Moscow to agree to the ceasefire. The U.S. president has made veiled threats to hit Russia with new sanctions if it does not engage with peace efforts.

U.S. Treasury Secretary Scott Bessent told CNBC Thursday that Trump is “willing to apply maximum pressure on both sides,” including sanctions that reach the highest scale on Russia.

Zelenskyy chides Russia for slow response

Ukraine has expressed its own concerns that Russia would use a truce to regroup and rearm.

Ukrainian President Volodymyr Zelenskyy chided Russia on the Telegram messaging app Thursday for what he said was its slow response to the ceasefire proposal, accusing Moscow of trying to delay any peace deal. He said that Ukraine is “determined to move quickly toward peace” and hoped U.S. pressure would compel Russia to stop fighting.

The U.S. still has about $3.85 billion in congressionally authorized funding for future arms shipments to Ukraine, but the Trump administration has shown no interest so far in using that authority to send additional weapons as it awaits the outcome of peace overtures.

By signaling its openness to a ceasefire at a time when the Russian military has the upper hand in the war, Ukraine has presented the Kremlin with a dilemma — whether to accept a truce and abandon hopes of making new gains, or reject the offer and risk derailing a cautious rapprochement with Washington.

The Ukrainian army’s foothold inside Russia has been under intense pressure for months from the renewed effort by Russian forces, backed by North Korean troops. Ukraine’s daring incursion last August led to the first occupation of Russian soil by foreign troops since World War II and embarrassed the Kremlin.

Putin visits Russian military commanders

Speaking to commanders Wednesday, Putin said that he expected the military “to completely free the Kursk region from the enemy in the nearest future.”

Wearing military fatigues, Putin added that “it’s necessary to think about creating a security zone alongside the state border,” in a signal that Moscow could try to expand its territorial gains by capturing parts of Ukraine’s neighboring Sumy region. That idea could complicate a ceasefire deal.

Ukraine launched the raid in a bid to counter the unceasingly grim news from the front line, as well as to draw Russian troops away from the battlefield inside Ukraine and to gain a bargaining chip in any peace talks. But the incursion did not significantly change the dynamic of the war.

The Institute for the Study of War, a Washington-based think tank, assessed late Wednesday that Russian forces were in control of Sudzha, a town close to the border that previously was home to about 5,000 people.

Ukraine’s top military commander, Gen. Oleksandr Syrskyi, said Russian aircraft had carried out an unprecedented number of strikes on Kursk and that as a result Sudzha had been almost completely destroyed. He did not comment on whether Ukraine still controlled the settlement but said his country was “maneuvering (troops) to more advantageous lines.”

Meanwhile, Maj. Gen. Dmytro Krasylnykov, commander of Ukraine’s Northern Operational Command, which includes the Kursk region, was dismissed from his post, he told Ukrainian media outlet Suspilne on Wednesday. He told the outlet that he was not given a reason for his dismissal, saying “I’m guessing, but I don’t want to talk about it yet.”

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Associated Press Writer Aamer Madhani in Washington contributed to this report.

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Follow AP’s coverage of the war in Ukraine at https://apnews.com/hub/russia-ukraine

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This story has been corrected to show that Suzha is a key Ukrainian military hub, not Kursk’s biggest town.

Trump threatens retaliatory 200% tariff on European wine after EU proposes American whiskey tax

Trump threatens retaliatory 200% tariff on European wine after EU proposes American whiskey tax

By AAMER MADHANI and JOSH BOAK Associated Press

WASHINGTON (AP) — President Donald Trump on Thursday threatened a 200% tariff on European wine, Champagne and spirits if the European Union goes forward with a planned tariff on American whiskey.

The European import tax, which was unveiled in response to steel and aluminum tariffs by the U.S. administration, is expected to go into effect on April 1, just ahead of separate reciprocal tariffs that Trump plans to place on the EU.

But Trump, in a morning social media post, vowed a new escalation in his trade war if the EU goes forward with the planned 50% tax on American whiskey.

“If this Tariff is not removed immediately, the U.S. will shortly place a 200% Tariff on all WINES, CHAMPAGNES, & ALCOHOLIC PRODUCTS COMING OUT OF FRANCE AND OTHER E.U. REPRESENTED COUNTRIES,” Trump wrote. “This will be great for the Wine and Champagne businesses in the U.S.”

European Commission President Ursula von der Leyen said Thursday that the EU trade commissioner would be having a phone call Friday with his U.S. counterpart.

“We don’t like tariffs because we think tariffs are taxes and they are bad for business and they are bad for consumers,” she said. “We have always said at the same time that we will defend our interests. We’ve said it, and we’ve shown it, but at the same time I also want to emphasize that we are open for negotiations.”

The U.S. president has defined his opening weeks in the White House with near daily drama regarding tariffs, saying that taxing imports might cause some economic pain but would eventually lead to more domestic manufacturing and greater respect for America.

But with the EU and Trump now tussling over alcohol tariffs, the impact of a trade war could surface for consumers. It’s unclear how the import taxes would be absorbed among vintners, distillers, brewers, distributors, retailers and consumers.

Because of Trump’s threat, a previously untariffed $15 bottle of Italian Prosecco could possibly increase in price to $45. Similarly, Europe’s response to Trump’s steel and aluminum tariffs means that the cost of a 30-euro bottle of bourbon in Paris could increase to 45 euros.

Holly Seidewand, owner of First Fill Spirits, a shop in Saratoga Springs, New York, said before Trump threatened the tariffs on European alcohol, the spirits industry was already reeling from layoff announcements in the Kentucky Bourbon sector and the tariffs planned by the EU on American spirits.

“This ongoing tariff war doesn’t just harm importers — it weakens domestic brands, disrupts distributors, and squeezes retailers who rely on global selections,” she said. “In the end, consumers will bear the brunt of it all.”

Gabriel Picard, who heads the French Federation of Exporters of Wines and Spirits, said 200% tariffs would be “a hammer blow” for the sector. He said the U.S. market is worth 4 billion euros ($4.3 billion) annually for French exporters of wines and spirits.

“Not a single bottle will continue to be expedited if 200% tariffs are applied to our products. All exports to the United States will come to a total, total, halt,” Picard said in an interview with The Associated Press. “With 200% duties, there is no more market.”

As of now, Europe seems unwilling to back down.

“Trump is escalating the trade war he has chosen,” Laurent Saint-Martin, the French delegate minister for foreign trade, said on X. “France, together with the European Commission and our partners, is determined to fight back. We will not give in to threats and will always protect our industries.”

Trump’s latest tariff threats suggested that even companies that have publicly stood by him could be collateral damage, raising questions about whether the wider business community would be willing to openly challenge a series of trade wars that have hurt the stock market and scared consumers who worry about inflation worsening.

Bernard Arnault, the CEO of French luxury goods company LVMH, attended Trump’s inauguration in January. His company’s wine and spirits brands, which include Moët & Chandon, Krug, Veuve Clicquot and Hennessy, could be subject to the retaliatory tariffs the U.S. president is seeking. The Italian company Campari could also be hurt, after the White House highlighted it at Tuesday’s press briefing for possibly opening a U.S. factory.

The Republican president on Wednesday had signaled that he intended to take the tariffs action.

“Of course I will respond,” Trump told reporters during an Oval Office exchange with reporters.

Trump, in announcing the new steel and aluminum tariffs on Wednesday, openly challenged U.S. allies and vowed to take back wealth “stolen” by other countries, and he drew quick retaliation.

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. 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 cover not just steel and aluminum products but also textiles, home appliances and agricultural goods.

European Commission spokesman Olof Gill said Thursday shortly before Trump’s announcement that the EU was “prepared for whatever might come, and we have been preparing for over a year.”

“We call on the U.S. to immediately revoke the tariffs imposed yesterday, and we want to negotiate to avoid tariffs in the future,” Gill added. “They bring nothing but lose-lose outcomes, and we want to focus on win-win outcomes.”

U.S. whiskey makers, meanwhile, encouraged Trump to broker a deal.

“We urge President Trump to secure a spirits agreement with the EU to get us back to zero-for-zero tariffs, which will create U.S. jobs and increase manufacturing and exports for the American hospitality sector,” Chris Swonger, president and CEO of the Distilled Spirits Council, said in a statement.

When Europe responded to Trump’s 2018 tariffs with a 25% tax on U.S. whiskey, exports to the EU fell by 20% through 2021, according to the Distilled Spirits Council. Trump’s separate 25% tariffs on Canada and Mexico could put 31,000 jobs at risk in the sector.

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AP writers Lorne Cook in Brussels, Samuel Petrequin and John Leicester in Paris, Mae Anderson, Dee-Ann Durbin and Mike Warren contributed reporting.

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Cinnamon Monkey Bread

Cinnamon Monkey Bread

Cinnamon Moneky Bread

Photo by Getty Images

Cinnamon Monkey Bread Recipe from Live Craft Eat

Prep time: 15 minutes

Cooking time: 35 minutes

Serving size: 6 servings

Ingredients

  • 3 cans refrigerated biscuits
  • 1 cup sugar
  • 1 tablespoon cinnamon
  • 1/2 cup butter
  • 1 cup brown sugar
Photo by Getty Images

Directions

  1. Open biscuits and cut individual biscuits into quarters. combine the sugar and the cinnamon in a bowl and roll each of the biscuit pieces in the cinnamon sugar mixture until well coated. place in a well-greased bundt pan.
  2. In a saucepan, combine butter and brown sugar, and bring to a boil. remove from heat and pour over biscuits.
  3. Bake at 350 for 35-40 minutes.
March 13th 2025

March 13th 2025

Thought of the Day

Photo by Getty Images

Don’t watch the clock; do what it does. Keep going.

North Carolina’s new governor seeks more Helene aid, help for families in legislative address

North Carolina’s new governor seeks more Helene aid, help for families in legislative address

By GARY D. ROBERTSON Associated Press

RALEIGH, N.C. (AP) — New North Carolina Democratic Gov. Josh Stein gave his first address to a joint General Assembly session Wednesday night, hitting on familiar campaign and early-term themes of helping Hurricane Helene victims, making living expenses affordable and focusing on bipartisan accomplishments.

Stein delivered the biennial State of the State message with a call to legislators in the ninth-largest state to work with him and avoid partisan animosity that he says is now in Washington.

“We do not need to be pulled into those political games,” Stein said from the House floor near the close of his 42-minute speech, which was televised statewide. “We can create something better, something forward-looking right here in North Carolina, and we can do it together.”

Stein, the attorney general for the past eight years, was elected governor in November by defeating then-Lt. Gov. Mark Robinson — continuing a trend of Democratic dominance at the Executive Mansion. Republicans have controlled the General Assembly since 2011, but now they are one seat shy of holding a veto-proof majority.

Stein’s speech emphasized finding areas where he and Republicans can agree.

Hurricane Helene relief

Stein kept Helene recovery a top priority, as it has been since before he was sworn in on Jan. 1. He has made several visits to the mountains, where last fall’s historic flooding led to over 100 deaths and close to $60 billion in damages and recovery needs. Stein highlighted repairs so far but also outstanding needs.

The governor asked lawmakers to send him quickly a bill for additional Helene relief that he says he will be ready to sign — even though competing measures written by House and Senate Republicans would provide roughly half of the nearly $1.1 billion that he requested last month.

House Speaker Destin Hall said this week there are differences to negotiate with the Senate over aid for agricultural losses and whether the package should include funds for delayed housing reconstruction in eastern North Carolina from past hurricanes. The final package also should include money to help rebuild infrastructure that helps small businesses.

Stein and legislators anticipate even more Helene spending later this year.

“People need to get back in their homes. Roads and bridges need to be fixed. Businesses need to keep their doors open and their employees hired,” Stein told lawmakers. “We need that money now. Heck, we needed it yesterday.”

Washington on Stein’s radar

The whirlwind of activity originating from President Donald Trump’s administration and Congress served as a backdrop for some of Stein’s speech.

While a frequent critic of Trump, Stein pointed out how he was working with Trump, his Cabinet and the state’s congressional delegation to locate billions in additional dollars for Helene assistance.

The governor also urged Republicans to join him in protecting Medicaid from any potential cuts by Congress, pointing out that the two parties joined together in passing a 2023 state law expanding Medicaid to hundreds of thousands of adults.

What’s next for Stein?

Stein’s next big reveal likely will be his state government spending proposal for the two years beginning July 1.

Stein’s proposal will reflect a new forecast that warns tax cuts on the books and taking effect soon could lower overall state revenues by $825 million from the next fiscal year to the 2026-2027 fiscal year.

Stein said Wednesday the state can’t locate all the funds to help residents with affordable housing and child care or middle-class tax cuts that he seeks if planned corporate tax cuts and individual tax cuts for the highest wage earners occur.

“So what is it going to be?” Stein asked. “Are we going to give money to out-of-state shareholders, or invest in North Carolina families? We cannot afford to do both.”

Republicans, who will pass their own budget legislation and present it to Stein, have downplayed the forecast shortfall, saying previous income-tax reductions have boosted the state’s economy and fiscal picture overall.

Republican response

The Republican response to Stein’s address came from Hall, who succeeded now-U.S. Rep. Tim Moore after his 10 years as speaker.

Hall said that on Helene recovery, he and Stein “recognize the long road ahead and the need for us all to rise to the moment, setting aside petty partisanship for the sake of our neighbors.”

But Hall made plain the GOP had no plans to diverge from its agenda of the past 14 years. That has included cutting taxes and regulations, supporting federal immigration laws and police and offering taxpayer-funded scholarships for K-12 students to attend private schools.

“We’ve cracked the code on how to deliver common-sense policies that fuel growth and protect our communities,” Hall said.

Jae’Lyn Withers buries 7 3-pointers and North Carolina rolls past Notre Dame 76-56 in ACC Tournament

Jae’Lyn Withers buries 7 3-pointers and North Carolina rolls past Notre Dame 76-56 in ACC Tournament

CHARLOTTE, N.C. (AP) — Jae’Lyn Withers scored 21 points — all on 3-pointers — and Ven-Allen Lubin had 17 points and 10 rebounds in North Carolina’s 76-56 rout of Notre Dame on Wednesday, the second day of the ACC Tournament.

North Carolina made nine of 17 3-pointers in the first half, highlighted by Withers, who made five of six. His first three 3-pointers, all in row, helped the Tar Heels build a 17-5 lead in the opening five minutes. Later, he made two more in a 12-0 run that gave the Tar Heels a 37-17 lead. North Carolina led 43-29 at halftime.

Five players scored for the Tar Heels in the first 7 1/2 minutes of the second half as they extended their lead to 58-38. The largest lead was 24 points on two occasions, the second time when Withers made his career-high seventh 3-pointer in 10 attempts.

RJ Davis added 13 points, Elliot Cadeau had 10 assists and Withers grabbed nine rebounds for North Carolina (21-12). The Tar Heels shot 48% and made 13 of 28 3-pointers.

Markus Burton was held to 11 points on 3-of-11 shooting plus 5 of 7 from the free-throw line for Notre Dame (15-18).

The Tar Heels won six of their last seven games to close the regular season, reaching 20 wins for the 55th time in 72 seasons in the ACC.

North Carolina finished in a tie for fourth place in the regular season and was seeded fifth in the tournament. The Tar Heels will play No. 4 seed Wake Forest on Thursday. SMU, the other team tied for fourth, was given the sixth seed. SMU drew Syracuse for a late game on Wednesday.

Tens of billions in Hurricane Helene aid to start by March 21

Tens of billions in Hurricane Helene aid to start by March 21

By JEFF AMY and RUSS BYNUM Associated Press

ATLANTA (AP) — 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 seventh-most 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.

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Bynum reported from Savannah, Georgia. Associated Press writers Gary Robertson in Raleigh, North Carolina and Jeffrey Collins in Columbia, South Carolina contributed.

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