Trade war worries hit markets…Budget passes…Tariff exemptions
HONG KONG (AP) – Fears of a trade war roiled financial markets and sent the dollar wobbling Friday after Beijing retaliated against the Trump administration’s tariff hikes by threatening import duties on U.S. goods. Markets in Europe and Asia fell. Futures pointed to a lower opening on Wall Street. The dollar fell against the yen and the euro. Benchmark U.S. crude rose but remained under $65 a barrel.
WASHINGTON (AP) – Congress gave final approval Friday to a giant $1.3 trillion spending bill that ends the budget battles for now, but only after late scuffles and conservatives objections to big outlays on Democratic priorities at a time when Republicans control the House, Senate and White House. Senate passage shortly after midnight averted a third federal shutdown this year, an outcome both parties wanted to avoid. But in crafting a sweeping deal that busts budget caps, they’ve stirred conservative opposition and set the contours for the next funding fight ahead of the midterm elections.
WASHINGTON (AP) – The European Union, Australia, Argentina, Brazil, South Korea, Canada and Mexico will get initial exemptions from looming steel and aluminum tariffs from the Trump administration. President Donald Trump authorized the exemptions late Thursday night. Trump is planning to impose tariffs of 25 percent on imported steel and 10 percent on aluminum – trade penalties aimed at China for flooding the world with cheap steel and aluminum.
BEIJING (AP) – China announced a $3 billion list of U.S. goods for possible retaliation in a tariff dispute with President Donald Trump and girded for a bigger battle over technology policy as financial markets sank on fears of disruption to global commerce. The Commerce Ministry said higher duties on pork, apples, steel pipe and other goods would offset Chinese losses due to Trump’s tariff hike on steel and aluminum imports. It urged Washington to negotiate a settlement but set no deadline.
YOKOHAMA, Japan (AP) – Nissan’s chief planning officer said Friday the Japanese automaker does not plan to change its road tests for self-driving vehicles after the recent fatal accident of an Uber autonomous vehicle. Some fear a setback for the technology after a pedestrian was killed Sunday night in a crash involving a self-driving Uber SUV in the U.S., the first death involving a fully autonomous test vehicle. Philippe Klein, the chief planning officer at Nissan, said the automaker is ensuring its tests are safe. He said specially trained drivers keep their hands on the wheel on such vehicles, ready to “take over the car.”