Stocks gain…Resignations over Brexit…Judge approves VW settlement
NEW YORK (AP) – Stocks on Wall Street are climbing with other markets as worries about trade tensions between the United States and the rest of the world take a back seat. The world’s two largest economies took their biggest steps yet on Friday in a brewing global trade war after the United States and China imposed dueling tariffs on each other’s goods. But a better-than-forecast U.S. jobs report on Friday and the expectation for strong earnings reports from nearly every swath of corporate America in the upcoming weeks have nevertheless helped support stocks.
FRANKFURT, Germany (AP) – European Central Bank head Mario Draghi says that new trade barriers are the main risk to Europe’s economy and that it’s up to the EU to “lead by example” by supporting economic openness. President Donald Trump’s decision to impose tariffs on steel and aluminum imports and on a range of Chinese goods led to retaliation from China, the EU and others.
BERLIN (AP) – German Chancellor Angela Merkel and Chinese Prime Minister Li Keqiang (lee kuh-TYAHNG’) are stressing their commitment to a multilateral trade system in the wake of Washington’s decision to impose widespread tariffs. Speaking in Berlin after the two countries signed deals worth $23.6 billion, Li told reporters the projects demonstrated how nations could work together.
LONDON (AP) – Outgoing British Foreign Secretary Boris Johnson has slammed Prime Minister Theresa May in a resignation letter, accusing her of flying “white flags” of surrender in negotiations with the European Union. Johnson, one of the most vocal backers of Britain’s exit from the European Union, quit as Britain’s top diplomat today. His move came hours after Brexit Secretary David Davis also resigned, blowing open divisions over how to leave the EU. The divisions threaten to topple May’s government.
SAN FRANCISCO (AP) – A U.S. appeals court has approved a $10 billion settlement between Volkswagen and car owners caught up in the company’s emissions cheating scandal. A three-judge panel of the 9th U.S. Circuit Court of Appeals ruled unanimously that a federal judge had done more than enough to ensure the deal was fair. VW agreed to spend up to $10 billion compensating owners of roughly 475,000 Volkswagens and Audi vehicles with 2-liter diesel engines – the bulk of the vehicles caught up in the scandal.