Morning Business Report: Trump announces new sanctions on Russia, disaster recovery drives U.S. growth

President Donald Trump has announced new sanctions on Russia’s two largest oil companies.

(LILAMAX)- President Donald Trump has announced new sanctions on Russia’s two largest oil companies as frustrations grow in Washington over the ongoing war in Ukraine. Oil remains one of Russia’s most important sources of revenue.

The president is still expected to meet with China’s leader next week, though the White House is considering export restrictions on products made with U.S. software — another potential flashpoint in global trade.

Meanwhile, new data shows that disaster recovery spending is becoming a key driver of economic growth. Since 2000, the U.S. economy has expanded from $9 trillion to $29 trillion, with roughly 36% of that growth — about $7.7 trillion — linked to recovery and preparation for natural disasters, according to Bloomberg Intelligence senior analyst Andrew John Stevenson.

On Wall Street, stocks fell Wednesday amid renewed concerns over U.S. trade tensions with China and Russia. Disappointing Netflix earnings also dragged the markets lower.

A new FlexJobs survey reveals nearly one in four American workers didn’t take any vacation days this year. About 43% said their workload was too heavy to justify time off, 30% feared falling behind, and 25% said their managers would likely discourage taking a full week away.

In the auto industry, General Motors has unveiled new AI-driven technology to enhance driving experiences. Starting next year, G.M. will integrate Gemini, Google’s AI system, into both electric and gas-powered vehicles, allowing drivers to ask for directions, restaurant recommendations, and even vehicle manual help.

By 2028, G.M. plans to roll out an upgraded Super Cruise system that will let drivers take their eyes off the road on approved highways, marking another major leap toward fully autonomous driving.