Stocks gain…Unintended consequences in China tiff…Drop in German business confidence
TOKYO (AP) – Global shares mostly rose Tuesday as a surge in U.S. bond yields pushed the value of the dollar higher against other major currencies. Futures suggest US shares will drift higher when markets open. Benchmark U.S. crude oil rose above $69 a barrel. The dollar gained against the yen and the euro
WASHINGTON (AP) – President Donald Trump’s escalating dispute with China over trade and technology is threatening jobs and profits in working-class communities where his “America First” agenda hit home. The Commerce Department has received more than 2,400 applications from companies seeking waivers from the administration’s tariffs on steel and aluminum imports, which may result in duty payments of millions of dollars for larger businesses. Several of the applications released so far suggest deep misgivings with Trump’s protectionist strategy.
BERLIN (AP) – A closely watched survey showed a bigger-than-expected drop in German business confidence amid worries about international trade tensions, but Tuesday’s report doesn’t necessarily signal any serious problems for Europe’s biggest economy. The Ifo institute said its barometer of managers’ sentiment in Germany declined to 102.1 points for April from 103.3 last month. Economists had expected a more modest dip to 102.8.
DETROIT (AP) – The U.S. government’s highway safety agency is expanding three investigations for brake and air bag troubles that could affect more than 2.3 million vehicles from Ford, Volkswagen and Nissan. The expansions by the National Highway Traffic Safety Administration were announced Monday and over the weekend on the agency’s website after investigators found more consumer complaints about the problems.
NEW YORK (AP) – The federal government can’t delay plans to more than double penalties automakers pay when they fail to meet fuel economy standards, an appeals court said on Monday in siding with five states. The 2nd U.S. Circuit Court of Appeals in Manhattan agreed with a lawsuit brought last year by California, Maryland, New York, Pennsylvania, Vermont and environmental groups, which were seeking to have a new rule about penalties enforced. The court said a written opinion explaining its reasoning would be issued later.