Reuters

U.S. President Donald Trump signed a presidential memorandum on Thursday that could impose tariffs on up to $60 billion of imports from China, although his action was far removed from threats that could have ignited a global trade war.

European Union leaders gave a cautious welcome on Thursday to news that U.S. President Donald Trump had decided not to apply tariffs to European steel and aluminum but said they were waiting for Washington to confirm that decision.

China is preparing a range of responses to planned U.S. tariffs and will stand up to protectionism, but it still hopes for dialog, Beijing’s ambassador to the World Trade Organization (WTO) said on Thursday.

The number of Americans filing for unemployment benefits unexpectedly rose last week, but the increase was marginal, suggesting strong job growth in March that should underpin consumer spending.

European Trade Commissioner Cecilia Malmstrom expressed cautious optimism on Thursday that U.S. President Donald Trump would exempt the European Union from import tariffs to be imposed on steel and aluminum.

Concerns around trade tariffs sent European shares tumbling to a two-week low on Thursday as the U.S. prepared to announce hefty tariffs on Chinese imports.

The U.S. Congress on Thursday was racing to approve a massive spending bill and send it to President Donald Trump for enactment before a midnight Friday government shutdown deadline, in a move that would significantly boost defense and non-military funding through Sept. 30.

China gingerly raised a key short-term interest rate on Thursday following the U.S. Federal Reserve Bank’s move overnight, in a symbolic reminder that Beijing is keeping an eye on global market trends even as it cracks down on financial risks at home.

The U.S. Federal Reserve raised interest rates on Wednesday and forecast at least two more hikes for 2018, highlighting its growing confidence that tax cuts and government spending will boost the economy and inflation and spur more aggressive future tightening.

President Donald Trump will likely announce tariffs on Chinese imports by Friday, a source in the administration said, as the top U.S. trade diplomat told lawmakers he had the tools to strike back over Chinese theft of U.S. tech know-how.