Markets swoon…Trump surprises with China tariff threat…Eurozone economy woes
Stocks dive on Trump tariff threat…Roger Ng extradited to US…Kraft Heinz restates financial results
NEW YORK (AP) – Stocks have dropped sharply in early trading on Wall Street after President Trump threatened more tariffs against China just as investors were hoping that the long-running trade war between the world’s two biggest economic powers might be winding down. Technology companies, which would stand to lose heavily if the trade battle with China gets worse, fell the most.
OMAHA, Neb. (AP) – Billionaire Warren Buffett says it’s hard to know how a trade war between China and the United States would affect the economy if President Donald Trump follows through on his latest tariff threat because so many other countries are affected. Buffett says Trump is making a “nuclear threat” that may bring the Chinese to the table, but it’s impossible to predict the outcome because both countries’ leaders are used to getting their way.
KUALA LUMPUR, Malaysia (AP) – Malaysia’s attorney general says former Goldman Sachs executive Roger Ng (eng) has been temporarily extradited to the U.S. to face criminal charges linked to the alleged multibillion-dollar ransacking of state investment fund 1MDB. Ng, who was arrested in Malaysia in November, has been charged both in the U.S. and Malaysia.
PITTSBURGH (AP) – Kraft Heinz is restating its financial results for the years 2016, 2017, and for the first nine months of 2018. The company said in February that it was being investigated by the SEC over its procurement operations. Kraft Heinz Co. said in a regulatory filing today that several employees within its procurement operations engaged in misconduct, but that the misstatements were “not quantitatively material to any quarter.”
BISMARK, N.D. (AP) – A federal judge has sent back to a North Dakota state court a lawsuit alleging the environmental group Greenpeace conspired against the Dakota Access oil pipeline. Energy Transfer Partners maintains Greenpeace and others should be held responsible for trying to disrupt pipeline construction. Greenpeace accuses ETP of using the legal system to bully critics.