Friday Morning Briefing: U.S. escalates trade war amid negotiations, China says will hit back

Highlights

The United States escalated a tariff war with China by hiking levies to 25% for $200 billion worth of Chinese goods in the midst of last-ditch talks to rescue a trade deal. French Finance Minister Bruno Le Maire said that an escalation in the trade dispute between China and the United States posed the gravest threat to global growth and threatened jobs across Europe. Global equities have seen outflows of $20.5 billion in the past week as “trade deal trauma” pushed more money into bonds, Bank of America Merrill Lynch said, the latest sign of how growing global trade tensions are roiling financial markets.

Exclusive: U.S. commander says he could send carrier into Strait of Hormuz despite Iran tensions. The commander overseeing U.S. naval forces in the Middle East told Reuters that American intelligence showing a threat from Iran will not prevent him from sending an aircraft carrier through the vital Strait of Hormuz, if needed.

A U.S. air strike killed 13 Islamic State fighters in Somalia’s semi-autonomous Puntland region, the U.S. military said, days after another strike killed three. The U.S. military has stepped up its campaign of air strikes in Somalia since President Donald Trump took office, saying it has killed more than 800 militants in two years.

A federal grand jury charged a Chinese national in a 2015 hacking campaign that affected large U.S. businesses including insurer Anthem, where the breach affected a computer system containing data on nearly 80 million people, according to an indictment unsealed

The number of Americans who said President Trump should be impeached rose 5 percentage points to 45 percent since mid-April, while more than half said multiple congressional probes of Trump interfered with important government business, according to a Reuters/Ipsos poll released.

World

The African National Congress was headed toward victory in South Africa’s election on Friday, though the party was on course for its worst performance since it swept to power a quarter of a century ago. The ANC held a commanding lead with 80% of the voting districts counted, according to the electoral commission’s figures.

North Korea's Kim orders stronger strike power; U.S. seizes cargo ship. The leader of North Korea ordered its military to boost its strike capability as he directed another missile firing, state media said, as tensions grew over tests that appeared to show preparations for a new advanced missile system.

Malaysia's hopes of economic revival under Mahathir fade. A year ago, Malaysian land surveyor Muhammad Nur Aliff had high hopes that a shock election victory by 93-year-old Mahathir Mohamad could be the catalyst for reform and revival in a country hobbled by sky-high public debt and corruption.

China files formal charges against former Interpol chief. Chinese prosecutors filed formal charges against former Interpol chief Meng Hongwei, accusing him of abuse of power and taking bribes, in the next legal step before he faces a court.

Business

Exclusive: Thyssenkrupp to consider partial listing of elevators business, abandons split

Thyssenkrupp is considering a stock market listing for elevators, its most valuable business, after a previous plan to split the entire group in two ran into investor scepticism, three sources familiar with the matter told Reuters.

4 min read

Cashing out in Uber's IPO: China, Russia and the Middle East

In 2015, Uber went on a fundraising spree in China, tapping venture capitalists and state-backed corporations for cash and connections to try and navigate the Chinese regulatory environment.

6 Min Read

Billionaire Bezos unveils moon lander mockup, embraces Trump's lunar timetable

Billionaire entrepreneur Jeff Bezos unveiled on Thursday a mockup of a lunar lander being built by his Blue Origin rocket company and touted his moon goals in a strategy aimed at capitalizing on the Trump administration’s renewed push to establish a lunar outpost in just five years.

5 min read

Top Stories on Reuters TV

Mystery surrounds massive Bel Air gun bust

United States   1:19

U.S. seizes North Korean coal ship

World   1:19
 

Minibox 3 Column Blogger Template by James William at 2600 Degrees