US President Donald Trump Trump faces backlash as China urges US to cancel his tariffs after Supreme Court ruling.
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EU says it will accept no increase in US tariffs after Supreme Court ruling
The European Commission demanded on Sunday that the United States stick to the terms of an EU-U.S. trade deal reached last year, after the U.S. Supreme Court struck down Donald Trump's global tariffs and he responded with new levies across the board. The Commission, which negotiates trade policy on behalf of the 27 EU member states, said Washington must provide "full clarity" on the steps it intends to take following the court ruling. After the court struck down Trump's global tariffs on Friday, the U.S. president announced temporary, across-the-board tariffs of 10%, which he then hiked to 15% a day later.
Rolls-Royce to return as much as $2 billion to shareholders in buyback
Rolls-Royce Holdings is expected to announce alongside its annual results this week that it will launch a fresh share buyback worth as much as 1.5 billion pounds ($2 billion), Sky News reported on Sunday. Reuters could not immediately verify the report. Rolls-Royce declined to comment. Rolls-Royce upgraded its full-year profit guidance at the half-year stage last July, increasing the top end of its operating profit guidance by 300 million pounds, to 3.2 billion pounds, and its free cash flow by 200 million pounds, to 3.1 billion pounds, according to its latest guidance. Rolls-Royce had launched a 1 billion pound share buyback around this time last year, as it reported results.
China calls on the US to scrap Trump tariffs
China urged the United States on Monday to cancel unilateral tariffs announced by President Donald Trump after the US Supreme Court struck down many of his measures. China's commerce ministry said on Monday it was conducting a "comprehensive assessment" of the ruling's impact, and called on Washington to lift the tariffs. "China urges the United States to cancel its unilateral tariff measures on its trading partners," the ministry said in a statement. "There are no winners in a trade war, and that protectionism leads nowhere." The new 15 percent global duties are due to kick in on Tuesday and are expected to last 150 days, with exemptions for some products. The Chinese foreign ministry also noted that it was paying "close attention" to potential moves by the United States to maintain increased tariffs. "The United States is currently planning alternative measures such as trade investigations to maintain increased tariffs on trading partners. China will continue to pay close attention to this and resolutely safeguard China's interests," it said.