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$2.3 billion of MI exports threatened by tariffs

04 July 2018
$2.3 billion of MI exports threatened by tariffs

According to the U.S. Banks and health care stocks also notched gains. Brent crude, used to price global oils, fell 55 cents to $78.68 in London. Big department store chains and consumer goods companies also declined.

ASIA'S DAY: Asian markets were overshadowed by weaker than expected Chinese manufacturing data and a softening in Japan's economic outlook.

Trading volume was lighter than usual ahead of Tuesday, when USA markets are scheduled to close early for the Independence Day holiday the following day.

Roughly half of the circuit boards Moog use in their instruments come from China, Moog say that they do try to source their boards from the United States where possible, but it results in roughly 30% higher costs, so its not possible to source exclusively domestically. The Dow Jones industrial average is down slightly for the year. Britain's FTSE 100 gained 0.6 percent to 7,589.

The EU leaders agreed "in substance" on Thursday (28 June) on a set of proposals to improve the World Trade Organisation, which should pave the way for finding common ground with US President Donald Trump and de-escalating the ongoing trade dispute.

"No, no, no, no", he said, noting that more tariffs could be imposed if there is no deal with China.

In a commentary on Wednesday, China's official Xinhua news agency said China and Europe "should resist trade protectionism hand in hand".

USA stocks gradually pared their losses as the day went on, led by gains in technology stocks.

Today's price action suggests bullish traders were not too shaken by the impromptu agreement between President Trump and Saudi Arabia to raise production.

Trump has criticized the European Union for having higher import taxes on cars and for its trade surplus with the United States, this includes a 10 percent tax on cars entering the EU compared with a 2.5 percent tax for cars entering the U.S.

The US leader had already threatened to impose tariffs on cars imported from the European Union, in response to the bloc's retaliatory tariffs last week on popular US products including jeans, bourbon and motorcycles. It calculated that a 25% tariff would slash an initial $13-14 billion off United States gross domestic product, with no predicted improvements to its own incomes. On Friday, Canada struck back at USA steel and aluminum tariffs, vowing to impose punitive measures on $12.6 billion worth of American goods until Washington relents. He adds, "very few of the products that benefit from this policy will be exported to the U.S. China mainly sends low-end products to the U.S. or assembled products such as Apple's iPhone". The study further predicts that 6,800 jobs would be lost by vehicle fix shops and an additional 85,200 jobs in the auto care wholesale and retail segment due to lower demand. And this means things could get worse, before they get better.

Tracking shares in computer maker Dell vaulted 9 percent to $92.20 after it announced it would go public again after five years as a private company. "If you lose lose business, companies have to make up for that". Kohl's gave up 2.2 percent to $71.33.