DealBook Briefing: Is It Time to Worry About Oil Again?

“The additional tariffs will have a significant, negative and long-term impact on American businesses, farmers, families and the U.S. economy,” the letter read. “We urge your administration to get back to the negotiating table while working with our allies to develop global, enforceable solutions.”

They’re not the only ones worried about the next stage of the trade fight. Strategists at JPMorgan Chase warned that the S&P 500 could fall 13 percent from its current level if the additional tariffs go into effect.

More: The semiconductor maker Broadcom cut its annual forecast for this year, citing the trade fights. And Beijing’s top trade negotiator, Liu He, said yesterday that unnamed external pressures are helping China overhaul its economy for the better.

The tech giant has support from over a dozen companies for its digital currency, Libra, ahead of its introduction next week, according to the WSJ.

The partners include Visa, Uber, Mastercard, PayPal and Stripe.

They’ll each invest about $10 million into a consortium that will govern Libra, the WSJ reports, citing unnamed sources. Some will act as “nodes” that will verify and document transactions using the currency.

The goal is to create a cryptocurrency that consumers actually use to send money to each other or make purchases. Libra will be a so-called stablecoin whose value is tied to a basket of government currencies, avoiding the kind of price swings that plague traditional crypto. (Bitcoin has swung between $3,741 and $8,994 in 2019 alone, for example.)

Some Libra supporters still have concerns, however. Among them is whether it could be used to launder money or finance terrorism, a problem with other cryptocurrencies.

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