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Morning Brief: US slaps 25% tariff on $50 billion in Chinese goods

Friday, June 15, 2018

What to watch today

(AP Photo/Andy Wong)

The economics schedule will have a few pieces of data to close out the week, with the University of Michigan’s preliminary reading on consumer sentiment in June, as well as the Fed’s latest reading on industrial production both set for release. The University of Michigan’s report is expected to show a slight increase in the gauge of consumer sentiment from May’s final reading, while industrial production is expected to show a 0.2% increase in May, a slight moderation from April’s 0.7% uptick.

Additionally, the Trump administration on Friday announced a 25% tariff on $50 billion worth of Chinese imports, escalating a trade dispute between the U.S. and China.

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Top news

AT&T to close Time Warner deal: AT&T Inc. (T) may close its $85 billion deal to buy Time Warner Inc. (TWX) under an agreement reached on Thursday with the U.S. government, which might still appeal a case seen as a turning point for the media industry. AT&T said it could close the deal by Friday. The government has not ruled out an appeal and has 60 days to file. [Reuters]

SEC announces cryptocurrency ether is not a securityAre bitcoin and ether securities? Finally, one of the biggest questions and debates in crypto has been answered by the SEC, officially. In an announcement at Yahoo Finance’s All Market Summit: Crypto in San Francisco on Thursday, the U.S. Securities and Exchange Commission Director of Corporate Finance William Hinman said that the commission would not be classifying ether or bitcoin as securities. [Yahoo Finance]

Facebook’s public relations chief to step downFacebook Inc. (FB) said on Thursday that Elliot Schrage, who as head of communications and public policy has led the social network’s response to scandals about privacy and election meddling, would step down from the company after a decade. He is at least the third high-level executive set to leave Facebook this year, upending a period of relative stability in the company’s management. [Reuters]

ZTE’s shares slide on trade war jitters: Shares of ZTE Corp. plummeted on Friday on renewed worries of a trade war and the Chinese telecommunications giant has now lost 30% of its market value since share trading resumed this week. U.S. President Donald Trump is due to unveil revisions to his initial tariff list targeting $50 billion of Chinese goods on Friday, reigniting concerns of a full-blown trade war. [Reuters]

In case you missed it, watch the Yahoo Finance All Markets Summit: Crypto here.

For more of the latest news, go to Yahoo Finance

Rep. Fred Upton (R-MI) wears patriotic socks as he waits to bat during the Congressional Baseball Game on June 14, 2018 in Washington, DC. This was the 57th annual game between the Republicans and Democrats. (Photo by Alex Edelman/Getty Images)

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