US Politics - Trump cancels summit having to do with North Korea
- Harry Ola
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Electrolux puts $250m US investment on ice after tariffs
If a trade war is really breaking out, then kitchen equipment maker Electrolux has just fired another shot - by threatening to pull investment in America.Sweden’s Electrolux, Europe’s largest home appliance maker, said on Friday it would put on hold a planned $250 million investment in the United States after President Donald Trump announced he would impose tariffs on imported aluminium and steel.
“We are putting it on hold. We believe that tariffs could cause a pretty significant increase in the price of steel on the U.S. market,” Electrolux spokesman Daniel Frykholm said.
An influential member of the European Parliament has warned that Europe must retaliate if the US imposes tariffs on steel and aluminium.
Manfred Weber, chairman of the EPP Group of centre-right MEPs, suggested that Europe would need to throw its forces into any trade war, saying:“The US President is playing a very dangerous game. A trade dispute is to the detriment of everyone. But if Donald Trump increases tariffs on European goods for no reason, then Europe must react.
Priority must be given to protecting jobs in Europe. The EU has to show its strength.”
Markets suffer heavier losses after Trump tweet
Stock markets are falling deeper into the red, following Donald Trump’s declaration that America could easily win a trade war.
In London, the FTSE 100 is now down 73 points, or 1%, at 7101. That’s a new three-week low.
Mining companies are suffering from the prospect of protectionism - as demand for iron ore, coal, copper, oil and nickel would all weaken.
Germany’s DAX is still lurching around a six-month low.
Lukman Otunuga, research analyst at FXTM, says investors around the globe are worried:
A negative vibe lingered across financial markets on Friday, after Donald Trump’s vow to impose severe tariffs on imports of steel and aluminium sparked fears of a global trade war.
In a move that dealt a blow to global sentiment, Trump said on Thursday that the United States would set tariffs of 25% on steel imports and 10% on aluminium.
This bombshell development is likely to fuel concerns of retaliatory actions from major US trade partners consequently weighing on risk appetite. Investors are clearly jittery by the threat of a potential global trade war and its possible effect on stock markets.
Wall Street is also expected to suffer falls when it opens in three hours time.
The Dow Jones industrial average is being called down around 200 points, or 0.9%. That would add to yesterday’s 420-point tumble.
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