US-China tariffs: Who stands to be hurt?
President Donald Trump has boldly declared that trade wars are easy to win. He’s about to find out. Barring a last-minute breakthrough, the Trump administration on Friday will start imposing tariffs on $34 billion in goods imported from China. And China will promptly strike back with tariffs on an equal amount of U.S. goods.
And just like that, a high-risk trade war between the world’s two biggest economies will begin — one that could quickly escalate.
EU warns: Auto tariffs could lead to retaliation
The EU on Monday slammed the Trump administration for considering tariffs on auto imports, saying they could lead to global retaliation against some $300 billion in U.S. goods, amid fresh signs of a looming trade war.
European Commission spokesman Margaritis Schinas said the U.S. investigation into the possibility of auto tariffs “lacks legitimacy, factual basis and violates international trade rules,” just like last month’s U.S. tariffs on steel and aluminum imports.
US factories register
unexpected growth in June
American factories expanded at an unexpectedly fast pace in June, another sign of strength for U.S. industry. But U.S. manufacturing will have to contend in coming months with uncertainty over trade and a strengthening dollar.
The Institute for Supply Management, a trade group of purchase managers, says its manufacturing index rose last month to 60.2. That’s the highest level since February and up from 58.7 in May.
Tesla tops goal of making 5,000 Model 3s per week
Tesla Inc. made 5,031 lower-priced Model 3 electric cars during the last week of June, surpassing its often-missed goal of 5,000 per week. But the company still only managed to crank out an average of 2,198 per week for the quarter.
Tesla reported making 28,578 Model 3s from April through June, according to its quarterly production release. Critics wonder whether it can keep up the pace that it achieved in those last seven days.
California court: Yelp can’t be ordered to remove posts
A divided California Supreme Court has ruled that online review site Yelp.com cannot be ordered to remove posts against a San Francisco law firm that a judge had determined were defamatory.
The 4-3 ruling on Monday came in a closely watched case that internet companies warned could be used to silence all types of online speech.
President warns WTO needs to change ways
President Donald Trump is warning the World Trade Organization that if the United States isn’t treated “properly, we will be doing something.”
Trump is again denying plans to withdraw the US from the WTO but told reporters that the trade organization needs to change its ways.
Trump delaying NAFTA deal until after elections
President Donald Trump said he’s delaying signing a revised version of the North American Free Trade Agreement until after the fall midterm elections in hopes of reaching a better deal.
Trump said in a Fox News interview that aired Sunday that he could quickly sign an agreement on NAFTA with Canada and Mexico, “but I’m not happy with it. I want to make it more fair.”