The daily business briefing: May 9, 2019

1. China vows to respond in kind if Trump imposes new tariffs

China on Wednesday threatened to respond in kind if President Trump follows through with a threat to raise tariffs on $200 billion worth of Chinese imports this week. Beijing said Trump's "escalation of trade tensions did not suit the interests of the people of the two countries or the people of the world." Trump repeated his vow to hike the levies. He accused China of breaking a trade deal in an attempt to put off finalizing it in the hope of negotiating a cushier agreement with a future administration of "very weak Democrats." Chinese Vice Premier Liu He is scheduled to participate in the latest round of trade talks Thursday and Friday in Washington. Trump said the Chinese delegation is "coming to the U.S. to make a deal. We'll see."

South China Morning Post

2. Uber, Lyft drivers strike, complaining of low pay

Uber and Lyft drivers held a strike in 10 U.S. cities on Wednesday to protest what they described as falling pay and poor working conditions. The demonstrations affected service in such cities as Chicago, Los Angeles, New York, San Francisco, and Washington, as well as London and other European hubs. Disruption was not as bad as some feared, as riders were still able to hail rides. The protest came as Uber prepares to raise billions later this week in its initial public offering of stock. "Drivers built these billion dollar companies and it is just plain wrong that so many continue to be paid poverty wages while Silicon Valley investors get rich off their labor," said Brendan Sexton, executive director of the Independent Drivers Guild. "All drivers deserve fair pay."

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The Associated Press

3. Schick parent to buy Harry's for $1.37 billion

Schick parent Edgewell Personal Care Co. announced Thursday that it had reached a deal to buy subscription shaving-supply service Harry's Inc. The cash and stock deal is valued at $1.37 billion. "Building on Edgewell's and Harry's complementary strengths, our combined company will have leading brands and omni-channel capabilities that are essential to meet the needs of the modern consumer and win in today's market environment," Edgewell Chief Executive Rod Little said. Harry's, launched nearly nine years ago by Andy Katz-Mayfield and Jeff Raider, is an online service selling razors, face washes, lotions, and the Flamingo line of women's razors and waxes.

MarketWatch The New York Times

4. Stock futures drop ahead of latest U.S.-China trade talks

U.S. stock index futures fell early Thursday in a sign of market anxiety as the U.S. and China head into their latest round of trade talks after days of rising tensions. Futures of the Dow Jones Industrial Average and the S&P 500 were down by 0.6 percent, and those of the Nasdaq dropped by 0.7 percent. Stocks rebounded from a sell-off this week to close mixed on Wednesday, but President Trump sparked renewed concerns when he said China "broke the deal" the world's two biggest economies had drafted to end their trade war. On Thursday, traders also will be watching for releases of international trade figures, weekly jobless claims, and other data, as well as a fresh batch of corporate earnings reports.

CNBC

5. New York lawmakers advance bill on releasing Trump state tax returns

The New York State Senate on Wednesday approved a bill seeking to help Congress get ahold of President Trump's state tax returns. The bill would change state law to allow the state Department of Taxation and Finance commissioner to release returns requested by the House Ways and Means Committee, the Senate Finance Committee, or the Joint Committee on Taxation, provided lawmakers need them for a "specific and legitimate legislative purpose." The Trump administration has refused House Democrats' request for Trump's federal tax returns. "The state return should generally match the federal return," House Judiciary Committee Chair Jerrold Nadler (D-N.Y.) said, "and obtaining it from New York State will enable us in Congress to perform our oversight function and maintain the rule of law." The bill has also advanced in the New York State Assembly, and Gov. Andrew Cuomo (D) has said he would sign it.

NBC News The Associated Press