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Trump’s trade battle with China puts soybean farmers in peril

Summary

    • halts U.S. soybean purchases in response to Trump’s
    • Virginia soybean exports to China declined in war during Trump’s first term
    • Farmer’s loyalty to Trump tested

Beijing, which traditionally has snapped up at least a quarter of all grown in the U.S., is in effect boycotting them in retaliation for the high tariffs has imposed on Chinese goods and to strengthen its hand in negotiations over a new overall trade deal.

A lot of cash is at stake. In 2023, Virginia farmers sold about $784 million worth of soybeans to China.

That year, farmers here grew about 22 million bushels of soybeans on 570,000 acres, according to the Virginia Department of and Consumer Services. Soybeans were Virginia’s top agricultural and forestry export in 2023 at over $1.4 billion. Pork came in second at more than $862 million.

“We’re going to see the effects on our soybean farmers this year,” said Josey Moore, a Virginia Soybean Association board member and a commodity specialist with the Virginia Farm Bureau Federation.

China has been working “for a while” to be less reliant on U.S. agriculture, Moore said. “We’ve kind of seen them trying to be less dependent on those , so they’ve even upped their soybean production over there and [are] stockpiling.”

U.S. Sen. Tim Kaine, Virginia’s junior Democratic senator, also expects farmers take a hit from the tariffs. “When we impose tariffs on other nations, they slap retaliatory tariffs on us,” he said in a statement.

Virginia’s top five agricultural and forestry export customers in 2023 were China, Canada, the United Kingdom, Taiwan and Belgium.

“Once a major destination for Virginia soybeans, China has purchased less U.S. soybeans over the past few years,” VDACS spokesperson Amanda Thompson said in a statement. “VDACS continues to use a global network of trade representatives to help Virginia soybean farmers gain access to new market opportunities.”

She noted that the $26 million Portsmouth Agricultural Intermodal Export Facility, which will ease logistics for global shipments of produce, is scheduled to open in 2026 and will “help facilitate the export of soybeans.”

While China may be buying fewer U.S. soybeans, Virginia farmers do not seem to be scaling back. In 2025, Virginia farms grew soybeans on 600,000 acres of the crop, according to the U.S. Department of Agriculture.

Soybean farmers statewide are in the middle of harvest right now, according to Rachel M. Gresham, executive director of the Virginia Soybean Association. 

Coming into this year, many farmers were just hoping to break even because crop prices were weak while costs had increased. But Trump’s tariffs, which helped make their crops uncompetitive around the world, drove prices down further, and tariffs on steel and fertilizer sent costs up even more.

U.S. Sen. Mark Warner, Virginia’s Democratic senior senator, sees the situation as a one-two punch for the commonwealth’s soybean farmers.

“Trump’s erratic trade policies pose a direct threat to the livelihood of Virginia’s soybean farmers,” he said in a statement. “These tariffs are already leaving their mark in the form of higher costs for critical inputs like fertilizer, herbicides, machinery and feed, all while disrupting and shrinking critical markets for soybean exporters. Virginians deserve better.”

This isn’t the first time Virginia soybean farmers have felt the sting of tariffs, however.

When the first imposed tariffs on Chinese goods in 2018, China retaliated with a 25% tariff. The U.S. Department of Agriculture estimates U.S. soybean farmers experienced $9.4 billion in annualized losses during the 2018 trade war.

The year before that tariff was imposed, Virginia farmers sold $360 million in soybeans to China. In 2018, that number dropped to $58 million.

“We saw during Trump’s first term how hard retaliatory tariffs hit soybean farmers and others in the agriculture sector, and it’s happening again,” Kaine stated. “That’s why I’ve strongly opposed Trump’s broad-based tariff regime.”

Political pressure is growing

American soybean farmers are fretting over not only this year’s crop but the long-term viability of their businesses, built in part on China’s once-insatiable appetite for U.S. beans.

“This is a five-alarm fire for our industry,” said Caleb Ragland, a Kentucky soybean farmer who leads the American Soybean Association trade group.

The situation might even be enough to test farmers’ loyalty to Trump, although he still enjoys strong support throughout rural America. If no deal is reached soon, they hope the government will come through with aid as it did during Trump’s first term, but they see that only as a temporary solution. Trump said Thursday he is considering an aid package.

U.S. and Chinese officials have held four rounds of trade talks between May and September, with another likely in the coming weeks. No progress on soybeans has been reported.

Getting closer to harvest, “I’m honestly getting worried that the time is running out,” said Jim Sutter, CEO of the U.S. Soybean Export Council.

After Trump imposed tariffs on Chinese goods, China responded with tariffs of its own,  which now total up to 34% on U.S. soybeans. That makes soybeans from other countries cheaper.

China’s retaliatory tariffs also hit U.S. growers of sorghum, corn and cotton, and even geoduck divers have been affected. But soybeans stand out because of the crop’s outsized importance to U.S. agricultural exports. Soybeans are the top U.S. food export, accounting for about 14% of all farm goods sent overseas.

And China has been by far the largest foreign buyer. Last year, the U.S. exported nearly $24.5 billion worth of soybeans, and China accounted for more than $12.5 billion. That compared with $2.45 billion by the European Union, the second-largest buyer. This year, China hasn’t bought beans since May.

With U.S. farmers hurting, the Trump administration is under growing pressure to reach a deal with China. As talks drag on, Trump appears ready to help.

“We’re going to take some of the tariff money — relatively small amount, but a lot for the farmers — and we’re going to help the farmers out a little bit” during this transition period, Trump said.

The only way most farmers survived Trump’s trade war in his first term was with tens of billions of dollars in government payments. But that’s not what most farmers want.

What farmers expect from Trump

Brian Warpup inspects one of his soybean fields in Warren, Ind., Thursday, Sept. 11, 2025. (AP Photo/Michael Conroy)
Brian Warpup inspects one of his soybean fields in Warren, Ind., Thursday, Sept. 11, 2025. (AP Photo/Michael Conroy)

“The American farmer, especially myself included, we don’t want aid payments,” said Brian Warpup, 52, a fourth-generation farmer from Warren, Indiana. “We want to work. We work the land, we harvest the land, the crop off the land. And the worst thing that we could ever want is a handout.”

Farmers are looking to Trump for a long-term solution.

“Overwhelmingly, farmers have been in President Trump’s corner,” said Ragland, the president of the soybean association. “And I think the message that our soybean farmers as a whole want to deliver is: ‘President Trump, we’ve had your back. We need you to have ours now.’”

He said farmers appreciate the willingness to provide some short-term relief, but what they ultimately need are strong, reliable markets. “Our priority remains seeing the United States secure lasting trade agreements — particularly with China — that allow farmers to sell their crops and build a sustainable future with long-term customers,” he said.

Ragland, 39, hopes his three sons will become the 10th generation to till his 4,500 acres in Magnolia, Kentucky. Unless something changes soon, he worries that thousands of farmers may not survive.

Darin Johnson, president of the Minnesota Soybean Growers Association, said he still has faith in the Trump administration to reach a good trade deal with China.

“I think where the patience is probably wearing thin is the time,” said Johnson, a fourth-generation farmer. “I don’t think anybody thought that we were going to take this much time because we were told 90 deals, 90 deals in 90 days.”

China’s negotiating strategy

The U.S. soybean industry grew in response to Chinese demand starting back in the 1990s, when China began its rapid economic rise and turned to foreign producers to help feed its . Protein-rich soybeans are an essential part of the diet.

While China relies on domestic crops for steamed beans and tofu, it needs far more soybeans for oil extraction and animal feed. In 2024, China produced 20 million metric tons of soybeans, while importing more than 105 million metric tons.

American farmers have come to count on China as their biggest customer, and this has “given the Chinese a point of leverage,” Sutter said. By holding off on buying U.S. soybeans, China is seen as trying to leverage that purchasing power in the trade talks.

“I think that’s the strategy,” said Sutter of the U.S. Soybean Export Council. “I think that’s why China is targeting soybeans and other agricultural products, because they know that farmers have a strong lobby and farmers are important to the U.S. government.”

Liu Pengyu, spokesperson for the Chinese Embassy in Washington, didn’t answer specific questions on soybean purchases but urged the U.S. to work with Beijing.

“The essence of China-U.S. economic and trade cooperation is mutual benefit and win-win,” Liu said.

China turned to Brazil when Trump launched his first trade war in 2018. Last year, Brazilian beans accounted for more than 70% of China’s imports, while the U.S. share was down to 21%, World Bank data shows. Argentina and other South American countries also are selling more to China, which has diversified to boost food security.

What American farmers are doing in response

U.S. farmers also are broadening their customer base, said Sutter, who recently traveled to Japan and Indonesia in search of new markets. Taiwan pledged to purchase $10 billion worth of soybeans, corn, wheat and beef in the next four years.

“There’s strong diversification efforts underway,” Sutter said. But “China is so big, it’s hard to replace them overnight.”

Farmers are working to boost consumption at home, too. Growth in biodiesel production has taken in some of the soybeans that were once exported. Others are crushed to produce soybean oil and soybean meal. The United Soybean Board is investing in research into the benefits of using soybeans to feed dairy cows and hogs.

But Iowa farmer Robb Ewoldt, a director with the Soybean Board, knows that such domestic uses are growing gradually.

“We cannot replace a China in one shot,” Ewoldt said. “It’s not going to happen. We need to be realistic in that.”

Virginia Business Associate Editor Beth JoJack contributed to this report. 

Wall Street rises as tech stocks rebound ahead of jobs data

Summary

  • gained 0.3%, Dow rose 0.1%, climbed 0.5%
  • Amazon and other Big Tech stocks helped lift markets
  • Oil companies slipped as crude prices dropped
  • Investors await Friday’s U.S. for Fed outlook

NEW YORK (AP) — Wall Street ticked higher on Monday as recovered some of their losses from late last week.

The S&P 500 added 0.3%. The Industrial Average rose 68 points, or 0.1%, and the Nasdaq composite climbed 0.5%. All three are near their all-time highs set a week ago.

Big Tech stocks ticked higher to lead the way. Amazon added 1.1% following its 5.1% drop last week, and Microsoft rose 0.6% to recover some of its 1.2% decline. While their moves were modest, they were still two of the strongest forces lifting the S&P 500 Monday because they’re two of Wall Street’s most valuable stocks.

On the losing end of the market were companies in the oil business, which were hurt by slumping crude prices. Drops of 2.6% for Exxon Mobil and 2.5% for Chevron were two of the heaviest weights on the S&P 500.

This week’s highlight is scheduled to arrive on Friday, when a report will be due about how many jobs U.S. employers created and destroyed last month. The hope is that it will be balanced enough to keep the on track to continue cutting interest rates.

The Fed just delivered its first cut of the year, and officials have penciled in more through the end of next year. That’s critical for investors because U.S. stocks have shot to records from a low in April in large part because of expectations for several cuts from the Fed. Easier rates can give the job market a boost and make investors more willing to pay high prices for stocks and other investments.

If Friday’s job numbers prove too strong, they could make the Fed less willing to cut rates. That could hurt stocks, which already face criticism that they’ve become too expensive following their big rally. If the job numbers are too weak, they could mean a recession that would hurt stock prices on its own.

One wild card may pop up in the interim: The U.S. government is nearing a deadline that could result in its shutdown.

The United States has already had many such shutdowns in the past, which have caused only minimal waves for the U.S. stock market and for the economy. But another shutdown could delay the collection and release of economic data, such as on jobs and inflation. Without those reports, increasing uncertainty on Wall Street could make markets more twitchy.

This shutdown may also be different because the White House may push for large-scale firings of federal workers this time around.

“We believe that a shutdown will have only a small and transitory economic impact, but it may spur some financial market volatility,” according to Jennifer Timmerman, investment strategy analyst at Wells Fargo Investment Institute.

On Wall Street, Electronic Arts climbed 4.5% after the video game maker confirmed rumors of a $55 billion buyout. A group of investors will pay $210 in cash for each share of EA, and they are calling it history’s largest all-cash deal to take a business private.

chugged 5.4% higher after the railroad operator named as its chief executive. Angel was previously CEO of Linde and its predecessor Praxair, and he is replacing , who also left CSX’s board.

Stocks in the marijuana-related business soared after posted a video to his social media network calling hemp-derived CBD a “game changer” in improving the quality of life for seniors. Tilray Brands jumped 60.9%, and Canada’s Canopy Growth rose 17% in Toronto.

All told, the S&P 500 rose 17.51 points to 6,661.21. The Dow Jones Industrial Average added 68.78 to 46,316.07, and the Nasdaq composite climbed 107.09 to 22,591.15.

In stock markets abroad, indexes mostly rose in Europe and Asia.

The FTSE 100 in London added 0.2% as GSK climbed 2.2% after the pharmaceutical giant said CEO Emma Walmsley will step down at the end of the year. Luke Miels, currently GSK’s chief commercial officer, will replace the 56-year-old Walmsley, who was the first woman to lead a major pharmaceutical company

The Hang Seng in Hong Kong jumped 1.9%, and Tokyo’s Nikkei 225 fell 0.7% for two of the world’s bigger moves.

Oil prices slumped more than 3%. Analysts cited reports that oil-producing nations in the OPEC+ group might raise their production limits next month, which added to the notion that too much supply is washing around the world.

Gold topped $3,850 per ounce to continue its record-breaking run amid expectations for cuts to interest rates by the Fed, along with worries about inflation and the mountains of debt that governments are carrying worldwide.

In the bond market, the yield on the 10-year Treasury eased to 4.14% from 4.20% late Friday.

Volkswagen of America taps new sales/marketing EVP

Volkswagen of America, the -headquartered subsidiary of the German automaker, has appointed Brian Nash as its executive vice president of and and for the North American Region.

In the new role, which took effect Monday, Nash will be responsible for developing and leading sales, product marketing, dealer relations and after-sales strategy. The company said his focus will be on building momentum for a refreshed lineup of Volkswagen vehicles.

Nash previously spent more than a decade at Mazda North American Operations, where he oversaw the dealer network, drove sales growth and introduced digital retail strategies.

“We are proud to welcome a seasoned leader whose vision and experience will drive our next chapter of growth,” said President and CEO Kjell Gruner in a statement. “His expertise in dealer collaboration and strategies that prioritize customer satisfaction will be instrumental as we continue to strengthen the Volkswagen business.”

Before Mazda, Nash started his automotive career in retail. He worked within dealer groups before transitioning to an original equipment manufacturer.

The company also announced last week that Rachael Zaluzec, senior vice president of brand marketing and customer experience with Volkswagen’s North American Region, will have a realigned role making her responsible for the company’s U.S. brand strategy. She and her team will now report directly to Gruner. The company says she will maintain a close connection with and provide support to Nash’s team.

Volkswagen did not immediately return requests for comment.

Volkswagen Group of America has approximately 10,000 employees in the U.S. and sells its vehicles through a network of about 1,000 independent dealers.

Based in Germany, the Volkswagen Group has 115 production facilities across 17 European countries and 10 countries in the Americas, Asia and Africa. The car maker has about 680,000 employees worldwide. Its vehicles are sold in more than 150 countries. In 2024, Volkswagen reported about $380.82 billion in sales revenue.

Whistleblowers amend complaint against Sentara

SUMMARY:

    • Whistleblowers filed an amended complaint accusing of improperly inflating health rates in Charlottesville region during 2018-19
    • New high-profile firms joined plaintiffs’ team
    • Sentara denies wrongdoing, citing ‘s withdrawal as validation

A long-running whistleblower case against Sentara Health has entered a new phase, with the plaintiffs filing an amended complaint and recruiting additional lawyers to continue pursuing their allegations that the health system improperly inflated health insurance premiums in 2018 and 2019.

Last week’s court filing came about three months after the U.S. Department of Justice (DOJ) withdrew from intervening in the case in June, a move that a legal expert has said may make the whistleblowers’ task more difficult.

The whistleblower plaintiffs — Charlottesville residents Sara Stovall, Ian Dixon and Karl Quist — submitted an amended complaint on Sept. 23, to the U.S. District Court for the Western District of Virginia.

While the plaintiffs are retaining their previous attorney, Marty Bienstock, they’ve added Rick Mountcastle from Guttman Buschner and several attorneys from law firms Reese Marketos and Berger Montague to the roster.

Earlier this year, Reese Marketos and Berger Montague secured a $1.6 billion False Claims Act judgment against Janssen Products, a subsidiary of Johnson & Johnson, in a case involving allegations that Janssen engaged in unlawful practices for HIV medications.

“Ian, Karl and I are absolutely thrilled that our False Claims Act case is in the expert hands of the most successful, reputable law firms in the country,” said Stovall. “We are as confident as ever that the facts are on our side, that what we allege is true, and that Sentara owes a large amount of money back to the taxpayers.”

Dixon, Quist and Stovall’s complaint alleges that Sentara’s Optima Health insurance division (now part of Sentara Health Plans) significantly raised rates for 2018 and 2019 health insurance coverage in the Charlottesville region under the federal . At the time, Sentara was the only insurer offering health coverage on the exchange in the region.

Sentara, in court filings and public statements, has consistently denied all the plaintiffs’ allegations and has said the company was being a good corporate citizen that stepped up during a politically volatile time to prevent vulnerable Virginians from losing health insurance coverage.

“At a time when Virginians were at risk of losing access to ACA coverage, Sentara worked with government leaders to meet the needs of Virginians, quickly expanding coverage and supporting the health of our communities,” Sentara spokesperson Dale Gauding said in a statement. “The Department of Justice thoroughly reviewed the case and ultimately declined to intervene, reaffirming what we’ve said from the beginning: The facts and the evidence are on our side. It’s unfortunate that the [plaintiffs] in this case have misconstrued the facts in an effort to win financial gains.”

Sentara, he added, “will continue to vigorously defend against these meritless allegations while remaining fully focused on our not-for-profit mission: improving health and access to care across the commonwealth.”

The plaintiffs’ initial complaint, filed in 2020, sought more than $200 million in damages and civil penalties on behalf of the U.S. government from Sentara, Optima and Seattle-based independent actuarial and consulting firm Milliman, which certified Optima’s insurance rates.

However, the amended complaint no longer specifies $200 million in damages but alleges that the defendants engaged in practices that “caused hundreds of millions of dollars in damages to the United States” and asks the court for treble damages and applicable civil penalties in the maximum amount allowed by law.

“We’re not a big firm, but we’ve taken and had some great success on some [False Claims Act] cases,” said Adam Sanderson, one of the plaintiffs’ new attorneys from Reese Marketos.

Regarding the Sentara case, Sanderson said, “We feel great about the evidence that we have available to us, and we feel great about the evidence we’re going to be able to discover during the course of this case.”

attorney John P. Fishwick, a former U.S. attorney for the Western District of Virginia and oft-quoted legal commentator, said, “The plaintiffs have a strengthened legal team and I would expect them to move forward with alacrity. It does not help if DOJ withdraws from a case, but the plaintiffs have sent a signal they are committed to the case.”

While it’s too soon to predict what will happen, Fishwick said, “you can expect many legal motions by each side. A trial is a long way off.”

CSX replaces CEO amid investor pressure, names Steve Angel

Summary

  • replaces CEO after investor push for change
  • cited poor performance under Hinrichs’
  • , former Linde and Praxair CEO, takes helm at CSX
  • Major projects disrupting service recently completed, boosting outlook

 

CSX railroad announced Monday that it had replaced its CEO less than two months after an investment fund urged it to either find another railroad to merge with to better compete with the proposed transcontinental  railroad or fire outgoing CEO Joe Hinrichs.

The outgoing CEO, who came to the railroad in 2022 after a long career with Ford, focused on repairing CSX’s relationship with its workers and labor unions and unifying the team after a bitter contract fight. But Ancora Holdings, which helped spur major changes at , said CSX’s operating performance deteriorated significantly under Hinrichs’ leadership. Hinrichs resigned to clear the way for Steve Angel to become CEO effective Sunday.

Angel, 70, also comes from outside the rail industry although earlier in his career he oversaw GE’s locomotive building unit, so he does have that experience. CSX said he has 45 years experience leading large public companies, including most recently as CEO of Linde and Praxair.

“We are excited to welcome Steve as our new CEO. He is a visionary in creating long-term value and an expert in guiding companies through significant transformation,” the railroad’s board Chairman John Zillmer said.

CSX has been under pressure from Ancora and other investors since Union Pacific announced its $85 billion deal to acquire Norfolk Southern, which is CSX’s rival in the eastern United States. But both BNSF and CPKC railroads said they aren’t interested in a merger right now.

Ancora said CSX has delivered disappointing shareholder returns and poor financial performance during Hinrichs’ tenure. But over the past year, CSX was working on two major projects — repairs from Hurricane Helene and a major tunnel renovation in Baltimore — that disrupted the railroad. Both those projects were just completed this month, so CSX’s performance was expected to improve in the fourth quarter.

Angel promised to make improvements at the Jacksonville, Florida-based company, which is one of the six largest railroads in North America.

“My top priorities will be to ensure the safety of the railroad and our employees, deliver reliable service to our customers, and increase value for our shareholders,” Angel said in a statement.

Trump threatens 100% tariff on foreign-made films

Summary

  • Trump vows 100% tariff on overseas-made films
  • studios face uncertainty on enforcement
  • posted $15.3B surplus in 2023
  • Tariff could disrupt global production and raise costs for consumers

(Reuters) – said on Monday he would impose a 100% tariff on all films produced overseas that are then sent into the U.S., repeating a threat made in May that would upend Hollywood’s global business model.

The step signals Trump’s willingness to extend protectionist trade policies into cultural industries, raising uncertainty for studios that depend heavily on cross-border co-productions and international box-office revenue.

“Our movie making business has been stolen from the United States of America, by other Countries, just like stealing candy from a baby,” Trump said in a post on his Truth Social.

However, it was not immediately clear what authority Trump would use to impose a 100% tariff on foreign-made films.

The White House did not immediately respond to a Reuters request for comment on how the would be implemented.

Top U.S. studios Warner Bros Discovery, Paramount Skydance and Netflix also did not immediately respond to requests for comment. Comcast declined to comment.

“There is too much uncertainty, and this latest move raises more questions than answers,” said PP Foresight analyst Paolo Pescatore.

“For now, as things stand, costs are likely to increase, and this will inevitably be passed on to consumers,” he said.

The president had first floated the idea of a movie tariff in May but offered few details, leaving entertainment executives unsure whether it would apply to specific countries or all .

After the announcement in May, a coalition of American film unions and guilds sent a letter to Trump, urging him to support tax incentives for domestic film production in a reconciliation package being drafted in Congress, aiming to help return more movie and television projects to the U.S.

The U.S. film industry recorded a $15.3 billion trade surplus in 2023, backed by $22.6 billion in exports to international markets, according to the .

FROM AUSTRALIA TO CANADA

Studio executives told Reuters earlier this year that they were “flummoxed” by how a movie tariff might be enforced, given that modern films often use production, financing, post-production and visual effects spread across multiple countries.

Hollywood has increasingly relied on overseas production hubs such as Canada, the UK and Australia, where tax incentives have attracted big-budget shoots for films ranging from superhero blockbusters to streaming dramas.

At the same time, co-productions with foreign studios have become more common, particularly in Asia and Europe, where local partners provide financing, access to markets, and distribution networks.

Industry executives also warn that a broad tariff could affect the thousands of U.S. workers employed on overseas shoots, from visual effects artists to production crews, whose work is often coordinated across multiple countries.

(Reporting by Akash Sriram and Harshita Mary Varghese in Bengaluru; Editing by Sriraj Kalluvila and Shilpi Majumdar)

Trump administration says it will expand coal leasing, fund coal plant upgrades

Summary

  • 13.1M acres of federal land to open for
  • $625M to expand coal-fired power generation
  • Administration expects coal plants to delay closures
  • Analysts doubt long-term coal revival as gas, renewables grow

WASHINGTON (Reuters) -The will expand coal mine leasing on federal lands and provide hundreds of millions of dollars to support more coal-fired power generation, officials said on Monday.

The plan is part of a broader effort by the administration to reverse the decline of coal use in the U.S., a fossil fuel that has been hard hit by environmental regulation and competition from natural gas in recent years.

At a press conference in Washington, Interior Secretary Doug Burgum said his department would open 13.1 million acres (5.3 million hectares) of federal land for coal leasing. The Department of Energy, meanwhile, said it would provide $625 million in funds to expand power generation fueled by coal.

Coal-burning plants generated about 15% of U.S. electricity in 2024, a fall from 50% in 2000, according to the Energy Information Administration, as fracking and other drilling methods have hiked natural gas output. Solar and wind power growth has also cut coal use.

The coal workforce has declined to about 40,000 from 70,000 a decade ago.

had signed executive orders in April to increase coal output, in one of his many actions that run counter to global efforts to cut carbon emissions.

Burgum said in a statement that the effort to support coal will strengthen the U.S. economy and create jobs.

Chris Wright, the U.S. energy secretary, told Reuters last week he expects most of the nation’s to delay retirement to help deliver electricity needed to fuel artificial intelligence.

Last month, Wright extended his emergency order to keep a Michigan coal plant running, even though the plant’s operator had been planning to shut permanently for economic reasons.

Tom Pyle, president of the American Energy Alliance, predicted that 38 coal plants scheduled to close through 2028 would remain open, either on Trump orders or voluntarily.

Analysts, however, have been skeptical about a long-term U.S. boost in the use of coal as the economics have shifted in favor of less carbon-intensive fuel.

“Coal may see a temporary boost from regulatory relief, and some investors may profit in the short term,” Frank Holmes, CEO and chief investment officer of U.S. Global Investors, wrote after Trump’s orders. “But in the long run, I think the writing is on the wall.”

(Reporting by Timothy Gardner; Editing by Barbara Lewis, Marguerita Choy and Bill Berkrot)

Branch Group CEO plans 2026 retirement

This time last year, Bob Wills was promoted from chief financial officer to CEO of , an employee-owned firm headquartered in , following the retirement of Don Graul, who held the post for four years. However, in a press release distributed Thursday, the company announced Wills plans to step down sometime before the end of 2026.

A date for his retirement has not yet been set, according to Branch spokesperson Peg McGuire. Nor has a decision been made on whether Wills will serve on the company’s board following his retirement.

In Thursday’s announcement, Branch announced the promotion of Jason Hoyle to the newly created position of chief operating officer. Hoyle is expected to succeed Wills as Branch’s next CEO under the company’s succession plan, McGuire confirmed.

Jason Hoyle has been promoted to COO at the Branch Group. Photo courtesy the Branch Group
Jason Hoyle has been promoted to COO at the Branch Group. Photo courtesy Branch Group

Previously, Hoyle served as president for the company’s building and mechanical, electrical and plumbing (MEP) divisions. In his new role, he has assumed responsibility for all construction operations across Branch and will report directly to Wills. Unit leaders for the company’s civil, building and commercial MEP divisions will report to Hoyle.

“Jason embodies our values of collaboration, accountability, and ownership,” Wills said in the news release. “His experience leading multiple business units and his deep commitment to our employee-owners make him exceptionally well prepared for this companywide role.”

Wills joined Branch in 2017 as CFO. Previously, he was CFO at M+W Americas, a global engineering, procurement and construction firm. He told Branch employee-owners of the succession plan earlier this month.

Branch announced other changes Thursday. Colin Robinson has been promoted to executive vice president of Branch’s building division. Robinson, who joined the company two years ago, has more than two decades of experience in the building industry.

Berton Austin has been promoted to executive vice president of Hopkins | Lacy, Branch’s commercial MEP division. Austin has worked at the company for seven years and has more than two decades of experience in building and MEP.

“Colin and Austin have proven track records of leadership and innovation,” Hoyle said in the news release. “Their contributions will be vital as we align our operations and prepare for the next chapter of growth.”

Branch has total revenues of nearly $750 million and more than 1,300 employee-owners.

FAA restores Boeing’s self-certification for 737 Max, 787

Summary

  • lets resume issuing safety certificates for , 787
  • Oversight was imposed after two fatal crashes and quality issues
  • plans to buy 75 Dreamliners, eyes 150 more Max jets
  • FAA still capping 737 Max output at 38 per month amid safety scrutiny

Boeing is getting back the ability to perform final safety inspections on 737 Max jetliners and certify them for flight more than six years after crashes of the then-new model killed 346 , the Federal Aviation Administration said Friday.

The FAA said it decided to restore the aerospace company’s authorization to issue airworthiness certificates for Max and  passenger planes starting Monday following “a thorough review of Boeing’s ongoing production quality.”

Federal regulators took full control over 737 Max approvals in 2019, after the second of two crashes that were later blamed on a new software system Boeing developed for the aircraft. The FAA ended the company’s right to self-certify Dreamliners in 2022, citing ongoing production quality issues.

Going forward, Boeing and FAA inspectors will take weekly turns performing the safety checks that are required before aircraft are cleared for delivery and declared safe to fly. The FAA said the arrangement will free up more of its inspectors to conduct “rigorous” quality checks on the production line at Boeing plants.

The Associated Press sent emailed requests Friday to Boeing for comment.

The company’s stock price was up about 4% in afternoon trading, as the FAA announcement coincided with news about Boeing securing two more orders from foreign airlines.

Turkey’s flag carrier, Turkish Airlines, said Friday that it planned to buy 75 Dreamliners and wants to eventually buy up to 150 more 737 Max jets. Boeing said the Max purchase would be the largest single order for its best-selling aircraft, if the deal is finalized.

Norwegian Group, the aviation company that operates Shuttle and regional airline Widerøe, also placed an order for 30 Boeing 737 Max 8 planes, Boeing said Friday.

Since ‘s return to the White House this year, his administration has made Boeing a focus of its plans to revive . A number of international airlines have signed agreements with Boeing in recent months.

Some Boeing critics have questioned how meaningfully the company has reformed its culture and processes to ensure the passenger planes it produces are safe.

The FAA announced earlier this month that it was seeking $3.1 million in fines from Boeing over alleged safety violations between September 2023 and February 2024, including a blowout of a paneled-over exit door on a 737 Max during an Alaska Airlines flight.

After the January 2024 Alaska Airlines incident, the FAA capped Boeing’s production of Max jets to 38 per month. In practice, the production rate fell well below that ceiling last year as the company contended with investigations and a machinists’ strike that idled factories for almost eight weeks.

The company said in July that it reached the monthly cap in the second quarter and would eventually seek the FAA’s permission to increase production.

The FAA said in a Friday statement that if Boeing requests an increase, “onsite FAA safety inspectors will conduct extensive planning and reviews with Boeing to determine if they can safely produce more airplanes.”

Trump announces 30% tariff on upholstered furniture

HIGH POINT — President Trump announced a new  tariff on on Thursday, taking effect on Oct. 1.

At this time, it is unclear whether the new  will be in addition to previously announced tariffs. In addition to the upholstered furniture tariffs, Trump also announced new tariffs on branded drugs, heavy-duty trucks, kitchen cabinets and bathroom vanities.

In a social post, Trump wrote, “The reason for this is the large scale ‘FLOODING’ of these products into the United States by other outside countries. It is a very unfair practice, but we must protect, for national security and other reasons, our manufacturing process.”

Citing Furniture Today research, Reuters reported that “imports to the U.S. hit $25.5 billion in 2024, up 7% from the year before,” adding that “about 60% of those imports came from Vietnam and .”

Shares for some home furniture retailers, including Wayfair, Williams Sonoma and RH were lower late Thursday following the news, reports noted.