The daily business briefing: June 12, 2019
Trump threatens to delay a trade deal unless China reverses course, 10 states sue to block the T-Mobile-Sprint merger, and more

- 1. Trump vows to delay trade deal until China accepts old terms
- 2. 10 states sue to stop T-Mobile, Sprint merger
- 3. Dassault Systemes to buy Medidata Solutions in $5.8 billion deal
- 4. Stock futures edge down further after winning streak ends
- 5. Amazon to shut down its restaurant-food delivery service

1. Trump vows to delay trade deal until China accepts old terms
President Trump on Tuesday said he would hold off on a trade deal with China until it accepts terms it had agreed to before backtracking. "We had a deal with China and unless they go back to that deal, I have no interest," Trump said. "China wants to make a deal very badly," Trump added. "It is me right now that is holding up the deal. And we're going to either do a great deal with China or we're not going to do a deal." He did not elaborate on the sticking points. A day earlier, Trump repeated a threat to raise tariffs on $300 billion worth of Chinese imports unless President Xi Jinping meets with him at the late-June G-20 summit in Japan.
2. 10 states sue to stop T-Mobile, Sprint merger
Ten states filed a lawsuit Tuesday seeking to block the proposed $26.5 billion merger between mobile-phone carriers Sprint and T-Mobile. The states, which include New York and California, argue that the merger would hurt competition and result in higher cellphone bills. They say even slight rate hikes would hurt lower-income communities, and that folding together the two companies would lead to a "substantial loss" of jobs in the industry. The deal also faces possible opposition from regulators who might demand changes to the proposal before approving the merger. The companies did not comment immediately. Sprint shares dropped by 6.2 percent on Tuesday, while those of T-Mobile fell 1.4 percent.
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. Dassault Systemes to buy Medidata Solutions in $5.8 billion deal
France's Dassault Systemes, which makes industrial design software, on Wednesday announced that it had reached a $5.8 billion cash deal to buy U.S. technology firm Medidata Solutions. Dassault Systemes has been working on diversifying its tech businesses with purchases of Trace Software, Argosim, and other companies. The Medidata acquisition, Dassault's biggest yet, adds a firm focused on clinical trials into the mix. Medidata's wearable sensors help track patient health to determine who might respond best to specific drugs. Dassault Systemes will pay $92.25 per share for Medidata, a slight discount to its June 11 closing price of $94.75 but a 6.6 premium over its 50-day average price of $86.50.
4. Stock futures edge down further after winning streak ends
U.S. stock index futures edged down early Wednesday ahead of the release of the latest inflation data, as U.S.-China trade tensions continued to worry investors. Futures for the Dow Jones Industrial Average and the S&P 500 fell by 0.2 percent, while those of the Nasdaq dropped by 0.4 percent. The three main indexes gave back early gains on Tuesday, closing narrowly down after five straight days of gains that followed signals from the Federal Reserve that it might cut interest rates if necessary to keep the economy growing despite the impact of trade tensions. The decline came after President Trump renewed his threat to raise tariffs on $300 billion worth of Chinese goods, fueling fears of a prolonged trade war.
5. Amazon to shut down its restaurant-food delivery service
Amazon announced Tuesday that it was shutting down its restaurant food delivery service, Amazon Restaurants. The online retail giant launched the service in Seattle four years ago and expanded it to nearly two dozen cities, offering food deliveries to Prime members. The company said the service would close on June 24. Amazon said a small number of employees would be affected by the decision, but many had already been shifted to new roles at the company. Amazon Restaurants failed to make headway against rivals including DoorDash, Grubhub, and Uber Eats. Grubhub shares gained 5 percent in pre-market trading following the news.
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.
-
The secrets of lab-grown chocolate
Under The Radar Chocolate created 'in a Petri dish' could save crisis-hit industry
By Chas Newkey-Burden, The Week UK
-
Trade war with China threatens U.S. economy
Feature Trump's tariff battle with China is hitting U.S. businesses hard and raising fears of a global recession
By The Week US
-
Corruption: The road to crony capitalism
Feature Trump's tariff pause sent the stock market soaring — was it insider trading?
By The Week US
-
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