Economy

Stock Markets in Asia, Europe Already Feeling the Tariffs Pinch

Stock Markets in Asia, Europe Already Feeling the Tariffs Pinch

The U.S. Chamber of Commerce on Monday warned that the Trump administration's new tariffs against imports threaten to spark a global trade war, as other trading partners have announced billions of dollars in retaliatory tariffs against American products.

USA stocks closed higher Monday after a last-minute market rally erased the losses from a daylong slump.

Which kind of goes against USA president Donald Trump's plans of making "America great again".

US President Donald Trump cited national security concerns for previous tariffs, but the European Union saw the move as "pure protectionism" and imposed new duties on US products as retaliation, as did Mexico, Canada, Turkey and India.

On top of the significant push back from governments around the world, the moves have USA companies warning the Trump administration that continuing on this path will ultimately mean higher prices for US consumers and hundreds of thousands of jobs. They don't want our farm products.

The date and place of the meeting of Putin and trump
It's the first official summit between the two powers, though they've met twice before on the sidelines of worldwide gatherings. Moscow said Trump had invited Putin for a summit at the White House but the focus has shifted to a meeting on neutral ground.

Meanwhile, the European Union argued that the US's comparably low auto import tariff was countered by higher rates on other vehicles, such as lorries.

The Alliance of Automobile Manufacturers, which represents General Motors, Ford, Daimler, Toyota and others, are imploring Trump to not pursue this plan of attack, noting that if he continues it could ultimately cost consumers $45 billion annually.

USA tariffs on $US34 billion ($46.3 billion) worth of Chinese goods come into effect on Friday with a big risk of more tit for tat tariffs from China.

Warner warned if the US were to hit Canada with auto tariffs, it would be "a real kick in the gut" to the country's economy.

Concerns over a potential trade war between the US and its major trading partners in Canada, the European Union and China are pressuring global equity markets on Monday.

Real Madrid deny having Kylian Mbappe deal with Paris St-Germain
Real Madrid's genius for putting themselves centre stage of a tournament which has nothing to do with them continues unabated. Now that Portugal have crashed out of the footballing extravaganza, all eyes seem to be back on Ronaldo and his future.

Amid escalating transatlantic trade tensions, the European Union has sent a strong warning to US President Donald Trump about the real costs of putting tariffs on cars. Benchmark U.S. crude added 85 cents to $74.79 a barrel in electronic trading on the New York Mercantile Exchange.

Vice Premier Liu He has said privately that China is ready to set out for the first time what sectors it can open to European investment at the annual summit, expected to be attended by President Xi Jinping, China's Premier Li Keqiang and top EU officials.

On Tuesday, Trump again slammed motorcycle maker Harley-Davidson on Twitter for moving some of its operations overseas to try to evade retaliatory tariffs on the motorcycles it ships to Europe.

"Like most global automakers, including the Detroit-based companies, Toyota sources most key parts and components locally, e.g., engines and chassis, but also imports certain specialized parts and components", Toyota said in a statement.

The document also said that European auto makers in the United States make about 2.9 million cars per year, accounting for 120,000 jobs directly involved in the manufacturing process, or 420,000 jobs if non-direct roles such as vehicle parts production and retailers are included.

Julius Randle an unrestricted free agent after Lakers renounce his rights
A person with knowledge of the situation says Rondo has agreed to sign a one-year contract with the Los Angeles Lakers . Randle averaged a career-high 16.1 points while also averaging 8.0 rebounds last season, playing in all 82 games.


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