Wall Street expected to open lower … WTO predicts continued trade growth … Trade war between US and Rwanda?
HONG KONG (AP) – Asian and European markets slipped today as investors digested the latest Fed minutes. European shares were slightly lower in early trading. Shares dipped less than 0.1 percent in France, Germany and Britain. Japan’s Nikkei and the Kospi in South Korea each ended 0.1 percent lower and China’s Shanghai Composite slid 0.8 percent. Wall Street is expected to open slightly higher, with Dow futures up less than 0.1 percent and S&P futures gaining 0.1 percent.
GENEVA (AP) – The World Trade Organization is predicting continued trade growth this year. But its chief warns that tensions between the U.S. and China could compromise those projections. WTO Director-General Roberto Azevedo laid out the trade body’s predictions today amid concerns about a trade war over President Donald Trump’s planned tariffs on Chinese and other goods and Beijing’s retaliation.
KAMPALA, Uganda (AP) – Another Trump administration trade war is playing out in Rwanda. Used clothing cast off by Americans and sold in bulk in African nations is being blamed in part for undermining local textile industries. Rwanda took action, raising tariffs on the clothing in defiance of U.S. pressure. And in response, the U.S. says it will suspend duty-free status for clothing manufactured in Rwanda under the trade program known as the African Growth and Opportunity Act.
TOKYO (AP) – Takata Corp., the Japanese air bag maker embroiled in a massive recall, says its acquisition by U.S. mobility safety company Key Safety Systems is done and its president is stepping down. Departing Takata President Shigehisa Takada will be replaced by the company’s CFO, Yoichiro Nomura. Takata’s defective air bag inflators can explode with too much force, spewing shrapnel and causing deaths and injuries.
TOKYO (AP) – Hino Motors, Toyota’s group truck manufacturer, and Volkswagen Truck & Bus of Germany have agreed to work together in a partnership on technologies such as hybrids, electric cars, autonomous driving and connectivity. Under the deal, each company will maintain independence, but executive teams will work together to map out cooperation on development of innovative technology.