White House trade adviser Peter Navarro said Thursday that President Donald Trump would soon consider new punitive measures against China for its alleged “theft” of intellectual property.

U.S. officials, according to news accounts, are considering imposing as much as $60 billion in annual tariffs against Chinese information technology, telecommunications and consumer exports to the U.S. in an effort to trim its chronic annual trade deficit with Beijing by $100 billion. Last year, the U.S. says it imported Chinese goods worth $375 billion more than it exported to China.

“In the coming weeks, President Trump is going to have on his desk some recommendations,” Navarro told CNBC. “This will be one of the many steps the president is going to courageously take in order to address unfair trade practices.

“I don’t think there’s a single person … on Wall Street that will oppose cracking down on China’s theft of our intellectual property or their forced transfer,” Navarro said.

The new tariffs and other measures would be in addition to the 25 percent tariff on steel imports to the U.S. and 10 percent levy on aluminum that Trump announced last week, some of which affect China.

​At a political fundraiser Wednesday, Trump attacked several trading partners for the billions of dollars in trade surpluses they have built up against the U.S. He contended that China had become an economic power — the world’s second biggest economy — because of its trade surplus with the United States.

China warned it would likely retaliate against any new tariffs the U.S. imposes.

Foreign minister spokesman Lu Kang said, “History has proven that a trade war is in no one’s interest.”

He said that “if an undesirable situation arises, China has the intention of safeguarding its legitimate rights.”

Trump’s new tariffs on metal imports have led in recent days to volatility on U.S. stock exchanges, with wide day-to-day swings of hundreds of points in stock indexes. 

But Navarro said the U.S. can impose the tariffs in a way that can be good for the American people and good for the global trading system. We can do this in a way that is peaceful and will improve and strengthen the trading system. … Everybody on Wall Street needs to understand: Just relax.”
…

White House trade adviser Peter Navarro said Thursday that President Donald Trump would soon consider new punitive measures against China for its alleged “theft” of intellectual property.

U.S. officials, according to news accounts, are considering imposing as much as $60 billion in annual tariffs against Chinese information technology, telecommunications and consumer exports to the U.S. in an effort to trim its chronic annual trade deficit with Beijing by $100 billion. Last year, the U.S. says it imported Chinese goods worth $375 billion more than it exported to China.

“In the coming weeks, President Trump is going to have on his desk some recommendations,” Navarro told CNBC. “This will be one of the many steps the president is going to courageously take in order to address unfair trade practices.

“I don’t think there’s a single person … on Wall Street that will oppose cracking down on China’s theft of our intellectual property or their forced transfer,” Navarro said.

The new tariffs and other measures would be in addition to the 25 percent tariff on steel imports to the U.S. and 10 percent levy on aluminum that Trump announced last week, some of which affect China.

​At a political fundraiser Wednesday, Trump attacked several trading partners for the billions of dollars in trade surpluses they have built up against the U.S. He contended that China had become an economic power — the world’s second biggest economy — because of its trade surplus with the United States.

China warned it would likely retaliate against any new tariffs the U.S. imposes.

Foreign minister spokesman Lu Kang said, “History has proven that a trade war is in no one’s interest.”

He said that “if an undesirable situation arises, China has the intention of safeguarding its legitimate rights.”

Trump’s new tariffs on metal imports have led in recent days to volatility on U.S. stock exchanges, with wide day-to-day swings of hundreds of points in stock indexes. 

But Navarro said the U.S. can impose the tariffs in a way that can be good for the American people and good for the global trading system. We can do this in a way that is peaceful and will improve and strengthen the trading system. … Everybody on Wall Street needs to understand: Just relax.”
…

HSBC will reveal a gender pay gap of 59 percent at its main U.K. banking operation, the biggest yet disclosed by a British bank, according to a copy of the lender’s report on the subject seen by Reuters on Thursday ahead of its publication.

The bank will also disclose a mean gender bonus gap of 86 percent at HSBC Bank Plc, which is the biggest of the lender’s seven entities in Britain and employs 23,507 people.

A spokeswoman for the bank confirmed the contents of the report.

The gender pay gap is the biggest yet reported by a British financial firm, according to government data, with some firms yet to provide figures ahead of an April deadline set by Prime Minister Theresa May last year.

Almost 50 years since the passage of Britain’s equal pay act, the continued gulf in earnings between men and women has attracted significant public attention over the past year or so.

In common with other banks, HSBC said its pay gap was largely accounted for by the bank having fewer women in senior roles.

The gender pay gap measures the difference between the average salary of men and women, calculated on an hourly basis.

HSBC said women held only 23 percent of senior leadership positions in its workforce in Britain, despite accounting for more than half of total staff.

The bank said it was taking a number of steps to reduce the pay gap, including committing to an aspirational target of women holding 30 percent of senior roles by 2020.

Last month, Asia-focused Standard Chartered reported a gap of 30 percent in Britain, while Virgin Money — the only major UK lender run by a woman — said its female staff earned on average 32.5 percent less per hour than its male workforce.

Lloyds Banking Group and Royal Bank of Scotland reported gender pay gaps of 32.8 percent and 37 percent respectively.

Barclays said last month it paid women in its international division, which houses its investment bank, on average 48 percent of what men earned in fixed pay.

The pay gaps have drawn criticism from lawmakers and are likely to spur questions from investors in the upcoming season for shareholder meetings, with stock prices and future earnings potential strongly linked to banks’ efforts to revive their reputations in the wake of the global financial crisis.
…

HSBC will reveal a gender pay gap of 59 percent at its main U.K. banking operation, the biggest yet disclosed by a British bank, according to a copy of the lender’s report on the subject seen by Reuters on Thursday ahead of its publication.

The bank will also disclose a mean gender bonus gap of 86 percent at HSBC Bank Plc, which is the biggest of the lender’s seven entities in Britain and employs 23,507 people.

A spokeswoman for the bank confirmed the contents of the report.

The gender pay gap is the biggest yet reported by a British financial firm, according to government data, with some firms yet to provide figures ahead of an April deadline set by Prime Minister Theresa May last year.

Almost 50 years since the passage of Britain’s equal pay act, the continued gulf in earnings between men and women has attracted significant public attention over the past year or so.

In common with other banks, HSBC said its pay gap was largely accounted for by the bank having fewer women in senior roles.

The gender pay gap measures the difference between the average salary of men and women, calculated on an hourly basis.

HSBC said women held only 23 percent of senior leadership positions in its workforce in Britain, despite accounting for more than half of total staff.

The bank said it was taking a number of steps to reduce the pay gap, including committing to an aspirational target of women holding 30 percent of senior roles by 2020.

Last month, Asia-focused Standard Chartered reported a gap of 30 percent in Britain, while Virgin Money — the only major UK lender run by a woman — said its female staff earned on average 32.5 percent less per hour than its male workforce.

Lloyds Banking Group and Royal Bank of Scotland reported gender pay gaps of 32.8 percent and 37 percent respectively.

Barclays said last month it paid women in its international division, which houses its investment bank, on average 48 percent of what men earned in fixed pay.

The pay gaps have drawn criticism from lawmakers and are likely to spur questions from investors in the upcoming season for shareholder meetings, with stock prices and future earnings potential strongly linked to banks’ efforts to revive their reputations in the wake of the global financial crisis.
…

Cooking is Chris Spear’s passion. He’s been professionally cooking since he was 16. Over the years, he worked for big restaurants and reached a point where he had almost 100 employees reporting to him. That’s when he missed flexibility and wanted to be more creative. So, he quit working for restaurants and founded his own catering company, Perfect Little Bites in Frederick, Maryland.

“Not that having your business is easy, but I want to have the flexibility to say, ‘It’s Valentine’s Day, and it’s more important to me to stay home with my wife,’ or to be home cooking for someone. I really wanted something that I felt was mine,” Spear explained.

Spending long hours in the kitchen doesn’t tire Spear, but he had often been concerned that becoming an independent chef would make him feel lonely. That inspired him to found Chefs Without Restaurants, an online resource for chefs. 

“I’ve been thinking about the Chefs Without Restaurants for about five years now, even before I took Perfect Little Bites full time, because I kept thinking about, ‘Well, when I do this full time, who are going to be my colleagues? Who are going to be the people who I can bounce ideas off? Who am I going to be able to [get to] do things like cater an event that’s maybe outside my range of 30 people? Like, do I have a resource where I can pull in one or two other people?’ ” he said. ” … And what I started to see was other independent chefs were referring customers to me, [and] I started to do that back to them. I kind of thought, ‘There’s got to be an easier way to do this.’ ”

Dozens have joined

Since the group started last January around 100 chefs have joined it.

“We’re caterers,” he said. “We’re personal chefs. We run food trucks. We have awesome food specialty shops.” Spear said he wanted to find an arrangement that would be beneficial to all such groups but didn’t cost them any money. 

So now he has a Facebook group where he can post information about, for instance, a potential customer who wants to arrange a dinner in a given location and within a certain price range, and he can offer interested chefs more information.

Customers can also benefit from this network. Spear said he’s building a website where customers will be able to check out profiles of the Chefs Without Restaurants members, learn about their specialties and see what kinds of events they can cater, large or small.

Lana and Bobby Browner are a wife-and-husband team who own their own catering company, Bent and Bent Events, in Frederick.

“We’ve been doing this for five years, since he graduated from a culinary school,” Lana Browner said.

“We specialize in Creole cuisine, Caribbean cuisine. So we blend flavors and bring a nice flavor, a different flavor in the field of food in Frederick County,” Bobby Browner said.

When the Browners heard about Spear’s group, they decided to become members. 

“I think the biggest hurdle for a lot of chefs is that they don’t really form an alliance because they’re all kind of competing with each other, but you don’t have that in this group,” Lana Browner said. “What we’ve experienced so far is a lot of learning about different chefs in the area. It’s even been interesting to get feedback from chefs that are not in this immediate area.”

Her husband added, “It’s a really competitive field,” but there’s “a lot of camaraderie, a lot of openness and a lot of sharing” within the group.

Shared kitchen

The group is also bringing more business to local facilities, like a shared kitchen called Maryland Bakes where members often meet and work. Terri Rowe, a food entrepreneur and owner of Maryland Bakes, said the group brings more energy to the small food businesses in the area.

“They bring connections,” she said. “They bring a variety of talents and gifts. They bring creative ideas and just the whole network of independent people joining together. So it’s a big community.”

The whole local food community seems to embrace Chefs Without Restaurants.

Oil & Vinegar Frederick is one of the local shops Spear likes. The place often hosts events to introduce cooking ideas and chefs to their customers.

Store owner Sharon Streb said small businesses should help one another succeed. 

When other chefs and businesses come to her store, “they get in front of our customers and hopefully we get in front of their customers. That’s a win-win for both of us,” she said. “It’s tough out there for a small business, and not a lot of small businesses succeed. It’s important that we can work together and be successful, both of us.”

That’s the goal for Spear, who wants to carve out a space for independent chefs on the food map in the area.
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U.S. Trade Representative Robert Lighthizer said Wednesday that the United States would challenge Indian government export subsidies because they hurt American workers and manufacturers.

Lighthizer said he had requested “dispute settlement consultations” with the Indian government at the World Trade Organization because the subsidies allow India to sell goods at lower prices.

He said his office “will continue to hold our trading partners accountable by vigorously enforcing U.S. rights under our trade agreements and by promoting fair and reciprocal trade through all available tools, including the WTO.”

The announcement is the latest step in President Donald Trump’s trade offensive.The White House has announced tariffs on imported steel and aluminum as well as on imports of solar panels and washing machines.

Lighthizer’s office said India offers benefits valued at $7 billion annually to domestic exporters, such as duty, tax and fee exemptions. Producers of steel, information technology and textiles are among the recipients.

Consultations are the first step in WTO’s dispute settlement process, but Trump has said he does not favor resorting to dispute resolutions at the WTO, where he contends the United States is at a disadvantage.

The administration has instead concentrated efforts on tariffs and remedies as allowed under domestic U.S. law.
…

U.S. Trade Representative Robert Lighthizer said Wednesday that the United States would challenge Indian government export subsidies because they hurt American workers and manufacturers.

Lighthizer said he had requested “dispute settlement consultations” with the Indian government at the World Trade Organization because the subsidies allow India to sell goods at lower prices.

He said his office “will continue to hold our trading partners accountable by vigorously enforcing U.S. rights under our trade agreements and by promoting fair and reciprocal trade through all available tools, including the WTO.”

The announcement is the latest step in President Donald Trump’s trade offensive.The White House has announced tariffs on imported steel and aluminum as well as on imports of solar panels and washing machines.

Lighthizer’s office said India offers benefits valued at $7 billion annually to domestic exporters, such as duty, tax and fee exemptions. Producers of steel, information technology and textiles are among the recipients.

Consultations are the first step in WTO’s dispute settlement process, but Trump has said he does not favor resorting to dispute resolutions at the WTO, where he contends the United States is at a disadvantage.

The administration has instead concentrated efforts on tariffs and remedies as allowed under domestic U.S. law.
…

General Motors, Fiat Chrysler, Volkswagen and Mercedes all knew of problems with dangerous exploding Takata air bag inflators years before issuing recalls, according to three class actions filed Wednesday with the federal court in Miami.

The lawsuits cite company documents obtained through previous legal actions against other automakers over faulty Takata inflators. The plaintiffs allege that automakers were informed of inflator defects during tests but delayed taking action. Allegations against GM are among the most serious. Takata documents showed that GM employees expressed concerns about inflators rupturing as early as 2003.

Messages were left Wednesday seeking comment from GM, VW and Mercedes. Fiat Chrysler declined comment, saying it had not been served with the lawsuit.

Takata uses the chemical ammonium nitrate to create small explosions to inflate air bags. But the chemical can deteriorate when exposed to high temperatures and airborne moisture. That causes it to explode with too much force, blowing apart a metal canister and hurling shrapnel. At least 22 people have died worldwide and more than 180 have been hurt.

The problem touched off the largest series of automotive recalls in U.S. history, with 19 automakers having to recall up to 69 million inflators in 42 million vehicles. The problem brought a criminal conviction and fine against Takata and forced the Japanese company into bankruptcy protection.

The lawsuits, which consolidate individual claims that were filed previously, allege that owners paid higher prices for their vehicles than they would have if the defect had been disclosed.

They allege that manufacturers picked Takata to supply inflators because the cost was less than other air bag makers who used different, less volatile chemicals as propellants. According to the lawsuits, manufacturers had employees who questioned the quality and performance of Takata’s inflators well before any vehicles were recalled.

“These auto manufacturers were well aware of the public safety risks posed by Takata’s airbags long ago, and still waited years to disclose them to the public and take action,” Peter Prieto, lead counsel for the plaintiffs, said in a statement. The lawsuits “are an important step forward in holding them accountable.”

Early concerns

In an April 2003 communication with Takata, GM was concerned about “ballistic variability,” which is a tendency for the air bags to either underinflate or explode when deployed, the lawsuit against GM said. A GM engineer raised concerns about inadequate testing, moisture control and the inability of Takata to meet GM specifications after a 2003 visit to Takata’s factory in Moses Lake, Washington, according to the lawsuit.

In 2004, Takata employees met with GM officials about a tendency for the inflators to shoot flames when they ruptured, and in March of 2006, Takata reported that inflators tested for GM vehicles continued to show “aggressive behavior,” including the escape of “molten propellant” when they ruptured. A Takata employee admitted “we cannot get good results” with the inflator design, the lawsuit stated.

Yet GM didn’t issue any recalls until June of 2014 when it recalled 29,000 Chevrolet Cruze compact cars from the 2013 and 2014 model years, according to the lawsuit. That recall came after Takata reported three exploding inflators in 2010. “Defendants did nothing to meaningfully investigate the problem, notify the appropriate regulators or notify the class [car owners],” the lawsuit stated.

GM also received reports of real-world problems in 2011 and 2014, including one case in which a Cruze driver was blinded in one eye by an exploding inflator, according to the lawsuit. GM and Takata blamed the trouble on a manufacturing problem instead of the deteriorating ammonium nitrate. “Rather than publicize the truth, both Takata and New GM blamed the ruptures on a manufacturing problem,” the lawsuit alleged.

Old GM, the company that existed before seeking bankruptcy protection in 2009, knew of the problems, and New GM, the company that emerged from bankruptcy, kept employees who knew and had the same knowledge, according to the lawsuit.

More recalls

Volkswagen, the lawsuit alleged, had repeated quality issues with Takata dating to 2003, even rejecting products after an audit. Yet no recalls were issued until 2016, the plaintiffs claimed. Daimler AG, maker of Mercedes-Benz vehicles, had concerns about the integrity of Takata inflators in 2003, according to company emails. In 2004, Mercedes engineers agreed to “forego key performance variables” and allow use of Takata inflators, the lawsuit stated. The company didn’t do any recalls until 2016.

Fiat Chrysler didn’t issue its first recall until 2014, even though its engineers expressed concerns about Takata inflators during the early 2000s, the lawsuit stated.

Last year Toyota, BMW, Mazda, Subaru, Nissan and Honda settled similar economic loss class actions for millions of dollars.
…

General Motors, Fiat Chrysler, Volkswagen and Mercedes all knew of problems with dangerous exploding Takata air bag inflators years before issuing recalls, according to three class actions filed Wednesday with the federal court in Miami.

The lawsuits cite company documents obtained through previous legal actions against other automakers over faulty Takata inflators. The plaintiffs allege that automakers were informed of inflator defects during tests but delayed taking action. Allegations against GM are among the most serious. Takata documents showed that GM employees expressed concerns about inflators rupturing as early as 2003.

Messages were left Wednesday seeking comment from GM, VW and Mercedes. Fiat Chrysler declined comment, saying it had not been served with the lawsuit.

Takata uses the chemical ammonium nitrate to create small explosions to inflate air bags. But the chemical can deteriorate when exposed to high temperatures and airborne moisture. That causes it to explode with too much force, blowing apart a metal canister and hurling shrapnel. At least 22 people have died worldwide and more than 180 have been hurt.

The problem touched off the largest series of automotive recalls in U.S. history, with 19 automakers having to recall up to 69 million inflators in 42 million vehicles. The problem brought a criminal conviction and fine against Takata and forced the Japanese company into bankruptcy protection.

The lawsuits, which consolidate individual claims that were filed previously, allege that owners paid higher prices for their vehicles than they would have if the defect had been disclosed.

They allege that manufacturers picked Takata to supply inflators because the cost was less than other air bag makers who used different, less volatile chemicals as propellants. According to the lawsuits, manufacturers had employees who questioned the quality and performance of Takata’s inflators well before any vehicles were recalled.

“These auto manufacturers were well aware of the public safety risks posed by Takata’s airbags long ago, and still waited years to disclose them to the public and take action,” Peter Prieto, lead counsel for the plaintiffs, said in a statement. The lawsuits “are an important step forward in holding them accountable.”

Early concerns

In an April 2003 communication with Takata, GM was concerned about “ballistic variability,” which is a tendency for the air bags to either underinflate or explode when deployed, the lawsuit against GM said. A GM engineer raised concerns about inadequate testing, moisture control and the inability of Takata to meet GM specifications after a 2003 visit to Takata’s factory in Moses Lake, Washington, according to the lawsuit.

In 2004, Takata employees met with GM officials about a tendency for the inflators to shoot flames when they ruptured, and in March of 2006, Takata reported that inflators tested for GM vehicles continued to show “aggressive behavior,” including the escape of “molten propellant” when they ruptured. A Takata employee admitted “we cannot get good results” with the inflator design, the lawsuit stated.

Yet GM didn’t issue any recalls until June of 2014 when it recalled 29,000 Chevrolet Cruze compact cars from the 2013 and 2014 model years, according to the lawsuit. That recall came after Takata reported three exploding inflators in 2010. “Defendants did nothing to meaningfully investigate the problem, notify the appropriate regulators or notify the class [car owners],” the lawsuit stated.

GM also received reports of real-world problems in 2011 and 2014, including one case in which a Cruze driver was blinded in one eye by an exploding inflator, according to the lawsuit. GM and Takata blamed the trouble on a manufacturing problem instead of the deteriorating ammonium nitrate. “Rather than publicize the truth, both Takata and New GM blamed the ruptures on a manufacturing problem,” the lawsuit alleged.

Old GM, the company that existed before seeking bankruptcy protection in 2009, knew of the problems, and New GM, the company that emerged from bankruptcy, kept employees who knew and had the same knowledge, according to the lawsuit.

More recalls

Volkswagen, the lawsuit alleged, had repeated quality issues with Takata dating to 2003, even rejecting products after an audit. Yet no recalls were issued until 2016, the plaintiffs claimed. Daimler AG, maker of Mercedes-Benz vehicles, had concerns about the integrity of Takata inflators in 2003, according to company emails. In 2004, Mercedes engineers agreed to “forego key performance variables” and allow use of Takata inflators, the lawsuit stated. The company didn’t do any recalls until 2016.

Fiat Chrysler didn’t issue its first recall until 2014, even though its engineers expressed concerns about Takata inflators during the early 2000s, the lawsuit stated.

Last year Toyota, BMW, Mazda, Subaru, Nissan and Honda settled similar economic loss class actions for millions of dollars.
…

Behind the U.S. move to block Singapore-based Broadcom’s hostile bid for U.S. chipmaker Qualcomm lies a new global struggle for influence over next-generation communications technology — and fears that whoever takes the lead could exploit that advantage for economic gain, theft and espionage.

In the Broadcom-Qualcomm deal, the focus is on so-called “5G” wireless technology, which promises data speeds that rival those of landline broadband now. Its proponents insist that 5G, the next step up from the “4G” networks that now serve most smartphones, will become a critical part of the infrastructure powering everything from self-driving cars to the connected home.

5G remains in the early stages of development. Companies including Qualcomm, based in San Diego, and China’s Huawei have been investing heavily to stake their claim in the underlying technology. Such beachheads can be enormously valuable; control over basic technologies and their patents can yield huge fortunes in computer chips, software and related equipment.

“These transitions come along almost every decade or so,” said Jon Erensen, research director for semiconductors at research firm Gartner. “The government is being very careful to ensure the U.S. keeps its leadership role developing these standards.”

President Donald Trump said late Monday that a takeover of Qualcomm would imperil national security, effectively ending Broadcom’s $117 billion buyout bid. Broadcom said that it is studying the order and that it doesn’t believe it poses any national security threat to the U.S.

Higher stakes

It’s the second recent U.S. warning shot across the bow of foreign telecom makers. At a Senate Intelligence Committee meeting in February, FBI Director Christopher Wray said any company “beholden to foreign governments that don’t share our values” should not be able to “gain positions of power” inside U.S. telecommunications networks.

“That provides the capacity to exert pressure or control over our telecommunications infrastructure, it provides the capacity to maliciously modify or steal information and it provides the capacity to conduct undetected espionage,” he said.

Lawmakers in the U.S. House introduced a bill on Jan. 9 that would prohibit government purchases of telecoms equipment from Huawei Technologies and smaller rival ZTE, citing their ties to the Chinese military and backing from the ruling Communist Party. A few years earlier, a congressional panel recommended phone carriers avoid doing business with Huawei or ZTE.

The stakes are even higher in the 5G race. “Qualcomm/Broadcom is like the Fort Sumter of this technology battle,” said GBH Insights analyst Dan Ives, referring to the battle that kicked off the Civil War.

Although its name isn’t widely known outside the technology industry, San Diego-based Qualcomm is one of the world’s leading makers of the processors that power many smartphones and other mobile devices. Qualcomm also owns patents on key pieces of mobile technology that Apple and other manufacturers use in their products.

Compared to earlier generations of wireless technology, “we’re seeing China emerge and start to play a bigger role in the standards developing process,” Erensen said. Given a wave of consolidation in the telecom-equipment industry, fewer companies are involved “and the stakes are bigger,” he said.

National security

The Committee on Foreign Investment in the United States, which reviews the national security implications of foreign investments in U.S. companies, cited concerns about Broadcom’s penchant for cutting costs such as research spending. That could lead to Qualcomm losing its leadership in telecom standards, the committee wrote in a letter earlier in March.

Should that happen, Chinese companies such as Huawei, which the CFIUS has previously expressed concerns about, could take a larger, or even a dominant, role in setting 5G technology and standards and practices. That’s where national security concerns come in.

“Over time, that would mean U.S. government and U.S. technology companies could lose a trusted U.S. supplier that does not present the same national security counterintelligence risk that a Chinese supplier does,” said Brian Fleming, an attorney at Miller & Chevalier and former counsel at the Justice Department’s national security division.

Blocking the deal doesn’t eliminate Chinese influence on 5G development, of course. But it might slow it down, Fleming said: “They honestly believe they are helping to protect national security by doing this.”
…

Sao Paulo investment firm SouthRock Capital has signed an agreement with Starbucks that gives it the right to develop and operate branches of the Seattle-based chain in Brazil, the companies said late on Monday.

With the agreement, whose value was not disclosed, all of Starbucks’ retail operations in Latin America are now wholly licensed rather than directly managed, the companies said.

SouthRock founder Ken Pope said in a statement the fund would eye expansion opportunities in new and existing markets.

Starbucks now has 113 stores across the populous states of Sao Paulo and Rio de Janeiro.

“With Starbucks, we see continued opportunities for growth in existing markets … as well as new markets like Brasilia and the South,” he said.

SouthRock, founded in 2015, also owns Brazil Airport Restaurants, which operates in the country’s biggest airports.

Shares in Starbucks opened up 0.5 percent but closed down 0.58 percent. The S&P 500 Index fell 0.64 percent.
…

Sao Paulo investment firm SouthRock Capital has signed an agreement with Starbucks that gives it the right to develop and operate branches of the Seattle-based chain in Brazil, the companies said late on Monday.

With the agreement, whose value was not disclosed, all of Starbucks’ retail operations in Latin America are now wholly licensed rather than directly managed, the companies said.

SouthRock founder Ken Pope said in a statement the fund would eye expansion opportunities in new and existing markets.

Starbucks now has 113 stores across the populous states of Sao Paulo and Rio de Janeiro.

“With Starbucks, we see continued opportunities for growth in existing markets … as well as new markets like Brasilia and the South,” he said.

SouthRock, founded in 2015, also owns Brazil Airport Restaurants, which operates in the country’s biggest airports.

Shares in Starbucks opened up 0.5 percent but closed down 0.58 percent. The S&P 500 Index fell 0.64 percent.
…

“Dona Edir, Dona Edir” — the call is heard frequently in the narrow lanes of Canaa, a slum on the outskirts of Rio de Janeiro.

It is for Edir Dariux Teixeira, who is well known among the residents, having spent more than a third of her life trying to improve infrastructure and basic services in the ramshackle settlement.

At the heart of that fight are legal property titles to the residents’ homes — or, more accurately, the lack of them.

“Without these documents we have no rights,” she told the Thomson Reuters Foundation, sitting close to a fan to alleviate the near-40C (104°F) heat funneling from her asbestos roof.

Debates on how to manage property rights in the world’s informal settlements are becoming ever more pressing, as millions of people move into cities from rural areas every year and many end up in fast-growing slums.

Rio has about 1,000 slums, known locally as favelas. They are home to nearly one in four of the city’s population and typically lack a range of infrastructure and services, experts say.

In Canaa, having title would bring certainty of tenure, and also help to get services provided: sewerage, basic sanitation, and tarred streets, said Teixeira.

“I am anxious. I pray every day [for land titles],” the 59-year-old said.

When she moved to the area 22 years ago, there was a lack of all basic infrastructure in Canaa, including clean water, pavements and lighting.

Teixeira realized change had to be driven by the residents’ themselves and took the lead in trying to improve the area.

“There was nothing here. It was all jungle,” said housewife Glaucia Milani, who has been living in the favela for 25 years. “Now things are getting better because of Dona Edir’s help.”

Milani said apart from helping residents to get legal title to their land, Teixeira has been organising food and clothes donations for the favela and its 300 families.

“Dona Edir is a great mother to us. Anything she can help us, she helps… Dona Edir solves everything for us,” Milani, 31, said. “Dona Edir is a warrior.”

Complex situation

Getting land titles for the residents is no easy task, Teixeira said, not least because some residents have bought land from private owners, while others are squatting.

Her own plot of land was donated by an uncle of her ex-husband but neither Teixeira nor the other residents have official proof of ownership.

ITERJ, the government body in charge of managing land in the state of Rio de Janeiro and responsible for Teixeira’s request to get titles for Canaa’s residents, did not respond to requests for comment.

Most of the favela’s streets got temporary pavements about five years ago but Teixeira said it happened only after she asked a politician for help because taxis were refusing to enter Canaa because the roads were full of potholes.

Despite Teixeira’s efforts, the residents in the favela about 65 kilometers (40 miles) from Rio’s city center are still waiting for the streets to be fully paved, sidewalks to be built and manholes to be constructed.

Teixeira has asked the city to fully pave the streets, provide sewerage infrastructure and a health post for the favela.

In emailed comments to the Thomson Reuters Foundation, Rio’s city hall said the favela was “urbanized” four years ago but did not immediately respond to requests for details about which services were provided to the area.

Fighting for justice

A “very shocking scene” at school when Teixeira was eight years old prompted her decision to dedicate her life to fighting justice, she said.

While she and a boy were having a snack during a school break, another girl asked the boy to give her a piece.

“The boy said: only if you spread your legs,” she said. “Then she immediately spread her legs and … he gave her a bite. That broke my heart.”

At 15, Teixeira was raped and later witnessed the rape of a friend, experiences she said strengthened her resolve to help women.

Teixeira has been working for many years as a volunteer at a charity that distributes food in Rio’s poor neighborhoods, including Canaa.

She was honored for her work with a prize from the Federação de Mulheres Fluminenses, a Rio-based women’s federation.

Meanwhile, Teixeira, who survives on her father’s pension and cleans houses to make money, spends whatever she can of her income — equivalent to $300 a month — on building a school in the patio of her house.

“I do the construction works myself. When there is any money left I pay a professional to do the harder things,” she said.

Beyond literacy, her school will offer a range of classes: cooking, sewing, handicrafts and theater.

“That is my dream. … My dream is to take the kids off the street … because they have nothing to do [here],” she said in tears.

“There are lots of volunteers. What is missing is money to finish the school.”

Teixeira hopes the city will officially recognize Canaa as the favela’s name — it is the Portuguese version of Canaan and was chosen by her in reference to a passage from the Bible of a land promised by God to chosen people.

“We have to have faith. The faith in God is what keeps me standing. And the victories make me keep going,” said Teixeira.
…

The daily commute from Mexico to California farms is the same as it was before Donald Trump became president. Hundreds of Mexicans cross the border and line the sidewalks of Calexico’s tiny downtown by 4 a.m., napping on cardboard sheets and blankets or sipping coffee from a 24-hour doughnut shop until buses leave for the fields.

For decades, cross-border commuters have picked lettuce, carrots, broccoli, onions, cauliflower and other vegetables that make California’s Imperial Valley “America’s Salad Bowl” from December through March. As Trump visits the border Tuesday, the harvest is a reminder of how little has changed despite heated immigration rhetoric in Washington.

Trump will inspect eight prototypes for a future 30-foot border wall that were built in San Diego last fall. He made a “big, beautiful wall” a centerpiece of his campaign and said Mexico would pay for it.

But border barriers extend the same 654 miles (1,046 kilometers) they did under President Barack Obama and so far Trump hasn’t gotten Mexico or Congress to pay for a new wall.

Trump also pledged to expand the Border Patrol by 5,000 agents, but staffing fell during his first year in office farther below a congressional mandate because the government has been unable to keep pace with attrition and retirements. There were 19,437 agents at the end of September, down from 19,828 a year earlier.

In Tijuana, tens of thousands of commuters still line up weekday mornings for San Diego at the nation’s busiest border crossing, some for jobs in landscaping, housekeeping, hotel maids and shipyard maintenance. The vast majority are U.S. citizens and legal residents or holders of “border crossing cards” that are given to millions of Mexicans in border areas for short visits. The border crossing cards do not include work authorization but some break the rules.

Even concern about Trump’s threat to end the North American Free Trade Agreement is tempered by awareness that border economies have been integrated for decades. Mexican “maquiladora” plants, which assemble duty-free raw materials for export to the U.S., have made televisions, medical supplies and other goods since the 1960s.

“How do you separate twins that are joined at the hip?” said Paola Avila, chairwoman of the Border Trade Alliance, a group that includes local governments and business chambers. “Our business relationships will continue to grow regardless of what happens with NAFTA.”

Workers in the Mexicali area rise about 1 a.m., carpool to the border crossing and wait about an hour to reach Calexico’s portico-covered sidewalks by 4 a.m. Some beat the border bottleneck by crossing at midnight to sleep in their cars in Calexico, a city of 40,000 about 120 miles (192 kilometers) east of San Diego. 

Fewer workers make the trek now than 20 and 30 years ago. But not because of Trump. 

Steve Scaroni, one of Imperial Valley’s largest labor contractors, blames the drop on lack of interest among younger Mexicans, which has forced him to rely increasingly on short-term farmworker visas known as H-2As. 

“We have a saying that no one is raising their kids to be farmworkers,” said Scaroni, 55, a third-generation grower and one of Imperial Valley’s largest labor contractors. Last week, he had two or three buses of workers leaving Calexico before dawn, compared to 15 to 20 buses during the 1980s and 1990s.

Crop pickers at Scaroni’s Fresh Harvest Inc. make $13.18 an hour but H-2As bring his cost to $20 to $30 an hour because he must pay for round-trip transportation, sometimes to southern Mexico, and housing. The daily border commuters from Mexicali cost only $16 to $18 after overhead.

Scaroni’s main objective is to expand the H-2A visa program, which covered about 165,000 workers in 2016. On his annual visit to Washington in February to meet members of Congress and other officials, he decided within two hours that nothing changed under Trump. 

“Washington is not going to fix anything,” he said. “You’ve got too many people – lobbyists, politicians, attorneys – who make money off the dysfunction. They make money off of not solving problems. They just keep talking about it.”

Jose Angel Valenzuela, who owns a house in Mexicali and is working his second harvest in Imperial Valley, earns more picking cabbage in an hour than he did in a day at a factory in Mexico. He doesn’t pay much attention to news and isn’t following developments on the border wall.

“We’re doing very well,” he said as workers passed around beef tacos during a break. “We haven’t seen any noticeable change.”

Jack Vessey, whose family farms about 10,000 acres in Imperial Valley, relies on border commuters for about half of his workforce. Imperial has only 175,000 people and Mexicali has about 1 million, making Mexico an obvious labor pool.

Vessey, 42, said he has seen no change on the border and doesn’t expect much. He figures 10 percent of Congress embraces open immigration policies, another 10 percent oppose them and the other 80 percent don’t want to touch it because their voters are too divided.

“It’s like banging your head against the wall,” he said. 
…

Chile’s new government is preparing belt-tightening measures after inheriting a larger-than-anticipated fiscal deficit from its predecessor, but the measures will stop short of “mega-adjustments,” Finance Minister Felipe Larrain said on Monday.

Conservative billionaire Sebastian Pinera took office on Sunday vowing to combat economic “stagnation” and calling for a return to “fiscal equilibrium” as he seeks to transform Chile into a developed nation within a decade.

“We’re in a period of tight budgets, with levels of public debt that have doubled, which means we must begin with austerity measures, followed by a reassigning resources, in order to finance the president’s program,” Larrain told reporters as he entered the finance ministry for his first day on the job.

Shortly before leaving office, outgoing President Michelle Bachelet’s government reported it had left a fiscal deficit of 2.1 percent of gross domestic product, instead of 1.7 percent as targeted.

Chile’s Congress this year authorized an increase in public spending of 3.9 percent, which Pinera had previously criticized as “high.”

“These austerity measures, and the wise use of resources, are always welcome and are necessary. But we’re not talking about mega-adjustments, we’re talking about austerity measures,” Larrain said.

During his campaign, Pinera, who also governed from 2010 to 2014, said he hoped to guide the country to fiscal equilibrium within six to eight years.
…

Chile’s new government is preparing belt-tightening measures after inheriting a larger-than-anticipated fiscal deficit from its predecessor, but the measures will stop short of “mega-adjustments,” Finance Minister Felipe Larrain said on Monday.

Conservative billionaire Sebastian Pinera took office on Sunday vowing to combat economic “stagnation” and calling for a return to “fiscal equilibrium” as he seeks to transform Chile into a developed nation within a decade.

“We’re in a period of tight budgets, with levels of public debt that have doubled, which means we must begin with austerity measures, followed by a reassigning resources, in order to finance the president’s program,” Larrain told reporters as he entered the finance ministry for his first day on the job.

Shortly before leaving office, outgoing President Michelle Bachelet’s government reported it had left a fiscal deficit of 2.1 percent of gross domestic product, instead of 1.7 percent as targeted.

Chile’s Congress this year authorized an increase in public spending of 3.9 percent, which Pinera had previously criticized as “high.”

“These austerity measures, and the wise use of resources, are always welcome and are necessary. But we’re not talking about mega-adjustments, we’re talking about austerity measures,” Larrain said.

During his campaign, Pinera, who also governed from 2010 to 2014, said he hoped to guide the country to fiscal equilibrium within six to eight years.
…

U.S. President Donald Trump is blocking Singapore-based Broadcom, maker of computer and smartphone chips, from taking over U.S. chipmaker Qualcomm.

Trump cited national security grounds in stopping the takeover, following the recommendation of the Committee on Foreign Investment in the United States (CFIUS). The committee reviews national security implications when foreign entities purchase U.S. corporations.

The president’s order said there is “credible evidence” that the takeover “might take action that threatens to impair the national security of the United States.”

Broadcom made an unsolicited bid last year to take over Qualcomm for $117 billion.

The company has been in the process of moving its legal headquarters from Singapore to the United States to help it win approval for the takeover.

Qualcomm, which is based in San Diego, has emerged as one of the biggest competitors to Chinese companies, such as Huawei Technologies, making it an attractive asset for potential buyers in the semiconductor industry.

Companies in the industry are racing against each other to develop 5G wireless technology to transmit data at faster speeds.
…

U.S. President Donald Trump is blocking Singapore-based Broadcom, maker of computer and smartphone chips, from taking over U.S. chipmaker Qualcomm.

Trump cited national security grounds in stopping the takeover, following the recommendation of the Committee on Foreign Investment in the United States (CFIUS). The committee reviews national security implications when foreign entities purchase U.S. corporations.

The president’s order said there is “credible evidence” that the takeover “might take action that threatens to impair the national security of the United States.”

Broadcom made an unsolicited bid last year to take over Qualcomm for $117 billion.

The company has been in the process of moving its legal headquarters from Singapore to the United States to help it win approval for the takeover.

Qualcomm, which is based in San Diego, has emerged as one of the biggest competitors to Chinese companies, such as Huawei Technologies, making it an attractive asset for potential buyers in the semiconductor industry.

Companies in the industry are racing against each other to develop 5G wireless technology to transmit data at faster speeds.
…

Labor strikes. Nationwide protests. Bank failures.

In recent months, Iran has been beset by economic problems despite the promises surrounding the 2015 nuclear deal it struck with world powers.

Its clerically overseen government is starting to take notice. Politicians now offer the idea of possible government referendums or early elections. Even Supreme Leader Ayatollah Ali Khamenei acknowledged the depths of the problems ahead of the 40th anniversary of Iran’s Islamic Revolution.

“Progress has been made in various sectors in the real sense of the word; however, we admit that in the area of ‘justice’ we are lagging behind,” Khamenei said in February, according to an official transcript. “We should apologize to Allah the Exalted and to our dear people.”

Whether change can come, however, is in question.

​An economy run by the state

Iran today largely remains a state-run economy. It has tried to privatize some of its industries, but critics say they have been handed over to a wealthy elite that looted them and ran them into the ground.

One major strike now grips the Iran National Steel Industrial Group in Ahvaz, in the country’s southwest, where hundreds of workers say they haven’t been paid in three months. Authorities say some demonstrators have been arrested during the strike.

More than 3.2 million Iranians are jobless, government spokesman Mohammad-Bagher Nobakht has said. The unemployment rate is more than 11 percent.

Banks remain hobbled by billions of dollars in bad loans, some from the era of nuclear sanctions and others tainted with fraud. The collapse last year of the Caspian Credit Institute, which promised depositors the kinds of returns rarely seen outside of Ponzi schemes, showed the economic desperation faced by many in Iran.

​Or in security services’​ grip

Meanwhile, much of the economy is in the grip of Iran’s security services.

The country’s powerful Revolutionary Guard paramilitary force, which answers only Khamenei and runs Iran’s ballistic missile program, controls 15 to 30 percent of the economy, analysts say.

Under President Hassan Rouhani, a relatively moderate cleric whose government reached the nuclear accord, there has been a push toward ending military control of some businesses. However, the Guard is unlikely to give up its power easily.

Some suggest hard-liners and the Guard may welcome the economic turmoil in Iran as it weakens Rouhani’s position. His popularity has slipped since winning a landslide re-election in May 2017, in part over the country’s economic woes.

Analysts believe a hard-line protest in late December likely lit the fuse for the nationwide demonstrations that swept across about 75 cities. While initially focused on the economy, they quickly turned anti-government. At least 25 people were killed in clashes surrounding the demonstrations, while nearly 5,000 reportedly were arrested.

​A rare referendum?

In the time since, Rouhani has suggested holding a referendum, without specifying what exactly would be voted on.

“If factions have differences, there is no need to fight, bring it to the ballot,” Rouhani said in a speech Feb. 11. “Do whatever the people say.”

Such words don’t come lightly. There have been only two referendums since the Islamic Revolution. A 1979 referendum installed Iran’s Islamic republic. A 1989 constitutional referendum eliminated the post of prime minister, created Iran’s Supreme National Security Council and made other changes.

A letter signed by 15 prominent Iranians published a day after Rouhani’s speech called for a referendum on whether Iran should become a secular parliamentary democracy. The letter was signed by Iranians living inside the country and abroad, including Nobel Prize laureate Shirin Ebadi.

“The sum of the experiences of the last 40 years show the impossibility of reforming the Islamic Republic, since by hiding behind divine concepts … the regime has become the principal obstacle to progress and salvation of the Iranian nation,” read the letter, which was posted online.

But even among moderates in Iran’s clerical establishment, there seems to be little interest in such far-reaching changes, which would spell the end of the Islamic Republic. Hard-liners, who dominate the country’s security services, are adamantly opposed.

“I am telling the anti-Islamic government network, the anti-Iranians and those runaway counterrevolutionaries … their wish for a public referendum will never come true,” Tehran Friday prayer leader Ayatollah Ahmad Khatami said Feb. 15, according to the state-run IRNA news agency.

​Take responsibility

Yet there are signs that authorities realize that something will have to give. Khamenei’s apology in February took many by surprise, especially as the country’s true hard-liners believe he is the representative of God on earth.

Khamenei’s apology came after a letter from Mehdi Karroubi, an opposition activist who remains under house arrest, demanding that the supreme leader take responsibility for failures.

“You were president for eight years and you have been the absolute ruler for almost 29 years,” Karroubi wrote in the letter, which was not reported on by state media. “Therefore, considering your power and influence over the highest levels of state, you must accept that today’s political, economic, cultural and social situation in the country is a direct result of your guidance and administration.”

Iran’s former hard-line President Mahmoud Ahmadinejad, blamed by many for the country’s economic woes, has come out for early elections. He also demanded they be “free and fair,” while continuing his own campaign against Khamenei, whom he ignored in his attempt to run in the 2017 presidential election.

However, Ahmadinejad’s action drew immediate criticism, as his own widely disputed 2009 re-election sparked unrest and violence that killed dozens.
…

Labor strikes. Nationwide protests. Bank failures.

In recent months, Iran has been beset by economic problems despite the promises surrounding the 2015 nuclear deal it struck with world powers.

Its clerically overseen government is starting to take notice. Politicians now offer the idea of possible government referendums or early elections. Even Supreme Leader Ayatollah Ali Khamenei acknowledged the depths of the problems ahead of the 40th anniversary of Iran’s Islamic Revolution.

“Progress has been made in various sectors in the real sense of the word; however, we admit that in the area of ‘justice’ we are lagging behind,” Khamenei said in February, according to an official transcript. “We should apologize to Allah the Exalted and to our dear people.”

Whether change can come, however, is in question.

​An economy run by the state

Iran today largely remains a state-run economy. It has tried to privatize some of its industries, but critics say they have been handed over to a wealthy elite that looted them and ran them into the ground.

One major strike now grips the Iran National Steel Industrial Group in Ahvaz, in the country’s southwest, where hundreds of workers say they haven’t been paid in three months. Authorities say some demonstrators have been arrested during the strike.

More than 3.2 million Iranians are jobless, government spokesman Mohammad-Bagher Nobakht has said. The unemployment rate is more than 11 percent.

Banks remain hobbled by billions of dollars in bad loans, some from the era of nuclear sanctions and others tainted with fraud. The collapse last year of the Caspian Credit Institute, which promised depositors the kinds of returns rarely seen outside of Ponzi schemes, showed the economic desperation faced by many in Iran.

​Or in security services’​ grip

Meanwhile, much of the economy is in the grip of Iran’s security services.

The country’s powerful Revolutionary Guard paramilitary force, which answers only Khamenei and runs Iran’s ballistic missile program, controls 15 to 30 percent of the economy, analysts say.

Under President Hassan Rouhani, a relatively moderate cleric whose government reached the nuclear accord, there has been a push toward ending military control of some businesses. However, the Guard is unlikely to give up its power easily.

Some suggest hard-liners and the Guard may welcome the economic turmoil in Iran as it weakens Rouhani’s position. His popularity has slipped since winning a landslide re-election in May 2017, in part over the country’s economic woes.

Analysts believe a hard-line protest in late December likely lit the fuse for the nationwide demonstrations that swept across about 75 cities. While initially focused on the economy, they quickly turned anti-government. At least 25 people were killed in clashes surrounding the demonstrations, while nearly 5,000 reportedly were arrested.

​A rare referendum?

In the time since, Rouhani has suggested holding a referendum, without specifying what exactly would be voted on.

“If factions have differences, there is no need to fight, bring it to the ballot,” Rouhani said in a speech Feb. 11. “Do whatever the people say.”

Such words don’t come lightly. There have been only two referendums since the Islamic Revolution. A 1979 referendum installed Iran’s Islamic republic. A 1989 constitutional referendum eliminated the post of prime minister, created Iran’s Supreme National Security Council and made other changes.

A letter signed by 15 prominent Iranians published a day after Rouhani’s speech called for a referendum on whether Iran should become a secular parliamentary democracy. The letter was signed by Iranians living inside the country and abroad, including Nobel Prize laureate Shirin Ebadi.

“The sum of the experiences of the last 40 years show the impossibility of reforming the Islamic Republic, since by hiding behind divine concepts … the regime has become the principal obstacle to progress and salvation of the Iranian nation,” read the letter, which was posted online.

But even among moderates in Iran’s clerical establishment, there seems to be little interest in such far-reaching changes, which would spell the end of the Islamic Republic. Hard-liners, who dominate the country’s security services, are adamantly opposed.

“I am telling the anti-Islamic government network, the anti-Iranians and those runaway counterrevolutionaries … their wish for a public referendum will never come true,” Tehran Friday prayer leader Ayatollah Ahmad Khatami said Feb. 15, according to the state-run IRNA news agency.

​Take responsibility

Yet there are signs that authorities realize that something will have to give. Khamenei’s apology in February took many by surprise, especially as the country’s true hard-liners believe he is the representative of God on earth.

Khamenei’s apology came after a letter from Mehdi Karroubi, an opposition activist who remains under house arrest, demanding that the supreme leader take responsibility for failures.

“You were president for eight years and you have been the absolute ruler for almost 29 years,” Karroubi wrote in the letter, which was not reported on by state media. “Therefore, considering your power and influence over the highest levels of state, you must accept that today’s political, economic, cultural and social situation in the country is a direct result of your guidance and administration.”

Iran’s former hard-line President Mahmoud Ahmadinejad, blamed by many for the country’s economic woes, has come out for early elections. He also demanded they be “free and fair,” while continuing his own campaign against Khamenei, whom he ignored in his attempt to run in the 2017 presidential election.

However, Ahmadinejad’s action drew immediate criticism, as his own widely disputed 2009 re-election sparked unrest and violence that killed dozens.
…

China said Sunday it does not intend to ignite a trade war with the U.S. because the move would be disastrous for the entire world.

“There are no winners in a trade war,” Minister of Commerce Zhong Shan said on the sidelines of China’s annual parliamentary session.

“China does not wish to fight a trade war, nor will China initiate a trade war, but we can handle any challenge and will resolutely defend the interests of our country and our people,” Zhong said.

President Donald Trump signed proclamations Thursday imposing a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum, with the new taxes set to go into effect this month.

​US, Japan, EU talk

Trade representatives for Japan and the European Union met with the U.S. trade representative Saturday in an effort to avoid a trade war over Trump’s new tariffs on aluminum and steel.

At the meeting in Brussels, U.S. Trade Representative Robert Lighthizer, EU Trade Commissioner Cecilia Malmstrom and Japanese counterpart Hiroshige Seko discussed the tariffs as part of a trilateral effort to combat unfair trade practices.

The EU said in a statement that both Brussels and Tokyo had serious concerns about the U.S. tariffs. Both powers, two of the biggest trade partners with the United States, have asked for exemptions from the tariffs.

After the meeting, Malmstrom tweeted, “No immediate clarity on the exact U.S. procedure for exemption … so discussions will continue next week.”

“I firmly and clearly expressed my view that this is regrettable,” Seko said at a news conference following the meeting. “… I explained that this could have a bad effect on the entire multilateral trading system.”

Saturday afternoon, Trump accused the EU of treating “the U.S. very badly on trade.” He said if they drop their “horrific barriers & tariffs on U.S. products… we will likewise drop ours,” he wrote in a tweet.

If they don’t, he warned the U.S. would tax European cars and other products.

​Exemptions unclear

On Friday, the European Union said it is not clear whether the bloc will be exempt from Trump’s steel and aluminum tariffs.

EU Trade Commissioner Malmstrom said Friday in Brussels, “We hope that we can get confirmation that the EU is excluded from this.”

Canada and Mexico were given specific exemptions from the tariffs for an indefinite period while negotiations continue on the North American Free Trade Agreement (NAFTA).

Brazil, South Korea and Australia have also asked for exemptions or special treatment.

Trump imposed the tariffs despite pleas from friends and allies who warned the new measure could ignite a trade war.
…

China said Sunday it does not intend to ignite a trade war with the U.S. because the move would be disastrous for the entire world.

“There are no winners in a trade war,” Minister of Commerce Zhong Shan said on the sidelines of China’s annual parliamentary session.

“China does not wish to fight a trade war, nor will China initiate a trade war, but we can handle any challenge and will resolutely defend the interests of our country and our people,” Zhong said.

President Donald Trump signed proclamations Thursday imposing a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum, with the new taxes set to go into effect this month.

​US, Japan, EU talk

Trade representatives for Japan and the European Union met with the U.S. trade representative Saturday in an effort to avoid a trade war over Trump’s new tariffs on aluminum and steel.

At the meeting in Brussels, U.S. Trade Representative Robert Lighthizer, EU Trade Commissioner Cecilia Malmstrom and Japanese counterpart Hiroshige Seko discussed the tariffs as part of a trilateral effort to combat unfair trade practices.

The EU said in a statement that both Brussels and Tokyo had serious concerns about the U.S. tariffs. Both powers, two of the biggest trade partners with the United States, have asked for exemptions from the tariffs.

After the meeting, Malmstrom tweeted, “No immediate clarity on the exact U.S. procedure for exemption … so discussions will continue next week.”

“I firmly and clearly expressed my view that this is regrettable,” Seko said at a news conference following the meeting. “… I explained that this could have a bad effect on the entire multilateral trading system.”

Saturday afternoon, Trump accused the EU of treating “the U.S. very badly on trade.” He said if they drop their “horrific barriers & tariffs on U.S. products… we will likewise drop ours,” he wrote in a tweet.

If they don’t, he warned the U.S. would tax European cars and other products.

​Exemptions unclear

On Friday, the European Union said it is not clear whether the bloc will be exempt from Trump’s steel and aluminum tariffs.

EU Trade Commissioner Malmstrom said Friday in Brussels, “We hope that we can get confirmation that the EU is excluded from this.”

Canada and Mexico were given specific exemptions from the tariffs for an indefinite period while negotiations continue on the North American Free Trade Agreement (NAFTA).

Brazil, South Korea and Australia have also asked for exemptions or special treatment.

Trump imposed the tariffs despite pleas from friends and allies who warned the new measure could ignite a trade war.
…

Trade representatives for Japan and the European Union met with the U.S. trade representative Saturday in an effort to avoid a trade war over President Donald Trump’s new tariffs on aluminum and steel.

At the meeting in Brussels, U.S. Trade Representative Robert Lighthizer, EU Trade Commissioner Cecilia Malmstrom and Japanese counterpart Hiroshige Seko discussed the tariffs as part of a trilateral effort to combat unfair trade practices.

The EU said in a statement that both Brussels and Tokyo had serious concerns about the U.S. tariffs. Both powers, two of the biggest trade partners with the United States, have asked for exemptions from the tariffs.

After the meeting, Malmstrom tweeted, “No immediate clarity on the exact U.S. procedure for exemption … so discussions will continue next week.”

Seko said at a news conference following the meeting, “I firmly and clearly expressed my view that this is regrettable. … I explained that this could have a bad effect on the entire multilateral trading system.” 

Saturday afternoon, Trump accused the EU of treating “the U.S. very badly on trade.” He said if they dropped their “horrific barriers & tariffs on U.S. products … we will likewise drop ours.”

If they don’t, he warned, the United States will tax European cars and other products.

On Friday, the European Union said it was not clear whether the bloc would be exempt from Trump’s steel and aluminum tariffs.

Malmstrom said Friday in Brussels, “We hope that we can get confirmation that the EU is excluded from this.”

Trump signed proclamations Thursday imposing a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum, with the new taxes set to go into effect in two weeks. 

Canada and Mexico were given specific exemptions from the tariffs for an indefinite period while negotiations continue on the North American Free Trade Agreement.

Brazil, South Korea and Australia have also asked for exemptions or special treatment.

Trump imposed the tariffs despite pleas from friends and allies who warned the new measure could ignite a trade war.
…

Trade representatives for Japan and the European Union met with the U.S. trade representative Saturday in an effort to avoid a trade war over President Donald Trump’s new tariffs on aluminum and steel.

At the meeting in Brussels, U.S. Trade Representative Robert Lighthizer, EU Trade Commissioner Cecilia Malmstrom and Japanese counterpart Hiroshige Seko discussed the tariffs as part of a trilateral effort to combat unfair trade practices.

The EU said in a statement that both Brussels and Tokyo had serious concerns about the U.S. tariffs. Both powers, two of the biggest trade partners with the United States, have asked for exemptions from the tariffs.

After the meeting, Malmstrom tweeted, “No immediate clarity on the exact U.S. procedure for exemption … so discussions will continue next week.”

Seko said at a news conference following the meeting, “I firmly and clearly expressed my view that this is regrettable. … I explained that this could have a bad effect on the entire multilateral trading system.” 

Saturday afternoon, Trump accused the EU of treating “the U.S. very badly on trade.” He said if they dropped their “horrific barriers & tariffs on U.S. products … we will likewise drop ours.”

If they don’t, he warned, the United States will tax European cars and other products.

On Friday, the European Union said it was not clear whether the bloc would be exempt from Trump’s steel and aluminum tariffs.

Malmstrom said Friday in Brussels, “We hope that we can get confirmation that the EU is excluded from this.”

Trump signed proclamations Thursday imposing a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum, with the new taxes set to go into effect in two weeks. 

Canada and Mexico were given specific exemptions from the tariffs for an indefinite period while negotiations continue on the North American Free Trade Agreement.

Brazil, South Korea and Australia have also asked for exemptions or special treatment.

Trump imposed the tariffs despite pleas from friends and allies who warned the new measure could ignite a trade war.
…