The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
Megvii is known for its facial recognition technology and while revenue grew over 350% in 2018, its losses have widened.Technologyread more
Stocks in Asia fell Monday afternoon following an escalation in the U.S.-China trade war late last week.Asia Marketsread more
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ROME, May 15 (Reuters) - European Union budget rules are "starving the continent" and must be changed, Italian Deputy Prime Minister Matteo Salvini said on Wednesday, a day after he roiled financial markets by saying Italy should be ready to break the rules.
Salvini sent markets into a spin after saying on Tuesday that Rome should be ready to break the EU's deficit ceiling of 3% of gross domestic product and push debt to 140% of GDP if necessary, to lower unemployment.
His right-wing League party is campaigning along with other eurosceptic parties for European Parliament elections on May 26, but his comments are unnerving investors in Italian debt.
"If there are European rules that are starving a continent, these rules must be changed," Salvini told reporters when asked about his comments on Tuesday, which sent Italy's 10-year bond yield to a two-month high and pushed the spread between Italian and German yields to their widest level in three months.
On Wednesday, investor fears spread to the Italian share market and rippled through stocks across Europe.
Asked if he was worried that his remarks on breaking EU rules were widening the spread, he said: "Absolutely not, because Italians' right to a job, life and health comes first."
At 132 percent of GDP, Italian debt is proportionally the second-highest in the euro zone after Greece. (Writing by Mark Bendeich Editing by Gareth Jones)