Home Business and Economics This Week In Business: Trump, World, and More

This Week In Business: Trump, World, and More

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Trump Threatens Tariffs Against EU

President Trump threatened to place tariffs on almost $11Bn worth of products coming in from the EU. This move heightened tensions between a long-running transatlantic aircraft subsidy dispute. It also opened a new front on Trump’s global trade war.

“The World Trade Organization finds that the European Union subsidies to Airbus has adversely impacted the United States, which will now put Tariffs on $11 Billion of EU products!” Trump tweeted. “The EU has taken advantage of the U.S. on trade for many years. It will soon stop!” Currently, the case between the US and the EU is nearing the end of almost 15 years, as it enters the final stages of arbitration.

World Economy Faces Delicate Time

The International Monetary Fund’s chief economist recently said that the global economy is at a “delicate moment”. While it doesn’t predict a global recession, it does present some downsides. Recently, the IMF released its regular assessment of the World Economic Outlook. It predicted global growth of 3.3% for 2019 and 3.6% for 2020.

However, this is slower growth than last year. In addition, it’s a downgrade compared to 2019’s previous estimate. Many countries are already feeling the effects, such as Germany and Italy, both of which are currently in a recession. The IMF also expects weaker performance in Latin America, the Middle East, and North Africa.

Bank Of America Plans To Raise Minimum Wage

Bank of America said it would raise its minimum wage to $20 per hour on Tuesday. The change will take place over a two-year period. On May 1, the minimum hourly wage will rise by $2 to $17, the bank said. The bank joins others that have raised hourly wages following President Trump’s decision to cut tax rates in 2017.

Pinterest Releases IPO Estimate

Pinterest recently set their share prices at $15-$17 a share with an IPO of 75M shares. This sets its value at below the $12Bn Pinterest sourced during its last fundraising. Currently, the company plans to list under PINS, and could raise almost $1.3Bn in net proceeds. However, overall the website has yet to remain in the green.

Twitter CEO Paid $1.40

Twitter announced it paid its Chief Executive Officer Jack Dorsey only $1.40 in 2018. Apparently, Dorsey declined all direct compensation and benefits for three years in 2015, 2016 and 2017. In 2018 he refused all compensation and benefits, requesting a salary of $1.40, the social media company released in an SEC filing.

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