GENEVA (AP) — FIFA offered talks with global groups of soccer leagues and player unions to end a three-month deadlock after they threatened legal action over adding to the packed competitions calendar.
In a letter seen by The Associated Press, FIFA told the World Leagues Association and FIFPRO on Thursday “our offer to engage in dialogue remains on the table” amid a swirl of legal filings and threats in international soccer politics.
“FIFA believes there is a more productive way forward for football than the threat of legal action,” soccer’s world body said in a statement to the AP.
In May, the leagues and union said FIFA was “inherently abusive” for continuing to add games and competitions that forced their members to adapt.
FIFA has expanded the 2026 World Cup, hosted across North America, to 48 teams from 32, and added a 32-team Club World Cup that will also be played every four years. It launches next June in the United States.
Also in the coming season, UEFA is expanding its three season-long club competitions with extra teams and more games that squeeze domestic schedules.
The European groups of leagues and player unions also have targeted FIFA — but not UEFA — in a formal legal complaint to Brussels. That is being handled by the European Commission, the executive arm of the 27-nation European Union that can intervene on alleged breaches of competition law.
FIFPRO member unions in England and France also filed suit against FIFA at a commercial court in Brussels, seeking a referral to the European Court of Justice. That court in Luxembourg was critical of FIFA and UEFA last year in a ruling in the Super League case brought by some storied soccer clubs.
FIFA manages the calendar of international matches, which mandates when clubs must release players to national-team duty through 2030. The global groups of leagues and unions want talks on it reopened with them getting a greater say.
On Thursday, FIFA said it “serves and balances the overall interests of world football, including the protection of players.”
FIFPRO did not immediately respond to a request for comment.
AP soccer: https://apnews.com/hub/soccer
Real Madrid midfielder Luka Modrić, left, and Milan forward Luka Jović greet each other on the sidelines during the second half of a friendly soccer match Wednesday, July 31, 2024, in Chicago. (AP Photo/Erin Hooley)
Arsenal forward Gabriel Jesus, right, celebrates after a goal during the first half of an international friendly soccer match against Manchester United, Saturday, July 27, 2024, in Inglewood, Calif. (AP Photo/Eric Thayer)
FIFA President Gianni Infantino addresses the audience during the Sport for Sustainable Development Summit at the Paris Olympic games, Thursday, July 25 2024 at the Carrousel du Louvre in Paris, France. (Andre Pain, Pool via AP)
U.S. companies were hammered again in the stock market Friday after China matched President Donald Trump’s tariffs in what is a rapidly escalating trade war.
Few sectors were spared and the S&P 500 finished with its biggest one-day drop since COVID-19 flattened the global economy five years ago.
The Commerce Ministry in Beijing said it would respond to the 34% tariffs imposed by the U.S. on imports from China by imposing a 34% tariff on imports of all U.S. products beginning April 10.
Companies who sell their goods to China were hit hard on Friday, including those in aerospace, agriculture and heavy equipment.
Some of Thursday's biggest losers — banks, airlines and technology companies — sank again on Friday. Others, such as retailers, clothing and restaurants, were down but not nearly as bad. A handful, like Nike, even posted small gains on Friday.
The so-called Magnificent 7 stocks that have dominated the market the past few years had some of the heaviest losses. Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta and Tesla lost around $1.8 trillion in market value combined in the past two days.
Tariffs are effectively a business tax that gets passed on to consumers. If prices for goods and services rise, consumers could tighten their budgets and pull back on spending for non-essential goods and services.
Consumer spending makes up about 70% of economic activity in the U.S. A significant decline in demand would cause businesses to produce fewer goods, limiting growth and potentially causing a recession.
JPMorgan raised its forecast for the risk of a recession to 60% on Thursday, up from a previous 40%.
The three major U.S. stock indexes fell more than 5% on Friday.
Here's a breakdown of some of the market's worst performing sectors and companies on Friday.
Some of the U.S.'s biggest exports to China are heavy machinery and oilseeds and grains.
Deere & Co., down 3.9% Friday after losing 5% on Thursday.
Archer-Daniels-Midland, down 8.9% Friday after losing 0.8% on Thursday.
Caterpillar, down 5.8% Friday after losing 8.6% on Thursday.
Aerospace companies also heavily export their products to China. As part of its retaliation Friday, China imposed more export controls on rare earths, which includes materials used in high-tech products and aerospace manufacturing and the defense sector.
Boeing, down 9.5% Friday after losing 10.5% on Thursday.
General Dynamics, down 7.3% Friday after losing 2.3% on Thursday.
Airlines had been projecting a strong year for profits. However, if Americans are faced with higher prices for essentials, economists say that could put a crimp in their travel budgets.
United Airlines, down 4.3% on Friday after losing 15.6% on Thursday.
American Airlines, down 0.5% on Thursday after losing 10.3% on Thursday.
Delta Air Lines, down 3.8% on Friday after losing 10.7% on Thursday.
Companies that make and sell computers, smartphones and other technology source many of their parts from abroad. Some manufacture their entire products overseas, meaning they will have to pay a tariff when those products are shipped back for sale to consumers.
Apple, down 7.3% on Friday after losing 9.3% on Thursday.
HP, down 4.9% on Friday after losing 14.7% on Thursday.
Dell, down 7.3% on Friday after losing 19% on Thursday.
Nvidia, down 7.4% on Friday after losing 7.8% on Thursday.
If the economy slips into a recession, households and businesses will be less likely to borrow money as demand for products and services decline.
Wells Fargo, down 7.1% on Friday after losing 9.1% on Thursday.
Bank of America, down 7.6% on Friday after losing 11.1% on Thursday.
JPMorgan Chase, down 8% on Friday after losing 7% on Thursday.
Somewhat surprisingly, automakers didn't get hit as hard most other sectors did on Thursday. That could be because most of Ford, GM and Stellantis’ steel and aluminum — which Trump previously announced tariffs on — already comes from the United States, reducing the direct impact the companies would feel from higher duties.
General Motors, down 3.7% on Friday after losing 4.3% on Thursday.
Ford, up 0.4% on Friday after losing 6% on Thursday.
Tesla, down 10.4% on Friday after losing 5.5% on Thursday.
Stellantis, down 4.8% on Friday after losing 9.4% on Thursday.
A screen displays financial news as traders work on the floor at the New York Stock Exchange in New York, Thursday, April 3, 2025. (AP Photo/Seth Wenig)
