US-China trade entering tit-for-tat tariffs - Bahrain makes largest oil discovery in its history - Portuguese economy grew 2.7% in 2017
The IMF has cut its global economic forecast for 2018 and 2019, citing above all rising import tariffs between the US and China. A fall in trade volumes and manufacturing orders could hit Germany particularly hard.
The leaders agreed to work toward "zero tariffs" between the US and the EU, which would decisively reverse the slew of trade tariffs imposed recently. The deal involves the EU purchasing natural gas from the US.
The US Federal Reserve says US business owners are already scaling back investment plans on the back of concerns over the escalating trade conflict with China. Nonetheless, the US economy is in good shape, it says.
Hours ahead of the signing of trade tariffs on steel imports, President Trump has insisted he doesn't want a trade war. Washington is set to soften the blow of its new penalties with exemptions for certain countries.
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