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☆ Biden calls for a tripling of tariffs on Chinese steel as he makes economic pitch in Pittsburgh
▼ + stars: | 2024-04-17 | by ( Betsy Klein | Michael Williams | ) edition.cnn.com time to read: +6 min

CNN —President Joe Biden called on his administration to ratchet up pressure on the Chinese steel industry as he brings his economic competition pitch to Pittsburgh, the heart of the American steel industry, on Wednesday, part of a three-day campaign trail swing through battleground Pennsylvania. The trip comes after Biden last month publicly opposed a controversial $14 billion deal for Japan’s Nippon Steel to purchase US Steel. President Biden will not impose ineffective, across-the-board tariffs that would increase costs and harm hundreds of thousands of jobs,” the official said. The United Steelworkers, a key union representing workers in the steel industry, endorsed Biden’s reelection campaign last month. Trump made tariffs against China a central feature of his global economic strategy, and Biden has largely maintained them, despite external criticism.

Persons: Joe Biden, ” Biden, Biden, Donald Trump, Katherine Tai, “, Tai, Lael Brainard, ” Brainard, “ They’re, ” , ”, Biden’s, he’s, Trump, Xi Jinping, Lloyd Austin, CNN’s Chris Isidore, Arlette Saenz, Kevin Liptak Organizations: CNN, United Steelworkers, United States Trade, National Economic, of, Japan’s Nippon Steel, US Steel . US Steel, Justice Department, Foreign Investment, US Steel, ”, American, steelworkers, Biden, Trump Locations: Pittsburgh, Pennsylvania, China, America, Scranton, Philadelphia, New York City, United States, American

☆ The biggest risks US businesses face in 2024
▼ + stars: | 2024-01-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +11 min

But, while businesses have plenty to be grateful for and much to be optimistic about, the coast isn’t clear. Last week, surveys from the National Federation of Independent Business (NFIB) and The Conference Board detailed the biggest risks that businesses are currently worried about. Here are some of the biggest risks for American businesses in 2024. Those financial stresses can reduce the willingness of banks to lend to others businesses and also to consumers,” she said. Bank earnings look really bad this quarter.

Persons: there’s, “, John Maynard Keynes, ”, ” Dana Peterson, Bill Dunkelberg, ” Peterson, ” Suzanne Clark, We’re, Mike Johnson, Chuck Schumer, Fitch, Clark, JPMorgan Chase, Nicole Goodkind, Krystal Hur, FactSet, Martin Luther King Jr, Morgan Stanley, Goldman Sachs Organizations: CNN Business, Bell, DC CNN, Federal, National Federation of Independent Business, Board, US, of Commerce, of American, Conference Board, Conference, CNN, Fed, Corporate, US Chamber of Commerce, chamber’s State of American, AAA, Moody’s Investors Service, US Chamber, Commerce’s, Google, Citigroup, Bank, JPMorgan, FactSet, Revenue, Profit, Federal Deposit Insurance Corporation, Valley Bank, Signature Bank, Bank of America, FDIC, Citi, China’s National Bureau of Statistics, Alcoa, National Statistics, US Commerce Department, US Labor Department, Federal Reserve, University of Michigan, National Association of Realtors Locations: Washington, Wells, Corporate America, chamber’s State, BlackRock, Amazon, Argentina, Japan

☆ US lawmaker calls for ending Huawei, SMIC exports after chip breakthrough
▼ + stars: | 2023-09-06 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

The phone contains a chip that analysts believe was made with a technology breakthrough by Semiconductor International Manufacturing Corp (SMIC) (0981.HK). "This chip likely could not be produced without US technology and thus SMIC may have violated the Department of Commerce’s Foreign Direct Product Rule," Gallagher said in a statement. SMIC was added to the so-called entity list in December 2020, over fears it could divert advanced technology to military users. The trade restrictions imposed on Huawei and SMIC include the Foreign Direct Product Rule meant to bar any company anywhere in the world from using tools from the United States to manufacture a chip for Huawei. But suppliers to Huawei and SMIC have received billions of dollars' worth of licenses to sell U.S. technology to the companies despite their being on the trade lists, Reuters has previously reported.

Persons: Mike Gallagher, Biden, Gallagher, SMIC, Stephen Nellis, Leslie Adler Organizations: U.S . Commerce, Huawei, Representatives, Republican, Semiconductor International Manufacturing Corp, HK, of Commerce’s, SMIC, Foreign, Reuters, U.S, Commerce Department's, Thomson Locations: China, United States, San Francisco

☆ Commerce secretary says US has ‘open lines of communication’ with China
▼ + stars: | 2023-09-03 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +3 min

CNN —The economic relationship between the US and China is mutually beneficial and opening lines of communication is key to maintaining it, US Commerce Secretary Gina Raimondo told CNN’s Dana Bash on Sunday. She is the fourth cabinet member to visit China this year and the first commerce secretary to visit China in five years. China hit back earlier this summer with its own export controls on gallium and germanium, raw materials essential for producing chips. But during her China visit, Raimondo was clear the US does not want to completely decouple from China when it comes to these semiconductors and chips. “We have plenty of tools in our toolbox … export controls, outbound investment screening, tariffs, countervailing duties.

Persons: Gina Raimondo, CNN’s Dana Bash, Raimondo, ”, Biden, ” Raimondo, “, –, Laura He, Michelle Toh Organizations: CNN, US, Union, Department of, US Commerce Department Locations: China, “ State

☆ Analysis: US institutional investors could face restrictions on Chinese stock ownership
▼ + stars: | 2023-08-04 | by ( Ross Kerber | ) www.reuters.com time to read: +5 min

Chinese companies including Tencent (0700.HK) and Alibaba (9988.HK) accounted for 31% of the MSCI Emerging Markets index (.MSCIEF) in July. RED-FLAGGED COMPANIESMSCI and rivals removed seven Chinese companies from global indexes in 2020 because of U.S. ownership restrictions. The committee's letters this week cited contractors to China's People's Liberation Army it identified in BlackRock funds or MSCI indexes. Some of the companies have been flagged such as appearing on the U.S. Treasury's "Chinese Military-Industrial Complex" companies list. For companies on it, U.S. persons and asset managers face purchase and sale restrictions but not divestment requirements.

Persons: Tingshu Wang, Biden, Jo Ritcey, Donohue, there’ll, BlackRock, MSCI, RUSH, Mike Gallagher, Gallagher, Todd Rosenbluth, Rosenbluth, Russell, Ross Kerber, Karin Strohecker, Michael Martina, Patricia Zengerle, Selena Li, Megan Davies, Cynthia Osterman Organizations: Waterdrop Inc, New York Stock Exchange, REUTERS, U.S, BlackRock, Washington, Chinese Communist Party, HK, Vanguard FTSE, Vanguard, FTSE Russell, People's, Ritcey, Department of, Thomson Locations: U.S, New, Beijing, China, BlackRock, Washington, Taiwan, Ukraine, MSCI, Boston, London, Hong Kong

Analysts say what may appear as mixed messaging is the result of President Xi Jinping's renewed focus on national security, steeled by rock-bottom relations with rival superpower, the United States. A later speech in March at the National People's Congress was more pointed: China's security is being challenged by U.S. attempts to contain its rise, he said. In his October speech, he added "external security" and "international security", in what analysts say signals a new focus to counter foreign threats, namely Washington. Asked for its response to a list of questions for this story, China's foreign ministry said it was "not aware of the situation". BUSINESS JITTERSChina's security focus also risks isolating the country economically.

☆ How facial recognition is helping Putin curb dissent
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +8 min

There officers told the 51-year-old bank employee that the metro’s facial recognition system had flagged him for detention because of his political activism. Facial recognition is now helping police to identify and sweep up the Kremlin’s opponents as a preventive measure, whenever they choose. The facial recognition system in Moscow is powered by algorithms produced by one Belarusian company and three Russian firms. All but one said they understood from officers that they were flagged for detention by facial recognition. Facial recognition technology uses artificial intelligence algorithms to analyse and identify faces.

☆ Premarket stocks: Silicon Valley Bank left a void that won't easily be filled
▼ + stars: | 2023-03-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

There’s no doubt that the failure of Silicon Valley Bank left a large void in tech. To find out, Before the Bell spoke with Ahmad Thomas, president and CEO of the Silicon Valley Leadership Group. Before the Bell: What’s the feeling on the ground with tech and VC leadership in Silicon Valley? Ahmad Thomas: Silicon Valley Bank has been a key part of our fabric here for four decades. FDIC sells most of failed Signature Bank to FlagstarFrom CNN’s David GoldmanA week after Signature Bank failed, the Federal Deposit Insurance Corporation said it has sold most of its deposits to Flagstar Bank, a subsidiary of New York Community Bank.

☆ U.S. Export Limits Target 28 Chinese Entities, Citing Alleged Ties to Iranian Military
▼ + stars: | 2023-03-02 | by ( Ian Talley | ) www.wsj.com time to read: 1 min

WASHINGTON—The U.S. Commerce Department on Thursday targeted more than two dozen Chinese entities with export restrictions, part of a broader effort by the Biden administration to mitigate what it says is a growing national security threat from China. In adding the 28 Chinese firms and individuals to its Entity List, Commerce’s Bureau of Industry and Security said the firms represented a range of potential national security risks including through alleged dealings with an Iranian electronics firm previously sanctioned by the U.S. for its alleged ties to Tehran’s military.

☆ Biden to take aim at junk fees in Competition Council meeting Wednesday
▼ + stars: | 2023-02-01 | by ( Dj Judd | ) edition.cnn.com time to read: +3 min

CNN —President Joe Biden is slated to announce new progress on his administration’s “competition agenda” during the fourth meeting of the Presidential Competition Council on Wednesday, taking steps to slash junk fees while calling on Congress to pass legislation targeting hidden and exorbitant fees across the travel, entertainment, utility and hospitality industries. Rohit Chopra, director of the Consumer Financial Protection Bureau, said Biden will announce that the CFPB will propose a rule slashing excessive credit card late fees in a move the White House says will reduce those fees from $30 to $8 on average, saving American consumers as much as $9 billion a year. “Over a decade ago, Congress banned excessive credit card late fees, but companies have exploited a regulatory loophole that has allowed them to escape scrutiny for charging an otherwise illegal junk fee,” Chopra said in a statement to CNN. “Today’s proposed rule seeks to save families billions of dollars and ensure the credit card market is fair and competitive.”On a call with reporters Tuesday, National Economic Council Director Brian Deese said Biden will also use the meeting to call on Congress to pass a “Junk Fee Prevention Act,” targeting four types of excessive fees — excessive online concert, sporting event, and entertainment ticket fees; airline fees for families sitting together on flights; exorbitant early termination fees for TV, phone and internet services; and surprise resort and destination fees. “But they also reduce competition and make it more difficult for innovators and new businesses to break into markets and offer better services at lower prices.”Earlier this year, lawmakers grilled Live Nation president and CFO Joe Berchtold following a ticket sales debacle over exorbitant ticketing fees.

☆ After being falsely accused of spying for China, Sherry Chen wins significant settlement
▼ + stars: | 2022-11-15 | by ( Kimmy Yam | Kimmy Yam Is A Reporter For Nbc Asian America. | ) www.nbcnews.com time to read: +7 min

An Asian American scientist who was wrongfully accused of spying for China is speaking out after reaching a lucrative settlement with the U.S. government last week. According to the American Civil Liberties Union, which backed Chen, the hydrologist will receive $550,000 from the Commerce Department and an annuity over 10 years valued at $1.25 million. Neither the Commerce Department nor the DOJ commented further on Chen’s ordeal. However, the Commerce Department appealed the decision and placed her on administrative leave. As part of the settlement, Chen is retiring from the NWS, her lawyers said.

WASHINGTON, Oct 14 (Reuters) - The United States on Friday warned it can impose sanctions on people, countries and companies that provide ammunition to Russia or support its military-industrial complex, as Washington seeks to increase pressure on Moscow over the war in Ukraine. Muir was also set to warn that Russian intelligence services are tasked with illicitly acquiring Western technology and parts barred from being exported to Russia under U.S. measures. The Commerce Department has previously warned that semiconductors produced by Western companies have turned up in Russian military drones and other uses. Asked how much more Western allies could do to increase pressure on Russia, one European finance official said, "We can extend the list of people who are under sanctions. "But I think clearly the sanctions will show their impact in terms of industrial value chains in Russia," the European official said, speaking on condition of anonymity.

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