The daily business briefing: May 6, 2019

1. Trump threatens more China tariffs, rattling markets

President Trump tweeted Sunday that he would raise tariffs on $200 billion worth of Chinese goods this week, marking a reversal of his previous vow to hold off on any new levies during negotiations to end the U.S.-China trade war. Trump also said he would target another $325 billion in Chinese imports "shortly." The warning came ahead of the latest round of talks between U.S. and Chinese officials, which is scheduled to take place in Washington this week. China said its envoys were still preparing to attend. In February, Trump said he was holding off on raising tariffs, citing trade talk progress. Stocks plunged around the world as Trump's remarks doused expectations of a trade deal. Dow Jones Industrial Average futures dropped by 1.9 percent.

Reuters CNBC

2. Avengers: Endgame reaches $2 billion at box office in record time

Avengers: Endgame continued to dominate the box office in its second weekend, lifting its global haul to $2 billion in a record 11 days. Walt Disney Co. estimated that Endgame, one of just five films ever to make $2 billion, made $145.8 million in North America and $282.2 million in the rest of the world over its second weekend. It is now the second highest grossing film of all time behind Avatar, which brought in a total of $2.8 billion. It took Avatar more than four times longer than Endgame — 47 days — to reach the $2 billion mark. Several new movies battled for the No. 2 slot, with The Intruder making $11 million to edge out Long Shot at $10 million.

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The Hollywood Reporter The Associated Press

3. Lyft, Uber drivers plan strikes

Lyft and Uber drivers are planning strikes across the country to protest tough working conditions and low pay. Drivers in Chicago, Los Angeles, San Francisco, and New York say they will hold strikes from 7 a.m. to 9 p.m. Wednesday. The protests come shortly after Lyft held its initial public offering of stock, and as Uber works on drumming up interest for its IPO. "Wall Street investors are telling Uber and Lyft to cut down on driver income, stop incentives, and go faster to Driverless Cars," New York Taxi Workers Alliance Executive Director Bhairavi Desai said. "Uber and Lyft wrote in their S1 filings that they think they pay drivers too much already. With the IPO, Uber's corporate owners are set to make billions, all while drivers are left in poverty and go bankrupt."

Business Insider

4. Boeing noticed sensor problem months before notifying airlines

Boeing said Sunday that it discovered that a safety alert in its 737 MAX jets was faulty several months after it started delivering the planes in 2017. The aircraft maker, however, did not notify airlines and safety regulators until a year later, after a Lion Air 737 MAX crashed in Indonesia, killing all 189 people on board. The feature provided a warning when a sensor was giving bad information about the pitch of a plane's nose, which could trigger an automated flight control system that pointed the plane's nose down to avoid a stall. Boeing engineers discovered months after the plane's debut that the sensor warning only worked on planes that had a separate, optional feature. The sensors malfunctioned on the Lion Air plane and on an Ethiopia Airlines 737 MAX that crashed in March.

The Associated Press

5. Occidental revises offer for Anadarko, hoping to outbid Chevron

Occidental Petroleum on Sunday sweetened its offer for Anadarko Petroleum, hoping to win over shareholders and thwart Chevron's acquisition of the oil and gas giant. Occident left its bid at $76 per share, but offered to pay a bigger chunk of the $57 billion proposed deal in cash. Occidental now is offering to pay 78 percent in cash and 22 percent in stock, rather than the 50-50 arrangement it first proposed two weeks ago. Anadarko agreed last month to Chevron's $65-a-share bid, which was to be 75 percent stock and 25 percent cash. Anadarko's board last week started talks with Occidental because of the possibility that its offer could result in a better deal than Chevron was offering.

CNBC