Trump demands NATO allies boost defense spending

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America's first news good wednesday morning america's first news continues on this independence day it's the fourth of july of course the markets are closed today but world shares were mostly lower as european shares tracked losses in asia and on wall street that's where tech shares were hit by worries over trade tensions between beijing and washington a speaking of which it's friday that's the day the us is set to impose that twenty five percent tariff on thirty four billion worth of chinese imports china's expected to hit back hit back with a similar amount on us exports the big question is how far the two countries will go in their dispute over trade as i mentioned stocks closed lower tuesday following a swift selloff in the final minutes of a shortened trading session ahead of independence day the loss of snapped a three day winning streak for the market wiping out modest gains from date earlier tech companies and banks led the slide outweighing gains healthcare and energy president trump says the administration's in talks with motorcycle companies that want to move to the us this after a harley davidson said it will move some assembly overseas harley davidson drew trump's wrath after it announced the move and blamed it on tariffs imposed by the european union to retaliate for tariffs imposed by trump meanwhile german chancellor angela merkel says the european union will make every effort to avoid a trade war with the us but washington needs to join in that effort of president trump's as administration imposing those tariffs on eu steel and aluminum he's also mulling on whether to add tariffs on cars trucks autoparts markle told the german parliament wednesday quote it's worth every effort to try to defuse this conflict so it doesn't turn into a real war but of course there are two sides to that she added that the good functioning of the world economy depends on countries working together as partners now the us is also pressing germany over what it considers insufficient defense spending merckel said that germany quote is reliable partner in nato more on that in just a bit of the state department this week spelled out its campaign of maximum pressure drive iran toward the negotiating table the announcement came of course after president trump said the us would withdraw from the iran nuclear deal the secretary outlined a clear and compelling vision for a better future for the iranian people this future can only be realized though if iran meets twelve demands to become a normal country normal countries don't terrorize other nations proliferate mitchell missiles and impoverish their own people a key part of our strategy is a campaign of maximum economic and diplomatic pressure the first part of our sanctions will snap back on august fourth these sanctions will include targeting iran's automotive sector trade in gold and other key medals or remaining sanctions will snap back on number six these sanctions will include targeting iran's energy sector and petroleum related transactions and transactions with the central bank of iran many bound the world share our interests in countering terrorism faulting the flip and promoting peace and stability in the middle east we want to work with these countries to build a strong global effort more than fifty international firms have already announced their intent to leave the iranian market particularly in the energy and financial sectors we have been clear with countries in companies around the world that we are bringing severe economic pressure on iran until the regime changes it's to stabilizing policy the us began to dismantle sanctions relief for iran after pulling out of that landmark nuclear accord in may but it's faced pushback from key european allies over the us planned imposition of secondary sanctions that target countries who continue to do business with iran's speaking of iran rans issued a new warning over mideast oil supplies meanwhile the united arab emirates said tuesday that it could increase its own production now these are the latest remarks to follow president trump's demand for lower global energy prices from opec us benchmark crude trading around seventy five bucks a barrel neither higher gas prices are rising interest rates at put a damper on us auto sales during the first half of the year sales rose one point eight percent while june sales up about five percent compared to a year ago that according to edmunds analysts said the boost was fueled by strong consumer confidence and low unemployment but analysts at cox automotive which includes kelley blue book said that much of the increase was actually due to low profit sales to fleet buyers such as rental car companies and rental sales to.

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