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Apple Watch, FitBit could feel cost of U.S. tariffs

“The rulings name Apple Inc’s watch, several Fitbit Inc activity trackers and connected speakers from Sonos Inc” reports businessinsider.com. It is possible that the products from Apple, Fitbit and Sonos no longer fall under tariff codes in the $200 billion list, trade experts said.That $200 billion list of tariffs is in a public comment period.But if the list goes into effect this fall, the products from Apple, Fitbit and Sonos could face a 10 percent tariff. Source: businessinsider.com Share This:

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Markets News Stocks 

Asian stocks choppy, sentiment shaken by sliding yuan

“Lastly, a weaker yuan deepens trade war concerns.”” writes Midwest Communications Inc for 95kqds.com. First, a weaker yuan challenges the competitiveness of other Asian economies,” said Shusuke Yamada, currency and equity strategist at Bank of America Merrill Lynch in Tokyo.The dollar index against a basket of six major currencies stood little changed at 95.178 after being knocked down from 95.652, its highest level since July 2017.”The weaker currency also causes fears of capital leaving China and disrupting their capital markets, which could have knock-on effects on Asia.With China showing little…

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Trump said in a post on Twitter

“WASHINGTON (Reuters) – U.S. President Donald Trump on Thursday criticized the European Union over a record $5 billion fine EU antitrust regulators imposed on Google, saying the bloc was taking advantage of the United States” writes Min Read for reuters.com. The 4.34 billion euro ($5 billion) fine is nearly double the previous penalty that the company was ordered to pay last year, but it represents a little more than two weeks of revenue for its parent company, Alphabet Inc.EU officials on Wednesday also ordered Google to stop using its popular…

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Companies Are United in Dissent on Trump’s Car Tariffs

“He and other administration officials say the United States is at a disadvantage and that better trade deals could ultimately add American jobs” reports nytimes.com. Trump himself has threatened levies of 20 or 25 percent on foreign cars and implied that such penalties could help the United States negotiate better terms for trade with Mexico, Canada and the European Union.Even cars with the highest percentages of American-made content regularly source a quarter to a third of their parts from abroad, industry statistics show. But the industry would still lose tens…

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The US and Canada share North America’s most-vital trade corridor

“This region is integral in both U.S. and Canadian histories, and it’s still the most vital trade corridor in North America today” writes Visual Capitalist for businessinsider.com. Freighter trade in the Great Lakes originally gained prominence in the 1840s, when copper and iron ore were discovered in the areas surrounding the lakes.REUTERS/Jonathan Ernst Long before highways and railroads covered the vast expanses of North America, crucial trade was conducted through the towns and outposts located along the shores of the Great Lakes and the St.What are the economic benefits stemming…

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Nucor profit doubles as Trump’s steel tariffs drive demand higher

“Nucor posted the highest second-quarter profit in its history as the steelmaker ramped up output to meet demand from President Trump’s 25 percent tariffs on imports from overseas competitors” writes Martin Meissner Associated for washingtonexaminer.com. The Charlotte, N.C.-based company has benefited as Trump’s duties reduced so-called dumping of illegally subsidized metals in the U.S. from foreign producers, said Chief Executive Officer John Ferriola.”The primary driver of the improved performance was our steel mills segment, which experienced higher average selling prices and increased profitability across all steel mill product groups, with…

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News Regulators 

Dollar falls and Treasury yields near lows as Trump criticizes Fed 

“The dollar fell and Treasury yields edged lower after President Donald Trump said he disagreed with Fed policy on interest rates and objected to a strong dollar” writes Patti Domm for cnbc.com. Prior to his election, going back to Robert Rubin, President Bill Clinton’s Treasury secretary, the policy has been for a strong dollar.Trump has commented on dollar strength in the past.The dollar has been rising this week following comments from Fed Chairman Jerome Powell that the economy was strong and the Fed would keep raising rates. Source: cnbc.com Share This:

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Automakers push back on EU tariff plan, saying there’s no evidence imports affect national security

“Using national security to penalize automotive imports is highly unusual, but Commerce Secretary Wilbur Ross has said that national security is connected to U.S. economic security” writes unknown author for cnbc.com. Ross said in opening remarks Thursday that it is “too soon” to determine whether the U.S. will raise tariffs.The Trump administration has already imposed tariffs on billions of dollars of imports from China, including vehicles and parts.Commerce Department officials expressed some concern about the nation’s roughly $32 billion auto trade deficit with Europe, meaning Americans buy $32 billion more…

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An under-the-radar move by Canadian Prime Minister Trudeau showed that Canada is ready to get tough with Trump on trade

“Canadian Prime Minister Justin Trudeau used a small, under-the-radar move during his Cabinet reshuffle to take a direct shot at US President Donald Trump’s policy and the burgeoning US-Canada trade conflict” writes Bob Bryan for businessinsider.com. As part of the broader reshuffle, Trudeau on Wednesday selected Jim Carr, formerly the minister of natural resources, to be the minister of international trade diversification.Trump kicked off a trade fight with Canada last month by imposing tariffs on steel and aluminum exports to the US. Trudeau responded with tariffs on nearly $13 billion…

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Markets News Stocks 

Stocks Climbing Despite Trade Worries, But Other Markets Are Flashing Warning Signs

“The price drop here is less dramatic, but it is hardly a positive sign” writes Martin Tillier for nasdaq.com. For many people, the recent direction of the stock market is somewhat puzzling.Despite what this administration keeps insisting, there are no winners in trade wars, particularly those conducted on multiple fronts.The strange thing is that if you google “copper price warning” or “doctor copper” as it is sometimes known, there are no recent results for articles pointing this out.At that time, the view that I espoused, that imposing tariffs was a…

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