The daily business briefing: June 15, 2018
Trump approves tariffs on billions of dollars in Chinese goods, AT&T completes its $85 billion acquisition of Time Warner, and more


1. Trump approves stiff tariffs on China imports
President Trump has approved a 25 percent tariff on roughly $50 billion of Chinese products. The administration has said the levies, the latest in a series of aggressive trade moves by Trump, are a response to unfair trade practices by China, including requiring U.S. companies to share technology secrets with Chinese partners to get access to Chinese markets. Trump also has said he wants to reduce America's $375 billion annual trade deficit with China, which he blames for the loss of U.S. factories and jobs. Most economists say those losses are largely due to increased automation. The tariffs threaten to spark retaliation from China, and complicate Trump's effort to get Beijing to maintain pressure on North Korea to denuclearize.
The Washington Post The Associated Press
2. AT&T completes $85 billion Time Warner deal
AT&T on Thursday completed its $85 billion acquisition of Time Warner. The news came two days after a federal judge dismissed a Justice Department claim that the deal violated antitrust laws. The merger combines the content of Warner Bros., HBO, and Turner with the mobile-first distribution capabilities of AT&T. "We're going to bring a fresh approach to how the media and entertainment industry works for consumers, content creators, distributors, and advertisers," Randall Stephenson, chairman and CEO of AT&T, said in a statement. The Justice Department said it was still considering appealing the judge's ruling.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. ECB holds rates steady, trims bond purchases
The European Central Bank on Thursday said that if economic data continues to come in as expected it will slow down its monthly bond purchases but continue them through the end of the year. The ECB will reduce the program from $35 billion in purchases of government and private debt per month to half that amount every month, ending the program in December unless the eurozone economy hits unforeseen trouble. As the ECB unwinds its massive efforts to stimulate the economy, it will hold interest rates steady at least through summer 2019, the bank's policy makers said in a statement.
4. Kentucky attorney general sues Walgreens over opioid sales
Kentucky's attorney general, Andy Beshear, on Thursday launched a lawsuit against Walgreens Boots Alliance, accusing the pharmacy chain and wholesale drug distributor of fueling the opioid epidemic. Beshear has sued five other drug manufacturers and distributors, including Johnson & Johnson, in attempts to hold the industry responsible for contributing to the crisis. The lawsuit accuses Walgreens of filling opioid orders in unusual sizes and frequencies, and says it should have known some of the drugs would illegally go to addicts. "While Walgreens' slogan was 'at the corner of happy and healthy,' they have significantly harmed the health of our families in fueling the opioid epidemic," Beshear said in a statement. Walgreens declined to comment.
5. Stocks lose ground as Trump's new China tariffs loom
Global stocks fell on Friday as investors braced for a flare-up in trade tensions when the Trump administration unveils a list of Chinese goods affected by President Trump's latest new tariffs. The MSCI All Country World index fell by 0.2 percent in Europe early in the day, and the Asia Pacific MSCI index was down 0.3 percent. China's benchmark Shanghai Composite index hit a 20-month low. U.S. stock futures also fell ahead of the start of Friday trading. Futures for the Dow Jones Industrial Average dropped by 0.6 percent, while those of the S&P 500 and the Nasdaq-100 fell by 0.5 percent and 0.3 percent, respectively.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
5 hilariously sparse cartoons about further DOGE cuts
Cartoons Artists take on free audits, report cards, and more
By The Week US Published
-
Following the Tea Horse Road in China
The Week Recommends This network of roads and trails served as vital trading routes
By The Week UK Published
-
Crossword: March 30, 2025
The Week's daily crossword
By The Week Staff Published
-
'Like a sound from hell': Serbia and sonic weapons
The Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
By Abby Wilson Published
-
The arrest of the Philippines' former president leaves the country's drug war in disarray
In the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
By Justin Klawans, The Week US Published
-
Ukrainian election: who could replace Zelenskyy?
The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
By Sorcha Bradley, The Week UK Published
-
Why Serbian protesters set off smoke bombs in parliament
THE EXPLAINER Ongoing anti-corruption protests erupted into full view this week as Serbian protesters threw the country's legislature into chaos
By Rafi Schwartz, The Week US Published
-
Who is the Hat Man? 'Shadow people' and sleep paralysis
In Depth 'Sleep demons' have plagued our dreams throughout the centuries, but the explanation could be medical
By The Week Staff Published
-
Why Assad fell so fast
The Explainer The newly liberated Syria is in an incredibly precarious position, but it's too soon to succumb to defeatist gloom
By The Week UK Published
-
Romania's election rerun
The Explainer Shock result of presidential election has been annulled following allegations of Russian interference
By Sorcha Bradley, The Week UK Published
-
Russia's shadow war in Europe
Talking Point Steering clear of open conflict, Moscow is slowly ratcheting up the pressure on Nato rivals to see what it can get away with.
By The Week UK Published