MARY REICHARD, HOST: Today is Monday, June 25th. Thank you for turning to WORLD Radio to help start your day. Good morning. I’m Mary Reichard.
NICK EICHER, HOST: And I’m Nick Eicher.
Coming next on The World and Everything in It, the Monday Moneybeat.
More shots fired in the growing World Trade War. On Friday, the European Union announced tariffs on $3.4 billion in American goods. The move was in response to American tariffs on aluminum and steel from Europe. EU trade officials are targeting typical American products like boats and Harley-Davidson motorcycles, Kentucky bourbon, and peanut butter and orange juice. The idea is to create political pressure on President Trump and senior American politicians who support tariffs.
The Commerce Department is allowing companies to request exemptions from the steel and aluminum tariffs. They first have to show that the metals they need aren’t available from American producers. The department expected 4,500 requests. But it’s been overwhelmed by more than 20,000. By last week, it had processed fewer than 100 of them.
REICHARD: The Organization of Petroleum Exporting Countries, OPEC, has agreed to produce 1 million more barrels of oil per day.
The additional supply ought to put some downward pressure on rising global energy prices. But at least initially, it didn’t work. Analysts had expected a higher production quota, and so the announcement had the opposite effect. Oil prices rose on Friday: U.S. crude oil shot up almost 5 percent. That’s the biggest gain since late 2016.
The value of publicly traded energy stocks went up, too.
EICHER: The relatively good Friday close on Wall Street was not nearly enough to make up lost ground earlier in the week, as investors’ trade-war worries drove stocks down. For the week: The S&P 500 fell almost a percentage point. The Dow Jones Industrials shed 2 percent. The Nasdaq lost 0.7 percent, leaving the Russell 2000 the only major index to finish the week in positive territory, but a very slight 0.1 percent.
And that’s today’s Monday Moneybeat.