Business Highlights

How China could hurt US once it ran out of imports to tax

BEIJING (AP) — In his trade war with China, President Donald Trump wields one seeming advantage: The United States could ultimately slap tariffs on more than $500 billion in imported Chinese goods. Beijing has much less to tax: It imported just $130 billion in U.S. goods last year. Yet that hardly means China would be powerless to fight back once it ran out of U.S. goods to penalize. It possesses a range of other weapons with which to inflict pain on the U.S. economy.

Chinese exporters scramble to cope with US tariffs

BEIJING (AP) — Chinese exporters are scrambling to cope with a plunge in U.S. orders while China’s state press shrugged off the impact of Washington’s tariff hikes in a spiraling technology dispute. China’s Commerce Ministry said Monday that it would use revenue from higher tariffs on U.S. products to help companies affected by the trade dispute between the world’s two largest economies.

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Starbucks, citing ocean threat, is ditching plastic straws

NEW YORK (AP) — Starbucks, citing the environmental threat to oceans, will ban plastic straws from all of its stores globally in less than two years. The company becomes the largest food and beverage company to do so. Starbucks says it will instead use strawless lids and straws made of biodegradable materials.

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Boris Johnson quits as UK’s May faces mounting Brexit crisis

LONDON (AP) — British Prime Minister Theresa May has dug in her heels after the resignation of two top government ministers over Brexit whipped up a storm that threatens to topple her fragile minority government. Foreign Secretary Boris Johnson followed Brexit Secretary David Davis out the door as a hard-won government consensus on future trade ties with the bloc disintegrated less than three days after it was forged, and nine months before Britain is due to leave the European Union.

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Twitter’s fake account purge drags stock lower

NEW YORK (AP) — Twitter has been purging fake and malicious accounts to help prevent the spread of fake news and to make its service more welcoming for real people. But when a Washington Post report put an actual number on it — 70 million — the company’s shares tumbled. Investors are worried that the removals could put a dent in the company’s reported user figures.

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BMW: Tariffs mean higher prices in China for US-made SUVs

FRANKFURT, Germany (AP) — Automaker BMW says it will have to raise prices on the U.S.-built SUVs it sells in China due to higher tariffs. China raised the import tax on cars from the United States to 40 percent in retaliation for higher tariffs on Chinese goods imposed by President Donald Trump.

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US consumer borrowing up $24 billion in May

WASHINGTON (AP) — Americans increased their borrowing in May at the fastest pace since November 2016, boosted by a big increase in credit card borrowing. Consumer debt rose $24.5 billion in May after an increase of $10 billion in April, the Federal Reserve reported Monday.

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Uber poised to make investment in scooter-rental business

SAN FRANCISCO (AP) — Uber is set to reach into more forms of transportation by investing in scooter-renter Lime. Uber is making an investment in Lime and putting its logo on the scooters. Earlier this year, Uber bought Jump Bikes, which rents electric bicycles in about a half-dozen US cities.

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YouTube aims to crack down on fake news, support journalism

NEW YORK (AP) — Google’s YouTube says it is taking several steps to make news better, including supporting news organizations and cracking down on misinformation. As part of this effort, YouTube said Monday it will make “authoritative” news sources more prominent, especially in the wake of breaking news events when misinformation can spread quickly.

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Stocks jump again as trade-war worries take back seat

NEW YORK (AP) — U.S. stocks climbed with other markets on Monday as worries about trade tensions between the United States and the rest of the world took a back seat. The expectation for strong earnings reports from nearly every swath of corporate America in the upcoming weeks is helping to support stocks.

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The S&P 500 rose 24.35 points, or 0.9 percent, to 2,784.17. The Dow Jones industrial average jumped 320.11, or 1.3 percent, to 24,776.59, and the Nasdaq composite gained 67.81, or 0.9 percent, to 7,756.20. The Russell 2000 index of smaller-company stocks rose 10.55 points, or 0.6 percent, to 1,704.60.

Benchmark U.S. crude rose 5 cents to $73.85 per barrel. Brent crude, the international standard, rose 96 cents to $78.07 a barrel. Heating oil rose 3 cents to $2.20 a gallon and wholesale gasoline rose 4 cents to $2.15 a gallon. Natural gas fell 3 cents to $2.83 per 1,000 cubic feet.

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