Bluster aside, US and China vulnerable to pain from tariffs
WASHINGTON (AP) — The U.S. and Chinese governments have been flashing a lot of bravado just before firing the first shots in a conflict that risks erupting into a mutually damaging trade war. Yet among the people and business in both countries that are suddenly under threat from higher costs, closed-off markets and deep uncertainties, there is far less confidence.
US-China tariffs: What’s behind them, who stands to be hurt?
WASHINGTON (AP) — President Donald Trump has boldly declared that trade wars are easy to win. He’s about to find out. Barring a last-minute breakthrough, the Trump administration on Friday will start imposing tariffs on $34 billion in goods imported from China, And China will promptly strike back with tariffs on an equal amount of U.S. goods. And just like that, a high-risk trade war between the world’s two biggest economies will begin — one that could quickly escalate.
Tech, health care companies drive solid gains for US stocks
Technology and health care companies led U.S. stocks broadly higher Thursday, setting the market on track to break a two-week losing streak. Some encouraging economic data helped put investors in a buying mood, though trading volume was relatively subdued as markets reopened following the Independence Day holiday in the U.S. Wall Street could be in for a bumpier ride Friday, when U.S. tariffs on billions of Chinese goods are set to kick in.
Government will meet court deadlines
WASHINGTON (AP) — Health and Human Services Secretary Alex Azar says the government will meet court deadlines to reunite migrant children with their parents. But reunited families may well remain in the custody of immigration authorities. Azar told reporters on Thursday that officials have identified “under 3,000” children potentially separated from parents at the border by immigration authorities. A federal judge in California ordered the youngest children reunited by Tuesday, the rest by the end of the month.
Sanctioned Russian oligarch linked to Cohen has vast US ties
WASHINGTON (AP) — An Associated Press review has found that Russian oligarch Viktor Vekselberg and his cousin Andrew Intrater sometimes collaborated in a deeply entwined business relationship through Intrater’s New York investment management firm Columbus Nova. The firm insists it merely managed Vekselberg’s vast assets. The Treasury Department sanctioned Vekselberg for backing a $1.6 million lobbying campaign to aid Russian interests in Washington. Now, the investment firm is wrestling with the fallout.
Fed officials discuss rate hikes that could slow growth
WASHINGTON (AP) — Federal Reserve officials last month said they expect to keep raising interest rates and suggested that by next year, they could be high enough that they could start slowing growth, according to minutes of their discussion released Thursday. While noting a strong economy, Fed officials appeared vigilant about emerging risks, especially trade tensions, and the dangers of an economy that might overheat.
Boeing and Embraer attempt a joint venture
Boeing and the Brazilian jet maker Embraer will attempt to form a joint venture that would push the U.S. aerospace giant more aggressively into the regional aircraft market. The new company, which has faced heavy scrutiny from lawmakers in Brazil, is being valued at about $4.7 billion. The companies said Thursday that Boeing Co. will own 80 percent of the joint venture, and Embraer SA the remaining 20 percent.
Canada investigates run-ins between US customs, fishermen
PORTLAND, Maine (AP) — The Canadian government says it’s investigating a series of encounters in which U.S. border patrols have approached Canadian fishing vessels in a disputed island area off the East Coast. The area in question is around Machias Seal Island, a 20-acre rock island at the Maine-New Brunswick border. U.S Customs and Border Protection says agents have interviewed 21 Canadian vessels this fiscal year while conducting regular patrols to enforce immigration laws but haven’t made any arrests.
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China’s bravado belies worries over trade clashes with US
BEIJING (AP) — China says it’s girded for a trade war with the U.S. and can give as good as it gets but beyond the realm of official commentary the reality is less upbeat. Sagging share prices are just one symptom of the concerns some Chinese are expressing over trade friction with the U.S. a day before Washington is due to impose higher tariffs on billions of dollars of exports from China.
The S&P 500 index rose 23.39 points, or 0.9 percent, to 2,736.61. The Dow Jones Industrial Average gained 181.92 points, or 0.8 percent, to 24,356.74. The Nasdaq composite added 83.75 points, or 1.1 percent, to 7,586.43. The Russell 2000 index of smaller-company stocks picked up 19.06 points, or 1.1 percent, to 1,679.48.
Benchmark U.S. crude dropped $1.20, or 1.6 percent, to settle at $72.94 per barrel in New York. Brent crude, used to price international oils, slid 85 cents, or 1.1 percent, to close at $77.39 per barrel in London. Heating oil gained 1 cent to $2.18 a gallon. Wholesale gasoline added a penny to $2.13 a gallon. Natural gas fell 3 cents to $2.84 per 1,000 cubic feet.