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Stocks lower...Raising a glass...Boost for community lenders

NEW YORK (AP) — Stocks have been lower in afternoon trading as investors reacted negatively to a report that once again showed inflation creeping higher as well as data that showed Americans slowed their spending last month. The S&P 500 was down 0.3%. The Labor Department said that wholesale prices, driven by rising food costs, increased 0.8% in May, while the Commerce Department said retail sales fell by 1.3% last month.

BRUSSELS (AP) — The deal the United States and the European Union reached today to end their long-running rift over their subsidies to Boeing and Airbus will mean the phase-out of billions in punitive tariffs. It will ease trans-Atlantic tensions. And it will allow the two sides to focus on a common economic threat: China. But the breakthrough leaves other trade frictions between the U.S. and the EU unresolved. Most prominently, the import taxes that President Donald Trump imposed on European steel and aluminum three years ago have been left in place.

UNDATED (AP) — The trade association for producers and marketers of distilled spirits sold in the United States said the five-year suspension of tariffs outlined in deal between the U.S. and the European Union to end their 17-year dispute over aircraft subsidies will be critical to helping the industry recover from the coronavirus pandemic. The dispute over subsidies for Boeing and Airbus saw tit-for-tat duties slapped on a range of companies that have nothing to do with aircraft production. The Distilled Spirits Council says the agreement will end the EU’s 25% tariff on U.S. rum, brandy and vodka, as well as the 25% U.S. tariff on liqueurs and cordials from Germany, Ireland, Italy and Spain, and on certain cognacs and other grape brandies from France and Germany.

WASHINGTON (AP) — Vice President Kamala Harris has announced that the Biden administration is distributing $1.25 billion to hundreds of community lenders. It’s an effort to help boost the economic recovery for small businesses and disadvantaged business owners hurt during the coronavirus pandemic. The funds are going to more than 860 community development financial institutions, or CDFIs, around the country. CDFIs offer loans to small businesses and those who may be turned down for loans from major banks, a problem that studies have shown particularly plagues minority business owners.

UNDATED (AP) — MacKenzie Scott, the billionaire philanthropist known for her impromptu multi-billion dollar donations to charities and racial equity causes, says she's given $2.7 billion to 286 organizations. It is the third round of major philanthropic gifts Scott has made, which together rival the charitable contributions made by the largest foundations. She made clear in her announcement that she is troubled by the increasing concentration of vast wealth among a small proportion of individuals.

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