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In a significant win for student loan borrowers, the Trump administration has agreed to a court-supervised plan that will speed up debt cancellation under income-driven repayment programs and protect borrowers from unexpected tax bills next year.
The administration and the American Federation of Teachers (AFT) reached the agreement Friday in the AFT v. U.S. Department of Education case, resolving months of legal tension over the government's obligation to cancel student debt for borrowers who have made decades of payments under federal law.
The AFT said in a statement that the deal - now awaiting court approval - requires the Education Department to follow through on debt forgiveness for eligible borrowers in 2025 and ensures they won't face a surprise tax hit because of bureaucratic delays.
"For nearly a decade, the AFT has fought for the rights of student loan borrowers to be freed from the shackles of unjust debt-and today, a huge part of that affordability fight was vindicated," AFT President Randi Weingarten said. "This year, we took on the Trump administration when it refused to follow the law and denied borrowers the relief they were owed.
STUDENT LOAN DELINQUENCY RATES HIGHEST IN 21 YEARS AS COVID MORATORIUM FADES AWAY
"Our agreement means that those borrowers stuck in limbo can either get immediate relief or finally see a light at the end of the tunnel. And, crucially, they won't ever get taxed on that relief," Weingarten continued. "The AFT will hold the federal government to its word, and we won't stop fighting until college is affordable and taking out a student loan doesn't trap millions of Americans in a ruinous and exploitative debt cycle."
According to the filing, the administration must cancel student debt for all eligible borrowers enrolled in income-driven repayment, income-contingent repayment, Pay As You Earn, and Public Service Loan Forgiveness (PSLF) programs. Borrowers who make payments after becoming eligible for cancellation will be reimbursed.
The Education Department must also process IDR and PSLF "buyback" applications, including those from borrowers no longer required to prove financial hardship. Borrowers whose loans are canceled on or before Dec. 31, 2025, will not receive IRS forms treating the forgiven balances as taxable income.
TRUMP ADMIN RESUMING INTEREST CHARGES FOR NEARLY 8M STUDENT LOAN BORROWERS AFTER BIDEN'S LIMBO
Additionally, the administration must file six monthly progress reports with the court to show the pace of application processing and loan discharges, the AFT said.
The union said the deal also tackles what it called a looming "tax bomb" stemming from a 2026 change in federal tax law that will treat canceled debt as income. Without this agreement, borrowers whose loans should be wiped out in 2025 could have been penalized simply because of government slowdowns.
"This is a tremendous win for borrowers," Winston Berkman-Breen, the legal director for Protect Borrowers, said. "With today's filing, borrowers can rest a little easier knowing that they won't be unjustly hit with a tax bill once their student loans are finally canceled, pursuant to federal law.
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"The U.S. Department of Education has agreed to follow the law and deliver congressionally mandated affordable payments and debt relief to hard-working public service workers across the country, and will do so under court supervision," Berkman-Breen added. "We fully intend to hold them to their word."
FOX Business has reached out to the White House for comment.
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The AFT and several individual borrowers filed the lawsuit in March 2025 after the administration removed IDR enrollment applications from federal websites and quietly instructed loan servicers to stop processing them. The government later resumed accepting and handling applications but had not publicly committed to canceling debt until now.
The joint status report filed Friday is awaiting court approval.

via: https://www.foxbusiness.com/politics/trump-administration-agrees-speed-up-student-loan-forgiveness-under-new-court-dea

President Donald Trump and Australian Prime Minister Anthony Albanese on Monday signed an agreement on rare earths and critical minerals as the two allies look to stabilize global supplies amid China's efforts to clamp down on its control over the market.
Trump and Albanese met at the White House for their first summit and Trump said the deal was negotiated over the past four or five months ahead of the announcement. Albanese said it's an $8.5 billion pipeline "that we have ready to go."
Reuters reported that, according to a copy of the agreement provided by the prime minister's office, the two countries agreed to each invest $1 billion over the next six months into mining and processing projects, as well as set a minimum price floor for critical minerals.
"In about a year from now, we'll have so much critical mineral and rare earths that you won't know what to do with them," Trump told reporters at the event.
MAJOR US STEELMAKER PIVOTS TO RARE EARTH MINERALS AS CHINA TIGHTENS GRIP
As part of the agreement, Trump and Albanese agreed to cut permitting for mines, processing facilities and related operations to boost production of rare earths and critical minerals.
The deal also calls for cooperation between the U.S. and Australia on mapping geological resources, mineral recycling and efforts to stop the sale of critical mineral assets on national security grounds.
Australia is open to selling shares of its planned strategic reserve of critical minerals to allies including Britain, according to a Reuters report from last month. The move comes as Western governments are looking to reduce their reliance on China for rare earths and critical minerals.
TRUMP APPROVES ALASKA PROJECT FOR MINING CRITICAL MINERALS: WHAT IS THE ECONOMIC IMPORTANCE?
The U.S. condemned China's recent move to implement export controls restricting sales of rare earths as a threat to global supply chains.
China is the world's largest producer of critical materials, which are used in products ranging from smartphones to EV engines and military radars.
The U.S. Geological Survey (USGS) reported in January that China's mines produced 270,000 tons of rare earths in 2024 and the country has 44 million tons of reserves.
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By comparison, the U.S. produced 45,000 tons and had 1.9 million tons of reserves last year, while Australia produced 13,000 tons and had 5.7 million tons of reserves.
Reuters contributed to this report.

via: https://www.foxbusiness.com/economy/trump-australian-pm-sign-8-5b-critical-minerals-deal-counter-china-dominance-rare-earth

A major U.S. steelmaker is looking to help kickstart domestic production of rare earth minerals amid China's move to block access amid its trade dispute with the Trump administration.
Cleveland-Cliffs, a steelmaker headquartered in Ohio, announced the rare earths plan on the company's quarterly earnings call on Monday.
"Beyond steelmaking, the renewed importance of rare earths has driven us to re-focus on this potential opportunity at our upstream mining assets," said Cleveland-Cliffs' CEO Lourenco Goncalves on the earnings call. "It is our obligation to do so as a company with our geological footprint."
"We have looked at all of our ore bodies and tailings basins, and two sites in particular, one in Michigan and one in Minnesota, show the most potential. At these two sites, geological surveys show key indicators of rare earth mineralization," he said.
TRUMP ADMIN SLAMS CHINA'S 'GLOBAL POWER GRAB' ON RARE EARTHS, THREATENS TRIPLE-DIGIT TARIFFS
Goncalves said that the move aligns Cleveland-Cliffs with the Trump administration's efforts to increase domestic production of rare earths and diversify sourcing of those key metals - which are used in everything from computers to smartphones to cruise missiles.
"If successful, it would align Cleveland-Cliffs with the broader national strategy for critical material independence, similar to what we achieved in steel," Goncalves said. 
"American manufacturing shouldn't rely on China or any foreign nation for essential minerals, and Cliffs intends to be part of the solution," he added.
TRUMP THREATENS 'MASSIVE' TARIFF INCREASE ON CHINA AMID DISPUTE OVER RARE EARTH MINERALS
Administration officials said last week that President Donald Trump is prepared to meet with Chinese President Xi Jinping later this month to address trade issues, including rare earths.
Treasury Secretary Scott Bessent said at a press conference that the U.S. doesn't want to escalate a trade conflict with China and said that Trump is prepared to meet with Xi in South Korea later this month.
U.S. Trade Representative Jamieson Greer told FOX Business' Edward Lawrence that there is room for a positive economic relationship between the U.S. and China if they can make trade more balanced.
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"To paraphrase the secretary in one of our recent meetings with the Chinese, this is the last time we want to be talking about rare earths with the Chinese," Greer said. "Unfortunately, that is not the last time they want to be talking about it." 
"The reality is, there are a lot of areas where we can trade with the Chinese," he continued. "Our trade is wildly imbalanced. So it needs to be more balanced. And there is a lot of, as the secretary said, areas of risk."
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Earlier this month, Trump threatened to impose "massive" tariffs on China after the Chinese government began telling countries around the world that they intend to implement export controls on rare earths, which he said would hold the world "captive" through what he deemed a "sinister and hostile move."
The president said that following China's move there seemed to be "no reason" to meet with Xi due to the rare earth dispute.

via: https://www.foxbusiness.com/economy/major-us-steelmaker-pivots-rare-earth-minerals-china-tightens-gri

An aluminum shortage is forcing a Michigan factory that produces certain Jeep vehicles, including its flagship luxury SUV, to temporarily halt production for several weeks. 
A United Auto Workers (UAW) source told FOX Business that a shift at the Warren Truck Assembly plant in Michigan is on temporary layoff due to an aluminum supply chain issue. The halt in production is impacting the production of Jeep's Wagoneer and Grand Wagoneer, the source said. 
The UAW is a labor union representing the Big Three automakers - General Motors, Ford, and Stellantis, the parent company of Jeep.
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Stellantis told FOX Business that due to a parts shortage, the plant was paused beginning the week of Oct. 13 and will be idled for three weeks. Production is expected to resume on Nov. 3. 
This comes on the heels of Ford temporarily cutting production on certain vehicles at its Kentucky truck plant. Ford halted production of its three-row SUVs, the Expedition and Lincoln Navigator, at its Kentucky Truck Plant for the same reason: an aluminum supply shortage. That's according to a memo from the United Auto Workers that was obtained by The Wall Street Journal.
FORD TEMPORARILY CUTS PRODUCTION AT KENTUCKY TRUCK PLANT AFTER FIRE ERUPTS AT SUPPLIER
Both production issues came in the wake of a fire that broke out at a Novelis plant in Oswego, New York. Novelis, a key supplier of automotive-grade aluminum, suspended production in September following a fire that broke out in the plant. The company previously told FOX Business that it won't be back in operation until the first quarter of fiscal 2026 as it works to restore the Oswego facility's hot mill. 
The fire started around 10 a.m. on Sept. 16, and only impacted one area of the plant, according to a Novelis spokesperson. Still, it will remain offline for several months, impacting the production of aluminum sheet used by U.S. automakers, including Ford. The plant supplies roughly 40% of the aluminum sheet used by the industry, according to reports. 
FORD TO MOVE WORLD HEADQUARTERS FOR FIRST TIME IN NEARLY 70 YEARS
Ford previously told FOX Business that it has been working closely with Novelis, one of several of its aluminum suppliers, to address the situation. 
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"A full team is dedicated to addressing the situation and exploring all possible alternatives to minimize any potential disruptions," the automaker said.

via: https://www.foxbusiness.com/lifestyle/some-jeep-production-hobbled-aluminum-shortag

President Donald Trump in an interview on Sunday said that if the Supreme Court rules that his tariffs are unconstitutional, the U.S. will struggle economically for years.
Trump appeared on Fox News' "Sunday Morning Futures" and said Gaza could be rebuilt as a "freedom place" that would be "paid for by the wealth of the wealthiest countries," but warned that the Supreme Court striking down his tariffs could hurt the U.S. economy over the long term.
"If we win the tariff case, which hopefully we will, it's vital to the interests of our country. We're the wealthiest country there is. If we don't, we'll be struggling for years to come," Trump said. 
The president said that his threat of imposing 200% tariffs helped stop a war between India and Pakistan, and also said that tariffs are the main reason companies are investing in facilities in the U.S. to make pharmaceuticals, chips and other products domestically.
TRUMP CONSIDERS HISTORIC APPEARANCE AT SUPREME COURT TARIFFS HEARING
"The pharmaceuticals are coming back already, again tariffs. So essentially, I'm putting tariffs on pharmaceuticals unless they're made here. They're all coming back," Trump said.
"Chips - I put big tariffs on chips, unless they're made here - there's no tariff if they make them here, and all those companies are coming back from Taiwan, they're coming back from all over the world, and they're coming back fast," he added.
The president said that the U.S. will have brought in $17 trillion in investments over the first eight months of his term and could be over $20 trillion by the end of his first year, saying that "it's a miracle what's happening."
FED PRESIDENT WARNS INFLATION IS 'GOING THE WRONG WAY' AS TARIFF CONCERNS MOUNT
"We are building the greatest country in the world, economically greater than we've ever been before. But we do have a big decision and that decision is coming up in the Supreme Court," the president said.
"This is being fought by radical left lunatics that don't even know what they're doing and people that represent foreign countries that have taken advantage of us for years," Trump said of the challenge to his administration's tariffs. 
U.S. small businesses affected by tariffs brought lawsuits challenging the constitutionality of Trump's tariffs brought using authority the administration claims under the International Emergency Economic Powers Act (IEEPA), which the administration claims allows the president to impose tariffs.
A federal district court and appeals court rejected that argument, ruling that the president exceeded his legal authority by imposing tariffs under IEEPA and prompting the administration to appeal to the Supreme Court.
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"Tariffs have been used against the United States for years," Trump said. "And it would always bother me so much, I'd look and I'd see, I'd say how can they allow this to happen to our country. We lost 55% of our automobile business because of the fact that we didn't use tariffs. If we used tariffs we wouldn't have lost anything."
The president said that he hasn't thought about a backup plan in the event that the Supreme Court strikes down his tariff regime.
"I'll have to figure something out. I don't even want to think about it. We're doing so well to think about it," Trump said. "If that happened, we'd have to pay back money. So if anything would happen with that, that would mean they're allowed to use tariffs, and we're not. If they took away - this is national security - if they took away tariffs, then they've taken away our national security."
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The Supreme Court will hear oral arguments in the consolidated tariff case, known as Learning Resources v. Trump and Trump v. V.O.S. Selections, Inc., on Nov. 5.

via: https://www.foxbusiness.com/politics/trump-warns-us-struggling-years-supreme-court-rules-against-him-tariff

Federal officials are investigating a United Airlines flight that was forced to divert to Salt Lake City last week after the plane's windshield was damaged. 
The National Transportation Safety Board (NTSB) announced in an X post on Sunday that it is investigating a cracked windscreen on United's Boeing 737 Max 8, which was on its way from Denver to Los Angeles.
United said in a statement that one layer of its multilayered windshield on Flight 1093 was damaged. The crew had discovered the issue during the flight on Thursday, prompting the diversion. 
UNITED BRIEFLY GROUNDS ALL US, CANADA FLIGHTS FOR SECOND TIME IN 2 MONTHS
The NTSB said it is gathering radar, weather, flight recorder data as it looks into the incident further. The damaged windscreen is also being sent to NTSB laboratories for examination, the agency said on X. 
UNITED AIRLINES RESUMES OPERATIONS AFTER WIDESPREAD TECH SYSTEM ERROR STOPS FLIGHTS
United Airlines told FOX Business that the aircraft was carrying 134 passengers and six crew members when it diverted and safely landed in Salt Lake City. The same day, United arranged another aircraft to take customers to Los Angeles.
SPIRIT AIRLINES FURLOUGHING 1,800 FLIGHT ATTENDANTS JUST BEFORE CHRISTMAS TRAVEL SEASON
The maintenance team is still working to return the aircraft to service. 
Aircraft windshields are designed to function safely in case any layer sustains damage.
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via: https://www.foxbusiness.com/lifestyle/united-airlines-flight-diverts-after-windshield-cracks-36000-fee

Traders on prediction platforms Kalshi and Polymarket are betting that the federal government shutdown will last about six weeks, as partisan gridlock shows little sign of easing.
While odds on these markets don't serve as formal forecasts, they do provide a real-time snapshot of trader expectations.
According to Kalshi's market data, traders on average expect the shutdown to continue for roughly 44 days.
GOVERNMENT SHUTDOWN 101: WE'VE BEEN HERE BEFORE, HERE'S WHAT HAPPENS NEXT
Traders are pricing in a 44% probability that the shutdown lasts until Nov. 15, and about a one-in-three chance it continues past Nov. 20.
The trading volume, or the total dollar amount wagered on this market, is a little more than $12.7 million.
SWEEPING LAYOFFS 'HAVE BEGUN' AS GOVERNMENT SHUTDOWN DRAGS ON
Meanwhile, traders on Polymarket are betting the government shutdown will end around mid-November. 
The largest share of traders, about 44%, expect it to conclude after Nov. 16, with a little over $147,000 wagered on that outcome.
The federal government shut down at 12:01 a.m. ET on Oct. 7. 
Since 1976, the U.S. government has experienced 20 shutdowns. The longest government shutdown, lasting 34 days - from December 2018 to January 2019 - stemmed from a clash over funding for President Donald Trump's border wall.
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Senators on Thursday failed for the 10th time to break the impasse, leaving the government shutdown unresolved. 
Meanwhile, the House has been adjourned since Sept. 19 and is not expected to reconvene until the shutdown ends.

via: https://www.foxbusiness.com/politics/prediction-markets-signal-government-shutdown-may-last-mid-novembe

Over the next year, the U.S. is projected to use record amounts of energy, and a new report highlights how America could lead the world in energy production.
"I don't think energy efficiency and abundance are at odds with one another. That is why energy abundance ... is resonating so much across both the private sector, the public sector and the Trump administration," Independent Women's Forum Center for Energy and Conservation director Gabriella Hoffman told Fox News Digital.
"More production, more consumption with American-made energy is very good for us," she continued. "It's not a detriment."
A new report, authored by Hoffman and released Monday exclusively to Fox News Digital, argues that economic prosperity and environmental protection go hand in hand - and that energy efficiency shouldn't mean energy scarcity.
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Meeting rising energy demand driven by manufacturing, technology, transportation, air-conditioning use and artificial intelligence (AI) data centers also means reducing dependency on countries such as China, Iran and Russia, which "degrade the environment in pursuit of cheap energy," the report states.
"As we become more prosperous as a society, as we have to meet this growing electricity demand, more energy production and consumption in the United States is not a bad thing ... We need to move away from this notion that energy abundance is going to harm the environment ... or that we have to decarbonize radically and transfer from a primarily fossil fuel-based and nuclear-based economy to that of 100% renewables," Hoffman explained.
"We have a lot of people consuming energy and we don't have that reliable energy to match that consumption level, putting us in this very dangerous situation - which is why we're seeing skyrocketing bills, we're seeing higher energy prices overall," she said.
Earlier this month, the U.S. Energy Information Administration projected that power consumption will reach record highs over the next two years - rising to 4,191 billion kilowatt-hours in 2025 and 4,305 billion kWh in 2026, up from 4,097 billion kWh in 2024, driven largely by AI data centers.
Hoffman emphasizes embracing "all reliable baseload power sources" and calls for expanding diverse, dependable energy options - including oil, gas, coal, nuclear and geothermal - rather than phasing any out in favor of renewables.
The report notes that natural gas accounts for the largest share of U.S. electricity generation at 43.1%, followed by nuclear (20%), coal (16.2%) and geothermal (0.4%). It also projects that the U.S. economy could face a $7.7 trillion loss in GDP by 2040 under net-zero policies - along with 1.2 million job cuts and a 19% rise in electricity rates by 2028.
"Every state in America, all 50 states, have to aspire to be energy independent. It is not enough to lean on Texas, Pennsylvania, and other energy-producing states," Hoffman said. "We're in a laboratory of democracy. Every state can play with energy how they will, but the reality is this - that if you are dependent on unreliable energy, solely solar and wind, you're going to be inviting energy scarcity."
"From the standpoint of our Center for Energy and Conservation at Independent Women, we're largely satisfied as a center with the posture that the Trump administration has adopted and the policies, especially energy deregulation, that they've unleashed. They're catching up for lost time," Hoffman reflected on a national scale.
"The Trump administration has said this abundance posture we have is really going to rebalance things, make sure that the markets - not the government - is determining which sources will work, that the public receives well and that can be adequately shored up, produced, approved, and have that electricity and other derivatives go in a timely fashion to the American people."
Energy abundance is additionally achievable when steps are taken to cut red tape, impose fewer burdensome regulations on industry players, and allow equal access to leases on public lands and waters, according to the report.
Hoffman says overregulation remains the biggest bottleneck in domestic energy production.
"The National Environmental Policy Act, which is NEPA, that's the granddaddy of permitting reform ... when that law has not been successfully modernized ... it has really inhibited us from constructing new nuclear, new coal, new natural gas and even geothermal and hydropower stations and facilities," she said.
"So permitting reform is going to help unleash more American energy, it's going to be done responsibly, safely, and at the biggest concern for national security interests."
For critics of energy abundance, Hoffman claims there is a good opportunity for faithful debate about why an abundance posture is "superior."
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"It's time for them to get with the times. It may be a little difficult for them to do that because they have a vested interest. Perhaps they're really baked into investments, they're getting a lot of funding in support of this, and you can't anger your donors and supporters for putting out a message that's counterintuitive. But I think reality is going to force them to have to perhaps give a little," she argued.
"A lot of legacy environments have conceded [that] we need natural gas, so I think reality is going to show them that their policy is not workable because of the reality about rising demand and higher electricity prices."
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via: https://www.foxbusiness.com/media/expert-says-energy-abundance-rebalance-america-demand-hits-record-highs-nationwid

Merck on Monday announced the groundbreaking of its new Virginia pharmaceutical manufacturing facility, a cornerstone of the company's $70 billion U.S. investment strategy.
The 400,000-square-foot site in Elkton, Virginia, is expected to create 500 full-time positions once operational and generate roughly 8,000 construction jobs during development.
As one of the largest pharmaceutical investments of President Donald Trump's second term, Merck's push comes as the administration is prioritizing making pharmaceuticals domestically and reducing dependence on foreign drug production.
"We always will work with the U.S. administration to make sure that we remain, in America, a prime leader in innovation," Sanat Chattopadhyay, executive vice president and president of Merck's manufacturing division told FOX Business. "At the same time, do the best we can for our customers through investment in U. S. manufacturing."
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The new plant will expand U.S. production of vaccines and critical medicines, including active pharmaceutical ingredients and new small-molecule manufacturing and testing capacity. Merck executives say the site will serve as a key hub for next-generation therapeutics beyond the company's well-established oncology and vaccine portfolio.
Merck CEO Robert Davis called the groundbreaking "an important milestone for Merck, for Virginia, for manufacturing in the United States and, most importantly, for the patients we serve." He said the investment "helps advance our goal of providing new, innovative treatment options for people facing serious health challenges in the U.S. and around the world."
The announcement coincides with the White House's renewed "Made in America" pharmaceutical push.
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"The pharmaceuticals are coming back," Trump told FOX Business' Maria Bartiromo on "Sunday Morning Futures." "China has been eating our lunch. Now, 90% of the pharmaceuticals that we need, underlying components, are made in China."
Trump added that new tariffs are helping drive production back to U.S. soil.
"I'm putting tariffs on pharmaceuticals, unless they're made here, they're all coming back," Trump said.
The Elkton expansion marks Merck's fourth major U.S. manufacturing project this year, with similar facilities under construction in Delaware, North Carolina and Kansas.
JOHNSON & JOHNSON INVESTING $2B IN US MANUFACTURING, CREATING NEW JOBS
Together, Merck's expansion plan is expected to create more than 48,000 construction-related jobs by 2029.
Between now and 2028, Merck anticipates most construction will be completed, with manufacturing beginning in 2029 and supply operations launching in 2030, according to Dave Moraldo, Merck's senior vice president of human health manufacturing.
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"We're continuing to look forward to partnering with the Trump administration around policy that promotes and fosters and protects innovation while continuing to position the U.S. pharmaceutical industry as a center of biopharmaceutical innovation," Moraldo told FOX Business.
Virginia Gov. Glenn Youngkin praised the move as "a monumental step forward for Virginia's life-sciences sector," saying it solidifies the state's role as a national leader in advanced manufacturing and healthcare innovation.

via: https://www.foxbusiness.com/markets/merck-breaks-ground-3b-manufacturing-plant-virgini

Amazon's cloud services unit, Amazon Web Services (AWS), is recovering early Monday morning following an outage that caused connectivity issues for companies and disrupted services for popular websites and apps.
Among those impacted were video game Fortnite, social media app Snapchat and graphic design platform Canva.
"The underlying DNS issue has been fully mitigated, and most AWS Service operations are succeeding normally now," AWS said in it latest update, posted at 6:35 a.m. ET.
"Some requests may be throttled while we work toward full resolution," AWS said, adding the next update will be by 7:15 a.m. ET or sooner. 
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AI startup Perplexity, cryptocurrency exchange Coinbase and trading app Robinhood all attributed outages to AWS, according to Reuters.
The AWS outage is the first major internet disruption since last year's CrowdStrike malfunction that hobbled technology systems in hospitals, banks and airports globally.
"Our cloud provider is currently experiencing problems," Canva posted to X at 5:38 a.m. ET. 
"It's not the experience we want for you and we're working closely with them to help re-establish service. Thanks for your patience and understanding as we work to bring things back to normal," the post concluded.
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AWS' status page first reported "increased error rates and latencies for multiple AWS services in the US-EAST-1 Region," at 3:11 a.m. ET on Monday. 

Reuters contributed to this report. 

via: https://www.foxbusiness.com/technology/well-known-internet-sites-hit-amazon-web-services-outag