The US has more than doubled tariffs on $200bn (£153.7bn) worth of Chinese products, in a sharp escalation of the countries’ damaging trade war. Tariffs on affected Chinese goods have risen to 25% from 10%, and Beijing has vowed to retaliate. China says it “deeply regrets” the move and will have to take “necessary counter-measures.” Only recently, the US and China appeared to be close to ending months of trade tensions. Tariffs are taxes paid by importers on foreign goods, so the 25% tariff will be paid by American companies who bring Chinese goods into the country.
The United States has for the first time seized a North Korean cargo ship it accused of illicit coal shipments in violation of U.S. and United Nations sanctions, the U.S. Justice Department announced on Thursday. The ship, known as the “Wise Honest,” was first detained by Indonesia in April 2018. Under an unusual U.S. civil forfeiture action, the vessel is now in the possession of the United States and is currently approaching U.S. territorial waters heading toward American Samoa, U.S. Justice Department officials said.
A woman who was convicted of stealing more than $200,000 from banks and friends while posing as a German heiress and scamming her way into New York society was sentenced Thursday to 4 to 12 years in prison, the Manhattan District Attorney’s Office said. Sorokin managed to secure thousands in bank loans, lived at a luxury Manhattan hotel and traveled on a private plane between November 2016 and August 2017 using bad checks and claiming she wired money for payments, according to court documents.
Uber priced its IPO at $45 per share Thursday, at the low end of its stated range. At the IPO price of $45 per share, the company will be valued on a non-diluted basis at about $75.46 billion, which will put the stock’s market cap right around the size of Caterpillar’s and make it one of the most valuable companies ever to go public. In 2018, Uber’s revenue reached $11.3 billion for the year, up 43% from 2017, while reporting adjusted losses of $1.8 billion, an improvement over losses of $2.6 billion in 2017, according to its IPO filing. The company has never turned a profit.
Former Army intelligence officer Chelsea Manning was released from jail on Thursday after months in custody for refusing to testify before a federal grand jury in Virginia looking into the release of documents to Wikileaks. A Richmond appellate court in April unanimously denied an appeal by Manning. In a motion arguing for her release, Manning wrote she’s refusing to cooperate with the grand jury because it “seeks to undermine the integrity of public discourse with the aim of punishing those who expose … abuses of power by this government.”