Stocks tumble...Trump signs order punishing China on trade...Mueller examining Cambridge Analytica ties to Trump campaign
NEW YORK (AP) — Stocks are falling sharply and bond prices are climbing after the Trump administration moved to place tariffs on some goods imported from China and restrict Chinese investment. The Chinese government says it will defend itself and investors fear that trade tensions will spike between the world’s largest economies. Industrial and technology companies are taking some of the worst losses, while banks dipped along with interest rates. Stock indexes in Europe took sharp losses as well.
WASHINGTON (AP) — President Donald Trump has taken the first step in imposing tariffs on as much as $60 billion worth of Chinese imports. The order signed Thursday is aimed at punishing Beijing for stealing American technology and pressuring U.S. companies to hand it over. Trump says the U.S. and China have the largest trade deficit “of any country in the history of our world” and blames that deficit for lost American jobs.
BERLIN (AP) — The U.S. government says the European Union will be among the trading partners that will be spared from an immediate decision to impose tariffs on steel and aluminum imports into the U.S. The move averts the imminent risk of a trade war with the EU, which had threatened to strike back with tariffs on a range of U.S. goods. U.S. Trade Representative Robert Lighthizer (LYT’-hy-zur) says that President Donald Trump has decided to “pause” the tariffs for countries that are engaged in trade negotiations with the United States.
WASHINGTON (AP) — Special counsel Robert Mueller (MUHL’-ur) is scrutinizing the connections between President Donald Trump’s campaign and the data mining firm Cambridge Analytica. Mueller’s investigators have asked former campaign officials about the Trump campaign’s data operations, particularly how it collected and utilized voter data in battleground states. That’s according to a person with direct knowledge of the line of inquiry who isn’t authorized to discuss the matter publicly and spoke on condition of anonymity.
NEW YORK (AP) — Citigroup is putting new restrictions on firearm sales by its business customers, making it the first bank to announce changes to its policies in the wake of the school shooting in Florida. Citigroup will prohibit its clients and business customers from selling a firearm to anyone who hasn’t passed a background check or anyone under the age of 21. Customers also won’t be allowed to sell what are known as bump stocks and high-capacity magazines. Citi will also be reviewing any banking relationships it might have with gun manufacturers.