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Global Glance: Trump increasingly isolated as business panels dismantled; US demands big NAFTA changes



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Here are today’s top business headlines from across the nation and world:

Trump increasingly isolated as business panels dismantled

WASHINGTON (AP) — With corporate chieftains fleeing, President Donald Trump abruptly abolished two of his White House business councils, an attempt to manage his increasing isolation and the continued fallout from his combative comments on racially charged violence in Charlottesville, Virginia. Trump announced the move after one of the panels had already agreed to disband earlier in the day. A growing number of business leaders on the councils had openly criticized his remarks laying blame for the violence at a white supremacist rally on “both sides.” Read more

US demands big NAFTA changes, setting stage for tough talks

WASHINGTON (AP) — The United States won’t settle for cosmetic changes to the North American Free Trade Agreement, the top U.S. trade negotiator said, as negotiations to rework terms of the pact began. On the first of five days of talks, U.S. Trade Rep. Robert Lighthizer said Wednesday that Trump “is not interested in a mere tweaking of a few provisions and an updating of a few chapters. We believe NAFTA has fundamentally failed many, many Americans and needs major improvement.” Read more

China warns Washington against ‘trade war’

BEIJING (AP) — China’s government on Thursday warned “there is no winner in a trade war” after an aide to President Donald Trump called in published comments for a tougher stance toward Beijing. A foreign ministry spokeswoman, Hua Chunying, appealed for dialogue to preserve stable relations when asked about the comments by Trump’s chief strategist, Steve Bannon. In comments to The American Prospect posted online, Bannon said the United States is in an “economic war” with China. He recommended pursuing a trade investigation of Beijing’s technology policies and anti-dumping action over Chinese exports of steel and aluminum. Read more

European Central Bank still concerned about low inflation

FRANKFURT, Germany (AP) — An account of the European Central Bank’s last meeting shows its policymakers are still concerned that inflation is too low despite an improving economy. The report of the July 20 meeting, published Thursday, shows the rate-setters also noted that market investors seemed overly aggressive in thinking the bank would wind down its stimulus program soon. Overall, the account shows caution by the ECB about how quickly to signal to investors that they would ease off their bond-buying stimulus program. Read more

Veterans get expanded college assistance under Trump

BRIDGEWATER, N.J. (AP) — Military veterans are getting unlimited access to college assistance under legislation President Donald Trump has signed into law. The Forever GI Act removed a 15-year limit on using the benefits, effective immediately. The measure increases financial assistance for National Guard and Reserve members, building on a 2008 law that guaranteed veterans a full-ride scholarship to any in-state, public university, or a similar cash amount to attend private colleges. Read more

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