Stocks fall…German FM critical of tariffs…China concerned about US trade policy
HONG KONG (AP) – World stock markets posted steep declines today, adding to global losses after U.S. President Donald Trump vowed to impose stiff steel and aluminum tariffs, sparking fears of a trade war. Futures point to a lower opening on Wall Street. The dollar weakened against the yen and the euro. Benchmark U.S. crude oil slipped and remains under $61 a barrel.
BERLIN (AP) – Germany’s foreign minister says President Donald Trump risks sparking a trade war with Europe over proposed tariffs on steel and aluminum, which will only benefit others. Trump on Thursday said he would levy penalties of 25 percent on imported steel and 10 percent on aluminum. Germany is the top European Union steel exporter to the U.S. and Foreign Minister Sigmar Gabriel said Friday the tax would jeopardize thousands of jobs in Europe needlessly, because “there’s no unfair competition or dumping prices from German or European firms.”
BEIJING (AP) – China on Friday expressed “grave concern” about a U.S. trade policy report that pledges to pressure Beijing but had no immediate response to President Donald Trump’s plan to hike tariffs on steel and aluminum. The report Thursday accused China of moving away from market principles and pledged to prevent Beijing from disrupting global trade. The ministry said Beijing has satisfied its trade obligations and appealed to Washington to settle disputes through negotiation
WASHINGTON (AP) – The Trump administration said Thursday it is rewriting Obama-era rules governing pollution from oil and gas operations and coal ash dumps, moves that opponents say will significantly weaken protections for human health and the environment. The changes proposed by the Environmental Protection Agency are the latest in series of actions taken over the last year to roll back regulations opposed by the fossil-fuel industry.
HARTFORD, Conn. (AP) – Some states are taking advantage of a dispute between Georgia and Atlanta-based Delta Air Lines over the company’s decision to cut ties with the National Rifle Association, urging the airline to relocate. Governors from Connecticut, New York and Virginia have pitched their states to the airline. A congressman from Ohio and the mayor of Birmingham, Alabama, also have reached out to Delta in recent days. The Republican-controlled Georgia Legislature approved a tax bill Thursday that eliminated the proposal of a fuel tax break that would primarily benefit Delta.