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Category: Business

Perplexity’s TikTok offer may please Trump

Perplexity CEO Aravind Srinivas discusses why the company’s bid for TikTok is superior and the right fit for the U.S.

EXCLUSIVE: The CEO of AI startup Perplexity, Aravind Srinivas, confirmed his company’s bid for TikTok U.S. and said the deal checks all the boxes for investors and President Donald Trump, including an ownership stake for the U.S.

“We’re not trying to be disruptive to the existing shareholders, but we’re also trying to get what President Trump wants, which is about American control and also the government getting equity in the new entity. I think that we are offering both of that,” Srinivas told FOX Business in his first on-the-record comments since news of the deal leaked last month.

Deal offer details

Perplexity, an AI search engine startup, in January submitted a bid to TikTok parent ByteDance, which would combine the company with TikTok U.S., and if at some point an initial public offering were to happen, the U.S. would receive warrants that would be 50% of the combined company.

TRUMP RESTORES TIKTOK, GETS SWORN IN

After briefly going dark last month, Trump restored TikTok’s U.S. privileges for its 170 million domestic users and floated the terms Perplexity is now offering.

“I would like the United States to have a 50% ownership position in a joint venture,” Trump posted on Truth Social. “By doing this, we save TikTok, keep it in good hands and allow it to stay up. Without U.S. approval, there is no TikTok. With our approval, it is worth hundreds of billions of dollars – maybe trillions. Therefore, my initial thought is a joint venture between the current owners and/or new owners whereby the U.S. gets a 50% ownership in a joint venture set up between the U.S. and whichever purchase we so choose.”

The proposed company would be American run.

“The main thing we are solving for is clear U.S. board control. We want to make sure there is accountability. American persons, an American company, is able to hire and fire the CEO of TikTok and have accountability that no data is going to China,” said Dmitry Shevelenko, Perplexity’s chief business officer. He also noted that TikTok CEO Shou Zi Chew, who attended Trump’s inauguration, is “very capable.”

TikTok CEO Shou Zi Chew attends President Donald Trump’s inauguration at the U.S. Capitol on Jan. 20, 2025. (Shawn Thew/POOL/AFP via Getty Images)

FOX Business’ inquires to ByteDance and TikTok were not returned.

Search Synergies

Aside from the pro-U.S. proposed structure, Perplexity says there are many search synergies between the two, especially among next-generation users who are increasingly using TikTok for search and getting real-time videos of restaurants and other local spots.

(Jaque Silva/NurPhoto via Getty Images)

This new proposed company could also take on search behemoth Google, which has had a contentious relationship with Trump over censorship during the election. Google denied these allegations, as reported by The Hill last September. Sundar Pichai, the CEO of Google parent Alphabet, also attended Trump’s inauguration.

Google Rival

“It seems like they have unchecked power. We hope that through this sort of structure we can start to actually keep Google in check, too, because otherwise they could just do anything. They have YouTube, Google Search Monopoly. We hope to have, like, an interesting rivalry to Google through this process,” Srinivas said.

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Terms, financing and equity investors in a potential deal were not disclosed, but there is no shortage of interest.

“Big Silicon Valley billionaires, sovereign wealth funds from U.S. allied countries that want to be part of this new entity and are excited about it, including countries that are pledging big investments in the U.S.,” Shevelenko said.

TRUMP SUPPORTS LARRY ELLISON OR ELON MUSK AS TIKTOK BUYERS

TikTok’s other potential suitors could be many, including investor Kevin O’Leary, who is offering $20 billion. Additionally, Trump has said he’d be fine with Tesla’s Elon Musk and or Oracle’s Larry Ellison as potential buyers.

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February 3, 2025
China threatens Trump tariff ‘countermeasures’: ‘Fentanyl is America’s problem’

The ‘Kudlow’ panel debates President Donald Trump’s plan to seize control of the Panama Canal.

Beijing is threatening to retaliate against the United States as President Donald Trump’s 10% tariffs on China are expected to take effect Tuesday.

The White House announced on Saturday that the Trump administration is implementing a 25% additional tariff on imports from Canada and Mexico and a 10% additional tariff on imports from China, in a move intended to hold the three countries “accountable to their promises of halting illegal immigration and stopping poisonous fentanyl and other drugs from flowing into our country.”

Namely with Beijing, the White House said Chinese officials “have failed to take the actions necessary to stem the flow of precursor chemicals to known criminal cartels and shut down money laundering by transnational criminal organizations.”

A spokesperson for the Chinese Foreign Ministry said in a statement on Sunday that the 10% tariffs were being levied “under the pretext of the fentanyl issue.”

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President Donald Trump talks to reporters after signing an executive order in the Oval Office on Jan. 31, 2025, in Washington, DC. (Chip Somodevilla/Getty Images / Getty Images)

“China firmly deplores and opposes this move and will take necessary countermeasures to defend its legitimate rights and interests,” the Foreign Ministry said. “China’s position is firm and consistent. Trade and tariff wars have no winners.”

The spokesperson argued that the United States’ unilateral tariff hikes “severely violate” World Trade Organization rules and “cannot solve the U.S.’s problems at home and more importantly, does not benefit either side, still less the world.”

“China is one of the world’s toughest countries on counternarcotics both in terms of policy and its implementation. Fentanyl is an issue for the U.S.,” the Foreign Ministry claimed in its statement released in English.

Reuters reported the statement as having been translated to convey, “Fentanyl is America’s problem.”

“In the spirit of humanity and goodwill, China has given support to the U.S.’s response to this issue. At the U.S.’s request, China announced back in 2019 the decision to officially schedule fentanyl-related substances as a class. We are the first country in the world to do so,” the spokesperson went on, adding that China has “conducted counternarcotics cooperation with the U.S. side in a broad-based way” and that the “U.S. needs to view and solve its own fentanyl issue in an objective and rational way instead of threatening other countries with arbitrary tariff hikes.” Beijing argued that “additional tariffs are not constructive and bound to affect and harm the counternarcotics cooperation between the two sides in the future.”

Xi Jinping addresses the fourth plenary session of the 20th CPC Central Commission for Discipline Inspection CCDI on Jan. 6, 2025. (Li Xueren/Xinhua via Getty Images / Getty Images)

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“China calls on the U.S. to correct its wrongdoings, maintain the hard-won positive dynamics in the counternarcotics cooperation, and promote the steady, sound and sustainable development of China-U.S. relationship,” the spokesperson added.

A spokesperson for China’s Ministry of Public Security released a similar statement denouncing the 10% additional tariffs, arguing that the “the root cause of the fentanyl crisis in the United States lies in itself” and that “shifting blame onto other nations not only fails to resolve the issue but also erodes the foundation of trust and cooperation in the field of drug control between China and the United States,” according to the Chinese state-run Xinhua News Agency.

The Chinese Ministry of Commerce also said Trump’s decision “seriously violates” international trade rules and implored the U.S. to “engage in frank dialogue and strengthen cooperation,” according to Reuters.

Chinese Vice President Han Zheng, as Chinese President Xi Jinping’s special representative, meets with U.S. Vice President-elect J.D. Vance in Washington, D.C., the United States, Jan. 19, 2025. (Liu Weibing/Xinhua via Getty Images / Getty Images)

The United States has tracked some 70,000 people dying from fentanyl annually.

Trump has often lamented China’s large trade deficit with the U.S., which reached nearly $1 trillion last year.

February 3, 2025
Car insurance prices soared in 2024 — these states saw the largest spikes

Nevada ranked the second highest auto insurance rates in the country, according to Insurify.

Auto insurance rates have been soaring for years, and 2024 was no different.

Insurify reported this week that the price of car insurance premiums climbed 15% last year, with American drivers now shelling out an average of $2,313 annually for full coverage.

Auto insurance rates continue to soar across the U.S. (Sunny Tsai / Fox News)

Here’s where drivers paid the most for full coverage in 2024:

Maryland – $4,060, up 53%

Traffic on Interstate 95 (I-95) in Baltimore, Maryland, on Thursday, April 4, 2024. (Photographer: Nathan Howard/Bloomberg via Getty Images / Getty Images)

“Maryland’s auto insurance rates tend to be influenced by its large population centers, such as Baltimore, and its proximity to Washington, D.C.,” Insurify VP of Carrier Management and Operations Betsy Stella told FOX Business. “With urban areas often experiencing higher claim frequencies due to congestion and traffic-related incidents, insurers in the state adjust their rates accordingly to reflect the increased risk.”

WILL HURRICANES AND WILDFIRES CAUSE INSURANCE PRICES TO RISE NATIONWIDE?

New York – $3,804, up 53%

New York drivers saw their car insurance jump 53% last year, on average. (Gary Hershorn/Getty Images / Getty Images)

“New York has seen slower regulatory approval for rate increases, which has made it more challenging for insurers to keep pace with rising loss costs,” Stella explained. “As a result, the state’s rate adjustments are more heavily influenced by inflationary pressures that have impacted the insurance industry in recent years, rather than immediate changes in claims frequency.”

District of Columbia – $3,399, up 24%

Traffic on North Capitol street in Washington, DC. (Photo by Bill O’Leary/The Washington Post via Getty Images / Getty Images)

“Similar to Maryland, Washington, D.C.’s urban setting contributes to higher auto insurance rates due to the frequency of claims in densely populated areas,” said Stella. “Insurers must account for the increased risk of traffic-related accidents in this region, which leads to adjustments in premiums for local drivers.”

CALIFORNIA WILDFIRES: DOES YOUR CAR INSURANCE PROTECT YOU FROM FIRE DAMAGE?

South Carolina – $3,393, up 29%

Myrtle Beach, South Carolina (Photo by Sean Rayford/Getty Images / Getty Images)

Stella said that in South Carolina, the most significant factors driving auto insurance rate increases are inflationary pressures and rising repair costs.

“As the cost of parts and labor continues to climb, insurers must adjust their rates to maintain profitability while ensuring adequate coverage for policyholders,” she said.

Florida – $3,166, up 9%

Miami, Florida ( Joe Raedle/Getty Images) / Getty Images)

“Florida’s auto insurance market is affected by several factors, including a growing population and a higher frequency of severe claims,” Stella noted, adding that inflationary pressures, along with the increasing costs of repairs, have further pushed rates upward in the state.

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“Additionally,” she said, “the state’s vulnerability to weather events—such as hurricanes—also plays a role in the rising cost of auto insurance.”

February 3, 2025
Verizon clears $10M in debt for North Carolina residents impacted by Hurricane Helene

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Verizon is teaming up with ForgiveCo to clear $10 million in consumer debt for more than 6,500 North Carolinians impacted by Hurricane Helene.

The communications company said the debt relief campaign is aimed at assisting with the ongoing recovery following the September 2024 storm.

ForgiveCo’s “random acts of kindness” purchased the debts in the form of medical, financial and other debts of necessity in the affected areas without any applications required and notified the lucky recipients through surprise letters, emails and text messages.

HURRICANE HELENE DEVASTATION COULD COST UP TO $34B, MOODY’S SAYS

ForgiveCo CEO Craig Antico and his son, Erik. (ForgiveCo)

“Unpayable debt is a heavy burden that causes hardship for countless hardworking Americans,” said Craig Antico, ForgiveCo Founder and CEO. “Often triggered by sudden medical events or accidents, the impact of natural disasters can further destabilize families and limit opportunities for generations. Through this effort, Verizon will bring transformative change to the lives of North Carolinians in crisis, leaving a lasting mark on future generations.”

A news conference at Verizon’s South Asheville store announced that the debt had been forgiven and that no other action would be required by the recipients.

Workers, community members, and business owners clean up debris in the aftermath of Hurricane Helene in Marshall, North Carolina on Monday, Sept. 30, 2024. (Jabin Botsford/The Washington Post via Getty Images / Getty Images)

The random act of kindness was in addition to Verizon’s initial $400,000 donation to United Way of North Carolina following the storm.

“Verizon believes in the power of connection, not only through our technology but through the bonds we build with the communities we serve,” said Leigh Anne Lanier, president of Verizon’s Atlantic South Market. “To the 6,500 individuals impacted by this initiative and the broader Western North Carolina community, we are with you. We will always stand by you, not just as a business, but as a partner and a neighbor.”

NORTH CAROLINA LAWMAKER WARNS HURRICANE HELENE RECOVERY COULD TAKE ‘YEARS’

In this photo illustration Verizon Wireless logo seen displayed on a smartphone and in the background. (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images) (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images / Getty Images)

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Basketball Hall of Fame coach and Asheville native, Roy Williams, signed on to deliver the news to the impacted families.

“Verizon’s random acts of kindness will lift up thousands of North Carolinians that were left vulnerable to Hurricane Helene’s devastation. These are challenging times, but I’ve seen the strength and resilience of this community. Verizon’s support is a powerful reminder that no one is alone, and together, we’ll rise stronger. It’s a privilege to share this message of hope with the incredible people of North Carolina,” he said.

February 3, 2025
Wine spirit: States seek to end shipment bans as local winery customers navigate uneven policies

Winemaker Charles Smith discusses the decline in wine sales on ‘Varney & Co.’

Just in time for Valentine’s Day, states that currently prohibit shipping alcoholic beverages to family and friends are working to change one of America’s last remaining “blue laws.”

Delaware, Mississippi and Utah all prohibit direct shipment of wine, with several other states enforcing varying restrictions.

Utah is considered a “felony state” in terms of liquor transit, with one of the only loopholes being a one-quart allowance of brandy from a resident returning from abroad.

In Delaware, the local winery industry is being unduly burdened by similar laws.

“Delaware is one of three states in the country that still allows no direct shipment of alcohol,” said state Rep. Jeff Spiegelman, R-Townsend.

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“This would enhance small business. It would enhance an agricultural product, and it would allow consumers to get the products that they’re demanding. They are demanding the service. And we’re planning on giving it to them,” he said in a video statement.

Spiegelman pointed to Harvest Ridge Winery in Marydel, Del., which by its name denotes its location on the state line.

Maryland customers are able to ship their wine, but Delawareans can’t under the law.

The lawmaker said the misconception with prohibitions like the First State’s is that opening up the shipping market would let bulk amounts of liquor proverbially flow freely around the state via Amazon and other retailers.

But the 47 other state test-cases show that is not accurate.

State Rep. Mike Smith, the sponsor of the legislation, said he hopes to put it forward in session very soon – and is encouraged that the “changing of the guard” in Dover will give it a good chance of passing.

Delaware Gov. Matt Meyer did not respond to a request for comment, but did replace term-limited fellow Democrat John Carney. Additionally, the leadership of Delaware’s Democratic legislative majority changed with the new year.

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Wilmington, on the Christiana River, is Delaware’s largest city. (iStock / iStock)

“I think everybody’s coming at it from ‘This is the best deal we’re going to get. Let’s do it,’” said Smith, R-Hockessin.

New House Speaker Melissa Minor-Brown, D-New Castle, did not respond to a request for comment.

Smith’s district abuts Oxford, Pa., and the lawmaker said he sees many customers from the Keystone State able to ship Delaware wine to their homes without issue as well.

Pennsylvania has had its own stringent liquor laws for decades, since former GOP Gov. Gifford Pinchot set the stage for its state-store system in the early 20th century.

Only in 2016 did Harrisburg move to allow wineries to ship limited quantities of wine – so long as they obtain a license and pay excise taxes. All other liquor must be purchased from government-run Fine Wine & Good Spirits stores.

Supermarkets in the state also only recently found themselves allowed to sell beer.

During the coronavirus pandemic shutdown, a Naaman’s Corner, Del., booze superstore saw such a surge in Pennsylvanian customers locked out of their own shuttered state-run alcohol retailers – and slipping the few hundred yards across the state line – to the point that Delaware police began stopping out-of-state vehicles near the shopping center.

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Northbound traffic enters Delaware on the JFK Turnpike near Newark (Getty)

The disparity in booze-shipping and -purchasing laws – and movements to change them to mirror the rest of the country – are not unique to the northeast, as Mississippi lawmakers told Fox News Digital on Friday.

A spokesperson for the Tupelo State’s House Speaker Jason White, R-Kosciusko, said the chamber passed a bill in 2024 similar to Delaware’s planned legislation.

That effort died in the state Senate, but the spokesperson said the House plans to try again this session. The Mississippi plan would permit the direct shipment of wine – excluding liquor – and cap the amount of units per household. The state Senate reportedly has drafted a similar bill that gives proponents hope.

Meanwhile, Steve Gross, vice president of state relations for the Wine Institute, said the advocacy group is “very supportive” of efforts to pass “direct-to-consumer wine-shipping law[s]. . . .”

“We appreciate the work of these legislators to provide this choice to the citizens of Delaware.”

February 3, 2025
Iconic baby food brand discontinues teething product

Logan Ivey was awarded free food and baby clothing after sharing his mother’s Gerber Baby coupon. (Gerber Baby via TikTok)

An iconic baby food brand is discontinuing a teething product after a child was sent to the emergency room after using it.

Gerber announced the recall of its Soothe n Chew Teething Sticks on Jan. 31. In a press release published by parent company Nestlé USA, the brand said that the products posed “a potential choking hazard for babies and young children.”

“The recall was initiated after receiving consumer complaints of choking incidents,” Gerber said in the release. “To date, one emergency room visit has been reported.

The products were distributed in 45 states plus Puerto Rico, including: Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, Nebraska, New Hampshire, New Jersey, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Vermont, Washington, and Wisconsin.

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Gerber, a Nestlé brand, is recalling baby teething products over potential safety hazards. (Nestlé / FOXBusiness)

The states exempt from the distribution were Alaska, North Dakota, Wyoming, Louisiana and Wyoming. According to Gerber, the products “were distributed nationwide via the internet and to distribution centers and retail stores in the following states and territories.”

The teething products came in two flavors: strawberry apple and banana. The recall and discontinuation is only limited to those two flavors.

The release stressed that parents who purchased the chewing sticks “should not feed this product to their child, and can return the product to the retailer where it was purchased for a refund.”

FDA ESCALATES WALMART BROCCOLI RECALL TO HIGHEST THREAT LEVEL: RISK OF ‘DEATH’

Gerber baby food products are seen on a supermarket shelf in New York City. (Mario Tama/Getty Images / Getty Images)

“Anyone concerned about an injury or illness should contact a health care provider,” the statement noted. “For any additional support needed, Gerber is available 24/7 at 1-800-4-GERBER (1-800-443-7237).”

“We are working with the U.S. Food & Drug Administration (FDA) on this recall and will cooperate with them fully,” Gerber added. “We sincerely apologize for any concern or inconvenience this action represents to parents, caregivers and retail customers.”

It is rare for Gerber to recall products, but it has happened in the past. In 2023, Gerber baby formula that was recalled for potentially containing harmful bacteria was mistakenly shipped to dozens of retailers after the recall was initiated.

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FILE PHOTO: A Nestlé logo. (REUTERS/Denis Balibouse/File Photo / Reuters Photos)

In 2016, the brand also recalled four batches of baby food pouches after officials discovered the potential for spoilage during transport and handling.

FOX Business reached out to Nestlé for additional comment.

FOX Business’ Danielle Genovese contributed to this report.

February 2, 2025
FDA escalates Walmart broccoli recall

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A recall over Walmart-sold broccoli florets has been escalated to Class I, the highest threat level, as consumers are warned to discard the food products over potential contamination.

Braga Fresh has been recalling some packages of its ready-to-eat 12oz Marketside Broccoli Florets since Dec. 27. The FDA announced the recall on Dec. 31 and recently upgraded its classification.

Class I recalls, which are the most serious category of FDA food recalls, refer to “situation[s] in which there is a reasonable probability that the use of, or exposure to, a violative product will cause serious adverse health consequences or death.”

The recall only pertains to 12oz bags of Marketside Broccoli Florets sold at Walmart stores. The recalled products have a UPC code of “6 81131 32884 5” on the back of the bag, and a best-by date of Dec 10, 2024. The products also contain a a lot code of “BFFG327A6”.

POPULAR FROZEN MEAL SOLD AT ALDI RECALLED ACROSS 31 STATES FOR METAL CONTAMINATION: ‘DISCARD IT IMMEDIATELY’

Braga said sales of the broccoli florets occurred at Walmart stores in 20 states. (Food and Drug Administration)

“All potentially affected products are past their expiration date and no longer for sale,” the Braga Foods statement read. “This voluntary advisory does not apply to any other Marketside or Braga Fresh produced products.”

“This product is past its [best-by date] and is no longer in stores, but consumers may have frozen the item for later use,” the release added. “Consumers who have this product in their freezers should not consume and discard the product.”

According to the statement, the recall was initiated “due to possibility of contamination with Listeria monocytogenes.”

“The potential for contamination was discovered during random sampling by Texas Health & Human Services from a Texas store location where one of multiple samples yielded a positive test result,” the statement read.

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A sign for the Food And Drug Administration is seen outside of the headquarters on July 20, 2020, in White Oak, Maryland. (Sarah Silbiger/Getty Images / Getty Images)

The Walmart locations that received the potentially affected product are located in Alaska, Arkansas, Arizona, California, Colorado, Idaho, Illinois, Indiana, Kentucky, Louisiana, Michigan, Montana, Nevada, Ohio, Oklahoma, Oregon, Texas, Utah, Washington and Wyoming.

Though no illnesses have been reported in connection to the products, Listeria monocytogenes can lead to listeriosis, which is especially deadly to pregnant women, older adults and people with weakened immune systems.

“Although healthy individuals may suffer only short-term symptoms such as high fever, severe headache, stiffness, nausea, abdominal pain and diarrhea, Listeria monocytogenes infection can cause miscarriages and stillbirths among pregnant women,” the FDA said in a statement.

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A Walmart store in Secaucus, New Jersey, US, on Friday, Nov. 24, 2023. (Victor J. Blue/Bloomberg via Getty Images / Getty Images)

FOX Business reached out to Braga Foods and Walmart for comment.

FOX Business’ Aislinn Murphy contributed to this report.

February 2, 2025
Home affordability crisis taking a toll on America’s young adults

Cushman & Wakefield Chairman of Global Brokerage Bruce Mosler discusses President Donald Trumps impact on commercial real estate and how Americans are handling 7 percent mortgage rates.

The ability to buy a home has become increasingly difficult in the U.S. in recent years, and some experts are concerned about the long-term impact on young adults, who currently have a higher hill to climb to achieve the American dream than previous generations.

“Rising interest rates, inflated home prices, and stagnant wages are forcing many into a cycle of lifelong renting, where building equity feels increasingly out of reach,” said real estate investor Lori Greymont. “Without strategic shifts, we’re watching an entire generation get priced out of the American dream.”

It’s a lot more difficult to buy a home in the U.S. than is used to be. That has some experts concerned about America’s young adults. (Tammy Ljungblad/The Kansas City Star/Tribune News Service via Getty Images / Getty Images)

Dr. David Phelps, a financial expert and founder of the real estate investing community Freedom Founders, told FOX Business that while some people have claimed Gen Z is lazy and entitled when they complain about the cost of housing today, he does not believe that is accurate.

“Gen Z is correct—housing absolutely has become unaffordable for a significant portion of our population, especially that generation,” Phelps said. “Wages haven’t kept up with inflation or the rapidly rising home costs, and that’s before you even factor in rising interest rates and tightening underwriting guidelines.”

EXISTING HOME SALES FALL TO LOWEST LEVEL IN NEARLY 30 YEARS

Phelps said that based on the average salary in the U.S., a home buyer can afford a home that costs $110,928, which is a fraction of the median home price of $420,400 today.

“In other words, it’s not just a matter of making coffee at home and skipping the avocado toast,” he said. “The math doesn’t work for Gen Z.”

The Connor Group founder and managing partner discusses what needs to happen to unleash the housing market and the impact of regulations on rebuilding California following the wildfires.

Tom Spaeth, owner of Easal Properties, said that in the last 10 years, the supply of homes that young families on a median income can afford to buy has gone from 50% of the available homes to a mere 15% as home prices and mortgage interest rates have risen.

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He said that has happened “All while large institutional investors are purchasing a record number of homes, forcing young families into renting in lower quality neighborhoods, disrupting the education of their children, increasing the families financial stress and creating housing instability.”

Achieving the American dream has become increasingly difficult in recent years. (Photographer: David Ryder/Bloomberg via Getty Images / Getty Images)

Psychotherapist and author Jonathan Alpert says the housing affordability crisis isn’t just about economics—it also takes a serious psychological toll on young adults.

“Many Gen Zers are experiencing anxiety, frustration, and feelings of failure as they struggle to achieve what previous generations saw as a rite of passage,” Alpert said. “Owning a home has long been tied to stability and success, so when it feels out of reach, it can lead to self-doubt and a sense of being ‘stuck’ in life.”

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Alpert says he is hopeful that as economic conditions shift, opportunities will open up.

“In the meantime,” he told FOX Business. “Resilience, adaptability, and a change in narrative around this topic is crucial for navigating these challenges.”

February 2, 2025
Canada punches back against Trump with major tariffs of its own as trade war set to begin on Tuesday

Economist Steve Moore and former member of White House Council of Economic advisors Tomas Philipson discuss President Donald Trump’s tariffs on foreign countries on ‘The Bottom Line.’

OTTAWA – Canada is responding to President Donald Trump’s 25% tariffs imposed on Saturday against its northern neighbor with its own major retaliatory measures, Canadian Prime Minister Justin Trudeau announced late Saturday night.

As of Tuesday, when the U.S. tariffs take effect, Canada will impose 25% duties on about $21 billion of American goods with a further $86 billion to follow within 21 days to allow Canadian companies and supply chains to find alternatives, Trudeau told reporters at a news conference on Parliament Hill in Ottawa, surrounded by his foreign affairs, finance and public safety ministers.

He said the Canadian tariffs on U.S. imports will cover a “far-reaching” range of products, including American beer, wine, bourbon, fruits and fruit juices, vegetables, clothing, shoes, household appliances, furniture, sports equipment, lumber, plastics, “along with much, much more.”

In Trump’s executive order issued on Saturday, Canadian energy resources will face a lower 10% tariff.

TRUMP IMPOSES TARIFFS ON IMPORTS FROM CANADA, MEXICO AND CHINA: ‘NATIONAL EMERGENCY’

Prime Minister Justin Trudeau speaks during a press conference while responding to President Donald Trump’s orders to impose 25% tariffs on Canadian imports, in Ottawa, Feb. 1, 2025. (Reuters/Patrick Doyle)

Trudeau said several non-tariff measures are also on the table, such as exports on critical minerals, energy and government procurement, and added that “now is also the time to choose Canada,” such as buying Canadian-made products “and “opting for Canadian rye over Kentucky bourbon, or foregoing Florida orange juice all together.”

“The actions taken today by the Trump White House split us apart instead of bringing us together,” said Trudeau, who noted that he has not talked with Trump since his inauguration as president.

However, the president’s executive order cautioned that “should Canada retaliate” with its own import duties on U.S. exports, Trump “may increase or expand in scope the duties imposed” on Canadian exports.

In a fact sheet released by the White House on Saturday, the U.S. is implementing tariffs against Canada, Mexico and China to hold them accountable “to their promises of halting illegal immigration and stopping poisonous fentanyl and other drugs from flowing into our country.” This “extraordinary threat,” the White House said, “constitutes a national emergency under the International Emergency Economic Powers Act.”

However, Trudeau claimed that “less than 1% of fentanyl and less than one% illegal crossings into the United States come from Canada.”

During the 2024 fiscal year – from Oct. 1, 2023, to Sept. 30, 2024 – U.S. Customs and Border Protection reported that it seized just 43 pounds of fentanyl at the northern border with Canada compared to 21,100 pounds of the opioid seized at the southwestern border with Mexico.

Trump’s executive order acknowledged that “much less fentanyl [flowed] from Canada than from Mexico last year, but “the amount that crossed the northern border could kill 9.5 million Americans.”

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President Donald Trump and Canadian Prime Minister Justin Trudeau attend the NATO summit on Dec. 4, 2019, in Watford, England. (Dan Kitwood / Getty Images)

Last December, the Canadian government unveiled an $895 million plan to strengthen border security, including a strategy to “detecting and disrupting the fentanyl trade.”

Canadian conservative leaders joined Trudeau in calling for a swift and severe response to the tariffs.

In a statement released on Saturday, Official Opposition Conservative Leader Pierre Poilievre “condemn[ed] President Trump’s massive, unjust and unjustified tariffs” and said that Canada should “retaliate with dollar-for-dollar tariffs carefully aimed at maximizing impact on American companies while minimizing impact on Canadian consumers.”

“That means targeting U.S. products that we can make ourselves, buy elsewhere or do without,” said Poilievre, whose Conservatives are leading in public-opinion polls and are poised to form the next Canadian government in a general election expected as early as this spring.

Doug Ford is in his own election campaign to keep his Progressive Conservatives in power in Canada’s most populous province, Ontario, and has made the fight against the Trump tariffs a central theme.

“President Trump has chosen to move forward with tariffs that will only hurt America and make Americans poorer. Canada now has no choice but to hit back and hit back hard,” said Ontario’s premier in an X post on Saturday.

The Canadian government needs to “pursue every legal route to challenge these unfair, unjustified and illegal tariffs,” said Ford. “The coming days and weeks will be incredibly difficult.”

CANADA READY FOR TRUMP TARIFF FIGHT AS COUNTRY’S LEADERS THREATEN RETALIATION: ‘DOLLAR-FOR-DOLLAR’

Vehicles cross the Blue Water Bridge over the St. Claire River to Port Huron, Michigan from Sarnia, Canada, on March 18, 2020. (Jeff Kowalsky/AFP via / Getty Images)

David Eby, premier of British Columbia, announced on Saturday that he directed B.C.’s liquor distribution agency to stop buying liquor from red Republican states and “remove the top-selling ‘red-state’ brands from the shelves of public liquor stores.”

Reaction to the Trump tariffs extended beyond politicians.

Hockey fans at the Ottawa Senators’ home game against the Minnesota Wild Saturday night booed the singing of “The Star-Spangled Banner” to express their displeasure.

Charlie Angus, a member of Parliament who represents a northern Ontario district – larger in geographic size than the United Kingdom – in the House of Commons for the progressive New Democratic Party, told FOX Business that the Trudeau Liberal government can expect from Canadians to have “pretty strong backing to go the whole distance” in countering the Trump tariffs.

“People are seriously p—ed,” said Angus, co-founder of Pledge for Canada, a nonpartisan group of leaders from politics, labor and the arts strongly opposed to “threats of economic coercion” and “serious risks” to Canadian sovereignty in response to the U.S. tariffs and the president’s musings about annexing Canada

“He’s actually unifying us across a whole whack of different groups that would normally be fighting among ourselves,” he said.

“We’re dealing with not only the threat of tariffs but vicious insults against our right to even exist as a nation. This is not anything we’ve ever seen before.”

Angus said the U.S. duties against Canada will have a “brutally devastating impact” on both sides of the border.

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A view of Toronto skyline from Riverdale Park during sunset in Ontario, Canada, on March 28, 2024. (Mert Alper Dervis/Anadolu via / Getty Images)

During the first three quarters of 2024, $683 billion in goods and services crossed the Canada-U.S. border, according to a recent report from TD Economics.

In an analysis released last November on Trump’s 25% tariff threat against Canada, the Canadian Chamber of Commerce said the economic fallout would result in the shrinking of the U.S. gross domestic product (GDP) by 1.6%, or about $467 billion, and a reduction in Canada’s GDP by 2.6%, or about $54 billion.

February 2, 2025
XX-XY Athletics looks to redefine mainstream in 2025, eyeing women’s sports star signings and hit viral ads

XX-XY Athletics founder Jennifer Sey weighs in on the company’s ‘Save Girls Sports’ shirt being labeled as ‘transphobic.’

The startup sportswear brand XX-XY Athletics, founded by former U.S. gymnast and Levi’s executive Jennifer Sey, crossed seven figures in profit in its first 10 months in 2024, she told FOX Business in an exclusive interview.

Sey isn’t trying to compete with Nike for sportswear supremacy by any means. She recognizes the difference in resources between her company and the industry juggernauts. She’s simply taking up all the real estate that those companies have refused to compete for – activist apparel for women athletes opposed to trans inclusion in their sports and locker rooms.

Election year 2024 saw that issue ignite a sprawling counterculture movement. Former college swimmer Riley Gaines, considered one of the pioneers of the movement with her lawsuit against the NCAA over having to face Lia Thomas in the 2022 NCAA championships, was Sey’s first brand ambassador.

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Former Levi Strauss & Co. Brand President Jennifer Sey discusses Australia’s new ‘right to disconnect’ law and reacts to transgender golfer Hailey Davidson competing on the women’s tour on ‘Varney & Co.’

Since then, the company has launched an NIL program. That roster added prominent Mountain West volleyball players Brooke Slusser and Sia Liilii, and Gaines’ younger sister Neely Gaines, a gymnast at the University of Kentucky.

But Sey is honest about what her brand, and cause as a whole, is missing so far.

“There isn’t a top-tier competitive female athlete or coach that has stood up for the protection of women’s sports,” Sey said. She added that women’s tennis legend Martina Navratilova is one example of a star who has, but isn’t actively competing.

“We don’t have any currently-competing top-tier athletes who have spoken out. I think that’s an illustration of how far we have to go. It should be normal for them to stand up and say ‘I will fight for the protection of women’s sports,’ and yet they haven’t, because I think a lot of them are afraid of being called terrible names.”

Former Levi Strauss & Co. Brand President Jennifer Sey discusses holiday spending numbers and debt and reacts to Olympic boxer Imane Khelif being named as a contender for the AP female athlete award.

For Sey, all of the women athletes who have signed with her brand so far had no reservations about taking on the backlash that might come with it. And that’s because each of them had already been aligned with the cause of protecting women’s sports before signing.

But she thinks that can change in 2025 and beyond, and is aiming to do that. She already has her pitch for them.

“I would say, ‘You have enjoyed tremendous success as a female athlete, tremendous opportunity. Don’t you want to ensure that girls and young women in future generations have that same opportunity? It is impossible if we don’t keep women’s sports female.’”

But Sey also knows there are financial barriers to this.

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Former Levi Strauss & Co. Brand President Jennifer Sey says women are silenced when they speak out about the trans athlete issue on ‘Varney & Co.’

“I’m not going to pretend I can offer what Nike offers or even what a Vuori offers [financially],” Sey said about pitching potential brand ambassadors who are on the fence about joining her cause. “But I take great solace and courage myself in knowing I’m standing up and doing the right thing, and you will grow with us, and you will know that you stood and did the right thing and protect women’s sports for future generations, and you will have financial opportunity that comes with our growth.”

“But I’m not going to sit there and pretend I can compete with Nike as far as what I’m going to pay them, we’re 10 months old… but we will grow.”

Sey says she is keeping a close eye on some potential star athletes who she knows are “secretly on her side.”

“We know there are women secretly on our side who haven’t been brave enough yet,” Sey said. “We’re waiting patiently for their courage and to do the right thing.”

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For Sey, a step toward attracting that talent was taken on Sunday, when the company launched its latest video advertisement. The “Real Girls Rock” ad portrays the brand’s ambassadors, who have stood up for women’s sports, facing vulgar hate comments and witnessing liberal media outlets berate them as “transphobic.”

It tackles the mainstream’s taboo around the brand head on, and uses it as a powerful marketing prop. The ads are set to run on the respective podcasts hosted by Michele Tafoya, Megyn Kelly and Riley Gaines. The goal is to get the ad to go viral.

“With virility comes increased business, as we reach out to more people and bring new people into the fold and into the brand, that helps us grow our business.”

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February 2, 2025