US tariffs on China are illegal, says world trade body
GENEVA — The World Trade Organization has ruled that the Trump administration’s tariffs on Chinese goods worth more than $200 billion are illegal. Tuesday’s decision marks the first time the Geneva-based trade body has ruled against a series of tariffs that President Donald Trump’s administration has imposed on a number of countries, allies and rivals alike. The ruling could allow China to impose retaliatory tariffs. And the US could appeal, though the appeals process has been blocked by Washington’s refusal to allow new members for the appeals Board.
Japan begins trial of Nissan, ex-executive over Ghosn’s pay
TOKYO — The financial misconduct trial of former Nissan executive Greg Kelly has begun with Kelly saying he committed no crimes and was only trying to keep his star boss Carlos Ghosn from leaving. Japanese prosecutors on Tuesday outlined allegations of what they said was a complex and clandestine scheme to pay Ghosn.
US drops tax on Canadian aluminum
WASHINGTON — The Trump administration says it is dropping taxes on Canadian aluminum, easing tensions with a close ally and preempting Canada’s plans to impose retaliatory sanctions. The Office of the US Trade Representative said Tuesday that the US is ending the 10% tariffs a month after it imposed them. Washington had charged last month that an influx of Canadian aluminum justified the tariffs. But in a statement, the office says shipments of Canadian aluminum are returning to normal levels. It said it could re-impose the tariffs if the imports surged again.
Stocks finish high
Stocks gave up part of their gains from earlier in the day but still closed higher on Wall Street Tuesday. Gains for big technology companies outweighed losses in banks and elsewhere in the market. The S&P 500 rose 0.5% after being up more than 1% earlier. It’s the second straight sizable gain for the benchmark index following its worst week since June. Big Tech stocks have been bouncing back this week after suddenly losing altitude earlier this month amid worries that their prices had climbed too high.