Author: Press Room

The S&P 500 and Dow Jones Industrial Average closed lower on Tuesday as trade tensions intensified following US President Donald Trump’s implementation of new tariffs on Canada, Mexico, and China.Trump’s 25% tariffs on imports from Mexico and Canada, along with a doubling of duties on Chinese goods, took effect at midnight. In response, China and Canada imposed retaliatory tariffs, while Mexican President Claudia Sheinbaum vowed to follow suit, though she did not provide specifics.The Dow tumbled for a second straight day, reflecting investor concerns over potential economic fallout. The blue-chip index dropped 670.25 points (1.6%), extending Monday’s nearly 650-point decline.…

Wall Street stocks fell for the second day in a row on rising concerns Donald Trump’s tariffs will deal a blow to the US economy. The blue-chip S&P 500 was down around 0.9 per cent on Tuesday afternoon, while the tech-heavy Nasdaq Composite dipped 0.2 per cent. The S&P 500 briefly on Tuesday fell below the November 5 closing price, meaning the gauge had wiped out all of its gains since the election. But it recovered slightly above those levels later in the session. Stocks had initially rallied after Trump’s election victory, with investors betting that his promise of tax…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Vineyard values have tumbled by as much as a third in the past year as oversupply of wine weighs down on the industry amid sinking global consumption, according to a new report. In its latest wealth report, published on Wednesday, Knight Frank said “few of the world’s key vineyard regions remain unscathed” by a drop in demand for wine, adding that consumption has fallen 12 per cent globally from its peak in 2007.New Zealand’s vineyard values have suffered most, with prices in…

  Updated 2m ago Why this speech isn’t a “State of the Union” President Trump delivers the State of the Union address in the House chamber on Feb. 4, 2020, in Washington, D.C. Mark Wilson/Getty Images The Constitution says the president shall, “from time to time,” give a report on the “State of the Union” to Congress. This speech typically takes place in January or February, and gives presidents the opportunity to tout their accomplishments over the past year and lay out their agenda for the months ahead.Since Mr. Trump has only been in office for six weeks and a…

Veterans, who make up a disproportionate share of federal employees, are feeling the brunt of the Trump administration’s rapid push to downsize the work force, generating discord in a reliable political base for Republicans.Some Republican lawmakers are facing backlash at town hall gatherings where people have raised concerns about veterans being part of the deep cuts made by President Trump and his partner in this mission, the tech billionaire Elon Musk.And in an act of protest, some Democrats are bringing fired veterans as their guests to Mr. Trump’s address to a joint session of Congress on Tuesday, where Mr. Trump…

B.C.’s softwood lumber industry is attempting to come to terms with the potential impact of U.S. President Donald Trump’s tariffs. The U.S. Department of Commerce issued a preliminary anti-dumping rate of 20.07 per cent, up from 7.66 per cent set three years ago, which is in addition to countervailing duties of 6.74 per cent.That brings the total for potential levies to almost 27 per cent, and with the addition of the 25 per cent tariffs that went into effect on Tuesday, that means the total tariffs would be 52 per cent in terms of the combined duties and tariffs later…

Check out the companies making headlines after the bell : Ross Stores — The off-price retailer inched higher by about 1%. Fourth-quarter earnings surpassed estimates, coming in at $1.79 per share, versus analysts’ call for $1.66 per share, per LSEG. However, Ross sees first-quarter same-store sales ranging from down 3% to flat versus a 3% gain last year. Analysts polled by StreetAccount called for a 2.4% gain. Box — Shares plunged nearly 8% after the cloud company guided for first-quarter revenue of between $274 million and $275 million, while analysts polled by LSEG had expected $279.5 million. However, Box’s fourth-quarter…

Ferrari now have Lewis Hamilton in their driver line-up, but teammate Charles Leclerc believes McLaren should be favourites for the F1 constructors crown.

Brahim Diaz winner gives Real Madrid a slender first leg lead over rivals Atletico in Champions League last 16 clash.A superb goal from Brahim Diaz helped Real Madrid maintain its dominance of the Madrid derby on Europe’s biggest stage with a 2-1 victory over bitter rivals Atletico in the first leg of their Champions League last 16 tie. Real Madrid had taken an early lead in the fourth minute at the Bernabeu Stadium through Rodrygo, but Julian Alvarez levelled for Atletico with a stunning shot in the 32nd. However, although Diego Simeone’s Atletico, who lost in the 2014 and 2016…

A trade war with China during President Trump’s first term hit American farmers hard. This time, it could be worse.On Tuesday, China’s Ministry of Finance said it would add tariffs of as much as 15 percent on a wide range of food imports from the United States, including chicken, wheat, corn and cotton. Beijing’s retaliation for escalating American tariffs on Chinese-made products also includes 10 percent tariffs on imports of sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables and dairy products.Without specifying which products, Canada said on Tuesday that it would impose retaliatory tariffs of 25 percent on $30 billion…