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5 things you need to know today

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Published on: Thursday, July 12, 2018

·      US President Donald Trump has released the list of $US200 billion worth of Chinese goods that may be subject to tariffs. The list covers everything from food to industrial chemicals, and represents a major escalation of the Trump-China trade war. In response to Trump’s tariffs, China has released its own tariff list that will apply to $US34 billion worth of US exports to China.

·      Kylie Jenner is on the cusp of becoming the world’s youngest self-made billionaire in history, with Forbes estimating her net worth to be three times as large as Kim Kardashian’s. Jenner, 20, half-sister of Kim, Khloe and Kourtney Kardashian, debuted Kylie Cosmetics in 2016 with $29 lip kits containing matching lipstick and lip liner, and has since sold more than $US630 million ($855 million) worth of makeup.

·      The United Kingdom is devastated (and Croatia is crowing), following the UK’s close 2-1 defeat against Croatia in the semi-finals of FIFA overnight. Mario Mandzukic scored the winning goal deep in extra time to set up the final date with France in the world cup final.

·      President Donald Trump has landed in Europe for the NATO summit. NATO allies have opened discussions about breaking away from the US over Trump’s attacks on member states for various perceived shortcomings.

·      Overnight in the US, the Dow Jones dropped 0.9% at 24,700, S&P 500 -0.7pc at 2,774 and the Nasdaq -0.6pc at 7,717. Meanwhile in Europe, the FTSE dropped 1.3pc at 7,592 and the DAX -1.5pc at 12,417.

 


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