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President Trump’s trade policy is ‘difficult to follow’: EU official

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China seems to be the biggest target, after the U.S. concluded that Beijing’s trade actions have meant a loss of billions of dollars to the U.S. economy, due to the presence of counterfeit goods and pirated software. U.S. tariffs worth $60 billion have therefore been put forward and an additional $100 billion are being studied.

“If it goes too far, then it’s the end of multilateralism,” Katainen told CNBC about the ongoing trade disputes.

“I don’t see this to happen yet,” he added.

In fact, according to Katainen the trade tensions between both the U.S. and Europe have calmed down in the last few weeks.

U.S. President Donald Trump threatened in March to impose tariffs on European steel and aluminium products. The 28-country-bloc responded with its own list of tariffs on U.S. products as a retaliation measure. However, the U.S. decided in the end to temporarily exclude Europe from its metal tariffs, thus avoiding a deterioration in their current trade ties.

“We are negotiating or discussing with the United States…at the moment and things are calming down, at least a little bit,” Katainen noted.

“We don’t know what is the final outcome of these discussions, but the situation is more calm now than it was two weeks ago,” Katainen said.

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Ford names new F-150 electric pickup Lightning with plans to reveal it May 19

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Ford’s all-electric F-150 will be called Lightning. The all-new F-150 Lightning will be revealed May 19 at Ford World Headquarters in Dearborn and livestreamed.

Ford

DETROIT – Ford Motor’s upcoming all-electric F-150 pickup truck will be called Lightning, a name used by the automaker for street performance trucks in the 1990s and early 2000s.

Ford released the name Monday along with plans to unveil the truck at 9:30 p.m. EDT on May 19. The reveal will take place at the company’s world headquarters in Dearborn, Michigan. It will be broadcast across social media platforms as well as 18 high-profile public spaces such as Times Square in New York City and Las Vegas Boulevard, the company said.

All-electric pickups are expected to be important growth areas for automakers in the coming years, particularly for commercial business to rental fleets, companies and governments. Ford has promised its pickup will be a true work truck in an attempt to differentiate it from other competitors such as the Tesla Cybertruck or GMC Hummer EV.

Ford CEO Jim Farley gave a nod to Tesla as well as Toyota Motor for their contributions to electrification in a press release on Monday announcing the company’s plans.

“Every so often, a new vehicle comes along that disrupts the status quo and changes the game … Model T, Mustang, Prius, Model 3. Now comes the F-150 Lightning,” Farley said in a statement. “America’s favorite vehicle for nearly half a century is going digital and fully electric.”

Farley said the F-150 Lightning will be able to “power your home during an outage; it’s even quicker than the original F-150 Lightning performance truck; and it will constantly improve through over-the-air updates.”

Production of the pickup is scheduled to begin next spring at Ford’s Rouge Electric Vehicle Center in Michigan, Ford said. It’s expected to arrive in dealerships by mid-2022.

The F-150 Lightning is due out months after other electric pickups such as the GMC Hummer EV, Tesla Cybertruck and start-ups such as Rivian and, potentially, Lordstown Motors. All of the vehicles aside from Lordstown’s Endurance pickup, which is targeted at fleet customers rather than individual consumers, are expected to be “lifestyle” vehicles rather than work trucks. General Motors also has confirmed plans for an electric Chevrolet pickup that’s expected to be focused more on traditional truck customers than lifestyle buyers.

Correction: Ford used the Lightning name for street performance trucks in the 1990s and early 2000s. A previous version of this article misstated when it was last used.

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Colonial Pipeline says it aims to restore service by end of the week

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Holding tanks are seen in an aerial photograph at Colonial Pipeline’s Dorsey Junction Station in Woodbine, Maryland, May 10, 2021.

Drone Base | Reuters

Colonial Pipeline said Monday afternoon that parts of its system are being brought back online, and it hopes to restore service by the end of the week.

“Segments of our pipeline are being brought back online in a stepwise fashion, in compliance with relevant federal regulations and in close consultation with the Department of Energy, which is leading and coordinating the Federal Government’s response,” the company said in a statement.

The company said the situation “remains fluid and continues to evolve,” and that it’s following an incremental process that will return sections to service based on a phased approach.

“This plan is based on a number of factors with safety and compliance driving our operational decisions, and the goal of substantially restoring operational service by the end of the week,” the company said.

Gasoline futures were slightly higher early Monday afternoon on Wall Street, after spiking to their highest level in around three years during overnight trading.

“The initial price movement was a knee-jerk reaction, expecting severe or prolonged impacts to gasoline, and heating oil and other product supply,” said Darwei Kung, head of commodities at DWS Group. “I think people are looking at the situation right now, and understanding that the disruption probably is not nearly as severe as the initial knee-jerk reaction would imply.”

Colonial Pipeline, which operates the largest fuel transmission line from the Gulf Coast to the Northeast, “halted all pipeline operations” on Friday night as a proactive measure following a ransomware cyberattack. A criminal group criminal group known as DarkSide was responsible for the attack, the FBI confirmed.

The company said Sunday evening that some of its smaller lateral lines between terminals were once again online, but that its main lines were still shut down.

The pipeline is a critical part of U.S. petroleum infrastructure, transporting around 2.5 million barrels per day of gasoline, diesel fuel, heating oil and jet fuel. The pipeline encompasses more than 5,500 miles and carries nearly half of the East Coast’s fuel supply. The system also provides fuel for airports, including in Atlanta and Baltimore.

Colonial Pipelines systems map

Source: Colonial Pipelines

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Stock futures slip after Big Tech selling pushes S&P 500 off record

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FAANG stocks displayed at the Nasdaq.

Adam Jeffery | CNBC

Futures contracts tied to the major U.S. stock indexes slipped at the start of the overnight session Monday evening after investors punished Big Tech equities during the regular session.

S&P 500 futures shed 0.1%, while those tied to the Dow were little changed. Nasdaq 100 futures came under the most pressure and retreated 0.25%.

Big Tech got clobbered on Monday as investors exited stocks like Apple and Microsoft, pushing the Dow Jones Industrial Average and the S&P 500 off their record highs. Both of those stocks lost at least 2% to start the week.

The Nasdaq Composite suffered the worse of the selling and fell 2.5%, finishing the day at its session low. Facebook lost more than 4%, while Amazon and Netflix both dropped over 3%. Alphabet dipped more than 2% after a downgrade by Citigroup. Cathie Wood’s Ark Innovation ETF fell 5% to its lowest level since November as Tesla, its top holding, shed more than 6%.

Gasoline futures whipsawed in volatile trading on Monday after a ransomware attack forced Colonial Pipeline to close the largest U.S. fuel pipeline over the weekend. The company, which operates a 5,500-mile system, said Monday afternoon that parts of its system are being brought back online, and it hopes to restore service by the end of the week.

Gasoline futures ended the day 0.31% higher at $2.1334 per gallon. At one point in the overnight session, gasoline futures jumped as high as $2.217, levels not seen since May 2018.

Several stocks made moves in extended trading on Monday following earnings results.

Simon Property Group saw its stock retreat about 1% after the bell despite better-than-expected numbers. The real estate property manager reported first-quarter earnings of $1.36 per share on revenues of $1.15 billion.

Callaway Golf, meanwhile, said it’s seeing robust demand for its equipment and apparel, pushing shares up 5% after regular trading ended in New York. Electronic Arts, Chesapeake EnergyHanesbrands, and Palantir Technologies will all deliver earnings results on Tuesday.

The Labor Department will on Tuesday publish the latest results of its Job Openings and Labor Turnover Survey. Several high-ranking Federal Reserve officials, including Governor Lael Brainard and New York Fed President John Williams, are also scheduled to deliver remarks.

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