President Donald Trump’s plan to implement tariffs on key United States trading partners could affect more than $100 billion worth of goods imported to Illinois from Canada, Mexico and China. The countries were Illinois’ top trading partners in 2023.

The White House confirmed the pause to the United States, which followed a similar move with Mexico that allows for a period of negotiations about drug smuggling and illegal immigration. There is a risk that the tariffs could still come into effect, leaving the global economy uncertain about whether a crisis has been averted or if a possible catastrophe could still be coming in the weeks ahead.

Since taking office in the White House last month, U.S. President Donald Trump has threatened to impose tariffs on EU imports and refused to rule out the use of military force to take control of Greenland, an autonomous territory of NATO ally Denmark.

The trade penalties that Trump signed Saturday at his Florida resort caused a mix of panic, anger and uncertainty, and threatened to rupture a decades-old partnership on trade in North America while further straining relations with China.

The average price per dozen nationwide hit $4.15 in December. That’s not quite as high as the $4.82 record set two years ago, but the Agriculture Department predicts prices are going to soar another 20% this year.

Party City’s “very best efforts have not been enough to overcome” its financial challenges, he added, resulting in the company’s collapse. The CEO said the company struggled to contend with inflation, which sent the company’s costs higher and dragged down consumer spending.

No state is immune from the negative effects of an economic downturn, but Illinois is more prepared today than it was for the Great Recession of 2007-2009 or the COVID-19 recession of 2020, according to a new report from the Illinois Economic Policy Institute and University of Illinois Urbana-Champaign’s Project for Middle Class Renewal.

President-elect Donald Trump’s proposed tariffs are set to take effect on his first day in office through executive order, and they’re already drawing concern from economists about global and local impacts.

Business owners, industry members and economists alike warn that large-scale deportations of undocumented immigrants, along with stricter border measures and the revoking of Biden-era protections, could have a seismic impact on the labor market and U.S. economy.

The rival positions get at a fundamental distinction between the two candidates on how to guide the world’s largest economy: Harris’ team is arguing that the rule of law creates the certainty that can make markets and workers thrive, while Trump is arguing that tariff increases and tax cuts are the keys for growth.

Consumer spending, which accounts for about 70% of U.S. economic activity, accelerated to a 3.7% annual pace last quarter, up from 2.8% in the April-June period. Exports also contributed to the third quarter’s growth, increasing at an 8.9% rate.

Between March 2021 and June 2024, Chicago spent more than $238.8 million on a host of programs including affordable housing, mental health, violence prevention, youth job programs and help for unhoused Chicagoans, according to the most recent reports filed with the U.S. Department of the Treasury as required by federal law.

Most mainstream economists say Trump’s policy proposals wouldn’t vanquish inflation. They’d make it worse. They warn that his plans to impose huge tariffs on imported goods, deport millions of migrant workers and demand a voice in the Federal Reserve’s interest rate policies would likely send prices surging.

The company said Tuesday that about 500 stores will close in the current fiscal year and should immediately support earnings and free cash flow. Walgreens didn’t say where the store closings would take place.

Consumer prices rose just 2.4% in September from a year earlier, down from 2.5% in August, and the smallest annual rise since February 2021. Measured from month to month, prices increased 0.2% from August to September, the Labor Department reported Thursday, the same as in the previous month.

The City Council’s Finance Committee unanimously endorsed the plan from R2 Co. and the Campari Group to transform the 14-story office building at 79 W. Monroe St. into an apartment building with 117 units, including 41 units set aside for low- and moderate-income Chicagoans.