Global shares mostly lower … Trump threatens new Mexican tariffs … German government expands electric car incentive program
TOKYO (AP) – Global shares have been mostly lower today as trade worries continue after U.S. President Donald Trump threatened additional tariffs on imports from Mexico. France’s CAC 40 shed 1.1% in early trading, Germany’s DAX was down 1.5% and Britain’s FTSE 100 edged down 0.9%. In Asia, Japan’s Nikkei closed down 1.6% and South Korea’s Kospi gained 0.1%. Hong Kong’s Hang Seng slipped 0.8%, while the Shanghai Composite lost 0.2%. Wall Street is expected to open lower, with Dow futures down 0.9% and S&P 500 futures down 1.0%.
WASHINGTON (AP) – President Donald Trump is trying to pressure Mexico to do more to crack down on migrants trying to cross the U.S. border. The president is threatening to place a five percent tariff on all Mexican imports unless Mexico does something to stem the flow. And Trump says the percentage would gradually increase up to 25 percent “until the Illegal Immigration problem is remedied.” Mexican President Andres Manuel Lopez Obrador says “social problems are not solved with duties or coercive measures.”
MILAN (AP) – The head of Italy’s central bank is issuing strong warnings against some of the populist government’s economic prescriptions. Ignazio Visco’s annual address in Rome today coincides with a deadline from the EU Commission for Italy to explain why it is lagging in debt reduction. He says raising the public deficit, as sought by vice premier Matteo Salvini, could prove counterproductive if public finances deteriorate and private sector spending contracts.
BERLIN (AP) – The German government is extending a system of incentives to buy electric cars by 18 months until the end of 2020. The program launched three years ago was supposed to expire at the end of June, but demand for electric cars has remained disappointing. It is backed by a 1.2 billion-euro ($1.3 billion) fund, half financed by the federal government and half by the auto industry.
ATHENS, Ga. (AP) – Some University of Georgia fans will be able to buy beer during football games – but only donors who have agreed to give tens of thousands of dollars will be allowed to drink. UGA Athletic Director Greg McGarity told the Atlanta Journal-Constitution on Wednesday that beer and wine will be sold in Sanford Stadium’s premium seating area during the upcoming football season. He says that area will be limited to Magill Society members, who must pledge at least $25,000 to the UGA Athletic Association.