WHAT HAPPENED LAST WEEK?

⚡️ Fast Facts ⚡️

📈 U.S. Government Bonds rally as the U.S. dollar exhibits strength in the midst of escalating global trade tensions that are raising the demand for safer assets.

📉 Uber Technologies Inc. (UBER) losses topped $1 billion in its first quarterly report as a publicly traded company illustrating the impact of continued heavy spending to fend off ride-hailing and delivery competitors.

😰 Another mass shooting… A mourning Virginia Beach, Va woke up Saturday to learn the names of 12 people gunned downed by a longtime city employee who turned a municipal building into a sea of carnage.

Up Up and Huawei 🚢

The United States began collecting higher, 25% tariffs on many Chinese goods arriving in U.S. seaports on Saturday morning in an intensifying trade war between the world’s two largest economies and drawing retaliation from Beijing.

U.S. President Trump imposed the tariff increase on a $200 billion list of Chinese goods on May 10, but he had allowed a grace period for sea-borne cargoes that departed China before that date, keeping them at the prior 10% duty rate.

The tariff increase affects a broad range of consumer goods, and intermediate components from China including internet modems and routers, printed circuit boards, furniture, vacuum cleaners, and lighting products.