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Shoe giants urge Trump to end trade war

Shoe giants urge Trump to end trade war

World
Some of the world's biggest footwear firms are urging Donald Trump to end the US trade war with China, warning of a "catastrophic" effect on consumers.In a letter signed by 170 companies, including Nike and Adidas, they said the President's decision to lift import tariffs to 25% will disproportionately impact the working class. They also warn that higher levies threaten the future of some businesses. "It is time to bring this trade war to an end," the firms urged.Mr Trump lifted levies on $ 200bn worth of Chinese imports into the US from 10% to 25% more than a week ago after Washington and Beijing failed to reach a deal on trade.China retaliated by announcing plans to raise levies on $ 60bn of US imports from 1 June. US-China trade war: What could Beijing...
Deutsche Bank reportedly ignored employees’ calls to report Trump transactions to federal watchdog

Deutsche Bank reportedly ignored employees’ calls to report Trump transactions to federal watchdog

Finance
President Donald Trump and his senior advisor Jared Kushner arrive for a meeting with manufacturing CEOs at the White House in Washington, DC, U.S. February 23, 2017.Kevin Lamarque | ReutersDeutsche Bank ignored employees' calls to report transactions made by legal entities controlled by President Donald Trump and Jared Kushner to the Treasury Department's financial crimes unit, according to The New York Times.Transactions in 2016 and 2017 triggered automated controls at Deutsche Bank meant to catch illicit activity, and compliance workers then prepared what's known as suspicious activity reports that they believed should be sent to the Treasury, according to the Times, which cited five current and former bank employees. But the reports were never filed with the government, the article sta...
Trump delays decision on imported car tariffs

Trump delays decision on imported car tariffs

Business
US President Donald Trump has decided not to impose tariffs on imported cars for six months to allow more time for trade talks.However, the White House said that he agreed with the findings of an official report that imported vehicles and parts can threaten US national security. Mr Trump had threatened to impose tariffs of up to 25% on imported cars and lorries.The postponement comes ahead of a Saturday deadline to implement recommendations by the commerce department to protect the US auto industry from imports on national security grounds. Image: If no deal is reached, Mr Trump will decide then 'whether and what further action needs to be taken' Mr Trump has directed US Trade Representative Robert Lighthizer to seek negotiations with...
Trump declares national emergency over IT threats

Trump declares national emergency over IT threats

Business
President Donald Trump has declared a national emergency to protect US computer networks from "foreign adversaries".The president signed an executive order which effectively bars US companies from using foreign telecoms believed to pose a security risk to the country.Mr Trump does not name any company specifically in the order.However, analysts suggest it is mainly directed at Chinese telecommunications giant Huawei.A number of countries - including the US - have raised concerns that the company's products could be used by China for surveillance. Huawei has said its work does not pose any threat.According to a White House statement, Mr Trump's order aims to "protect America from foreign adversaries who are actively and increasing...
Trump could get his Fed rate cut after all, but not for the right reasons

Trump could get his Fed rate cut after all, but not for the right reasons

Finance
U.S. President Donald Trump speaks as Jerome Powell, governor of the U.S. Federal Reserve and Trumps nominee as chairman of the Federal Reserve, left, listens during a nomination announcement in the Rose Garden of the White House in Washington, D.C., U.S., on Thursday, Nov. 2, 2017.Andrew Harrer| Bloomberg | Getty ImagesAs the trade war heats up, the potential for the Federal Reserve to cut interest rates is rising, according to traders.President Donald Trump, for one should like that. The president, in a tweet, called for a Fed interest rate cut, on the first day of the Fed's last meeting on April 30. He criticized the central bank and said it was holding back the economy.On Monday, as stocks sold off, fed funds futures were pricing in a 100% chance of a quarter-point rate cut by December...