The U.S. Department of Agriculture is proposing a new rule to narrow what products qualify for a "Product of USA” or “Made in the USA” label. Now only meat, poultry and egg products from animals "born, raised, slaughtered, and processed in the United States" will make the grade.
Right now, companies can put that label on meat from animals that were raised in a foreign country but slaughtered in the U.S., or meat that was butchered in a different country but repackaged here.
The agency said the change delivers on President Joe Biden's executive order to promote American products and producers, and another order from the administration calling for government action to increase competition in the meat and poultry supply chain.
“American consumers expect that when they buy a meat product at the grocery store, the claims they see on the label mean what they say,” said Agriculture Secretary Tom Vilsack in a press release. “These proposed changes are intended to provide consumers with accurate information to make informed purchasing decisions."
However, the label will continue to be voluntary, and producers still won't need approval by the USDA's Food Safety and Inspection Service (FSIS). Companies just need to keep supporting documentation on file for an inspector to verify at their discretion.
President Donald Trump said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking.
Universal Music Group and AI platform Udio have settled a copyright lawsuit and will collaborate on a new music creation and streaming platform. The companies announced on Wednesday that they reached a compensatory legal settlement and new licensing agreements. These agreements aim to provide more revenue opportunities for Universal's artists and songwriters. The rise of AI song generation tools like Udio has disrupted the music streaming industry, leading to accusations from record labels. This deal marks the first since Universal and others sued Udio and Suno last year. Financial terms of the settlement weren't disclosed.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
