In our news wrap Wednesday, a budding trade war between the U.S. and China escalated after President Trump ordered a second round of potential tariffs. It could include 10 percent levies on $200 billion in Chinese goods, from fish to furniture to vacuum cleaners. Also, Taliban militants have claimed a suicide bombing that killed a political candidate and 20 other people in Pakistan.
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In the day’s other news, a budding trade war between the U.S. and China escalated, after President Trump ordered a possible second round of tariffs. These could include 10 percent levies on $200 billion in Chinese imports to the U.S., from fish to furniture to vacuum cleaners. Beijing vowed to retaliate.
And, in Washington, House Speaker Paul Ryan warned the president against going too far.
Rep. Paul Ryan, R-Wis.:
I don’t want to hamstring the president’s negotiating tactics, but I have long said I don’t think tariffs are the right way to go. China does steal intellectual property. They do engage in unfair trade practices, which violate not just the spirit, but the letter of the WTO standards that they agreed to play by years ago.
So I think we’re right to point that out. I just don’t think tariffs are the right mechanism to do that.
Last Friday, the U.S. formally imposed $34 billion in tariffs on imported Chinese goods, and China responded in kind.
All the tensions over trade put an end to Wall Street’s four-day rally. The Dow Jones industrial average lost 219 points to close at 24700. The Nasdaq fell 42 points, and the S&P 500 was down 19.
In Pakistan, Taliban militants have claimed a suicide bombing that left a political candidate and 20 other people dead. The victims were attending a rally last night in Peshawar for an anti-Taliban political party. Elections there are two weeks away.
Meanwhile, in Eastern Afghanistan, two suicide bombers killed at least 10 people at an education department building.
The death toll keeps climbing in the flood disaster in Southwestern Japan. Officials today confirmed 176 killed and dozens still missing. Prime Minister Shinzo Abe laid flowers in the Hiroshima area, and visited an evacuation center. He’s pledged an initial $4 billion toward recovery efforts.
And the 12 boys rescued from a flooded cave in Thailand embarked on a new journey today, recovery. Government-supplied video showed some of them flashing victory signs as they rested in hospital beds. Their parents looked on from behind a glass barrier because the team is still in isolation to stave off infections.
Chaiwetch Thanapaisal (through translator):
In the beginning, staying in the hospital should take seven to 10 days, which needs to be evaluated regularly. Also, there is a plan for a slow recovery at home for at least 30 days, with the need for a team of medics to follow up with physical checks.
Doctors say the boys lost an average of four pounds each during their ordeal underground.
Still to come on the “NewsHour,” what President Trump’s latest attacks on allies mean for U.S. relations with Europe; inside the effort to curtail methane emissions and their contributions to climate change; the Trump administration’s latest moves to undercut the Affordable Care Act; and much more.