Stocks still down sharply…Mexico responds to tariff threat…IRS proposes new W-4
NEW YORK (AP) – Stocks are still down sharply in afternoon trading on Wall Street after President Donald Trump surprised investors with tariffs on Mexican imports. Bond yields also continued their plunge as investors scrambled into safer investments on worries that the trade war will hurt economic growth and corporate profits. Stocks of automakers and railroad operators are seeing some of the day’s biggest losers.
MEXICO CITY (AP) – Mexico President Andres Manuel Lopez Obrador (LOH’-pez OH’-brah-dohr) says Mexico won’t respond to President Donald Trump’s threat of coercive tariffs with desperation, but instead will push for dialogue. Lopez Obrador says he has dispatched Foreign Affairs Secretary Marcelo Ebrard to Washington to show Trump data demonstrating that Mexico has been taking action to slow illegal immigration.
NEW YORK (AP) – An appeals court says it will speedily consider President Donald Trump’s challenge to congressional subpoenas seeking financial records from two banks he did business with. The 2nd U.S. Circuit Court of Appeals in Manhattan issued a brief order today setting a schedule for written arguments to be submitted by July 18. The order said oral arguments will occur as soon as possible afterward.
WASHINGTON (AP) – The IRS has proposed an update to the Form W-4 that it says will increase its accuracy and reduce its complexity. But experts say the proposed revision may prove a bit more difficult for employees to complete. The new form would require more detail about outside income, deductions and exemptions. The draft is open to public comment until July with a final version to take effect in 2020.
FRESNO, Calif. (AP) – A second company has cut ties with a California minor league baseball team that played a Memorial Day video that included an image of Democratic Rep. Alexandria Ocasio-Cortez with images of Kim Jong Un and Fidel Castro. The Fresno Bee reports that Heineken International confirmed that it had ended its relationship with the Fresno Grizzlies.