Morning Brief: US slaps tariffs on $200B more in Chinese imports
Wednesday, July 11, 2018
What to watch today
President Donald Trump late Tuesday released a new list of $200 billion in additional Chinese imports that would be hit with tariffs. The 200-page list of items includes consumer goods such as handbags and clothing. Expect investors to track any reaction in overseas markets, with this potentially setting the tone for Wednesday’s trade.
Top news
China says will hit back after U.S. proposes fresh tariffs: China accused the United States of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10% tariffs on $200 billion of Chinese goods. China’s commerce ministry said on Wednesday it was “shocked” and would complain to the World Trade Organization, but did not immediately say how it would retaliate. [Reuters]
Pfizer delays drug price hikes after talking with Trump: Pfizer Inc (PFE) said on Tuesday it was deferring drug price increases for no more than six months after the company’s chief executive officer had an extensive conversation with President Donald Trump. [Reuters]
Fox ups Sky bid to $32.5 billion: Rupert Murdoch’s 21st Century Fox (FOXA) has raised its offer for Britain’s Sky in an agreed deal valuing the pay-TV group at $32.5 billion, seeing off rival bidder Comcast (CMCSA) for now. [Reuters]
At NATO, Trump lashes Germany for being Russian ‘captive‘: On Wednesday Western leaders gathered in Brussels for a NATO summit. In a startling public outburst, U.S. President Donald Trump told NATO Secretary-General Jens Stoltenberg that Germany was wrong to support a new $11-billion Baltic Sea pipeline to import Russian gas while being slow to meet targets for contributing to NATO defense spending that was intended to protect Europe from Russia. [Reuters]
JD.com’s finance unit raises $2B: JD.com Inc’s finance arm has raised at least 13 billion yuan ($1.96 billion) in fresh equity from Chinese investors, doubling its valuation ahead of an expected initial public offering, people with direct knowledge of the matter said. [Reuters]
Facebook faces UK fine over its privacy scandal: Facebook (FB) is facing its first financial penalty for allowing the data-mining firm Cambridge Analytica to forage through the personal data of millions of unknowing Facebook users. A U.K. government office that investigated the Cambridge Analytica scandal announced its intention to fine Facebook 500,000 pounds ($663,000) for failing to safeguard that user information. [AP]
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