GBP News 

Business warns of ‘sledgehammer’ to economy from no-deal Brexit tariff plans

“Business, unions and farmers have responded with dismay to Government plans for changes to tariffs on imported goods if the UK leaves the EU without a Brexit deal” reports aol.co.uk. The CBI said the new rates would hit the UK economy like a “sledgehammer”, while unions warned that zero tariffs on steel would “destroy” jobs.Under the Government’s plans, tariffs will be slapped for the first time on a range of EU imports, including cars and food products like beef, chicken, lamb, pork, butter and “Cheddar-like” cheese.The Government’s approach would not…

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News 

China just slashed its target for economic growth, and it’s a sign of how much pain Trump’s trade war is causing

“Downward pressure on the Chinese economy continues to increase, growth in consumption is slowing, and growth in effective investment lacks momentum.”” writes Will Martin for businessinsider.com. Those external factors, Li said, have led the central government to decide on a somewhat softer and lower growth target for the country.China’s central government said Tuesday that it will lower the growth target for the country’s GDP, the latest sign that the world’s second biggest economy is in the grips of a major slowdown.”The China-US economic and trade frictions … had an adverse…

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News Stocks 

Apple’s stock surges toward 3-month high

“He believes that an additional tariff around iPhones and Apple’s laptops “is now off the table,” with no supply-chain disruption expected” writes Reporter Editor for marketwatch.com. Ives reiterated his outperform rating $200 stock price target, which is 13% above current levels. “.Apple’s stock has edged up 0.1% over the past three months, on track for the highest close since Dec. 3, while the Nasdaq Composite COMP, +0.44% has advanced 6.5% and the Dow Jones Industrial Average DJIA, +0.15% has gained 4.1%.AAPL, +1.19% rallied 1.1% toward a 3-month high in morning…

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Crypto Markets News 

Crypto Markets See Double-Digit Crash, Asian Markets Soar as Trump Delays Tariff Hike

“Third-largest crypto asset Ripple (XRP) has seen 9.4 percent in losses on the day and is trading around $0.305 at press time” writes Marie Huillet for cointelegraph.com. Today’s crash is the second day the coin — and wider market — is reporting losses, with Bitcoin having yesterday tumbled from an intraday high of $4,210 to around $3,800.Fifth-largest crypto Litecoin (LTC), sixth-largest Bitcoin Cash (BCH) and eighth-largest coin Stellar (XLM) are all seeing heavy double-digit losses — at 13.6 percent, 14.6 percent and 10.8 percent respectively .Top cryptocurrency Bitcoin (BTC) is…

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Markets News 

The US and China may be nearing a trade deal. That won’t stop the global economic slowdown

“Asian markets on Monday reacted positively to Trump’s announcement, but several experts pointed out that an easing in tensions between the two economic giants won’t stop a global slowdown that’s already happening” writes Head Of Asia for cnbc.com. The U.S. and China appear to be close to ending a tariff fight that hurt financial markets and dented economic activity worldwide, but that’s not going to stop the slowdown already seen in the global economy, experts said on Monday.U.S. President Donald Trump said on Twitter on Sunday that he would delay…

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News 

Trump delays tariff hikes on Chinese goods due to ‘substantial progress’ in talks

“President Trump announced Sunday he is delaying a U.S. increase of tariffs on Chinese goods after “substantial progress” was made in talks and expects a final agreement to be struck with Chinese President Xi Jinping at his Mar-a-Lago resort in Palm Beach, Fla” reports washingtonexaminer.com. “As a result of these very productive talks, I will be delaying the U.S. increase in tariffs now scheduled for March 1. Source: washingtonexaminer.com

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News Oil 

U.S. oil settles higher, carves out nearly 3 1/2-month peak as China tariff talks progress

“On Friday, for example, Baker Hughes BHGE, +0.00% weekly rig-count data showed the rigs drilling for oil edged back by four to 853” writes Mark Decambre for marketwatch.com. China is a big importer of oil and its tiff on tariffs with Washington has been a drag on the commodity until recent signs of progress on talks emerged.News reports said President Donald Trump would meet with China’s top trade negotiator, Vice Premier Liu He, which has underscored optimism that a deal between China and the U.S. will strike a trade deal…

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News 

EU drafting retaliatory tariff list hitting Caterpillar, Xerox, Samsonite: Bloomberg

“WASHINGTON (Reuters) – The European Union is drafting a list of retaliatory tariffs that would target Caterpillar Inc, Xerox Corp and Samsonite International if U.S. President Donald Trump imposes duties on European cars, Bloomberg News reported on Friday, citing an unnamed senior EU official” reports businessinsider.com. Trump, who is known to have a strong protectionist bent on trade, has said the United States would impose tariffs on European car imports if it is unable to reach a trade deal with the European Union.He threatened tariffs on European car imports just…

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News Stocks 

Lighthizer to testify before key House committee on U.S.-China trade right before March 1 tariff deadline

“The House Ways and Means Committee will hold a hearing Feb. 27 with U.S. Trade Representative Robert Lighthizer, the panel announced Wednesday” writes Robert Schroeder for marketwatch.com. Optimism over a deal has helped to buoy U.S. stocks DJIA, +0.07% and Trump has pointed to progress in ongoing discussions.The hearing comes just days before a March 1 deadline for the two countries to reach a trade deal — though President Donald Trump has indicated he is flexible on that date. Source: marketwatch.com

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