Takuma Sakuragi, a 76-year-old former Japanese assemblyman from Inazawa, Aichi, is sentenced to life in prison by the Guangzhou City First Intermediate Court in southern China for smuggling drugs hidden in his suitcase at Guangzhou Baiyun International Airport in October 2013. He had been detained by Chinese authorities since then.
China lets its currency drop to its lowest reported level since 2008 and also asks its state-owned companies to halt imports of U.S. agricultural products. In response the U.S. Treasury Department designates China as a currency manipulator.
The European Union, Australia, India, Malaysia, Singapore, and Turkey ground all Boeing 737 MAX 8 jets. This means 40% of the global fleet is now grounded, with Indonesia, China and several airlines grounding their aircraft yesterday. Boeing states they will issue a software update for the model within weeks.
Italy's economy falls into recession for the third time in a decade after declining GDP growth in late 2018. Italian Prime Minister Giuseppe Conte blames the recession on external factors, including trade tensions between the United States and China.
American electronics maker Apple warns that iPhone sales are slowing significantly and the product is in weak demand, blaming trade tensions with China. The company says that it has lowered its expected fiscal earnings for the first quarter as a result, citing disappointing holiday sales figures, and that it could lose $9 billion due to the decline.