The daily business briefing: June 22, 2018

1. EU retaliates with tariffs on U.S. goods worth $3.3 billion

The European Union on Friday imposed tariffs on $3.3 billion worth of U.S. imports in retaliation for President Trump's levies on steel and aluminum. The EU tariffs, most of them set at 25 percent, apply to such products as bourbon, orange juice, peanut butter, and motorcycles. The move was designed in part to "make noise" by targeting politically important states like Kentucky, Florida, and Wisconsin, EU trade commissioner Cecilia Malmstrom said. The EU implemented the tariffs a week earlier than expected in what was widely interpreted as a show of strength. India and Turkey are also retaliating against Trump's tariffs, as are China and Mexico. By July 6, $75 billion in U.S. products will be hit by new foreign tariffs, the U.S. Chamber of Commerce estimates.

The Associated Press The New York Times

2. Supreme Court rules states can tax more online sales

The Supreme Court ruled Thursday that states can require online retailers to collect sales tax, even if the business has no physical presence in an online shopper's state. The decision is seen as a win for local businesses and governments, which have complained they were missing out on taxes from billions of dollars' worth of sales because of a 1992 ruling that said states could only collect taxes from retailers that had a physical presence there. "This is going to allow state and local governments to improve their tax enforcement and to put local business on a more level playing field," said Carl Davis, research director at the Institute on Taxation and Economic Policy. The decision was 5-4, with Justices John Roberts, Stephen Breyer, Sonia Sotomayor, and Elena Kagan in dissent.

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The New York Times Supreme Court

3. House passes bill seeking new work rules for food-stamp recipients

The House on Thursday narrowly passed a polarizing farm bill that includes new work rules for most able-bodied adult food-stamp recipients. Twenty Republicans joined Democrats in opposition, but the GOP majority still managed a 213-211 victory. The bill had been unexpectedly voted down just a month ago after it got linked to immigration issues. The legislation covers $430 billion in food and agriculture programs over five years, such as bolstering farm subsidies and rural development. The food-stamp requirements are considered unlikely to get anywhere in the Senate.

The Washington Post

4. European leaders see 'historic' end of Greece bailout

The euro zone ended nearly a decade-long financial bailout of Greece early Friday, congratulating the long-struggling country for imposing tough austerity measures and restoring economic growth. "This is it, we have managed to deliver a soft landing of this long and difficult adjustment," said Eurogroup President Mario Centeno, who chairs the meetings of the euro zone finance ministers. Greece has been receiving financial aid from European creditors since 2010, and it is ending its third financial program in August. European Commissioner Pierre Moscovici called the landmark "historic" and "exceptional." Greek stocks rose, leading gains across Europe after the region's leaders agreed on a debt-relief plan for after the bailout ends.

CNBC MarketWatch

5. U.S. stocks struggle to end losing streak

U.S. stock futures rose early Friday after a week of losses driven by fears of an intensifying global trade war. Futures for the Dow Jones Industrial Average were up by 0.5 percent, raising hopes that the Dow could end an eight-session losing streak. Futures for the S&P 500 also rose by 0.5 percent, and those of the Nasdaq-100 gained 0.4 percent. All three of the main U.S. indexes fell on Thursday. The Dow lost 0.8 percent, while the S&P 500 fell by 0.6 percent and the tech-heavy Nasdaq Composite dropped by 0.9 percent. The Dow was down 2.5 percent on the week as of Thursday's close.

MarketWatch