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Trump administration explores tariffs on autos, auto parts

WASHINGTON (AP) — The Trump administration is exploring whether tariffs are needed on auto imports, a move that comes as trade talks with Canada and Mexico have stalled. The U.S. and its partners remain far apart on rewriting the North American Free Trade Agreement, with the discussions at an impasse over rules for car production. The initiation of the trade investigation President Donald Trump ordered on Wednesday could be seen as an attempt to gain leverage.

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Trump signs bill easing post-2008 crisis restraints on banks

WASHINGTON (AP) — President Donald Trump has signed into law a measure that loosens key restraints for banks imposed after the 2008 financial crisis and Great Recession. He's savoring the legislative triumph and calls it "the next step in America's unprecedented economic comeback." The Republican-crafted bill passed Congress with the help of some Democratic votes and allowed Trump to fulfill his campaign pledge of dismantling the landmark Dodd-Frank law from 2010.

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Feds: Uber self-driving SUV saw pedestrian, did not brake

DETROIT (AP) — The autonomous Uber SUV that struck and killed an Arizona pedestrian in March spotted the woman about six seconds before hitting her, but did not stop because the system used to automatically apply brakes in potentially dangerous situations had been disabled. In a preliminary report on the crash in Tempe, the National Transportation Safety Board said Thursday that emergency braking is not enabled while Uber's cars are under computer control to reduce the potential for erratic behavior.

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Analysis says Trump budget won't curb deficits as promised

WASHINGTON (AP) — The nonpartisan Congressional Budget Office says President Donald Trump's budget plan won't curb the spiraling budget deficit as it claims. Trump's budget, released in February and mostly ignored since, promises spending cuts and economic growth that would cut the deficit to $363 billion in 10 years. CBO says the deficit will instead hit almost $1.1 trillion if all of the president's policies are followed.

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Facebook to label election-related 'issue ads' in US

NEW YORK (AP) — Facebook is expanding its advertising disclosure requirements to cover all U.S. ads on polarized issues such as gun control and abortion rights, even if they don't endorse a particular candidate. Ads coming from specific candidates have already included a disclosure label since October. Facebook has said it would require that of issue ads from outside parties, too. But it hasn't provided details until now. Issue ads played prominently in Russian efforts to interfere in the 2016 U.S. elections.

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CEO, board members quit Russian metals giant amid sanctions

MOSCOW (AP) — Russia's aluminum maker Rusal says its CEO and seven board members have quit, a move that comes as the company is struggling to survive under the impact of U.S. sanctions. U.S. hit Rusal and its major shareholder, billionaire Oleg Deripaska, with sanctions cutting the company off from international financial institutions and spooking its international customers.

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Europe looks for deeds, not words, from Italy's populists

ROME (AP) — Italy's premier-designate Giuseppe Conte has spent his first day on the job finalizing his proposed cabinet list as European officials vow to judge deeds, not words, from a decidedly euroskeptic and populist Italy in their ranks. In a sign of the sort of change he wants to bring, Conte told reporters he would end the day by meeting with Italian savers who lost money when the small banks where they had stashed their life savings failed.

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Gap profit misses forecasts on sales slump at namesake brand

NEW YORK (AP) — Gap Inc. reported a first-quarter profit that missed Wall Street expectations, hurt by a deeper slump in demand for its namesake label. Its shares fell 7 percent in extended trading. The San Francisco-based chain said that overall sales at established stores rose 1 percent, dragged down by a 4 percent drop at Gap. Old Navy and Banana Republic both saw sales rise 3 percent.

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Macron wants to make France gateway to Europe for tech firms

PARIS (AP) — French President Emmanuel Macron is calling on tech leaders to invest in France, saying his innovation policies aim to make the country the gateway to Europe. His speech comes a day after he met Facebook, Microsoft, Uber, IBM and other CEOs to discuss personal data protection and taxes, among other issues.

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Cancellation of Korea summit sends stocks on bumpy ride

NEW YORK (AP) — U.S. stocks slumped after President Donald Trump said he'd canceled a summit with North Korean leader Kim Jong Un, although they later recovered most of their losses. Energy companies fell along with oil prices and overseas carmakers slipped after the Trump administration proposed placing tariffs on imported cars and car parts.

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The S&P 500 index dropped 5.53 points, or 0.2 percent, to 2,727.76. The Dow Jones industrial average lost 75.05 points, or 0.3 percent, to 24,811.76. The Nasdaq composite dipped 1.53 points, less than 0.1 percent, to 7,424.43. The Russell 2000 index of smaller-company stocks edged up 0.61 points to 1,628.22.

Benchmark U.S. crude lost 1.6 percent to $70.71 per barrel in New York. Brent crude, used to price international oils, fell 1.3 percent to $78.79 a barrel in London. Wholesale gasoline fell 1.2 percent to $2.23 a gallon and heating oil lost 1 percent to $2.27 a gallon. Natural gas rose 0.9 percent to $2.94 per 1,000 cubic feet.