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Stocks slump again...FCC rejects China Mobile bid...Trump takes aim at ‘surprise medical bills’

May 9, 2019

NEW YORK (AP) _ Stocks are slumping in afternoon trading on Wall Street as a midnight deadline looms in the next front of the U.S.-China trade war. Top trade officials from both countries are meeting in Washington today. If they don’t reach a deal by midnight, the U.S. says it will raise tariffs on $200 billion worth of Chinese goods. Tensions between the world’s two largest economies have been dragging down stocks all week. The S&P 500 is on pace for its worst week of the year.

BEIJING (AP) — Chinese exporters of all sorts of products, from computers to vacuum cleaners, are anxiously hoping trade talks in Washington will produce a deal that might stave off higher U.S. tariffs. Companies across China are bracing for a tariff hike after President Donald Trump said he would raise import duties on $200 billion of Chinese goods to 25% from 10%. The tariffs have devastated many Chinese factories that serve the U.S. market.

NEW YORK (AP) — U.S. regulators have rejected a Chinese telecom company’s application to provide service in the U.S. due to national-security risks amid an escalation in tensions between the two countries. The Federal Communications Commission voted 5-0 today to reject the application from China Mobile International USA. The FCC says the company is ultimately owned by the Chinese government.

WASHINGTON (AP) — President Donald Trump says it’s time to end “surprise medical bills,” which can leave insured patients facing sticker shock for services outside their insurers’ networks. Trump spoke at the White House today. He was joined by a heart attack patient who got a $110,000 bill even though he had health insurance, and by another patient who was charged nearly $18,000 for a test that would have cost $100 in her insurer’s network.

NEW YORK (AP) — Nike wants to meet your feet. The sneaker seller will launch a foot-scanning tool on its app this summer that will measure and remember the length, width and other dimensions of customers’ feet after they point a smartphone camera to their toes. The app will then tell shoppers what size to buy for each style of shoes. Nike hopes the tool will cut down on costly online returns while also helping it improve the design of its shoes.