Home Business and Economics This Week In Business: Tariffs, Oil, and More

This Week In Business: Tariffs, Oil, and More

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Tariff Enforcement Issues Still Hurdle Trade Talks

It’s becoming more and more likely that we will see an end to the U.S-China trade war. However, discussions this week are critical to resolving the differences between the two countries. The discussions will determine how they will enforce the deal and if and when the U.S. will lift the tariffs on China.

Currently, the talks begin on Wednesday in Washington, D.C. The U.S. demands changes to China’s policies on intellectual property protection, technology transfers, and other trade barriers. President Trump imposed the tariffs as a way of putting pressure on China to meet these demands.

Oil Prices Hits New High

Oil prices hit their high on Tuesday, as Brent crude reached $70 a barrel. This is a session peak since November 12th. As the U.S. considers more sanctions on Iran, a crude terminal in Venezuela stopped operations due to power issues. This has led the prices to steadily rise.

“Today’s multi-month highs in WTI and Brent are keeping this bull move alive as prices are beginning to advance more than we had expected,” said Jim Ritterbusch, president of Ritterbusch and Associates. “But despite attainment of our $62 upside WTI target, we will caution against accepting profits prematurely given a recent burst of bullish momentum.”

Best Buy Drops Care.com

Best Buy announced that they will drop their partnership with Care.com on Tuesday. As a result, Care.com’s stocks dropped almost 10%. “We have suspended our relationship with Care.com as we do a thorough review of both the program and the company,” Best Buy spokesman Jeff Shelman said in a statement. “We remain committed to providing affordable back-up childcare to our employees.”

Bitcoin Jumps 20 Percent

Cryptocurrency Bitcoin hit their highest in almost 5 months after an anonymous buyer set off an online trade craze. The currency grew 20%, breaking $5,000 for the first time since November. Right now, the currency sits at about $4,800, which is still a 16% increase. However, analysts can’t pinpoint any specific developments that could explain the original buyer’s big order.

Tesla To Pay $31,000 To Settle EPA Claims

Tesla will pay a $31,000 penalty as well as purchase $55,000 in emergency response equipment under a settlement reached with the Environmental Protection Agency over federal hazardous waste violations. They plan to take specific steps to manage hazardous wastes at its factory. The EPA said Tesla failed to comply with air emissions standards and management requirements.

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