Trump’s boasts aside, trade wars typically leave no victors
WASHINGTON (AP) — Trade wars generate no medals, monuments or military parades. But they do tend to leave a lot of economic wreckage, often hurt the very people they’re meant to help and can fracture diplomatic relations among allies. “Usually, all sides lose in a trade war,” says Douglas Irwin, a Dartmouth College economist and author of “Clashing Over Commerce: A History of U.S. Trade Policy.”
Judge, police help oust Trump Hotels from Panama property
PANAMA CITY (AP) — Trump Hotel executives have been ousted from Panama’s Trump Hotel on Monday, as Panamanian officials stepped in to resolve a 12-day standoff between Trump’s company and the property’s owners. Trump’s security guards also left the property, and crews immediately began stripping Trump’s name from the building. A Panamanian judge and armed police officers escorted the head of the hotel’s owner association into the luxury property on Panama Bay. A legal dispute over the property continues.
US stocks power higher in latest lightning shift for markets
NEW YORK (AP) — Stocks shook off an early stumble and surged in afternoon trading, putting the S&P 500 index on pace for its best day in a week. It’s the latest turn for a market suddenly prone to quick shifts not only day to day but also hour to hour. The volatility comes as investors question whether a global trade war is really on the way and how quickly interest rates will rise. House Speaker Paul Ryan urged the White House not to move ahead on tariffs on steel and aluminum imports.
Trump says he won’t back down on tariffs plan
WASHINGTON (AP) — President Donald Trump is insisting that he’s “not backing down” on his pledge to impose stiff tariffs on imported steel and aluminum despite heavy lobbying from congressional Republicans warning of a trade war. Trump says North American neighbors Canada and Mexico won’t get any relief from his plan to place the tariffs on the imported materials but is suggesting he might be willing to exempt the two longstanding allies if they agree to better terms on NAFTA.
EPA appointee gets approval to consult for outside clients
WASHINGTON (AP) — A key aide to Environmental Protection Agency Administrator Scott Pruitt has been granted permission to make extra money consulting for private clients. But their identities are being kept secret. Democrats on the House Energy and Commerce Committee released a letter approving outside employment contracts for Jon Konkus. Konkus didn’t respond to requests for comment.
Senate poised to ease Dodd-Frank rules for most banks
WASHINGTON (AP) — Ten years after a financial crisis rocked the nation’s economy, the Senate is poised to pass legislation that would roll back some of the safeguards Congress put into place to prevent a relapse. The move to alter some key aspects of the Dodd-Frank law has overwhelming Republican support and enough Democratic backing that it’s expected to gain the 60 votes necessary to clear the Senate. The legislation would increase the threshold at which banks are considered too big to fail.
Journalists to review news sites in Brill’s new venture.
NEW YORK (AP) — Investors say they’re setting up a web site to scope out fake news. The new site NewsGuard will use journalists to check the veracity of more than 7,500 news and information web sites, and deliver reviews direct to consumers. Steve Brill, who founded Court TV and the short-lived journalism magazine Brill’s Content, leads the venture that’s due to begin publishing this fall.
Food boxes, not stamps? Idea in Trump budget worries grocers
RANKIN, Pa. (AP) — Small grocers and shoppers alike in poor areas have many questions about a proposal to add “America’s Harvest Boxes” to the federal food stamp program. Shopkeepers say that if the government delivers food directly to homes, it could hurt their bottom line and their patrons’ nutrition. A federal administrator tells The Associated Press that he wants retailers and states to play a role in the program.
Uber sued after data stolen by hackers covered up
HARRISBURG, Pa. (AP) — Pennsylvania’s attorney general is suing the ride-hailing company Uber, saying it broke state law when it failed to notify thousands of drivers for a year that hackers stole their personal information. The lawsuit filed Monday in Philadelphia said hackers stole the names and drivers’ license numbers of at least 13,500 Pennsylvania Uber drivers. It accuses Uber of violating a state law to notify people of a data breach within a reasonable time frame. Washington and Chicago have also sued.
The S&P 500 lost as much as 0.6 percent shortly after trading began, only to finish the day 1.1 percent higher after rising 29.69 points to 2,720.94. The Dow Jones industrial average jumped 336.70, or 1.4 percent, to 24,874.76, and the Nasdaq composite gained 72.84, or 1 percent, to 7,330.70.
In the commodities markets, benchmark U.S. crude rose $1.32 to settle at $62.57 per barrel. Brent crude, the international standard, rose $1.17, or 1.8 percent, to $65.54 a barrel.