Tariffs to be imposed on Canadian lumber


The markets extended its gains during the midday with the Dow rocketing 252 points to 21,016. Nasdaq soared 50 points to 6,034.

The Department of Commerce will begin collecting tariffs on softwood lumber shipments from Canada saying that the Canadian government has been subsidizing lumber producers. The tariffs will range between 3% to 20%. The National Association of Home Builders has criticized the tariffs and said that new home prices will rise as a result of the tariffs.

Google's self driving car unit Waymo will begin a public trial of its autonomous vehicles in Phoenix, Arizona. Approximately 500 Chrysler Pacifica minivans will be upgraded with Waymo's sensors and added to its current fleet of 100 self driving minivans. Applications are being taken from individuals who are interested in joining the passenger program.

After reporting a 1% drop in global soda sales for the first quarter, Coca-Cola announced additional plans to cut costs. Approximately 1,200 jobs will be eliminated to save the company up to $800 million. The beverage maker will reinvest about half of the $800 million saved to expand its non-carbonated drink business.

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 index gained 17 points to 2,391. Bitcoin climbed $19 to $1267.

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