Momentum Toward Trade Deal Hits Trump Turbulence

The Trump administration had taken steps in recent weeks to work with Democratic and Republican lawmakers to address concerns about the proposed United States-Mexico-Canada trade agreement — and then came the threat of a new tariff. President Donald Trump said this past week that he would put a 5% tariff …

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Drought Forces Water Bans in Sydney

Water restrictions are to be imposed in Sydney, Australia’s biggest city, for the first time in almost a decade because of falling reservoir levels and a long-standing drought. Residents who breach the regulations could be fined US$150. The flow of rainwater into some of Sydney’s reservoirs is at its lowest …

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Fiat Chrysler Proposes Merger With Renault

Fiat Chrysler proposed a merger Monday with Renault, a union that would create the world’s third biggest automaker. The merger, if it happens, would vault the new company, with annual sales of 8.7 million vehicles, into a position ahead of General Motors and behind only Volkswagen and Toyota, both of …

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Jamie Oliver’s British Restaurant Chain Collapses

Celebrity chef Jamie Oliver’s restaurant chain in Britain has filed for bankruptcy protection, closing 22 of its 25 eateries and leaving some 1,000 people out of work. The remaining outlets, two Jamie’s Italian restaurants and a Jamie’s Diner at Gatwick Airport outside London, will stay open, the financial firm KPMG, …

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Sources: Turkey to Reduce US Import Tariffs This Week

Turkey’s Trade Ministry will implement a reciprocal reduction in tariffs on U.S. imports after the United States halved tariffs on Turkish steel imports last week, two Turkish sources said on Tuesday. The White House last week terminated Turkey’s eligibility for the Generalized System of Preferences (GTS) program, in a move …

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Huawei Founder Shrugs Off US Blacklisting Order

The founder of Chinese telecom giant Huawei is dismissing the decision by the United States to blacklist the company on the grounds it poses a threat to U.S. national security. In a series of interviews with state-run news outlets Tuesday, Ren Zhengfei said the Trump administration’s actions underestimate his company’s …

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Ford to Cut 7,000 Jobs, 10% of Global Staff

Ford plans to cut 7,000 jobs, or 10 percent of its global workforce, as part of a reorganization as it revamps its vehicle offerings, the company said Monday. The reorganization will involve some layoffs and reassignments and should be complete by the end of August, a Ford spokeswoman said. Ford …

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