Stocks mostly higher…Trump looks for motorcycle makers…China says it’s prepared
NEW YORK (AP) – The major U.S. stock indexes have been mostly higher in early trading, led by gains in energy companies as the price of U.S. crude oil jumped above $75 a barrel. Technology stocks lagged. Volume was light during the half-day trading session ahead of the Independence Day holiday.
WASHINGTON (AP) – President Donald Trump says the administration is courting motorcycle companies that want to move to the U.S. after Harley-Davidson said it’s moving some assembly overseas. Harley-Davidson drew Trump’s wrath last week after the manufacturer announced it’s moving production of motorcycles sold in Europe to facilities outside the U.S. The company blamed the decision on tariffs imposed by the European Union to retaliate for tariffs Trump imposed on a host of EU products.
BEIJING (AP) – China says it’s “fully prepared” for a trade war with the United States if it kicks off in earnest on Friday. Hopes are dwindling for the world’s two biggest economies to reach a breakthrough this week before Washington starts charging tariffs on $34 billion in Chinese imports. Beijing has pledged to retaliate with equal tariffs on $34 billion in U.S. goods.
BEIJING (AP) – The head of China’s central bank says he’s closely watching the recent slide in the value of the yuan against the U.S. dollar, but the country’s economic fundamentals remain strong. Yi Gang was quoted as saying that the yuan’s depreciation reflects the strengthening of the dollar and “the effect of external uncertainties.” The yuan’s 3 percent decline against the dollar over the past two weeks is largely seen as reflecting fears over a possible trade war between the world’s two biggest economies.
BEIJING (AP) – China has issued a safety warning to its citizens traveling to the United States amid rising tensions between the sides over accusations of unfair trading practices and other disputes. The warning posted on the website of the Chinese Embassy in Washington touches on issues from the high cost of medical treatment in the U.S. to the importance of guarding against crime and terrorist attacks and the powers wielded by Immigration and Customs Enforcement agents.