AP Business SummaryBrief at 10:38 p.m. EDT

Make room Starbucks and McDonald’s. China’s Mixue and other brands win fans in Southeast Asia

HONG KONG (AP) — Chinese food and beverage brands are gaining fans across Southeast Asia, offering alternatives to big name American chains and expanding Beijing’s commercial and cultural sway in neighboring economies. The Chinese beverage giant Mixue Group has become the world’s largest F&B chain by number of outlets, overtaking Starbucks and McDonalds. The company, whose brand name Mixue Bingcheng means “Honey Snow Ice City,” in Chinese, is capitalizing on the region-wide sweet tooth with affordable offerings of ice cream and bubble tea. Other market stars include hotpot giant Haidilao, Fish With You sauerkraut fish restaurants, and well-known tea brands like Heytea and Chagee.

Wall Street rallies to its best day in months, but that’s not enough to salvage its losing week

NEW YORK (AP) — U.S. stocks rallied to their best day since November’s election, but that wasn’t enough to keep Wall Street from a fourth straight losing week. The S&P 500 rose 2.1% Friday, a day after closing more than 10% below its record for its first “correction” since 2023. The Dow Jones Industrial Average jumped 1.7%, and the Nasdaq composite climbed 2.6%. Ulta Beauty helped lead the market after the beauty products retailer reported stronger profit for its latest quarter than analysts expected. Worries have been rising that U.S. consumers may cut back on their spending because of uncertainty around tariffs.

Some student loan repayment plans have been suspended. Here’s what borrowers should know

NEW YORK (AP) — The Trump administration’s recent changes to student loans are causing frustration and confusion for some borrowers. In response to a February court ruling that blocked some Biden-era programs, the Education Department has taken down online and paper applications for income-driven repayment plans.  The removal of application materials also has caused confusion around the recertification process for borrowers already enrolled in repayment plans, experts say. Income-driven repayment plans take a borrower’s finances and family size into account when calculating monthly payments, but borrowers must periodically demonstrate they still qualify.

Whipsawed by Trump’s tariffs, the US public is getting a lot more nervous about the economy

WASHINGTON (AP) — President Donald Trump’s volatile tariff threats are unleashing historic jumps in public anxiety. This has the potential to undermine his pledges to strengthen a U.S. economy that is increasingly weakened. The University of Michigan’s index of consumer sentiment tumbled 10.5% on monthly basis in March and plunged 27.1% over the past year. The preliminary report released Friday shows that consumers’ expectations of annual inflation climbed to 3.9% from 3.5%, the largest monthly jump since 1993.

In Michigan, Vance says US manufacturing can rebound despite tariff jitters and falling markets

BAY CITY, Mich. (AP) — Vice President JD Vance has toured a Michigan plastics manufacturing facility while promoting a promised Trump administration industrial renaissance nationwide even as jitters about rising tariffs and steep drops in consumer confidence and financial markets point to the opposite. Vance was in Bay City, known in the 1800s for thriving sawmills and shipbuilding concerns that have long since closed. Speaking at Vantage Plastics, Vance vowed “a great American comeback” has started and said the Trump administration will “make it easier and more affordable” to manufacture things in the U.S. again. Vance also urged patience before the Trump White House’s economic policies take hold. About 50 protesters held signs criticizing the Republican administration.

Hit by storms and disease, Florida’s citrus growers try to survive until bug-free trees arrive

LAKE WALES, Fla. (AP) — Florida’s citrus growers are struggling to survive the one-two punch of hurricanes and disease. As production of the state’s signature crop has declined in recent years, many citrus farmers have sold their land rather than wait for the development of a genetically modified tree that could save their groves. The downturn in the citrus industry has been a boon for developers looking to build homes for the state’s rapidly expanding population. Florida has the third largest population of all U.S. states and last year the Sunshine State expanded by more than 450,000 people.

Allies preserve unity even as Trump’s tariffs and Canada taunts overshadow G7 meeting

LA MALBAIE, Quebec (AP) — Top diplomats from the Group of 7 industrialized democracies are jointly expressing support for Ukraine and a U.S. ceasefire proposal in the three-year-old war. That message came Friday in a group statement at the end of their talks, in a gathering overshadowed by President Donald Trump’s trade policies and his taunts toward the host country,  Canada. There had been concerns that the bloc’s once solid unity had been thrown into irreversible disarray by Trump’s whopping tariffs on steel and aluminum and threats for additional levies if there’s any retaliation. Although the trade war and Trump’s repeated comments about turning Canada into the 51st state distracted from the discussions, diplomats were able to rally around his Ukraine peace plan.

Trump has begun another trade war. Here’s a timeline of how we got here

NEW YORK (AP) — Long-threatened tariffs from U.S. President Donald Trump have plunged the country into a trade war abroad — all while on-again, off-again new levies continue to escalate uncertainty. Since taking office less than two months ago, Trump has rolled out hefty import taxes on goods coming from America’s three biggest trading partners — Mexico, Canada and China — and promises that more targets are on the horizon. Trump is no stranger to tariffs. He also launched a trade war during his first term in office, but has more sweeping plans now. Economists stress there could greater consequences on businesses and economies worldwide this time — and that higher prices will likely lead consumers to foot the bill.

Gold rises to new heights as anxiety grips markets. Here’s what you need to know

NEW YORK (AP) — Amid widespread economic turmoil, the price of gold has soared to another record high. Gold futures surpassed the $3,000 per troy ounce mark for the first time this week, per FactSet. And the cost of New York spot isn’t far behind — closing at about $2,988 Thursday. Interest in buying gold often comes at times of uncertainty, as some anxious investors look for alternative places to park their money. Gold’s latest heights arrive as U.S. President Donald Trump’s on-again, off-again tariffs continue to escalate a trade war and roil financial markets. If trends continue, analysts say gold’s price could continue to climb in the months ahead. But precious metals are also volatile assets — and so the future is never promised.

Trade war turmoil topples Canada’s main financial market from its all-time high

NEW YORK (AP) — Trade war turmoil is weighing heavily on financial markets in Canada. Canada’s main stock index has been tumbling along with U.S. indexes since President Donald Trump initiated a trade war with his North American neighbors. The Toronto Stock Exchange’s S&P/TSX composite index reached an all-time high on Jan. 30. It started sliding a day later following the first salvo in the form of announced 25% tariffs on all goods from Canada and Mexico. Mexico’s main stock index has remained relatively stable following measures from the Mexican government to stabilize financial markets.