U.S. President Donald Trump plans to postpone auto tariffs by up to six months, according to reports. The news sent auto stocks stateside higher overnight.
Shares stateside initially fell after the release of weaker-than-expected economic data stoked fears that the U.S.-China trade war is dragging down global economic growth.
U.S. retail sales fell 0.2% in April, the Commerce Department said Wednesday. Economists polled by Dow Jones expected an increase of 0.2%. Over in China, data released Wednesday showed the country's industrial output and retail sales growth for April also coming in below expectations. Those numbers came amid a recent re-escalation in trade tensions between Beijing and Washington, starting with the U.S. raising tariffs on $200 billion worth of Chinese imports last week. In retaliation, China hiked tariffs on $60 billion worth of U.S. goods earlier this week. The U.S. also raised the possibility of slapping tariffs on an additional $300 billion in goods from China., which tracks the greenback against a basket of its peers, was at 97.569 after seeing highs above 97.6 yesterday.
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