Stocks lower...Employers can get tax credit...Hearing on car mileage standards
NEW YORK (AP) — Stocks are broadly lower on Wall Street and overseas, after the U.S. and China officially put new tariffs on each other’s goods. China also reportedly pulled out of a meeting to discuss trade. Industrial companies and banks fell more than the rest of the market. Oil prices are jumping after OPEC and key allies like Russia decided not to increase their oil output further. Airlines and other transportation companies fell as investors anticipated they will have to pay higher prices for fuel.
WASHINGTON (AP) — The Federal Reserve is set this week to raise interest rates for a third time this year to prevent the economy from growing too fast. But with President Donald Trump’s trade fights posing a risk to the U.S. economy, the Fed may soon be ready to slow its hikes. Many analysts expect the economy to weaken next year, in part from the effects of the conflicts Trump has pursued with China, Canada, Europe and other trading partners.
WASHINGTON (AP) — The government confirms that employers who offer paid family and medical leave to their workers earning up to $72,000 a year can receive tax credits under the new tax law. The Treasury Department issued guidelines today for the tax credit, which is available to employers for leave paid this year and next. The credit was part of the $1.5 trillion package of individual and corporate tax cuts that Republicans in Congress enacted and President Donald Trump signed into law in December. It expires in 2020.
FRESNO, Calif. (AP) — Doctors, environmental groups and California officials are attending a daylong hearing in Fresno, California today on the Trump administration’s proposal to roll back car-mileage standards. The proposal announced in August would freeze U.S. mileage standards at levels mandated by the Obama administration for 2020 instead of continuing to rise to 36 miles per gallon by 2025, 10 miles per gallon higher than the current requirement.
NEW YORK (AP) — The hedge fund owned by Sears Holdings Corp. CEO Eddie Lampert is urging the retailer’s board to sell more of its real estate and restructure its debt, as it tries to avoid bankruptcy. ES Investment Hedge Fund says that Sears should sell $1.5 billion more in real estate and restructure $1.1 billion in debt, according to the filing with the Securities and Exchange Commission. The Illinois-based operator of Sears and Kmart has closed hundreds of stores as it burns through money amid sagging sales.