Federal Reserve Bank of Boston’s Susan Collins says it’s prudent to cut rates a bit more in 2025

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INTERNATIONAL

President Trump ushered in new tariffs on imported furniture, kitchen cabinets, and lumber on Tuesday, adding a fresh round of levies as he once again threatened to expand his trade war with China. Tariffs ranging from 10 percent to 50 percent on foreign wood products and furniture snapped into effect just after midnight. The tariffs are meant to encourage more domestic logging and furniture manufacturing. But critics say that the levies will raise prices for American consumers and could slow industries including homebuilding that rely on materials from abroad. The tariffs come in addition to import taxes Trump has already imposed on cars, steel, and other goods. And they take effect as Trump is engaging in a high stakes game of chicken with China, one of America’s biggest trading partners, which could end up derailing trade and slowing the US economy. On Friday, the president said he might add an additional levy of 100 percent to all products from China beginning Nov. 1. Beijing last week placed restrictions on its exports of rare earth minerals, which could be crippling for American and European makers of semiconductors, electric vehicles and other products. On Tuesday, Jamieson Greer, the US trade representative, said on CNBC on that US and Chinese officials had discussed the rare earths issue as recently as Monday, and that whether the United States chose to impose the tariffs on Chinese products would depend on Beijing’s next moves. “We can’t have a situation where the Chinese keep this regime in place where they want to have veto power of the world’s high tech supply chains,” Greer said. — NEW YORK TIMES

MEDIA

Fox News, the former employer of Defense Secretary Pete Hegseth, has joined a near-unanimous outpouring of news organizations rejecting new rules for journalists based in the Pentagon. Fox signed on to a statement with ABC, CBS, NBC, and CNN saying they would not agree to Hegseth’s new rules, saying “the policy is without precedent and threatens core journalistic protections.” So far, only the conservative One America News Network has said its reporters would follow the new regulations. Hegseth has said that outlets who don’t agree to the new rules by the end of Tuesday, which restrict reporting on news not specifically approved by his team, will be evicted from the Pentagon on Wednesday. The Associated Press says it will not agree to the rules. The Pentagon has said the rules establish “common sense media procedures” and want news outlets to sign a statement acknowledging them, even if they don’t agree with them. The news outlets have said that they are concerned, however, that their reporters will be subject to expulsion if they simply try to report news not approved by Hegseth. The New York Times, Washington Post, Reuters, NPR, and The Atlantic are among the other news outlets saying they won’t sign onto the new rules. Another conservative television network, Newsmax, has also rejected them. — ASSOCIATED PRESS

ARTIFICIAL INTELLIGENCE

OpenAI is partnering with Walmart to let shoppers make purchases directly within ChatGPT, furthering the artificial intelligence company’s push to turn its chatbot into a virtual merchant as it seeks to boost revenue. In an Tuesday announcement, Walmart said the new offering will give customers the option to “simply chat and buy.” That means the retailer’s products would be available through instant checkout in ChatGPT — allowing users to buy anything from meal ingredients or household items, to other goods they might be discussing with the chatbot. “For many years now, eCommerce shopping experiences have consisted of a search bar and a long list of item responses,” Walmart CEO Doug McMillon said in a prepared statement. “That is about to change.” Sam Altman, cofounder and CEO of OpenAI, added that the partnership would “make everyday purchases a little simpler.” The companies didn’t immediately specify when ChatGPT users would be able to start purchasing Walmart products within the platform. Tuesday’s announcement from Walmart just noted that the offering would be available “soon.” But the partnership marks OpenAI’s latest expansion into online commerce. The company has recently launched similar offerings for Shopify and Etsy sellers. — ASSOCIATED PRESS

ENERGY

Federal officials rejected a company’s bid to acquire 167 million tons of coal on public lands in Montana for less than a penny per ton, in what would have been the biggest US government coal sale in more than a decade. The failed sale underscores a continued low appetite for coal among utilities that are turning to cheaper natural gas and renewables such as wind and solar to generate electricity. Emissions from burning coal are a leading driver of climate change, which scientists say is raising sea levels and making weather more extreme. President Trump has made reviving the coal industry a centerpiece of his agenda to increase US energy production. But economists say Trump’s attempts to boost coal are unlikely to reverse its yearslong decline. The Department of Interior said in a Tuesday statement that last week’s $186,000 bid from the Navajo Transitional Energy Co. (NTEC) did not meet the requirements of the Mineral Leasing Act. Agency representatives did not provide further details, and it’s unclear if they will attempt to hold the sale again. — ASSOCIATED PRESS

AVIATION

Boeing Co. delivered 160 aircraft during the third quarter, the most since 2018 and an indicator the planemaker is rebounding from the turmoil that damaged its finances and reputation. The manufacturer handed over 55 jets in September, including 41 of its 737 family aircraft, while preparing to speed the production tempo for its moneymaker. Boeing also delivered seven of its 787 Dreamliner models, three 777 freighters, and four 767 planes. Boeing wants to gain US Federal Aviation Administration approval to boost output of the single-aisle models by 10 percent to a monthly pace of 42 jets — a key step toward building cash reserves. — BLOOMBERG NEWS