Markets gain…Pleading with Trump on trade…Recommending trade retaliation
BEIJING (AP) – Global stock markets surged Tuesday despite U.S.-Chinese trade tensions after Wall Street posted its strongest gains in a week. Futures point to opening gains on Wall Street. Forecasters expect the latest monthly data Friday to show the number of new jobs created by the economy held steady at 200,000, with hourly earnings up 0.2 percent. Benchmark U.S. crude oil slipped but remains just above $62.50 per barrel. The dollar declined against the yen and the euro.
WASHINGTON (AP) – In a remarkably public confrontation, House Speaker Paul Ryan and other Republican allies of President Donald Trump pleaded with him Monday to back away from his threatened international tariffs, which they fear could spark a dangerous trade war. Trump retorted: “We’re not backing down.” The president said U.S. neighbors Canada and Mexico would not be spared from his plans for special import taxes on steel and aluminum, but he held out the possibility of later exempting the longstanding friends if they agree to better terms for a revised North American Free Trade Agreement.
BERLIN (AP) – The chairman of the European Parliament’s international trade committee says the EU should target American goods that will “really hurt” the United States if President Donald Trump goes ahead with threats to raise tariffs on foreign-made steel or cars. Bernd Lange says the European Union doesn’t have to match U.S. tariffs cent for cent, but should carefully aim at American exports such as soya bean, sweetcorn and corn. Lange told public broadcaster rbb-Inforadio on Tuesday that the Europeans should take “measures that really hit home.”
NEW YORK (AP) – McDonald’s is offering fresh beef rather than frozen patties in some burgers at thousands of restaurants, a switch it first announced about a year ago as it works to appeal to customers who want fresher foods. The fast-food giant, which has relied on frozen beef patties since the 1970s, said it’s launching Quarter Pounders made with fresh beef in about 3,500 restaurants starting Tuesday. It’ll be available in eight cities, including Atlanta, Miami and Salt Lake City, then roll out to most U.S. McDonald’s by May.
COPENHAGEN, Denmark (AP) – Toy maker Lego says its earnings and sales fell in 2017 as it tried to turn around its business after 13 years of growth. The Danish company had warned in October that sales were falling for the first time since 2004 from record highs and that it would seek new ways to grow. In its annual report Tuesday, it said that effort was still ongoing. Sales in 2017 fell 8 percent to 35 billion kroner ($5.8 billion), with net income dropping 17 percent to 7.8 billion kroner.