Futures in New York slipped as much as 2.1 percent to the lowest intraday price since March 20. China’s Ministry of Commerce said it would levy 25 percent tariffs on imports of 106 U.S. products including automobiles and aircraft. That wiped out earlier support for prices as Organization of Petroleum Exporting Countries output dropped to the lowest in a year in March. “It’s only logical to see profit-taking in light of looming trade tensions and possible financial market turbulence,” said Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt. Global equities sank after China unveiled its charges, which match the scale of proposed U.S. tariffs announced earlier this week and ratchets up tension in a brewing trade war between the world’s two largest economies. With products ranging from gas turbines to steel and aluminum affected, the spat threatens to raise costs, slow economic growth and hit oil demand. Click Read More below for additional information.
UPS (NYSE:UPS) and the Independent Pilots Association, the union that represents the company’s 2,959 flight crewmembers, have reached a tentative agreement on a two-year contract extension.
Upon ratification, the extension will go into effect at the end of the current contract, Sept. 1, 2021 and become amendable Sept 1, 2023.
“Our pilots do a great job flying for our customers, so we’re pleased to have come to an agreement with IPA leaders to extend the existing contract,” said UPS Airlines President Brendan Canavan. “Upon ratification, we will be able to continue rewarding our personnel for their contributions to UPS’s growth and business success, while ensuring we are positioned to serve our customers in the growing global air express market.”
Key components of the tentative agreement include annual wage increases and pension enhancements.
UPS pilots will review the contract through March 10, then conduct a three-week ratification vote that will conclude on March 31.