US-China trade war elevates the risks to the global economy
WASHINGTON (AP) — The trade war that has erupted between the U.S. and China carries a major risk of escalation that could weaken investment, depress spending, unsettle financial markets and slow the global economy. The opening shots were fired early Friday when the Trump administration imposed tariffs on billions of dollars’ worth of Chinese imports, and China promptly retaliated.
US adds a solid 213,000 jobs; unemployment up to 4 pct.
WASHINGTON (AP) — Growing optimism that Americans can find work suggests that the nation’s 9-year-old economic expansion has the momentum to keep going. Employers kept up a brisk hiring pace in June by adding 213,000 jobs. It was a sign of confidence in the economy despite the start of a potentially punishing trade war with China. The unemployment rate rose from 3.8 percent to 4 percent, but it was for an encouraging reason: More people felt it was a good time to begin looking for a job.
After marathon meeting, UK leaders endorse Brexit trade plan
LONDON (AP) — British Prime Minister Theresa May has corralled her Cabinet inside an English country house for a long, hot day that ended with an announcement that the divided government has finally agreed on a plan for a future free-trade deal with the European Union. The proposal aims to keep the U.K. and the bloc in a free-trade zone for goods, but not for services, which make up the bulk of the British economy.
China files another complaint to WTO over US
WASHINGTON (AP) — China says it filed a second complaint to the World Trade Organization over the United States’ move to impose tariffs on Chinese goods. The Commerce Ministry said in a brief statement on its website that Beijing submitted the WTO complaint Friday against measures taken by the U.S.
US-China trade battle kicks off; markets take it in stride
BEIJING (AP) — The United States and China have imposed tariffs on billions of dollars of each other’s goods, launching what Beijing called the “biggest trade war in economic history.” Companies worry the dispute could chill global economic growth, but Asian financial markets are taking the developments in stride.
Leandra English, who sued Trump, to resign from CFPB
NEW YORK (AP) — Leandra English, who sued President Donald Trump for control of the Consumer Financial Protection Bureau as deputy director of the bureau, is planning to resign early next week.
Pruitt leaves his mark on businesses but will it last?
Environmental Protection Agency head Scott Pruitt tried to roll back rules affecting many industries. But whether he made lasting changes in the government’s regulation of business could be decided in the courts. Pruitt, who resigned from office, tried to reverse efforts to cut emissions from coal plants, kill tougher fuel-efficiency standards for vehicles, and suspend stricter rules on runoff from farms. The moves elicited protests and legal challenges by environmentalists and some states.
US stocks snap higher despite escalating US-China trade tiff
The trade dispute between the U.S. and China escalated Friday, but Wall Street focused on a solid jobs report instead. After a wobbly start, U.S. stocks mounted a broad rally, shaking off two consecutive weekly losses. Mounting jitters in recent weeks over a stepped-up trading dispute between the world’s two largest economies had weighed on the markets well ahead of Friday, when Beijing and Washington launched dueling tariffs on billions in goods.
The S&P 500 index rose 23.21 points, or 0.8 percent, to 2,759.82. The Dow Jones Industrial Average gained 99.74 points, or 0.4 percent, to 24,456.48. The Nasdaq composite added 101.96 points, or 1.3 percent, to 7,688.39. The Russell 2000 index of smaller-company stocks picked up 14.57 points, or 0.9 percent, to 1,694.05.
Benchmark U.S. crude gained 86 cents, or 1.2 percent, to settle at $73.80 per barrel in New York. Brent crude, used to price international oils, fell 28 cents to close at $77.11 per barrel in London. Heating oil slipped 1 cent to $2.17 a gallon. Wholesale gasoline lost 2 cents to $2.11 a gallon. Natural gas rose 2 cents to $2.86 per 1,000 cubic feet.