Financial News

Friday, May 25th
May 24, 2018
AP-NC Newswatch
May 24, 2018
Financial News

 

 

 

World shares mostly higher … China vows to ‘firmly defend’ its rights and interests … German industry says car tariffs a ‘nasty blow’

 

BANGKOK (AP) – World shares are mostly higher despite losses in Tokyo after the Trump administration said it was investigating imposing new tariffs on imports of autos and auto parts. In early trading, Germany’s DAX is up 0.1 percent, France’s CAC 40 is 0.4 percent higher and the FTSE 100 in Britain is flat. On Wall Street, the S&P 500 is flat and the Dow future contract is down less than 0.1 percent.

 

BEIJING (AP) – China says it will “firmly defend” its rights and interests against what it calls the Trump administration’s abuse of national security provisions in trade. The Commerce Ministry’s response today comes after the Trump administration launched an investigation into whether tariffs are needed on auto imports into the United States. In doing so, Trump invoked a provision authorizing the president to restrict imports and impose unlimited tariffs on national security grounds, known as Section 232 of the Trade Expansion Act of 1962.

 

WASHINGTON (AP) – The head of the Association of German Chambers of Commerce and Industry says the U.S. intention to raise auto tariffs is “another nasty blow to our economic relations” with the United States. Eric Schweitzer says, “We should almost regard this as a provocation.” Some see President Donald Trump’s proposal for tariffs as an attempt to gain leverage in trade talks with neighbors: nearly half of vehicles sold in the U.S. are imported, many coming from assembly plants in Mexico and Canada. Europe is also a big exporter to the U.S.

 

BILLINGS, Mont. (AP) – Attorneys for the Trump administration are due in a Montana courtroom today to defend the approval of TransCanada’s disputed Keystone XL oil sands pipeline project. Environmentalists want a federal judge to overturn last year’s approval of the project, which was rejected under former President Barack Obama because of climate change worries. Government attorneys argue President Donald Trump is simply giving more weight to energy security and economic development.

 

FRANKFURT, Germany (AP) – Germany’s struggling Deutsche (DOY’-chuh) Bank says it’s slashing thousands of jobs as it reshapes its stocks trading business and tries to limit costs. The bank says it will cut its workforce from 97,000 to “well below” 90,000. It says the reductions are already “underway.” The cuts will cost the bank some 800 million euros ($935 million) this year.

 

 

AP-WF-05-24-18 1052GMT