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Stocks plunge...Mnuchin says China made commitments...Trump to meet with German automakers

December 4, 2018

NEW YORK (AP) — U.S. stocks have veered sharply lower in afternoon trading, pulling the Dow Jones Industrial Average down 700 points. The wave of selling erased the market’s gains from a day earlier, when stocks rallied on news that the U.S. and China had agreed to a temporary truce in their trade dispute. Investors’ confidence in that truce appeared to falter today, contributing to renewed fears about a slowing global economy. Technology companies, banks and industrial stocks are accounting for much of today’s sell-off.

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin says that China has made a commitment to purchase an additional $1.2 trillion in U.S. exports in coming years and, “if that’s real,” it will be enough to close America’s huge trade deficit with China. Mnuchin tells Fox Business Network that China has made “very big commitments” for increased purchases of agricultural products, liquefied natural gas, industrial products and autos.

WASHINGTON (AP) — President Donald Trump plans to meet briefly Tuesday with the heads of three leading German automakers. The meeting comes at a time of elevated U.S.-European trade tensions in which car exports have been a focus. Trump has threatened to slap tariffs on auto imports from Europe and other countries, citing U.S. trade deficits with those nations.

CHICAGO (AP) — American Airlines says closed-circuit television footage at Chicago’s O’Hare International Airport shows a 67-year-old woman in a wheelchair wasn’t left alone nearly as long as her family claims. American released a timeline that shows Olimpia Warsaw was alone 1 ¼ hours after her flight was canceled late Friday — during which time Warsaw twice used a walker to go outside to smoke.

CHICAGO (AP) — Union leaders say teachers employed by a Chicago charter school network are staging the first strike at any of the privately run, taxpayer-funded schools in the U.S. The strike at Acero’s 15 charter schools in Chicago began Tuesday morning after disappointing negotiations with management. Classes have been canceled for about 7,500 students.

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