Business Briefs – August 21, 2019

Trump Flip-Flops on Tax Cuts, Citing ‘Strong Economy’

WASHINGTON (AP) – A day after considering cutting taxes to promote economic growth, President Donald Trump has now changed course and says he’ll abandon the idea because the nation already had “a strong economy.” Trump’s flip-flop comes after recent market volatility and economic uncertainty, and amid a debate about whether the United States is heading for a slowdown that would imperil his reelection chances.

Retailers’ Results Show Sharp Divide Between Losers, Winners

NEW YORK (AP) – The divide between retail winners and losers is widening. That became even more evident Wednesday with the latest batch of earnings reports: Big-box stores and off-price retailers have been responding faster to shoppers’ increasing shift online with expanded deliveries and better merchandise. But many mall-based clothing chains and department stores continue to suffer weak sales.