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Stocks surge...Trump announces tentative deal with Mexico...China challenges tariffs

August 27, 2018

NEW YORK (AP) — Stocks are rising broadly in on word of a tentative trade agreement between the U.S. and Mexico, with the Nasdaq composite trading above 8,000 for the first time. Industrial companies, banks and big technology stocks are among the biggest winners in afternoon trading on Wall Street. Automakers are climbing as investors hope the agreement will prevent tariffs on imported cars. But Tesla fell after CEO Elon Musk said he was scrapping the idea of taking the electric car maker private.

WASHINGTON (AP) — The Trump administration and Mexico have reached a preliminary accord to end the North American Free Trade Agreement and replace it with a deal that the administration wants to be more favorable to the United States. President Donald Trump says a new deal would be called “the United States-Mexico Trade Agreement.” But any new agreement is far from final.

GENEVA (AP) — China is challenging the latest round of U.S. tariffs against Chinese goods through the World Trade Organization. The Chinese government today formally requested “dispute consultations” with the United States over the Trump administration’s imposition of $16 billion in tariffs on Chinese goods last week. China has responded with similar taxes on U.S. goods. The request to the World Trade Organization opens a 60-day period for the two countries to hold talks.

DETROIT (AP) — A former Fiat Chrysler executive has been sentenced to 5 ½ years in federal prison in a scheme to curry favor with union officials by buying them expensive gifts. Former head of labor relations Alphons Iacobelli admitted that he turned the budget of a company-sponsored training center into a slush fund. He’s the highest-ranking company official sentenced thus far in a federal probe that includes training centers at General Motors and Ford.

ORLANDO, Fla. (AP) — The proposed contract Walt Disney World’s unionized workers will vote on next week would increase the starting minimum wage by at least 46 percent over three years to $15 an hour. It would also enable Disney to use more part-time workers and require new workers to stay in their positions longer before transferring. The deal covers more than half the Florida resort’s 70,000 workers.

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