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Donald Trump’s promise to strip Harvard University of its tax-exempt status prompted criticism Friday from a former Internal Revenue Service commissioner in the president’s first term, who said the process would take years and need a judge’s approval. “The IRS will not allow itself to be weaponized,” former IRS Commissioner Charles Rettig said in an emailed statement to Bloomberg News. Rettig, who oversaw the agency from 2018 to 2022, was asked to respond to Trump’s social media post early Friday that said: “We are going to be taking away Harvard’s Tax Exempt Status. It’s what they deserve!” Trump made the announcement after…

The U.S. Bureau of Labor Statistics issued an unexpectedly robust jobs report Friday, with employment increasing by 177,000 jobs for the month, while the unemployment rate remained unchanged at 4.2% despite cutbacks in the federal government and fears of a recession.Professional and business services added 17,000 jobs but subtracted 9,000 jobs in accounting, tax preparation, bookkeeping and payroll services. Employment continued to grow in the health care, transportation and warehousing, financial activities and social assistance sectors. However, federal government employment declined by 9,000 in April and is down 26,000 jobs since January. The Internal Revenue Service has reportedly experienced a…

Guangzhou, China — The annual Canton Fair in Guangzhou is China’s largest import-export trade show. It covers a space equal to about 200 football fields and has been running since 1957 — when China’s economy was isolated from the rest of the world. The country’s leaders decided the expo, since formally named the China Import and Export Fair, was the best way to overcome trade obstacles imposed by the West and to drum up business investment and interest from overseas markets.In the almost seven decades since, China has transformed into the world’s manufacturing powerhouse. But President Xi Jinping’s government believes the…

House Republicans plan to raise more than $15 billion in revenue through increasing U.S. oil, gas and coal lease sales, as well as other measures, to help pay for President Donald Trump’s massive tax cut package, according to a document seen by Bloomberg News. The document, prepared by the House Natural Resources Committee, details plans to mandate at least four sales in the coastal plain of Alaska’s Arctic Arctic National Wildlife Refuge within the next 10 years, and resume lease sales in the National Petroleum Reserve-Alaska. Republicans also plan to resume quarterly onshore oil and gas lease sales as well as…