Ex-congressman Nickel entering race to unseat North Carolina Sen. Thom Tillis in 2026

Ex-congressman Nickel entering race to unseat North Carolina Sen. Thom Tillis in 2026

By GARY D. ROBERTSON Associated Press

RALEIGH, N.C. (AP) — Former Democratic U.S. Rep. Wiley Nickel of North Carolina announced on Wednesday his candidacy to try to unseat Sen. Thom Tillis in 2026, saying a “fighter for what’s right for our state” is needed and criticizing the Republican incumbent for backing President Donald Trump’s agenda.

Nickel signaled his interest in a Senate bid in late 2023, when the Raleigh-area congressman decided against seeking a second term the next year because he determined congressional redistricting that year by Republican state legislators made it impossible to win his seat again.

A lawyer and former state senator, Nickel served in Congress though the end of last year and has sought to build up name recognition in Democratic circles statewide by supporting party policies and raising money for party candidates in 2024.

In a campaign video, Nickel linked Tillis squarely to Trump and his early-term actions, as well as those of Elon Musk, who has spearheaded the Department of Government Efficiency.

“When the chips are down, Thom Tillis lays down for the billionaires, for the extremists, for policies that hurt North Carolina,” the 49-year-old Nickel said. “This is a moment for a new generation of leadership with a fresh vision and the courage to fight for what’s right. And that’s exactly what I’ll do in the U.S. Senate.”

Tillis, who was first elected to the Senate in 2014, is already raising money for his 2026 reelection bid. His seat is considered by Democrats one of a handful that they could potentially flip next year in their effort to take back the Senate majority. Tillis’ victories in 2014 and 2020 were narrow.

Other Democrats could still enter the race, with the chief consideration going to former Gov. Roy Cooper, who was barred by term limits from seeking a third term last fall. Mentioned among the top options to be Kamala Harris’ running mate last year, the 67-year-old Cooper is the state’s most popular Democrat and would automatically be considered the front-runner in a March 2026 primary if he joined.

Cooper, who is currently on a short-term teaching stint at Harvard University, “wants to continue making a difference and he is taking time to thoughtfully consider what he does next,” Cooper consultant Morgan Jackson wrote in a text message.

Some smaller-name Republicans so far have announced a primary bid against Tillis. Some ardent pro-Trump supporters have questioned his fealty to the president.

Tillis has been engaged in a delicate balancing act of voicing skepticism of Trump’s plans for tariffs or his pick for defense secretary, but then often turning to support the president’s agenda.

The politics are clearly on his mind. During a Senate hearing Tuesday with U.S. Trade Representative Jamieson Greer, he pressed the White House to think through the political ramifications of trying to remake the economy.

Tillis told Greer he was “trying to figure out if” voters would look favorably on Trump’s trade strategy next year “because a long-term play in American politics and a long-term play in American public policy formation is about 12 months.”

Still, Tillis last week voted against a Democratic effort to nullify the tariffs placed on Canadian imports.

Although Nickel talked about consensus-building while representing a Raleigh-area swing district in Congress, he was known for backing a left-leaning platform while in the legislature. Nickel highlighted on Wednesday a career that has included working as a White House staffer in Barack Obama’s administration.

In a Wednesday news release, Tillis campaign manager Abby Roesch called Nickel “a radical left-wing trial lawyer who was a rubber stamp for Joe Biden’s failed liberal agenda” and seeks to be the a similar rubber stamp in the Senate.

Meanwhile, Roesch said, Tillis “has a proven record of delivering results for North Carolinians,” such as helping Trump pass tax cuts in his first term and approving disaster aid — such as after Hurricane Helene.

Talking to reporters Wednesday at the U.S. Capitol, Tillis said he would approach the election season by “focusing on the results. Let them speak for themselves.”

__

Associated Press writer Stephen Groves in Washington contributed to this report.

Roof collapse at Dominican club kills at least 113 as officials scramble to identify victims

Roof collapse at Dominican club kills at least 113 as officials scramble to identify victims

By MARTÍN ADAMES ALCÁNTARA and DÁNICA COTO Associated Press

SANTO DOMINGO, Dominican Republic (AP) — The legendary Jet Set club in Santo Domingo was packed with musicians, professional athletes and government officials when dust began falling from the ceiling and into people’s drinks.

Minutes later, the entire roof collapsed. Concrete slabs killed more than 113 people and trapped dozens of others on a dancefloor where hundreds had been dancing to a lively merengue concert early Tuesday. More than 255 people were injured, authorities said.

The victims include merengue icon Rubby Pérez, who had been singing to the crowd before disaster struck. His body was found early Wednesday, said emergency operations director Juan Manuel Méndez.

Rescue crews were still searching for potential survivors more than 24 hours after the collapse.

“As long as they report that there is a missing person, we will be here,” Méndez said.

Rescue crews from Puerto Rico and Israel arrived in the Dominican Republic on Wednesday to help local authorities with the search.

Late Tuesday night, those still looking for their family and friends gathered around a man playing a guitar outside the club as they sang hymns.

So far, only 32 people have been identified in one of the worst disasters to hit the Dominican Republic. Local media reported that those who died include a cardiologist, a government architect, a retired police officer and the brother of the vice minister of the Ministry of Youth.

Also killed was MLB pitcher Octavio Dotel and Dominican player Tony Enrique Blanco Cabrera, Satosky Terrero, spokesman for the country’s Professional Baseball League, told The Associated Press.

Nelsy Cruz, the governor of the northwestern province of Montecristi and sister of seven-time Major League Baseball All-Star Nelson Cruz, alerted President Luis Abinader about the disaster. She called him from underneath the rubble but died later at a hospital.

Other victims include saxophonist Luis Solís, who was playing onstage when the roof fell, several Venezuelan bartenders and an Army captain who left behind four young girls. Grupo Popular, a financial services company, said three of its employees also died, including the president of AFP Popular Bank and his wife.

But countless more remained unidentified.

“I have been to many hospitals, and I have not found her,” said Deysi Suriel of her friend, 61-year-old Milca Curiel. Suriel lives in North Carolina and was vacationing in the Dominican Republic.

Dozens of frantic relatives crowded at the country’s National Institute of Forensic Pathology, scanning a list of the victim’s names while others went from hospital to hospital looking for their loved ones, some clutching pictures of them.

“There’s a lot of pain,” said Senator Daniel Rivera, the country’s former public health minister. “We need to have a lot of patience.”

Among those searching for their relatives was Kimberly Jones, whose godson, 45-year-old artist Osiris Blanc, and his friends were missing.

“It was their favorite place, they went there almost every Monday,” Jones said, adding that her niece also was missing.

It wasn’t immediately clear what caused the roof to collapse, or when the Jet Set building was last inspected.

The club issued a statement saying it was cooperating with authorities. A spokeswoman for the family who owns the club told The Associated Press that she passed along questions about potential inspections.

Meanwhile, a spokeswoman for the Ministry of Public Works referred questions to the mayor’s office. A spokesperson for the mayor’s office did not respond to a message for comment.

___

Coto reported from San Juan, Puerto Rico.

Hoecakes and Honey

Hoecakes and Honey

Hoecakes and Honey

Photo by Getty Images

Hoecakes and Honey Recipe from Wide Open Country

Prep time: 10 minutes

Cooking time: 15 minutes

Serving size: 10 servings

Ingredients

  • 2 cups fine-ground corn meal (Fresh, stone-ground, cold-milled is best)
  • 1/4 tsp salt
  • 2 1/4 cups boiling water
  • 2 tbs Vegetable oil (Plus more for frying)
  • 2 tbs honey
Sugar being poured into water boiling on the stove to make buttermilk icing.
Photo by Getty Images

Directions

  1. While the water is boiling, combine the cornmeal and salt in a large bowl.
  2. Whisk the boiling water into the cornmeal then let rest for about 10 minutes.
  3. Stir in the oil and honey. The mix should be very thick, just barely pourable.
  4. Heat a couple of tablespoons of oil in a large nonstick cast iron skillet. Once hot, spoon about 1/4 cup of the batter at a time onto the skillet.
  5. Cook until the edges are golden and crisp, then flip and cook until the other side is golden as well. It should take about 2 minutes per side.
  6. Serve warm, with a pat of butter and a side of honey.
Deputies kill armed man inside North Carolina hospital ER, sheriff says

Deputies kill armed man inside North Carolina hospital ER, sheriff says

ELIZABETH CITY, N.C. (AP) — Deputies fatally shot a man inside a North Carolina hospital’s emergency room Tuesday after authorities said he pointed a gun at them.

Law enforcement officers arrived at Sentara Albemarle Medical Center in Elizabeth City at 1:18 a.m. in response to a call about a man who had entered the hospital’s emergency room with a handgun, according to the Pasquotank County Sheriff’s Office. The man had pointed his gun at several staff members, and a security guard tried to restrain him before law enforcement arrived, according to authorities.

A North Carolina hospital official is calling security guard a hero after his actions trying to subdue a man with a gun who walked into an emergency room early Tuesday. Deputies later shot the gunman after authorities said he pointed a gun at them. (AP Video)

Authorities found the suspect in the emergency triage room and three of the deputies fired at him after he pointed his weapon at them, officials said.

The man received medical treatment but was later pronounced dead at the scene.

None of the officers involved in the shooting were injured, according to the sheriff’s office. The security guard who tried to subdue the man was injured and later treated at the hospital. The guard was unarmed at the time, Sentara Albemarle Medical Center president Teresa Watson said in a news conference.

The three deputies who shot their weapons were placed on administrative leave with pay as they await an investigation by the North Carolina State Bureau of Investigation to conclude. Pasquotank Sheriff Tommy Wooten declined to provide additional details about the suspect due to the pending investigation.

White House keeps world guessing as clock ticks down to Trump’s new tariffs

White House keeps world guessing as clock ticks down to Trump’s new tariffs

By CHRIS MEGERIAN, JOSH BOAK and STEPHEN GROVES Associated Press

WASHINGTON (AP) — Less than one hour before the stock market closed on Monday, journalists gathered in the Oval Office for their only chance of the day to ask President Donald Trump about the turmoil caused by his tariff plans.

Are the new tariffs, scheduled to take effect on Wednesday, a bargaining chip to reach better trade deals? Or are they etched in stone in a mission to revamp the global economy?

Investors around the world were hanging on Trump’s every word, but he did little to clear up the situation.

“It can both be true,” he said. “There can be permanent tariffs, and there can also be negotiations.”

The markets skidded to a close. At a time when foreign leaders and business executives are desperate for clarity, the White House is sending mixed messages as it pursues conflicting goals.

Advisers have tried with some success to tamp down a days-long stock selloff by talking up tariffs as a starting point for negotiations, which could mollify Wall Street and jittery Republicans in Congress. The S&P 500 stock index was up 1.5% in Tuesday afternoon trading, with gains from earlier in the day being pared back. But the president continues to insist that he can raise hundreds of billions of dollars in revenue with his new taxes on foreign imports, and he’s shown no willingness to back down from an agenda that he’s advocated for decades, even before entering politics.

The ongoing paradox could erode confidence in Trump’s leadership at home and abroad after he promised a booming economy and tax cuts, not depleted retirement accounts and fears of a recession. For now, as the tariffs are set to kick in, there’s no clear resolution for what could be the most significant overhaul of international trade in a generation.

Sen. Thom Tillis, a North Carolina Republican, urged the White House to “settle the situation.”

He said the “perception as to whether or not there’s an end game is very important.” Tillis said he is “giving the administration the benefit of the doubt” for now. But he added that “you’ve got to get it done as quickly as you can get it done.”

Sen. Elizabeth Warren, a Massachusetts Democrat, said Trump was causing economic chaos with the back-and-forth over tariffs.

“Who makes long term investments based on that?” she said. “Who hires people and trains workers based on the hope that Donald Trump will not change his mind again and again and again?”

White House press secretary Karoline Leavitt said Trump met with his team on Tuesday morning and “he directed them to have tailor-made trade deals with each and every country that calls up this administration to strike a deal.”

The administration has yet to articulate its goals for any talks with trading partners, other than to suggest that negotiations could take several months and that nations might also need to dramatically overhaul their tax systems and regulations to satisfy Trump’s demands. Canadian and European officials are unsure about how to proceed even as Trump administrations officials insist that as many as 70 nations are looking to start negotiations.

Trump insists that he wants to erase trade deficits that have developed as the U.S. buys more products from other countries than it sells. On Tuesday morning, Trump posted on Truth Social that he spoke with South Korea’s acting president, Han Duck-soo, about “their tremendous and unsustainable” surplus.

“We have the confines and probability of a great DEAL for both countries,” he wrote. “Their top TEAM is on a plane heading to the U.S., and things are looking good.”

But on Monday, when Israeli Prime Minister Benjamin Netanyahu said he would “eliminate the trade deficit with the United States,” Trump appeared unmoved.

Asked if he would hold off on new tariffs on Israel, the president said “maybe not.”

“Don’t forget, we help Israel a lot,” he said, citing billions of dollars in military assistance to the country.

Trump has long advocated for tariffs as the solution to economic challenges, and his insistence that other countries are ripping off the United States is one of his most consistently expressed beliefs over the years.

Last Thursday, while flying to Florida aboard Air Force One, Trump told reporters that “the tariffs give us great power to negotiate.”

On the flight back to Washington on Sunday, Trump described the tariffs as a necessity and said he was undeterred by the cratering stock market, adding that “sometimes you have to take medicine to fix something.”

Peter Navarro, a leading trade adviser, has also taken a hard line.

“This is not a negotiation,” Navarro wrote in the Financial Times. “For the U.S., it is a national emergency triggered by trade deficits caused by a rigged system.”

But other officials like Kevin Hassett, the top White House economic adviser, and Scott Bessent, the Treasury secretary, said scores of countries are lining up to negotiate with Trump over tariffs.

“It’s going to be a busy April, May, maybe into June,” Bessent told Fox News. He said Trump “gave himself maximum negotiating leverage, and just when he achieved the maximum leverage, he’s willing to start talking.”

Speaking Monday at the Hudson Institute, a conservative think tank, Stephen Miran, chairman of Trump’s Council of Economic Advisers, said the mixed messages over the purpose of the tariffs reflected a “healthy” internal debate.

“There are conflicting narratives because everybody has got an opinion,” he said. “And that’s fine. Disagreement is how you can enhance your arguments and avoid groupthink, and I think that’s very healthy.”

As for whether any deals could be reached before the tariffs take effect, Miran said, “that choice will ultimately remain with the president.”

Michael Strain, an economist at the right-leaning American Enterprise Institute, said Trump is pursuing incompatible goals.

“These tariffs cannot both be an instrument to reshape the global trading order, to shift the U.S. economy away from services and toward manufacturing … and also be a tool to negotiate lower trade barriers,” he said at a panel discussion at the Bipartisan Policy Institute.

Sen. John Kennedy, a Louisiana Republican, blamed Trump’s aides for the ambiguity, saying some of them “just like to talk.”

“There’s some uncertainty about what the president’s objective is and I think that’s a product of some of his aides, who gave conflicting reports on TV this weekend,” he said.

Kennedy said he supports Trump’s trade goals. But he’s also getting calls from businesses in his state, and he’s had no answers for them on what to expect.

Bessent visited with Republican lawmakers on Friday and told them that the tariffs were a “high level mark with the ultimate goal of getting them reduced” unless other countries retaliated, according to Sen. John Barrasso of Wyoming.

“The president is a dealmaker if nothing else, and he’s going to continue to deal country by country with each of them,” Barrasso said.

But China already retaliated with plans for its own 34% tariffs, prompting Trump on Monday to threaten additional 50% tariffs against the country, for a total of 104%.

The U.S. president had a positive enough conversation with Japanese Prime Minister Shigeru Ishiba that the Nikkei stock index jumped 6% on Tuesday, yet it was still unclear how a deal would work.

Trump placed a 24% tariff on Japan and a separate 25% tariff on auto imports, much higher than the 1.9% average tariff rate charged by Japan, according to World Trade Organization data. Trump has called the auto tariffs “permanent” and also installed a permanent 10% baseline tariff on most countries, suggesting a limit as to how much rates could fall through negotiations.

House Speaker Mike Johnson of Louisiana said Americans understand Trump is trying to address trade imbalances, and he emphasized his trust in the president.

“We are going to give him the space necessary to do it,” he said Monday.

____

Associated Press writer Christopher Rugaber contributed to this report.

Small Batch Restaurant Ranch Dressing

Small Batch Restaurant Ranch Dressing

Small Batch Restaurant Ranch Dressing

ranch dressing - ranch dressing bowl stock pictures, royalty-free photos & images
Photo by Getty Images

Ranch Dressing Recipe by Sara from A Flavor Journal.

Prep time: 5 minutes

Cooking time: N/A

Serving size: 2 servings

Ingredients

  • 3 tbsp. Buttermilk
  • 2 tbsp. Mayonnaise best quality
  • 2 tbsp. Sour Cream
  • 1 tsp. dried Minced Onion
  • 1 tsp. dried Parsley Flakes
  • 1/2 tsp. dried Chives
  • 1/4 tsp. Garlic Powder
  • 1/4 tsp. Onion Powder
  • 1/4 tsp. dried Dill
  • 1/4 tsp. Sea Salt
  • 1/4 tsp. freshly cracked Black Pepper
pouring milk - pouring buttermilk into bowl stock pictures, royalty-free photos & images
Photo by Getty Images

Directions

  1. Whisk the buttermilk, mayonnaise, and sour cream together in a medium bowl.
  2. Stir in the dried herbs (dried minced onion, dried parsley flakes, dried chives, onion powder, garlic powder, and dried dill).
  3. Stir in a pinch each of salt and pepper, taste, and add more of either if preferred. For a thinner dressing, stir in more buttermilk (1 tsp. at a time) until the dressing is the consistency you like.
  4. Cover and chill for an hour in the refrigerator for the best flavor, or serve immediately!
celery and ranch dressing - ranch dressing stock pictures, royalty-free photos & images
Photo by Getty Images
Court directive to notify voters in close North Carolina election blocked for now

Court directive to notify voters in close North Carolina election blocked for now

By GARY D. ROBERTSON Associated Press

RALEIGH, N.C. (AP) — North Carolina’s Supreme Court temporarily halted enforcement on Monday of an appeals court decision that favored a Republican candidate in a close and unresolved November election for a seat on the state’s highest court.

In a pair of one-sentence statements without objections, the Supreme Court issued a temporary stay of Friday’s order by a Court of Appeals panel that in part directed election workers to identify and contact potentially tens of thousands of voters whose ballots were challenged by Republican candidate Jefferson Griffin.

The stay, which was sought in part by Justice Allison Riggs — the Democratic incumbent in the race — is in place while the Supreme Court determines whether it wants to formally review the Court of Appeals decision and or decide if it was correct.

Two of three judges on the panel declared that the State Board of Elections wrongly dismissed in December protests filed by Griffin challenging over 65,000 ballots counted in the race. Riggs leads Griffin by 734 votes after two recounts of the over 5.5 million ballots cast in the election.

Friday’s decision, if ultimately upheld, could flip to Griffin the outcome of the election — the nation’s only 2024 race that is still undecided.

Griffin is currently a Court of Appeals judge but recused himself from any deliberations in his election case. Riggs also has recused herself from deliberations in the case at the Supreme Court, including on Monday’s orders.

In the prevailing opinion backed by the two Republican judges on the panel, the Court of Appeals found that ballots within three categories contained in Griffin’s protests were wrongly allowed in the tally. But the judges said election officials must give voters who cast ballots in the race that fall within two of the categories a three-week period to provide additional information. Their ballots would count if the information is provided in time and verified.

Without Monday’s temporary stay, election workers would have had to start the vote “curing” process on Tuesday.

Lawyers for the state elections board and Riggs opposed Friday’s ruling, saying the votes were lawfully cast based on the rules in place for the November election and should remain in the tally.

Riggs attorney Ray Bennett wrote in a motion seeking the stay that it’s “impossible to predict the full scope of confusion” of carrying out an unprecedented curing process before the Supreme Court rules on the case, especially since it ”will be inadequate to prevent the disenfranchisement of thousands of North Carolina voters.”

Five of the six remaining justices on the Supreme Court are registered Republicans. Lawyers for Riggs and the board have signaled they will take the matter to federal court if necessary.

One category of ballots that would be subject to the curing process involves those cast by individuals whose voter registration records lacked a driver’s license number or last four digits of a Social Security number. The other category covers military or overseas voters who did not provide copies of photo identification or ID exception forms.

However, the prevailing Court of Appeals opinion said people within the third category — potentially hundreds of overseas voters who have never lived in the U.S. — were ineligible based on state residency laws to cast ballots and their choices could not count.

Griffin did not oppose the temporary stay issued Monday but is against efforts to halt enforcement of the Court of Appeals decision while the Supreme Court reviews the case and the appeal is resolved, according to motions filed by Riggs and the board.

Griffin’s protests “have been vindicated and the people of our state deserve to see this important election finalized with every legal vote counted,” state Republican Party Chairman Jason Simmons said in a press release before Monday’s stay was issued.

US stocks dip after careening through a manic day following Trump’s latest tariff threat

US stocks dip after careening through a manic day following Trump’s latest tariff threat

By STAN CHOE, ELAINE KURTENBACH and DAVID McHUGH AP Business Writers

NEW YORK (AP) — U.S. stocks careened through a manic Monday after President Donald Trump threatened to crank his tariffs higher, despite a stunning display showing how dearly Wall Street wants him to do the opposite.

The S&P 500 slipped 0.2% at the end of a day full of heart-racing reversals as battered financial markets try to figure out what Trump’s ultimate goal is for his trade war. If it’s to get other countries to agree to trade deals, he could lower his tariffs and avoid a possible recession. But if it’s to remake the economy and stick with tariffs for the long haul, stock prices may need to fall further.

The Dow Jones Industrial Average fell 349 points, or 0.9%, and the Nasdaq composite edged up by 0.1%.

All three indexes started the day sharply lower, and the Dow plunged as many as 1,700 points following even worse losses elsewhere in the world. But it suddenly surged to a gain of nearly 900 points in the late morning. The S&P 500, meanwhile, went from a loss of 4.7% to a leap of 3.4%, which would have been its biggest jump in years.

The sudden rise followed a false rumor that Trump was considering a 90-day pause on his tariffs, one that a White House account on X quickly labeled as “fake news.” That a rumor could move trillions of dollars’ worth of investments shows how much investors are hoping to see signs that Trump may let up on tariffs.

Stocks quickly turned back down, and shortly afterward, Trump dug in further and said he may raise tariffs more against China after the world’s second-largest economy retaliated last week with its own set of tariffs on U.S. products.

It’s a slap in the face to Wall Street because it suggests Trump may not care how much pain he inflicts on the market. Many professional investors had long thought that a president who used to crow about records reached under his watch would pull back on policies if they sent the Dow reeling.

On Sunday Trump told reporters aboard Air Force One that he wasn’t concerned about a sell-off and that “sometimes you have to take medicine to fix something.”

Trump has given several reasons for his stiff tariffs, including to bring manufacturing jobs back to the United States, which is a process that could take years. Trump on Sunday said he wanted to bring down the numbers for how much more the United States imports from other countries versus how much it sends to them.

Indexes nevertheless did keep swinging between losses and gains Monday after Trump’s latest tariff threat, in part because hope still remains in markets that negotiations may still come.

“We’re not calling the all-clear at all, but when you have this type of volatility in the market, of course you’re going to have back and forth” in markets not just day to day but also hour to hour, said Nate Thooft, a senior portfolio manager at Manulife Investment Management.

“We’re all waiting for the next bit of information,” he said. “Literally a Truth Social tweet or an announcement of some sort about real negotiations could dramatically move this market. This is the world we live in right now.”

All that seemed certain Monday was the financial pain hammering investments around the world for a third day after Trump announced tariffs in his “Liberation Day.”

Stocks in Hong Kong plunged 13.2% for their worst day since 1997. A barrel of benchmark U.S. crude oil dipped below $60 during the morning for the first time since 2021, hurt by worries that a global economy weakened by trade barriers will burn less fuel. Bitcoin sank below $79,000, down from its record above $100,000 set in January, after holding steadier than other markets last week.

Trump’s tariffs are an attack on the globalization that’s remade the world’s economy, which helped bring down prices for products on the shelves of U.S. stores but also caused production jobs to leave for other countries.

It also adds pressure on the Federal Reserve. Investors have become nearly conditioned to expect the central bank to swoop in as a hero by slashing interest rates to protect the economy during every downturn. But the Fed may have less freedom to act this time around because inflation remains higher than the Fed would like. And while lower interest rates can goose the economy, they can also put upward pressure on inflation.

“The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession,” JPMorgan CEO Jamie Dimon, one of the most influential executives on Wall Street, wrote in his annual letter to shareholders Monday. “Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth.”

In the bond market, Treasury yields rallied to recover some of their sharp drops from earlier weeks. Some of the big move may have been because of reduced expectations for cuts to interest rates by the Fed. Some analysts also said it could be due to investors outside of the United States wanting to pare their U.S. investments.

The yield on the 10-year Treasury jumped to 4.20% from 4.01% late Friday.

Earlier in the day, the S&P 500 briefly fell more than 20% below its record set less than two months ago. If it finishes a day below that bar, it would be a big enough drop that Wall Street has a name for it. A “bear market” signifies a downturn that’s moved beyond a run-of-the-mill 10% drop, which happens every year or so, and has graduated into something more vicious.

The S&P 500, which sits at the heart of many investors’ 401(k) accounts, is coming off its worst week since COVID began crashing the global economy in March 2020.

All told, the index fell 11.83 points Monday to 5,062.25. The Dow Jones Industrial Average dropped 349.26 to 37,965.60, and the Nasdaq composite added 15.48 to 15,603.26.

___

Kurtenbach reported from Bangkok. McHugh reported from Frankfurt, Germany. Associated Press writers Ayaka McGill, Paul Harloff, Matt Ott and Jiang Junzhe also contributed.

Hearing begins for $2.8 billion NCAA settlement, could lock in seismic changes for college sports

Hearing begins for $2.8 billion NCAA settlement, could lock in seismic changes for college sports

By EDDIE PELLS and JANIE McCAULEY Associated Press

OAKLAND, Calif. (AP) — A federal judge opened the final hearing for a landmark $2.8 billion settlement that will impact every corner of college athletics by saying she will not be granting formal approval on Monday.

U.S. District Judge Claudia Wilken said she would hear from attorneys and some of those objecting to the plan before adjourning.

“I’m not going to rule from the bench,” Wilken said at the start of the hearing.

In addition to comments from attorneys, testimony was expected from critics of the sprawling plan that was hashed out last year by attorneys representing the NCAA and other defendants and those representing thousands of current and former athletes. LSU gymnast and influencer Olivia Dunne was among the 18 people scheduled to testify, though she was expected to appear via Zoom.

Wilken already has granted preliminary approval of the settlement involving the NCAA and the nation’s five largest conferences. The changes would begin July 1, clearing the way for each school to share up to $20.5 million each with their athletes.

Universities across the country have been busy making plans, under the assumption Wilken will put the terms into effect.

“We’re going to have a plan going into July 1, then we’re probably going to spend the next year figuring out how good that plan is and how we need to modify it going forward,” said Florida athletic director Scott Stricklin, whose department is among the biggest in the country and includes a Gators men’s basketball team playing for the national title Monday night against Houston.

The so-called House settlement, named after Arizona State swimmer Grant House, actually decides three similar lawsuits that were bundled into one. The defendants are the NCAA and the Southeastern, Big Ten, Atlantic Coast, Big 12 and Pac-12 conferences, all of whom have been touting the settlement as the best path forward for their industry.

“It’s a huge step forward for college sports, especially at the highest level,” said NCAA President Charlie Baker, whose organization continues to seek antitrust protections from Congress. “My biggest problem with the way the whole thing works right now is the schools have been removed from the primary relationship with the student-athletes.”

The most ground-shifting part of the settlement calls on schools from the biggest conferences to pay some 22% of their revenue from media rights, ticket sales and sponsorships — which equals about $20.5 million in the first year — directly to athletes for use of their name, images and likeness (NIL).

Still allowed would be NIL payments to athletes from outside sources, which is what triggered the seismic shift that college sports has endured over the last four years. For instance, Cooper Flagg of Duke reportedly makes $4.8 million in NIL deals from groups affiliated with the school and others.

The settlement calls for a “clearinghouse” to make sure any NIL deal worth more than $600 is pegged at “fair market value.” It’s an attempt to prevent straight “pay for play” deals, though many critics believe the entire new structure is simply NIL masquerading as that.

Another key element is the $2.8 billion in back damages to athletes who played sports between 2016 and 2024 and were not entitled to the full benefits of NIL at the time they attended schools. Those payments are being calculated by a formula that will favor football and basketball players and will be doled out by the NCAA and the conferences.

The settlement also calls for replacing scholarship limits with roster limits. The effect would be to allow every athlete to be eligible for a scholarship while cutting the number of spots available.

There will be winners and losers under such a formula, though some fear it could signal the end of the walk-on athlete in college sports and also imperil smaller sports programs that train and populate the U.S. Olympic team.

___

AP College Football Writer Eric Olson contributed. Pells reported from San Antonio.

Trump says he’s not backing down on tariffs, calls them ‘medicine’ as markets reel

Trump says he’s not backing down on tariffs, calls them ‘medicine’ as markets reel

By ADRIANA GOMEZ LICON and FATIMA HUSSEIN Associated Press

WEST PALM BEACH, Fla. (AP) — President Donald Trump said Sunday that he won’t back down on his sweeping tariffs on imports from most of the world unless countries even out their trade with the U.S., digging in on his plans to implement the taxes that have sent financial markets reeling, raised fears of a recession and upended the global trading system.

Speaking to reporters aboard Air Force One, Trump said he didn’t want global markets to fall, but also that he wasn’t concerned about the massive sell-off either, adding, “sometimes you have to take medicine to fix something.”

His comments came as global financial markets appeared on track to continue sharp declines once trading resumes Monday, and after Trump’s aides sought to soothe market concerns by saying more than 50 nations had reached out about launching negotiations to lift the tariffs.

President Donald Trump said Sunday that he won’t back down on his sweeping tariffs on imports from most of the world unless countries even out their trade with the U.S., digging in on his plans to implement the taxes that have sent financial markets reeling. (AP Video)

“I spoke to a lot of leaders, European, Asian, from all over the world,” Trump said. “They’re dying to make a deal. And I said, we’re not going to have deficits with your country. We’re not going to do that, because to me a deficit is a loss. We’re going to have surpluses or at worst, going to be breaking even.”

The higher rates are set to be collected beginning Wednesday, ushering in a new era of economic uncertainty with no clear end in sight. Treasury Secretary Scott Bessent said unfair trade practices are not “the kind of thing you can negotiate away in days or weeks.” The United States, he said, must see “what the countries offer and whether it’s believable.”

Trump, who spent the weekend in Florida playing golf, posted online that “WE WILL WIN. HANG TOUGH, it won’t be easy.” His Cabinet members and economic advisers were out in force Sunday defending the tariffs and downplaying the consequences for the global economy.

“There doesn’t have to be a recession. Who knows how the market is going to react in a day, in a week?” Bessent said. “What we are looking at is building the long-term economic fundamentals for prosperity.”

U.S. stock futures dropped on Sunday night as the tariffs continued to roil the markets. S&P 500 futures were down 2.5% while that for the Dow Jones Industrial Average shed 2.1%. Nasdaq futures were down 3.1%. Even the price of bitcoin, which held relatively stable last week, fell nearly 6% Sunday.

Asian shares, meanwhile, nosedived. Tokyo’s Nikkei 225 index lost nearly 8% shortly after the market opened. By midday, it was down 6%. A circuit breaker briefly suspended trading of Topix futures after an earlier sharp fall in U.S. futures. Chinese markets also tumbled, with Hong Kong’s Hang Seng dropping 9.4%, while the Shanghai Composite index lost 6.2%.

Trump’s tariff blitz, announced April 2, fulfilled a key campaign promise as he acted without Congress to redraw the rules of global trade. It was a move decades in the making for Trump, who has long denounced foreign trade deals as unfair to the U.S. He is gambling that voters will be willing to endure higher prices for everyday items to enact his economic vision.

Countries are scrambling to figure out how to respond to the tariffs, with China and others retaliating quickly.

Top White House economic adviser Kevin Hassett acknowledged that other countries are “angry and retaliating,” and, he said, “by the way, coming to the table.” He cited the Office of the U.S. Trade Representative as reporting that more than 50 nations had reached out to the White House to begin talks.

Adding to the turmoil, the new tariffs are hitting American allies and adversaries alike, including Israel, which is facing a 17% tariff. Israeli Prime Minister Benjamin Netanyahu is set to visit the White House and speak at a press conference with Trump on Monday, with his office saying the tariffs would be a point of discussion with Trump along with the war in Gaza and other issues.

Another American ally, Vietnam, a major manufacturing center for clothing, has also been in touch with the administration about the tariffs. Trump said Vietnam’s leader said in a telephone call that his country “wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S.” And a key European partner, Italian Premier Giorgia Meloni, said she disagreed with Trump’s move but was “ready to deploy all the tools — negotiating and economic — necessary to support our businesses and our sectors that may be penalized.”

Commerce Secretary Howard Lutnick made clear there was no postponing tariffs that are days away.

“The tariffs are coming. Of course they are,” he said, adding that Trump needed to reset global trade. But he committed only to having them “definitely” remain “for days and weeks.”

In Congress, where Trump’s Republican Party has long championed free trade, the tariff regiment has been met with applause but also significant unease.

Several Republican senators have already signed onto a new bipartisan bill that would require presidents to justify new tariffs to Congress. Lawmakers would then have to approve the tariffs within 60 days, or they would expire. Nebraska GOP Rep. Don Bacon said Sunday that he would introduce a House version of the bill, saying that Congress needs to restores its powers over tariffs.

“We gave some of that power to the executive branch. I think, in hindsight, that was a mistake,” said Bacon, adding that getting a measure passed would be challenging unless the financial markets continue to react negatively and other indicators such as inflation and unemployment shift.

Wyoming’s John Barrasso, the No. 2 member of the Senate’s GOP leadership, said Trump is “doing what he has every right to do.” But, he acknowledged, “there is concern, and there’s concern across the country. People are watching the markets.”

“There’ll be a discussion in the Senate,” Barrasso said of the tariffs. “We’ll see which way the discussion goes.”

Trump’s government cost-cutting guru, billionaire businessman Elon Musk, had been relatively silent on Trump’s tariffs, but said at a weekend event in Italy that he would like to see the U.S. and Europe move to “a zero-tariff situation.” The comment from the Tesla owner who leads Trump’s Department of Government Efficiency drew a rebuke from White House trade adviser Peter Navarro.

“Elon, when he is on his DOGE lane, is great. But we understand what’s going on here. We just have to understand. Elon sells cars,” Navarro said. He added: “He’s simply protecting his own interest as any business person would do.”

Trump indicated he disagreed with Musk, saying Sunday of the European Union, “They want to talk, but there’s no talk unless they pay us a lot of money on a yearly basis.”

Lawrence Summers, an economist who was treasury secretary under Democratic President Bill Clinton, said Trump and his economic team are sending contradictory messages if they say they are interested in reviving manufacturing while still being open to negotiating with trade partners.

If other countries eliminate their tariffs, and the U.S, does, too, he said, “it’s just making a deal, then we don’t raise any revenue nor do we get any businesses to relocate to the United States. If it’s a permanent revenue source and trying to get businesses to relocate to the United States, then we’re going to have these tariffs permanently. So the president can’t have it both ways.”

Bessent was on NBC’s “Meet the Press,” Hassett and Summers appeared on ABC’s “This Week,” Lutnick and Barrasso were on CBS’ “Face the Nation” and Navarro was interviewed on Fox News Channel’s “Sunday Morning Futures.”

___

Gomez Licon reported from Fort Lauderdale, Florida. Associated Press writer Giada Zampano in Rome contributed to this report.

Recent News

Powered By SoCast