The daily business briefing: September 6, 2018
Trade war fears rise as more China tariffs loom, Facebook and Twitter shares fall as Washington examines social media, and more


1. Global shares struggle as Trump's latest China tariffs loom
Global stocks fell for a fifth straight day on Thursday as trade tensions continued to worry investors. A public-comment period is ending Thursday for President Trump's proposal to impose tariffs on $200 billion more in Chinese goods, which would mark a major escalation of a trade war between the world's two biggest economies. A spokesman for China's commerce ministry said Beijing "will be forced to roll out necessary retaliatory measures" if the U.S. goes through with imposing the levies. The MSCI All-Country World Index, which tracks stocks in 47 countries, fell by 0.2 percent.
2. Facebook, Twitter shares fall as Congress, White House examine social media
Facebook COO Sheryl Sandberg and Twitter CEO Jack Dorsey defended their companies in congressional hearings on Wednesday against complaints about their response to foreign efforts to use social media to influence U.S. elections. Dorsey said in prepared remarks that a few "bad-faith actors were able to game Twitter to have an outsized impact." Sandberg said Facebook should have responded faster to Russian efforts to spread disinformation and sway voters. Facebook shares dropped by 1.6 percent while those of Twitter plunged 5.2 percent. Google-parent Alphabet declined an invitation to testify, but its shares also fell. The Justice Department on Wednesday said it would discuss with state attorneys general this month whether social media platforms were stifling conservative voices, as President Trump has claimed.
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. U.S. trade deficit grows despite Trump tariffs
The U.S. trade deficit grew in July for the second month in a row, the Commerce Department reported Wednesday. The import-export gaps with China and the European Union reached record levels despite President Trump's effort to use tariffs and renegotiated trade agreements to pressure trading partners into giving the U.S. more favorable terms. The Commerce Department said the overall deficit in the goods and services America sells and buys from other countries rose to $50.1 billion in July from $45.7 billion in June, reaching its highest level since February. The trade deficit has risen by 7 percent since the first half of 2017. One reason is that the U.S. economy has gained strength, helping Americans buy more imports.
4. Fashion brand Burberry says it will stop using fur
British luxury fashion brand Burberry announced Thursday that it would stop using real fur in its products. The company said it would phase out fur in existing clothing and accessories, and include no real fur in the garments in its Sept. 17 London Fashion Week show. In recent years, Burberry has made limited use of fur from rabbit, fox, mink, and Asiatic raccoon in its clothing. The company also said it would stop burning unsold products. It revealed the practice in a July earnings report, sparking an angry reaction from environmental activists. The company had defended the policy by saying it was necessary to prevent unwanted clothes and accessories from being stolen or sold cheaply.
5. Nike to debut Kaepernick ad in NFL opener
Nike plans to debut the first ad in its new "Just Do It" campaign featuring former San Francisco 49ers quarterback Colin Kaepernick during the National Football League opener between the Atlanta Falcons and Philadelphia Eagles on NBC on Thursday night. Kaepernick led player protests against police mistreatment of African Americans by kneeling during the national anthem, and his selection for the iconic ad campaign has drawn criticism and boycott threats from Kaepernick detractors. President Trump, a frequent critic of the NFL protests, had kept mostly quiet on Nike's decision but stepped up his response on Wednesday, tweeting: "Just like the NFL, whose ratings have gone WAY DOWN, Nike is getting absolutely killed with anger and boycotts... As far as the NFL is concerned, I just find it hard to watch, and always will, until they stand for the FLAG!" Nike shares lost 3.2 percent on Tuesday, but gained 0.4 percent on Wednesday.
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.
-
Gandhi arrests: Narendra Modi's 'vendetta' against India's opposition
The Explainer Another episode threatens to spark uproar in the Indian PM's long-running battle against the country's first family
By Harriet Marsden, The Week UK
-
How the woke right gained power in the US
Under the radar The term has grown in prominence since Donald Trump returned to the White House
By Chas Newkey-Burden, The Week UK
-
Codeword: April 24, 2025
The Week's daily codeword puzzle
By The Week Staff
-
Why Russia removed the Taliban's terrorist designation
The Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
By Justin Klawans, The Week US
-
Inside the Israel-Turkey geopolitical dance across Syria
THE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
By Rafi Schwartz, The Week US
-
'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
-
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
-
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
-
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
-
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
-
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