Business

U.S. Trade Representative Jamieson Greer discusses President Donald Trump’s decision to raise tariffs on South Korea and a trade agreement between India and the EU on ‘Kudlow.’ White House economic advisor Kevin Hassett on Wednesday called for the New York Federal Reserve to punish economists who published a research paper that found that the bulk of the burden of the Trump administration's tariffs are falling on U.S. businesses and consumers. "The paper is an embarrassment. It's, I think, the worst paper I've ever seen in the history of the Federal Reserve system," Hassett said in an interview on CNBC's "Squawk Box.""The people associated with this paper should presumably be disciplined, because what they've done is they've put out a conclusion which has created a lot of news that...

Tom Sacco, CEO, president and chief "happiness" officer at Happy Joe's Pizza says the brand is a "business enterprise" but states the "calling is so much more" for the communities they serve. (Fox News Digital / Olivia Palombo) For more than 50 years, Happy Joe’s Pizza has been serving up more than just their famed pizza and ice cream, it’s found something more important: a "safe haven" for children and families, according to the company’s Chief "Happiness" Officer, Tom Sacco. The brand, which is headquartered in Davenport, Iowa, began in 1972 and was founded by Joe Whitty. A "baker by trade," he ended up working for Shakey’s Pizza. "From what I understand, he went to Shakey’s and said, ‘Hey, I’ve got an opportunity with my background, I think I can really improve our pizza dough,’...

Fox 5's ‘Good Day New York’ co-host Rosanna Scotto joins ‘Varney & Co.’ to break down Mamdani’s proposed property tax hike and what it could mean for New York homeowners, renters and small businesses. A proposal to abolish property taxes in the state of Ohio could prompt a surge in other forms of taxation to offset the lost revenue if voters approve the measure, the state's governor warned. Gov. Mike DeWine, a Republican, spoke at a conference earlier this month and said that if the proposed constitutional amendment to ban property taxes reaches the ballot and is approved by voters, the state government may be forced to raise sales taxes to compensate for the impact on the state budget. The property tax initiative is in the signature-gathering phase, which will require certific...

Interior Secretary Doug Burgum commends President Donald Trump’s economic agenda on ‘The Evening Edit.’ Chrysler is recalling more than 80,000 Jeep Grand Cherokees in the U.S. after discovering that rear coil springs could detach while driving, creating a potential road hazard. The recall covers 2021–2023 Jeep Grand Cherokee and 2021–2023 Jeep Grand Cherokee L models. In total, 80,620 vehicles are affected, though regulators estimate about 0.5% may have the defect, according to a Jan. 29 notice from the National Highway Traffic Safety Administration (NHTSA)."A rear coil spring that detaches from the vehicle while driving may create a road hazard to operators and occupants of other vehicles," NHTSA said. "Road hazards to operators and occupants of other vehicles can cause vehicles t...

Retailers are looking to cut staff hours (Image: Getty)Industry bosses have warned that rising employment costs are pushing retailers to consider reducing staff hours and in some cases cutting jobs entirely. New research from the British Retail Consortium (BRC) shows that 61% of retail finance directors and CFOs (chief financial officers) plan to cut employee hours or overtime. Many are also exploring reductions in head office and shop-floor roles to manage increasing costs.Last year, employment costs for retailers rose by £5 billion due to higher employer National Insurance contributions and a rise in the National Living Wage, making the cost of a full-time, entry-level worker 10% higher, according to the BRC. Another National Living Wage increase of 4.1% is scheduled for April this ye...

Check out what's clicking on FoxBusiness.com. The grandson of the man who invented the Reese’s Peanut Butter Cup is publicly criticizing The Hershey Company, accusing the candy giant of quietly changing the recipe of certain products under the iconic brand. Brad Reese, grandson of founder H.B. Reese – whose company merged with Hershey in the 1960s – published an open letter on LinkedIn Saturday alleging that Hershey has replaced traditional ingredients like milk chocolate and peanut butter with lower-cost substitutes in parts of the Reese’s product line."My grandfather built Reese's on a simple, enduring architecture: milk chocolate + peanut butter," Brad Reese wrote. "But today, Reese's identity is being rewritten, not by storytellers, but by formulation decisions that replace mil...

A little-known rule to boost your tax-free Personal Allowance means you could be sent a cheque for £1,000 by HMRC.The Personal Allowance has been frozen since 2021 at £12,570. That’s the amount you can earn without paying any tax on it, and every £1 earned beyond that threshold is usually taxed at 20%, or 40% or 45% depending on how much beyond the threshold you go.And the threshold is set to be stuck in place for years longer, after the government announced it would extend the existing lock until 2031.That’s why earners need to use the fully legal tax allowances available to them to maximise their tax free earnings, as inflation pushes more and more people into paying more tax beyond the frozen threshold, a concept known as ‘fiscal drag’.One such allowance is the Marriage Tax Allowance...

The Lonski Group President John Lonski weighs in on the Federal Reserve’s next rate decision, President Donald Trump’s anticipated speech on the economy and the president’s call for a credit card interest rate cap on ‘Varney & Co.’ Federal Reserve policymakers were mostly in agreement on the decision to leave interest rates unchanged despite two calling for cuts, though several signaled that rate hikes could be on deck if inflation remains elevated. The minutes for the January meeting of the Federal Open Market Committee (FOMC), the Fed's monetary policy-setting panel, were released Wednesday and showed that some policymakers were in favor of including language signaling the possibility of future rate hikes to tame stubborn inflation in the announcement.The FOMC voted 10-2 to l...

Millions of motorists are being urged not to “panic” if they misplace one crucial item before heading out the door.The Driver and Vehicle Licensing Agency (DVLA) reminded drivers to double-check they have everything, including their driving licence, before setting off.And it adds: "Don’t panic, it’s quick and easy to order a replacement."The message comes amid ongoing efforts by the DVLA to push more motorists towards its online services, which allow drivers to replace lost, stolen or damaged licences in minutes.It costs £20 to replace your licenceDrivers who need a new card can apply online via Gov.uk. A replacement licence costs £20 and payment can be made by MasterCard, Visa, Electron or Delta debit or credit card.Motorists can replace either a full driving licence or a provisional d...

The Corcoran Group broker  Noble Black joins Varney & Co. to discuss homebuilder confidence, mortgage rates and Congress actions to address the housing crisis. Renters are expected to see some relief from rising prices this year, with the pace of rent growth expected to slow as the market stabilizes and a measure of affordability hits a four-year-high. An analysis by Zillow projects that multifamily rental prices are expected to remain relatively flat through the end of 2026, declining slightly by 0.2%. Single-family rents are expected to rise at an annual rate of 1.1% in December 2026, which the report says would represent a "sharp slowdown from the rapid increases of recent years" as higher vacancy rates and more newly-built apartments help keep rent growth subdued as renters...