John Ydstie, NPR

Updated at 5:40 p.m. ET

The United States and Mexico have reached an "understanding" on several critical trade issues following bilateral talks to renegotiate the North American Free Trade Agreement. They will now likely re-engage with Canada to reach a final deal on NAFTA, a primary goal of the Trump administration.

Speaking at the White House on Monday, President Trump said he wanted to change the NAFTA name to the U.S. Mexico Free Trade Agreement. He also reframed the negotiations as two bilateral trade deals.

Updated at 3:45 p.m. ET

For the third time this year and the fifth time since the financial crisis, the Federal Reserve has increased interest rates another quarter of a point.

The Trump administration's promise to turbocharge economic growth has yet to be fulfilled, even though forecasters are predicting that the economy has rebounded from a weak 1.4 percent annual growth rate in the first three months to a rate closer to 2.8 percent. That is the number many economists are expecting to see when the government issues its report on second-quarter growth on Friday.

Donald Trump has proposed a very detailed tax plan — but his statements on the campaign trail don't always match what his proposal would really do.

For instance, at a rally in Scranton, Pa., Trump promised to "massively cut taxes for the middle class, the forgotten people, the forgotten men and women of this country, who built our country." During a town hall meeting on NBC's Today show, he said he believes in raising taxes on the wealthy.

Productivity, a key measure of the economy's health, has been growing more slowly in recent years — and it has dropped for the past three quarters. Can Facebook and other social media distractions on the job be partly to blame?

Growth in the U.S. economy has been frustratingly slow during the recovery from the Great Recession. And it has fueled a lot of political discussion this year. One characteristic of that slow growth has some economists scratching their heads and others promoting grand theories to explain it.

There's a boom in natural gas production in the United States, a boom so big the market is having trouble absorbing it all.

The unusually warm weather this winter is one reason for the excess, since it reduced the need for people to burn gas to heat their homes. A bigger reason, however, is the huge increase in gas production made possible by new methods of coaxing gas out of shale rock formations.

Oil prices have jumped sharply in the past two weeks, and the price of gasoline is also moving up. Across the country, a gallon of regular costs nearly $3.60 on average, with some areas facing $4 gas. That's causing sticker shock at the pump, and concern that rising prices could derail the economic recovery.

According to Daniel Yergin of Cambridge Energy Research Associates, gas prices are up because of the West's current confrontation with Iran and sanctions over that country's nuclear program.