AP Business SummaryBrief at 12:03 a.m. EDT

Trump administration kicks off new process to try to replace tariffs struck down by Supreme Court

WASHINGTON (AP) — The Trump administration is opening a new trade investigation into manufacturing in foreign countries. It’s an effort that comes after the Supreme Court struck down President Donald Trump’s previous use of tariffs. Trump and his team have made clear that they’re seeking to replace the hundreds of billions of dollars in lost revenues by using different laws to establish new tariffs. The administration is starting investigations under Section 301 of the Trade Act of 1974 to try to charge new import taxes. But U.S. Trade Representative Jamieson Greer told reporters that he didn’t want to prejudge the outcome of the process, even though he said that “the policy remains the same.”

Trump visa changes squeeze rural schools relying on international teachers

Rural school districts say the Trump administration’s visa changes are jeopardizing a key source of teachers. Many schools hired foreign teachers when they couldn't attract American instructors to remote locations. But visas have become harder to come by under the Trump administration's immigration crackdown. Schools are looking for other ways to fill the gaps. When schools can't hire local replacements for international educators, some are planning to rely more on online instruction. Instructors join a class live and teach via video chat. Elsewhere, school leaders say they may hire uncertified teachers, combine classes or drop course offerings.

Wealthy nations pledge record release of emergency oil reserves in a bid to calm surging prices

PARIS (AP) — The International Energy Agency has agreed to release the largest volume of emergency oil reserves in its history, in a bid to counter the effects on energy markets of the war in the Middle East. The Paris-based organization said Wednesday that it will make 400 million barrels of oil available from its members’ emergency reserves. It’s a larger stock than the 182.7 million barrels that were released in 2022 by the IEA’s 32 member countries in response to Russia’s full-scale invasion of Ukraine. During a videoconference of the Group of Seven leaders Wednesday, French President Emmanuel Macron praised the emergency release, saying it amounts to the equivalent of 20 days of the volume normally exported through the Strait of Hormuz.

Oil shock from Iran war prompts countries to open strategic reserves

NEW YORK (AP) — A widening war in Iran has halted oil tankers, made targets of refineries and spooked investors worried about the cascading impact of spiking energy prices. In response, the International Energy Agency agreed on Wednesday to release the largest volume of emergency oil reserves in its history, with the Paris-based organization pledging to make 400 million barrels of oil available from its member nations’ stockpiles. The announcement marked a shift in momentum in government response to the war upending the flow of oil, with other global leaders previously indicating reluctance to tap into stockpiles.

Brent crude oil tops $100 a barrel as Iran attacks on shipping worsen supply concerns

BANGKOK (AP) — The price of a barrel of Brent crude oil, the international standard, has topped $100 a barrel again just days after it spiked near $120. Oil prices shot more than 9% higher early Thursday as supply concerns worsened with Iranian attacks on commercial shipping around the Strait of Hormuz. U.S. benchmark crude jumped to about $95 a barrel. Markets in Asia fell back as investors absorbed the latest news suggesting the war in the Middle East is far from over. U.S. futures lost more than 1% and the dollar climbed to 159 Japanese yen while the euro fell to $1.1538.

Inflation held steady last month, but that was before the attack on Iran sent energy costs soaring

KANSAS CITY (AP) — Inflation stayed stubbornly elevated last month as gas prices rose in a snapshot of what consumer prices looked like before the U.S.-Israeli attack on Iran sent energy costs soaring. Wednesday’s data has been overtaken by the conflict that began when the U.S. and Israel attacked Iran on Feb. 28, which has caused wild gyrations in oil prices as shipping lanes through the Persian Gulf have suffered a rare shutdown. Gas prices have already jumped and are expected to push inflation much higher when inflation data for this month is released in early April.

Iran war has blocked the Strait of Hormuz, a vital oil choke point. Reopening it is a big challenge

PARIS (AP) — Governments are working on plans to unblock the Strait of Hormuz, a vital oil choke point. The Iran war has effectively closed the waterway and pushed up gasoline prices. French President Emmanuel Macron is leading an international effort to reopen the waterway “when circumstances permit.” Retired naval officers say that using warships to escort tankers would make no sense during active combat. They say ships have little room in the waterway to evade attacks. Navies have recent escort experience in the Red Sea against Houthi drones and missiles. Experts say Hormuz poses far higher risks. Iran has missiles, drones, fast boats and naval mines. Insurers also drive decisions. Premiums for ships wanting to use the strait have surged.

A civil rights lawyer will lead the billionaire eBay founder's philanthropy for more inclusive AI

NEW YORK (AP) — There’s a new leader at billionaire eBay founder Pierre Omidyar’s philanthropic firm. The Omidyar Network is announcing that its current president, Michele Jawando, will take over next month as CEO. The left-leaning organization's mission is to expand access to the digital revolution's economic opportunities. It does so with a hybrid funding model of both charitable grantmaking and for-profit impact investments. The move places Jawando, a civil rights lawyer and former Google executive, at the helm of one of the best-financed technology groups behind efforts to loosen Silicon Valley's grip on AI's development. Jawando says she wants people to “feel agency and power in this moment."

Some states are reviving a push to tax the rich

PROVIDENCE, R.I. (AP) — Advocates across the U.S. are hoping a growing unhappiness of wage and wealth inequalities that have increased coming out of the COVID-19 pandemic will help more states adopt policies involve the rich paying more in taxes. Chuck Collins, who inherited generational wealth by being the great-grandson of Oscar Mayer, has spent decades arguing that people like him should face higher taxes as wage and wealth inequality worsens. Perhaps nowhere is the tax the rich movement more ambitious than the one taking place in California. Advocates are working to get voters to approve a ballot initiative that would place a one-time 5% tax on those with a $1 billionaire net worth.

Cambodia aims to shut down all online scam centers by the end of April

PHNOM PENH, Cambodia (AP) — Cambodia says it is close to shutting down the country’s online scam centers after a long-running crackdown. A senior minister on Wednesday told The Associated Press the government has targeted 250 suspected sites since July last year and officers have already closed about 200 of them. He adds police will keep working after April to stop the centers from coming back. Experts say scams based in Southeast Asia net tens of billions of dollars each year. Officials also link the industry to human trafficking. Cambodian police say they have filed legal cases against almost 700 ringleaders and their associates and repatriated almost 10,000 foreign scam workers.