Sophie Caldwell

Treasury Secretary Janet L. Yellen defended the Biden administration’s economic agenda on Thursday, drawing sharp contrasts with the policies of the Trump administration as President Biden begins to make the general election argument that he has been a stronger steward of the economy than his predecessor.The comments from Ms. Yellen came after new data released on Thursday bolstered that message: The United States economy grew at a healthy clip over the past year, surpassing 3 percent and defying expectations of a recession. The strong numbers coincided with an effort by the White House to amplify the president’s economic record and…

Since China reopened its borders in 2023 after three years of Covid isolation, domestic travel has thrived and high-speed rail has grown increasingly popular. But international trips in and out of the country are lagging, and flight capacity is still just two-thirds of prepandemic levels.The economic stakes are high. Before the pandemic, Chinese travelers were the world’s biggest spenders, accounting for 20 percent of global tourism spending, according to the United Nations World Tourism Organization.In the past year, the Chinese authorities have tried to spur more inbound travel. Among the changes: China has waived travel visas or agreed to extend…

In the Red Sea, attacks by Iranian-backed Houthi militants on commercial ships continue to disrupt a crucial trade route and raise shipping costs. The threat of escalation there and around flash points in Lebanon, Iraq, Syria, Yemen and now Iran and Pakistan ratchets up every day.Despite the staggering death toll and wrenching misery of the violence in the Middle East, the broader economic impact so far has been mostly contained. Oil production and prices, a critical driver of worldwide economic activity and inflation, have returned to pre-crisis levels. International tourists are still flying into other countries in the Middle East…

A few years ago, desperate to avoid being acquired by a hedge fund, staff members of The Baltimore Sun made public pleas for a local entrepreneur to buy their publication.That request was recently realized: A Maryland businessman, David D. Smith, bought the storied newspaper, returning the 186-year-old newspaper to local hands for the first time in nearly 40 years.But Mr. Smith may not be quite what The Sun’s journalists were hoping for. According to interviews with current and former employees at the newspaper, Mr. Smith’s purchase has already raised alarm among many inside and outside the newsroom, who fear he…

A prominent Federal Reserve official on Tuesday laid out a case for lowering interest rates methodically at some point this year as the economy comes into balance and inflation cools — although he acknowledged that the timing of those cuts remained uncertain.Christopher Waller, one of the Fed’s seven Washington-based officials and one of the 12 policymakers who get to vote at its meetings, said during a speech at the Brookings Institution on Tuesday that he saw a case for cutting interest rates in 2024.“The data we have received the last few months is allowing the committee to consider cutting the…

China’s ruling Communist Party is facing a national emergency. To fix it, the party wants more women to have more babies.It has offered them sweeteners, like cheaper housing, tax benefits and cash. It has also invoked patriotism, calling on them to be “good wives and mothers.”The efforts aren’t working. Chinese women have been shunning marriage and babies at such a rapid pace that China’s population in 2023 shrank for the second straight year, accelerating the government’s sense of crisis over the country’s rapidly aging population and its economic future.China said on Wednesday that 9.02 million babies were born in 2023,…

The Biden administration has begun pumping more than $2 trillion into U.S. factories and infrastructure, investing huge sums to try to strengthen American industry and fight climate change.But the effort is facing a familiar threat: a surge of low-priced products from China. That is drawing the attention of President Biden and his aides, who are considering new protectionist measures to make sure American industry can compete against Beijing.As U.S. factories spin up to produce electric vehicles, semiconductors and solar panels, China is flooding the market with similar goods, often at significantly lower prices than American competitors. A similar influx is…

After years of delays and safety and design disputes, Amtrak is one step closer to bringing new high-speed trains to the busy Northeast Corridor.Amtrak officials said late Friday that the new trains, which had failed an extended series of computer modeling tests, had passed on the 14th try and had been cleared by the Federal Railroad Administration to begin testing on the tracks that run from Washington, D.C., to Boston.The faster, more spacious trains — sets of locomotives plus passenger cars — come with a price tag of about $1.6 billion and are to replace those in the Acela fleet,…

Cindy Camp is one of many Americans facing rising utility costs. Ms. Camp, who lives in Baltimore with three family members, said her gas and electric bills kept “going up and up” — reaching as high as $900 a month. Her family has tried to use less hot water by doing fewer loads of laundry, and she now eats more fast food to save on grocery bills.Ms. Camp would like to save money on energy bills by transitioning to more energy-efficient appliances like a heat pump and solar panels. But she simply cannot afford it.“It’s a struggle for me to…

At 6:45 a.m. on Oct. 7, Jack “Tato” Bigio, the founder of the technology company UBQ Materials, talked to his chief operating officer, who said that terrorists were on his kibbutz. Other employees texted that they were hiding in safe rooms, and one said her husband had been shot in the stomach.“It was like doomsday,” Mr. Bigio said.The attack by Hamas on Israel forced UBQ Materials to shut its plant, located 20 miles from the Gaza border, and left its work force in shock. Two employees were murdered. Many lost their homes and were relocated 100 miles away.Founded in 2012,…