Markets mixed…Harsh words on trade…Europe and China to move closer…Positive jobs prediction
UNDATED (AP) – Shares prices were higher in Europe on Friday after most major Asian benchmarks fell amid mounting trade tensions. Futures point to opening gains on Wall Street. U.S. crude oil rose rose to remain just above $67 per barrel. The dollar rose against the yen and the euro.
WASHINGTON (AP) – President Donald Trump says the days of the U.S. being taken advantage of in trade deals “are over” in a harshly worded statement responding to Canadian Prime Minister Justin Trudeau’s criticism of new steel and aluminum tariffs. Trump is levying tariffs on the metals, starting Friday, on imports from Canada, Mexico and the European Union. His administration is also renegotiating the North American Free Trade Agreement.
PARIS (AP) – The European Union and China say they will deepen ties on trade and investment and that they fully support global trade rules, after U.S. President Donald slapped tariffs on steel and aluminum imports. EU foreign policy chief Federica Mogherini said Friday: “We are living in times of geopolitical turbulence, and uncertainties, so the cooperation between EU and China becomes even more important.”
WASHINGTON (AP) – U.S. employers are thought to have hired at a solid pace in May and helped extend the economy’s nearly nine-year expansion – the second-longest on record – despite uncertainty caused by trade disputes. Economists surveyed by data provider FactSet have forecast that employers added 190,000 jobs last month and that the unemployment rate remained at a 17-year low of 3.9 percent. The Labor Department releases figures this morning.
BEIJING (AP) – China has appealed to its trading partners to reject “trade and investment protectionism” after Washington raised tariffs on steel imports and said it will impose curbs on Chinese investment. Friday’s appeal came ahead of weekend talks with Commerce Secretary Wilbur Ross on U.S. pressure to narrow China’s multibillion-dollar trade surplus with the United States. The tariffs announced Thursday on steel from Canada, Mexico and Europe have no effect on China.