Month: June 2018

Some U.S. trading partners are vowing to retaliate against U.S interests over President Donald Trump’s decision to impose a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports from the European Union, Canada and Mexico beginning on Friday. …

U.S. employers are thought to have hired at a solid pace in May and helped extend the economy’s nearly nine-year expansion, the second-longest on record, despite uncertainty caused by trade disputes. Economists have forecast that employers added 190,000 jobs last month and that the unemployment rate remained at a 17-year low of 3.9 percent, according to data provider FactSet. The Labor Department’s May jobs report will be released at 8:30 a.m. EDT Friday. Economy firm footing Solid hiring data would coincide with other evidence that the economy is on firm footing after a brief slowdown in the first three months of the year. The economy grew at a modest 2.2 percent annual rate in the January-March quarter, after three quarters that had averaged roughly 3 percent annually. Some economists remain concerned that the Trump administration’s aggressive actions on trade could hamper growth. The administration on Thursday imposed tariffs on steel and aluminum imports from key allies in Europe, Canada and Mexico. Earlier in the week, it threatened to hit China with tariffs on $50 billion of its goods. Still, while Trump has made such threats since March, most employers so far haven’t suspended hiring. ​Consumer spending up And consumers have started to spend more freely, after having pulled back in the January-March quarter. That gain could reflect in part the effect of the Trump administration’s tax cuts, which might be encouraging more Americans to step up spending. Consumer spending rose in April at its fastest pace in five months. Some …

The United States’ allies in the G-7 vowed Thursday to push back against Washington’s decision to impose tariffs on their steel and aluminum exports, saying as they gathered for a meeting that the move threatens global growth. The escalating trade conflict between the United States and many key allies will dominate the three-day meeting in Canada of financial leaders from the Group of Seven industrialized nations that began Thursday, with U.S. Treasury Secretary Steven Mnuchin the top target for their complaints and lobbying. The United States said it was moving ahead to impose tariffs of 25 percent on steel imports and 10 percent on aluminum, starting at midnight (0400 GMT Friday), ending months of uncertainty about potential exemptions and sending a chill through financial markets. French Finance Minister Bruno Le Maire demanded a “permanent and total exemption” from the tariffs and said that European Union countries would respond with their own measures. The U.S. tariff decision “is unjustified and unjustifiable and will have dangerous consequences for global growth,” Le Maire said in comments to media on his way to the meeting of policymakers from the United States, Britain, Germany, France, Italy, Japan and Canada in the mountain resort of Whistler, British Columbia. His German counterpart, Olaf Scholz, said EU member states would show their unity and sovereignty by acting in a determined way. “Our response should be clear, strong and smart,” Scholz told Reuters. Canadian Finance Minister Bill Morneau said the tariffs would color the G-7 meeting. “There will be …

Outside Facebook’s annual shareholders meeting Thursday, a lone protester paced on the sidewalk, carrying a U.S. flag and a sign that read “Zuckerberg destroys shareholder value.” Above, a small plane pulled a banner that read “You Broke Democracy.” Inside, Facebook shareholders offered both praise and criticism of the company’s leadership. The social media giant has been in a constant spotlight over how foreign actors used its service to try to influence elections worldwide. It suffered a double blow when it was revealed that 87 million users’ information had gone to a political consulting firm without the users’ knowledge.  The company continues to face inquiries from federal and state regulators about privacy and user data issues. And Mark Zuckerberg, its chief executive, recently testified in front of the European Parliament after appearing in front of Congress on the issues. Shareholders sound off  Facebook shareholders provided another sort of oversight. Many expressed their displeasure by selling shares in March after it was disclosed that Cambridge Analytica, a political consulting firm, obtained user data without their knowledge. Facebook shares have more than recovered since then, rising 2 percent Thursday to $191.78, which was up 26 percent from the company’s three-month low of $152 in March.  “We didn’t do enough to see how people could abuse these tools,” Zuckerberg told the shareholders. “The main thing we need to do right now is take a broader view of our responsibility to the community we serve,” he said. Investors applauded Zuckerberg several times during the meeting. And …