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European Central Bank: Trump tariff move 'dangerous'

Europe's top monetary official criticized U.S. President Donald Trump's proposal to put tariffs on steel and aluminum imports as a "dangerous" unilateral move.

Mario Draghi, the president of the European Central Bank, said that the "immediate spillover of the trade measures ... is not going to be big." But he said such disputes should be worked out among trade partners, not decided by measures initiated from one side.

"Whatever convictions one has about trade ... we are convinced that disputes should be discussed and resolved in a multilateral framework, that unilateral decisions are dangerous."

"There is a certain worry or concern about the state of international relations. If you put tariffs against ... your allies," Draghi said, "one wonders who the enemies are."

Trump is expected to announce by the end of this week tariffs of 25 percent on steel and 10 percent on aluminum. Trump has long singled out China for being unfair in trade practices, but experts say tariffs would hurt U.S. allies Canada and the European Union far more.

Draghi warned that unilateral moves like these tariffs could trigger retaliation — which the EU and China, among other, have already threatened.

The most important fallout, Draghi said, would be if tariffs raised fears about the economy. They could depress confidence among consumers and businesses, he said, which could weaken both growth and inflation.

Draghi also alluded to the kind of financial deregulation the U.S. is pursuing as a risk to the global economy. The U.S. Senate is considering a bill that would remove some of the banking safeguards imposed in the wake of the 2008 financial crisis and the collapse of investment bank Lehman Brothers. The bill is sponsored by Republican Sen. Mike Crapo of Idaho but has attracted several Democratic sponsors as well.

Draghi didn't mention the bill specifically but said that the global financial crisis had been preceded by "systematic disruption of financial regulation in the major jurisdictions." He said that while European regulators are not looking to ease back checks on the financial sector "massive deregulation in one market is going to affect the whole world."

These uncertainties overshadowed a monetary policy announcement by the ECB, in which it hinted it is closer to withdrawing a key economic stimulus program.

The bank left unchanged its key interest rates as well as the size of its bond-buying stimulus program after its latest policy meeting. But in its statement it omitted an earlier promise that it could increase its bond-purchase stimulus in size or duration if the economic outlook worsens.

Draghi downplayed the step, saying it was a "backward-looking measure" that no longer fit today's circumstances. Economic growth in the eurozone hit a strong annual rate of 2.7 percent in the fourth quarter, making the prospect of added stimulus remote.

The bank has said it will continue buying 30 billion euros ($37 million) in bonds per month through September and longer if needed — but has given no precise end date.

The eventual end of the stimulus will have wide-ranging effects. It could cause the euro to rise in value against other currencies, potentially hurting exporters, and it could bring higher returns on savings as well as stiffer borrowing costs for indebted governments in the 19-country eurozone. It should make it easier for people and companies to fund pension savings. But it could make richly valued stock markets less attractive relative to more conservative holdings.

The euro was volatile after the ECB's statement, first jumping and then falling back to $1.2333 by end of day.

The stimulus program pushes newly printed money into the economy. That, in theory, should lower borrowing rates and raise inflation and growth. But while growth has bounced back, inflation has been slow to respond. It remains at 1.2 percent, stubbornly below the bank's goal of just under 2 percent, the level considered best for the economy.

The bond purchases were started March 2015 to help the eurozone bounce back from troubles over government and bank debt in several member countries including Greece, Ireland, Portugal, Cyprus, Spain and Italy. The economy is now doing better, but the bank has moved cautiously in ending its crisis measures for fear of roiling recently volatile financial markets.

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The Latest Headlines You Need To Know

  • A 17-year-old was shot and killed by police in East Pittsburgh, Pennsylvania, on Tuesday night after he allegedly ran away from a traffic stop on foot, authorities said. >> Read more trending news  The Allegheny County Medical Examiner's Officer identified the teenager as Antwon Rose of Rankin. He attended Woodland Hills High School last year. Update 5:30 p.m. ET:  The mayor of East Pittsburgh confirmed that the officer involved in the shooting Tuesday night was sworn in to their department a few hours before. He has been an officer with other departments in the area for seven years. He still has not been identified. Update 4 p.m. ET:  The family of Antwon Rose has hired civil rights Attorney Lee Merritt to represent them. Merritt has previously represented the victims of violence in Charlottesville and several cases related to the Black Lives Matter movement. Update 2:53 p.m. ET:  Rose was shot three times while running from police, said Coleman McDonough, superintendent of the Allegheny County Police Department. McDonough said two guns were found in the car after the traffic stop, but Rose was not armed at the time of the shooting. The driver of the vehicle was initially detained by police. He has since been released, police said. A third person who was in the vehicle and fled has not been located. The East Pittsburgh police officer involved in the shooting has been placed on administrative leave. Pittsburgh Mayor William Peduto released the following statement: “Any loss of life is tragic, and especially the loss of life of a child. This is a devastating situation and I am saddened for Antwon Rose and his family.  “While Tuesday's shooting was not within the city's official borders it impacts all of us in the Pittsburgh region, and particularly those in the African American community. In my reactions to the incident I should have acknowledged that these shootings affect all of us, no matter where we live, and for that I am sorry.  “Tuesday night I was receiving numerous calls and messages asking me to respond to the involvement of police in a shooting in East Pittsburgh borough, and at the time I was attempting to clarify for the national public that the City of Pittsburgh Bureau of Police, which I ultimately oversee, were not involved.”   Original Story:  According to the Allegheny County Police Department, Rose got out of a vehicle that matched the description of a vehicle seen near a shooting that occurred shortly before 8:30 a.m. on Kirkpatrick Avenue in North Braddock. >> Visit WPXI.com for the latest on this developing story The vehicle, which police said had damage from bullets to the back window, was stopped near Grandview Avenue and Howard Street. An officer from the East Pittsburgh Police Department was handcuffing the driver when two males ran from the car, police said. One of those males was Rose, according to officials. Rose was taken to McKeesport Hospital, where he was pronounced dead. The Allegheny County Police Department is asking the other person who ran away from the vehicle to turn himself in 'so that he can give a comprehensive description of what occurred.' The victim in the North Braddock shooting, a 22-year-old man, was treated for his injuries and released from an area trauma center. The Allegheny County Police Homicide Unit is investigating both incidents. 
  • Florida Gov. Rick Scott has joined other leaders to urge the federal government to stop separating children from their parents when they enter the U.S. illegally. Scott sent a letter to the U.S. Department of Health and Human Services on Tuesday. Read: Homeland Security Secretary Kirstjen Nielsen taunted by protesters as she eats at Mexican restaurant U.S. Sen. Bill Nelson accused the Trump administration of a cover-up after officials denied him entry Tuesday to a detention center for migrant children in South Florida where he had hoped to survey living conditions. Nelson and U.S. Rep. Debbie Wasserman Schultz, both Florida Democrats, went to the contractor-run Homestead Temporary Shelter for Unaccompanied Children following reports it was receiving detained children who had arrived at the country illegally. Read: Sen. Nelson, other lawmakers denied entry to facility housing immigrant children in Florida Nelson said on the Senate floor Wednesday that he wanted to check to see if the facility was clean and wanted to see where the children were sleeping. .@SenBillNelson: “I wanted to see for myself. I wanted to see, is the facility clean? Are the children sleeping in beds? I also wanted to be able to talk to the young children, the ones who had been separated.” #WFTV — Field Sutton (@FSuttonWFTV) June 20, 2018 Nelson said the deputy HHS secretary told him it was the department's policy that he would have to fill out a form and wait two weeks before a visit. Nelson told the Senate floor he filled out the form. 'Why do they not want the senator from Florida to get into this detention facility where there are children that have been separated from their parents?' Nelson asked. 'It must be that not only is this department policy, this is being directed from the president in the White House, and they don't want me to see it because they don't want us to know what is going on in there.' Read: Trump announces plan to keep migrant families together Wasserman Schultz said the facility was being used for an estimated 1,000 children, ages 13 to 17 -- most of whom arrived as unaccompanied minors and about 10 percent of whom are children separated from their families at the border. She said two other South Florida facilities were being used for younger children. At some point, the facility had been closed, but it reopened in February, officials said. Martin Levine was one of several protesters who demonstrated outside the Homestead Detention Facility Wednesday. 'The kids were totally innocent. Why not put them together with their parents, which is what the policy used to be?' he said. 'It's never too late to do the right thing. So I would praise him to do the right thing.' President Donald Trump on Wednesday signed an executive order, which requires authorities to stop separating immigrant families. 'I didn't like the sight or the feeling of families being separated,' Trump said. 'I consider this to be a very important executive order. It's about keeping families together.' The order doesn't outline a plan for reuniting the 2,300 children who have already been separated from their parents. It's unknown when they'll be released. Immigration attorney Nayef Mubarak told Channel 9 the order is not a simple fix. 'What this does end is perhaps separating a mother and a child, each being in separate cells. But now these children will be in cells indefinitely until their court case has been concluded,' he said. 'It's clear here that these children are not getting out of these facilities, and there's no clear end as to when they're going to be getting out.' The order doesn't change the Trump administration's zero tolerance policy of prosecuting anyone who tries to cross the border illegally. Attorneys expect the order to be challenged in court. The Associated Press contributed to this report. Download: WFTV news and weather apps .@SenBillNelson: “The power to end this painful chapter in American history lies with the President and his pen.” #WFTV — Field Sutton (@FSuttonWFTV) June 20, 2018 Watch below: Sen. Nelson speaks to Senate floor about denied entry to Homestead facility
  • Award-winning Getty Images photographer John Moore said he knew he had managed to capture the emotional impact of the Trump administration’s immigration policy just moments after photographing a young Honduran girl crying at her mother’s feet last week. >> Read more trending news The image appeared on television sets, computer screens and newspaper front pages around the globe. The photo spurred a California couple to start a fundraiser that has since raised millions of dollars to help migrants detained on suspicion of illegally crossing the border. It spurred public outrage over the immigration policy that led to the separation of thousands of children from their parents at the U.S.-Mexico border. >> Couple raises more than $4.7 million to help reunite migrant children, parents Moore told The Washington Post that he noticed the girl when her mother stopped to breastfeed her in the middle of the road on June 12. She and dozens of other migrants, nearly all women and children, were stopped by the Border Patrol agents just after crossing the Rio Grande from Mexico into Texas. “There was no place for privacy,” Moore told the Post. “(The mother) said they’d been on the road for a month, and they were from Honduras. I can only imagine what dangers she’d passed through, alone with the girl.” The woman gave Moore permission to follow her and her 2-year-old daughter as Border Patrol agents processed them, the Post reported. It was after agents confiscated their personal items, when the girl’s mother put her on the ground to allow an agent to search her, that the girl started to wail. The moment passed quickly. “I took a knee and had very few frames of that moment before it was over,” Moore told NPR. “And I knew at that moment that this point in their journey, which was very emotional for me to see them being detained, for them was just part of a very, very long journey.” Moore told the Post that the feeling he had after photographing the girl was similar to emotions he felt while covering war zones and Ebola wards abroad. 'Ever since I took those pictures, I think about that moment often. And it's emotional for me every time,' he told NPR. “I do not know what happened to them. I would very much like to know.” >> Trump border policy: How to help immigrant children separated from families The Trump administration in April directed prosecutors to pursue cases against all people suspected of crossing the border illegally as part of a “zero tolerance” immigration enforcement policy. Parents have been separated from their children as they face prosecution. Nearly 2,000 children were separated from their families over a six-week period in April and May, according to the Department of Homeland Security. According to CNN, a spokesman later told them that the girl and mother in the viral photo were not separated. President Donald Trump on Wednesday signed an executive order ending his administration’s policy of separating children from parents at the U.S.-Mexico border amid global criticism of the practice.
  • A woman said she was robbed at gunpoint in her own driveway after driving 80 miles home from a shopping trip. Police believe the robbers may have followed her from the shopping center in Atlanta to her home in Dalton. Brittany McEntire told WSB that two men robbed her at gunpoint about three weeks ago. Her mother, husband and three children were also in the driveway.  >> Read more trending news  McEntire said the two men ran up the driveway and took her two Louis Vuitton diaper bags and demanded all of her jewelry, including her late father’s ring that she cherishes. She said the whole robbery took less than a minute, but she has not regained her peace of mind. “I could’ve lost my whole family if they had started shooting,” McEntire told WSB. The suspects allegedly followed McEntire from Buckhead for about two hours in an unidentified white car, police said. McEntire said she is unsure why she was targeted because she did not take home many bags from the store.  “It was not a shopping spree,” McEntire said. Police believe the men will try to follow and rob more people.
  • President Donald Trump on Wednesday signed an executive order ending his administration’s policy of separating children from parents at the U.S.-Mexico border amid global criticism of the practice. Update 10:30 p.m. EDT June 20: Senate Democrats took a stand on the floor of the U.S. Senate against President Donald Trump’s immigration plan just hours after the president signed an executive order revoking his policy of separating migrant children from their parents during illegal border crossings. Democrats, who spoke from the Senate floor for two hours, warned that the executive order will worsen the crisis along the U.S.-Mexico border, The Hill reported. 'If you can imagine it what this executive order does is raise the possibility of children being in prison for very, very long periods of time. ... Does anybody really believe that we should be imprisoning for an indefinite period of time little children,' Sanders said. Update 6:45 p.m. EDT June 20: Senate Majority Leader Mitch McConnell issued a statement in response to President Donald Trump’s executive order overturning his administration’s own policy of separating migrant families at the border. “I am glad the president took this step today,” McConnell tweeted. “When families with children breach our border, we should keep those families together whenever possible while our legal system fairly and promptly evaluates their status,” McConnell said. Update 6:30 p.m. EDT June 20: Some Republican senators have expressed relief that President Donald Trump rescinded the policy separating migrant families at the border. Ohio Sen. Rob Portman, who introduced legislation to address the family separation issue at the border, said Trump’s executive order was a good move, but that Congress needs to act. “I’m pleased the administration has agreed to keep families apprehended at the border together. We can have strong border security without separating parents from their children,” he said on Twitter. Update 6 p.m. EDT June 20: Democratic senators are weighing in on President Donald Trump’s decision to end the practice of separating children from their families during illegal border crossings. Sen. Dick Durbin (D-IL) said Trump is actually “doubling down” on his zero tolerance policy with his signing of the executive order. “His new executive order criminalizes asylum-seekers and seeks to indefinitely detain their children,” Durbin said in a tweet. Sen. Ed Markey (D-MA) also tweeted that Trump’s executive order does not end the administration’s “zero tolerance” policy. “ In fact, the President now wants to detain parents and children together indefinitely, and contemplates DoD building internment camps to house them. This is no solution to a problem Trump created,” Markey said. Update 4 p.m. EDT June 20: White House officials on Wednesday afternoon released the full text of the executive order signed by the president. >> Trump ends migrant family separations: Read the executive order In it, Trump directed officials to detain migrant families together. Officials have come under fire in recent months after reports surfaced that migrant children were being taken from their parents at the border. The order did not address what will happen to children and parents who are currently separated and in government custody. Update 3:20 p.m. EDT June 20: Trump signed the order, which will keep families together but continue the administration’s “zero tolerance” immigration policy, on Wednesday afternoon. >> From Jamie Dupree: President Trump to reverse course on immigrant family separations “We're keeping families together and this will solve that problem,” Trump said. “At the same time we are keeping a very powerful border and it continues to be a ‘zero tolerance,’ we have zero tolerance for people who enter our country illegally.” Original report: Trump told reporters Wednesday that he will “be signing something in a little while” to address family separations at the U.S.-Mexico border. >> Read more trending news “We want to keep families together, it’s very important,” Trump said. 'I’ll be doing something that’s somewhat preemptive and ultimately will be matched by legislation I’m sure.”  It was not immediately clear what the president planned to sign. Trump has repeatedly called on Congress to change laws that he says mandates the family separations. There is no law that requires children be separated from parents at the border. He blamed Democrats for the continued separations in a Wednesday morning tweet, but he added that he was “working on something.” The Associated Press reported Wednesday that Homeland Security Secretary Kirstjen Nielsen was drafting an executive action for Trump that would allow the Department of Homeland Security to keep migrant families together at the border. Nielsen does not believe Congress will act to resolve the issue of migrant family separations, the AP reported, citing two unidentified sources familiar with the matter. She’s working with officials from other agencies, including the Justice Department and the Department of Health and Human Services, to draft the executive action.  The Trump administration in April directed prosecutors to pursue cases against all people suspected of crossing the border illegally as part of a “zero tolerance” immigration enforcement policy. Parents have been separated from their children as they face prosecution. Nearly 2,000 children were separated from their families over a six-week period in April and May, according to the Department of Homeland Security. The executive action Nielson is drafting “wouldn’t end the zero tolerance policy, but would aim to keep families together and ask the Department of Defense to help house the detained families,” according to the AP.