Many Asian markets higher … China vows ‘counter-measures’ to US tariff hike … EU probes automakers over emission systems
SINGAPORE (AP) – Many Asian markets turned higher today after President Donald Trump’s move to place tariffs on an additional $200 billion of Chinese goods was not immediately met with retaliation by Beijing. Japan’s Nikkei jumped 1.4 percent. The Kospi in South Korea added 0.3 percent and Hong Kong’s Hang Seng index rose 0.6 percent. The Shanghai Composite index rebounded 1.8 percent. Stocks fell in Taiwan and most of Southeast Asia.
BEIJING (AP) – China has said it will take ‘counter-measures’ to U.S. President Donald Trump’s latest tariff hike and an American business group warned a ‘downward spiral’ in their trade battle appears certain. The Commerce Ministry gave no details but Beijing previously published a $60 billion list of American goods for retaliation. The Trump administration announced the tariffs on some 5,000 Chinese-made goods will start at 10 percent beginning Monday. They rise to 25 percent on Jan. 1.
WASHINGTON (AP) – Apple and other technology companies avoided a financial threat to the popularity of smartwatches and other wireless devices by persuading President Donald Trump to spare those products from tariffs levied on Chinese goods. Trump’s concession comes after Apple sent a letter to the U.S. Trade Representative urging the administration to shield its smartwatch and wireless headphones, which contain parts from Chinese suppliers, from the tariffs. Other tech companies also stand to benefit.
BRUSSELS (AP) – The European Union’s anti-trust watchdog is investigating whether automakers BMW, Daimler and Volkswagen colluded to limit the development and roll-out of car emission control systems. The EU Commission said Tuesday that it had received information that BMW, Daimler, Volkswagen, and VW units Audi and Porsche held meetings to discuss clean technologies aimed at limiting car exhaust emissions.
MARANELLO, Italy (AP) – Sportscar maker Ferrari is betting on limited edition cars based on iconic models of the past as part of a new five-year plan. The company has presented the first in the Icona special series, billed as the most-powerful road car in the company’s history. The Ferrari Monza SP1 and SP2 sportscars are modelled on the classic open-top racing model with revved-up Formula 1 technology.