Business News at a Glance

More Jobs, Faster Growth and, Now, the Threat of a Trade War

The United States’ rapidly escalating trade conflict with China has upended the prevailing economic dynamic of falling unemployment and faster growth, leaving policymakers and investors scrambling to figure out the way forward. The threat of a trade war loomed over Jerome H. Powell’s inaugural speech as Federal Reserve chairman on Friday in Chicago, even as he tried to focus attention on the fundamental strength of the economy. President Donald Trump acknowledged that the trade friction could take a toll. “I’m not saying there won’t be a little pain,” he said Friday. “But we’re going to have a much stronger country when we’re finished.”

Trump Aims New Threat at China as Mnuchin Warns of Trade War

President Donald Trump defended his pugnacious approach to trade policy Friday, and the Treasury secretary warned there could be a trade war with China, as Trump doubled down on a White House plan to punish Beijing by threatening to levy tariffs on an additional $100 billion in imports. “There is the potential of a trade war,” Steven Mnuchin said. Mnuchin said he was hopeful that negotiations with his Chinese counterparts could avert a damaging escalation of retaliatory, tit-for-tat tariffs but declined to elaborate on the status of talks and whether he thought an agreement could be reached.

Facebook to Require Verified Identities for Political Ads

Just days before its chief executive, Mark Zuckerberg, is expected to testify before Congress, Facebook said it had started forcing people who want to buy political or “issue” ads to reveal their identities and verify where they are. Zuckerberg announced the move in a post on Facebook. He said this verification was meant to prevent foreign interference in elections, like the ads and posts from Russian trolls before and after the 2016 presidential election. Facebook will also soon start clearly labeling political ads and providing more information about them, like who paid for them.

Kushner Partner in 666 Fifth Ave. Says It Has Deal to Sell

The Kushner family appeared Friday to have struck a deal to buy out its partner in the troubled Fifth Avenue skyscraper at the center of its real estate empire. The Kushners’ partner, the publicly traded Vornado Realty Trust, has indicated that it was interested in selling its stake in the building, and Friday, Steven Roth, Vornado’s chairman, said that it had reached a handshake deal “to sell our interest to our partner.” The Kushners have attracted attention because of their connection to President Donald Trump. Jared Kushner is Trump’s son-in-law and one of his key advisers.

Why Trump’s Tariffs Could Raise the Cost of a Hip Replacement

Dozens of drugs and medical devices are among the Chinese products and ingredients that the Trump administration targeted for a potential 25 percent tariff in a proposal this week. The list includes some products that are in short supply, like epinephrine, used to treat allergic reactions, and others, like insulin, whose rising prices have driven outrage in the United States. Pacemakers, artificial joints, defibrillators, dental fillings, birth control pills and vaccines also could be affected. The proposed tariffs have unsettled the medical device and supply industries, given that a growing number of products, as well as their components, are now manufactured in China.