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☆ Watch CNBC's full interview with Evercore founder and senior chairman Roger Altman
▼ + stars: | 2024-05-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Evercore founder and senior chairman Roger AltmanRoger Altman, Evercore founder and senior chairman, joins 'Squawk Box' to discuss the latest market trends, why he believes the market is enjoying a 'goldilocks' macro environment, state of the economy, impact of tariffs on Chinese imports, whether a soft-landing is still achievable, the Fed's interest rate outlook, and more.

Persons: Roger Altman Roger Altman Organizations: Evercore

☆ Evercore founder Roger Altman: This inflation was caused entirely by the pandemic
▼ + stars: | 2024-05-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEvercore founder Roger Altman: This inflation was caused entirely by the pandemicRoger Altman, Evercore founder and senior chairman, joins 'Squawk Box' to discuss the latest market trends, why he believes the market is enjoying a 'goldilocks' macro environment, state of the economy, impact of tariffs on Chinese imports, whether a soft-landing is still achievable, the Fed's interest rate outlook, and more.

Persons: Roger Altman Organizations: Evercore

☆ China’s Xi Jinping highlights Europe’s divisions ahead of expected Putin visit
▼ + stars: | 2024-05-12 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +9 min

Chinese state media played up the warm diplomacy, with headlines proclaiming China’s “ironclad” bond with Serbia and “golden friendship” with Hungary. Both are sure to closely watch any summit between Xi and Russian President Vladimir Putin in China, expected to happen soon. Chinese leader Xi Jinping is welcomed at the airport in Belgrade on May 7 for his two-day state visit. Xi also marketed a shared worldview during his meeting with Orban in Hungary, which is a member of both the EU and NATO. Chinese leader Xi Jinping talks with Hungarian Prime Minister Viktor Orban in Budapest on May 9.

Persons: Xi, Peng Liyuan, Aleksandar Vucic, Viktor Orban, China’s, Vucic, Orban –, Emmanuel Macron, Ursula von der, Vladimir Putin, Orban, Hungary “, ’ ”, Philippe Le Corre, ”, Putin, Le Corre, Xi Jinping, Dimitrije Goll, Xi’s, Serbia’s Vucic, ” Vucic, Bruno Le Maire, BYD, Liu Dongshu, Vivien Cher Benko, Tamas Matura, Mark Rutte, Olaf Scholz, Matura, Von der, “ Orban, Gabor Scheiring Organizations: Hong Kong CNN, Russia, Ukraine, China, Europe …, Asia Society, Center for, Forum, Anadolu, Getty, EU, NATO, ”, Xi, Hong Kong’s City University ., Hungarian, Central, Dutch, Georgetown University Locations: Hong Kong, France, Ukraine, China, Belgrade, Budapest, Paris, Serbian, Hungarian, Serbia, Hungary, Europe, Russia, Russian, ”, Europe … Hungary, Center for China, Beijing, United States, EU, Hong, Central, Eastern Europe, Eastern, Moscow, Qatar, “ Hungary

☆ U.S. to Announce New Tariffs on Chinese Electric Vehicles
▼ + stars: | 2024-05-10 | by ( Alan Rappeport | Jim Tankersley | ) www.nytimes.com time to read: +1 min

The Biden administration is set to announce new tariffs on Chinese electric vehicles and other goods as early as next week, according to people familiar with the matter, as President Biden looks for ways to protect America’s nascent clean energy sector from a surge of cheap Chinese imports. The long-awaited tariffs are the result of a four-year review of the levies that former President Donald J. Trump imposed on more than $300 billion of Chinese imports in 2018. That includes Chinese electric vehicles, which currently face a 25 percent tariff. The administration is expected to raise that to a much higher rate in order to make it prohibitively expensive to buy a Chinese EV. The administration has been considering tariffs as high as 100 percent, according to a person familiar with the deliberations.

Persons: Biden, Donald J, Trump Locations: China

☆ Joe Biden is expected to unveil new tariffs on Chinese EVs. Here's what that could mean for the sector.
▼ + stars: | 2024-05-10 | by ( Tom Carter | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Citing people familiar with the matter, Bloomberg reported that the US government is set to impose new tariffs on a range of Chinese industries, including EVs. Chinese EV producers such as BYD have so far largely avoided the US market due to pre-existing trade barriers, such as a 25% tariff on Chinese auto imports previously touted by President Donald Trump. AdvertisementRelief for US firmsThe expected decision to target China's EV exports would come as a relief to US EV companies. Tesla CEO Elon Musk said earlier this year that Chinese EV firms would "demolish" their Western rivals if trade barriers weren't put in place.

Persons: —, Joe Biden, Donald Trump, he's, Elon Musk, Trump Organizations: Service, Bloomberg, Business, Reuters, EV, Chery Locations: Mexico

☆ Passengers are carrying plane parts in their luggage to get them to sanction-hit Russian airlines: report
▼ + stars: | 2024-05-10 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +3 min

Sanction-hit Russian airlines are getting plane parts delivered in hand luggage, per the Financial Times. Flight safety incidents involving Russian planes have shot up, according to estimates. AdvertisementPassengers are carrying plane parts in their luggage to get them to sanction-hit Russian airlines, according to the Financial Times. Russian airlines are obtaining plane parts through a vast network of small suppliers, many of which are based in the United Arab Emirates, the FT reported. Meanwhile, the number of flight safety incidents involving Russian planes has more than doubled, from 37 in 2022 to 81 in 2023, according to the Jet Airliner Crash Data Evaluation Centre.

Persons: —, Turboshaft didn't, Timur Badr, Arwed Richter Organizations: Financial Times, Service, United Arab Emirates, Business, Jet Locations: Moscow, Ukraine, UAE, Russian, Russia

☆ The U.S. is now Germany’s biggest trading partner — taking over from China
▼ + stars: | 2024-05-10 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Photo: Christoph Soeder/dpa (Photo by Christoph Soeder/picture alliance via Getty Images)After years of China being Germany's main trading partner, the U.S. looks like it's quietly taking that top spot as the year progresses. Several factors played a role in the change, Carsten Brzeski, global head of macro research at ING Research, told CNBC. […] At the same time, decoupling from China, weaker domestic demand in China and China being able to produce goods it previously imported from Germany (mainly cars) reduced German exports to China," he said. China has been Germany's biggest trading partner for years, but the gap between China and the U.S. narrowed in recent years. The U.S. has also long been a bigger market for German exports than China, Holger Schmieding, chief economist at Berenberg Bank, told CNBC.

Persons: Habeck, Christoph Soeder, it's, Carsten Brzeski, Holger Schmieding, China's, Schmieding Organizations: German, Getty, U.S, CNBC, Reuters, ING Research, Berenberg Bank Locations: Germany, China, U.S

☆ Oil prices up on stronger Chinese data, Middle East conflict
▼ + stars: | 2024-05-10 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose on Friday, continuing upwards trend on the signs of improving economy in China and as negotiations to halt hostilities in the stand-off between Israel and Hamas yielded no results. In the previous session, oil prices edged up to a one-week high on data of rising crude oil imports in China in April and as investors saw the cooling U.S. job market as an indication of possible interest rate cuts. China's exports and imports returned to growth in April after contracting in the previous month, signaling an improvement in demand. "Ongoing signs of strength in demand in China should see commodity market remain well supported," ANZ Research said in a note. Daly did not say if she felt the U.S. central bank was likely or not to cut interest rates this year.

Persons: Brent, Mary Daly, Daly, Benjamin Netanyahu, Joe Biden's Organizations: U.S, West Texas, ANZ Research, San Francisco Federal, Financial Locations: China, Israel, U.S, Rafah, Gaza, Cairo

☆ Sports gambling is taking a cue from Wall Street, and it could be a problem for sportsbooks
▼ + stars: | 2024-05-10 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at how a sports bettor trying to hedge a $1.7 million payout shows the gambling world is taking a page out of Wall Street's book . The big storySports gambling goes Wall StreetiStock; Rebecca Zisser/BIHow would you like to turn $100 into $1.7 million in a little over a year? Thanks to a secondary market for gambling tickets, Shelton could sell his ticket to another bettor. And not unlike Wall Street's feelings about retail traders, Shelton is the type of gambler sportsbooks love. Unlike mom-and-pop gamblers who often bet on a whim, so-called sharps' systematic approach to gambling can pose a problem for sportsbooks.

Persons: —, Rebecca Zisser, Wayne Shelton, Shelton, Matthew Fox, Anthony Edwards, Joshua Gateley, sportsbooks, Shelton's longshot, Goldman Sachs, Sam Bankman, Fried, Puck, SBF, Justin Sullivan, Getty Sundar Pichai, Pichai, Jack Dorsey, he'd, Mike Solana, Dorsey, Bluesky, Demis, Microsoft's Mustafa Suleyman, they'd, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Sports, MLB, NFL, NBA, Oklahoma City Thunder, Thunder, Dallas Mavericks, Western Conference, ESPN, Boston Celtics, Minnesota Timberwolves, Getty, Detention, MDC, Bloomberg, Bay Area, YouTube, Spotify, Apple, Warner Brothers, Justice League, Big, Honda Locations: China, Russia, Brooklyn's, Young, New York City, New York, Bay, London

☆ Biden administration set to revamp Trump’s tariff program after multi-year review, sources say
▼ + stars: | 2024-05-10 | by ( Kayla Tausche | ) edition.cnn.com time to read: +5 min

Washington CNN —The Biden administration is set to unveil a sweeping restructuring of former President Donald Trump’s trademark tariffs on Chinese imports, according to sources familiar with the matter. “The Biden administration has neutralized China as a campaign issue,” said Hodge, now a managing director at Bully Pulpit International. Tariffs are essentially a tax on US businesses and consumers, adding to the cost of imported goods. More than half of the duties have been collected during the Biden administration. The Biden administration had planned to release the results of the review in advance of the Pittsburgh speech, the sources familiar with the matter said, but ended up delaying the release.

Persons: Washington CNN —, Biden, Donald Trump’s, Joe Biden refines, Trump, Adam Hodge, “, ”, Hodge, –, ” Biden, Janet Yellen, Antony Blinken, Clete Willems, Akin Gump, Willems Organizations: Washington CNN, US Trade Representative, Biden’s National Security Council, US Trade, Treasury, Commerce, Trump, US Customs, “ Steel, Seven, European Union, National Economic Council, EU, European Commission, Treasury Department Locations: China, Pittsburgh, Italy, Puglia

☆ China is untangling its economy from the West. It could be preparing for long-term tensions — and an invasion of Taiwan
▼ + stars: | 2024-05-10 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +8 min

What's more, Xi Jinping has told the Chinese military to prepare for war and said that reunification with Taiwan is inevitable. But not everyone thinks a Chinese military move is necessarily imminent. If China was actively preparing for a near-term invasion of Taiwan, Kennedy said there are a few things he might expect to see first. AdvertisementIf China does invade, the global economic impact would be huge, and despite its efforts to secure its economy, China would likely be far from unscathed. "Any action against Taiwan would be disastrous for China's economy," Chilukuri said.

Persons: —, Vivek Chilukuri, Scott Kennedy, It's, Chilukuri, Xi Jinping, China's, Jinping, Kennedy, he'd Organizations: Service, Business, West, Center, New, New American Security, Center for Strategic, International Studies Locations: China, Southeast Asia, Europe, US, Taiwan, New American, United States, Russia, Ukraine, Hong Kong

☆ China's imports jump 8.4% in April, exceeding expectations as purchases from the U.S. grow
▼ + stars: | 2024-05-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Aly Song | ReutersBEIJING — China's customs agency released data Thursday that showed exports rose in-line with expectations in April, while imports surged ahead of forecasts. Worldwide, China's exports rose by 1.5% year-on-year in April in U.S. dollar terms, while imports climbed by 8.4%, the data showed. China's exports to ASEAN rose by 8% in April from a year ago, while imports rose by 5%. In April, China's imports and exports of integrated circuits rose from a year ago, the data showed. By volume, China's exports of cars, LCD panel displays and home appliances rose, while exports of cellphones fell slightly.

Persons: Aly Song Organizations: Reuters, CNBC, U.S, Association of Southeast, ASEAN Locations: Yangshan, Shanghai, China, Reuters BEIJING, U.S, Union, Russia, Nations, Vietnam, Mexico

☆ Earnings Playbook: Stocks that are set to beat analysts' estimates next week
▼ + stars: | 2024-05-09 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

More than 450 S & P companies have reported earnings results in the first-quarter earnings season, with nearly 79% of firms surpassing Wall Street analysts' estimates, according to FactSet data. China-based e-commerce company JD.com stock has added about 11% in 2024. The company has typically exceeded Street earnings estimates 82% of the time, resulting in a more than 1% move in its stock after the results. JD YTD mountain JD.com stock. Other stocks that could be poised to surpass analysts' average earnings estimates next week include Baidu.com and Triumph Group .

Persons: Wall, JD Organizations: Wall Street, CNBC, Investment Group, Panamanian, Copa Holdings, CPA, Copa, Triumph Group Locations: China

☆ Asia markets mixed ahead of China trade data and Japan pay figures
▼ + stars: | 2024-05-09 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Yaorusheng | Moment | Getty ImagesAsia-Pacific markets were mixed ahead of China's April trade data, as well as pay statistics from Japan. Economists polled by Reuters are expecting a 1.5% rise in China's exports, a reversal from the 7.5% fall in March. Imports are also expected to grow 4.8% year-on-year in April, compared with a 1.9% fall in March. Separately, investors will assess pay statistics from Japan as they look for any signs of the "virtuous cycle" of increasing wages and prices envisioned by the Bank of Japan. Futures for Hong Kong's Hang Seng index stood at 18,277, pointing to a weaker open compared to the HSI's close of 18,313.86.

Persons: Korea's Kospi Organizations: Reuters, Bank of Japan, Japan's Nikkei Locations: Shanghai, Asia, Pacific, Japan

☆ European markets head for higher open; BoE rate decision ahead
▼ + stars: | 2024-05-09 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a higher open Thursday, maintaining positive momentum in a busy week of earnings. Ferrovial, Telefonica, EDP, Enel, Pirelli and Salvatore Ferragamo are all due to report today. Elsewhere, the Bank of England is set to publish its latest interest rate decision Thursday. China stocks rose overnight as its imports surged past estimates and exports rose in line with expectations, while the broader Asia-Pacific market was mixed. Meanwhile, futures linked to the Dow Jones Industrial Average hovered near the flatline Wednesday evening after the 30-stock index posted its sixth consecutive winning day.

Persons: Salvatore Ferragamo, it's Organizations: Ferrovial, Telefonica, EDP, Enel, Pirelli, Bank of England, Dow Jones Locations: China, Asia, Pacific

☆ Biden Looks to Thwart Surge of Chinese Imports
▼ + stars: | 2024-05-08 | by ( Jim Tankersley | ) www.nytimes.com time to read: +1 min

President Biden is warning that a new surge of cheap Chinese products poses a threat to American factories. China’s lavish subsidies, including loans from state-run banks, have helped sustain companies that might otherwise have folded in a struggling domestic economy. The result is, in many cases, a significant cost advantage for Chinese manufactured goods like steel and electric cars. The U.S. solar industry is already struggling to compete with those Chinese exports. Chinese exports are washing over the continent, to the chagrin of political leaders and business executives.

Persons: Biden Locations: United States, China, Europe, U.S

☆ Thailand Prime Minister Seeks to Criminalize Weed in Reversal
▼ + stars: | 2024-05-08 | by ( Amanda Holpuch | More About Amanda Holpuch | ) www.nytimes.com time to read: +1 min

Thailand’s prime minister, Srettha Thavisin, said on Wednesday that he wanted cannabis to be re-listed as a narcotic by the end of the year, a reversal two years after the country became one of the first in Asia to decriminalize marijuana. All marijuana sales in Thailand are technically for medical purposes, but lax regulations mean that many businesses openly sell dried marijuana flowers and illegal imports. Thailand decriminalized marijuana in June 2022, giving rise to a domestic industry that has recently been challenged by competition and oversupply. There are thousands of registered dispensaries in the country, and cannabis is prescribed at hundreds of traditional medicine clinics. Foreign investors have also backed the construction of high-tech indoor cannabis farms.

Persons: Thailand’s, Srettha Thavisin, Srettha Organizations: Ministry of Health Locations: Asia, Thailand

☆ China's Xi backs Macron call for global Olympic truce
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: +3 min

Emmanuel Macron, France's president, right, greets Xi Jinping, China's president, ahead of the state dinner marking the visit at the Elysee Palace in Paris, France, on Monday, May 6, 2024. Xi called on France to help fend off a "new Cold War" as the EU increasingly aligns with U.S. concerns over security risks and trade tensions. China's President Xi Jingping on Monday called for a global truce during the Olympic Games in Paris this summer after the French president and the head of the European Commission urged him to use his influence on Russia to end its war in Ukraine. As member of the United Nations Security Council and as a responsible country, China urges with France for a truce in the world during the Paris Olympic games," Xi said, speaking through an interpreter alongside Macron during a joint statement. Russia has previously been lukewarm about a truce saying Ukraine might use it as an opportunity to regroup and rearm.

Persons: Emmanuel Macron, Xi Jinping, Xi, Xi Jingping, Ursula von der, Macron, Vladimir Putin, Putin's Organizations: Olympic Games, European Commission, United Nations Security Council, Paris Olympic, Paris, Games, Paralympic Games Locations: Paris, France, EU, Russia, Ukraine, Europe, China, Moscow, Russian, Switzerland

☆ China’s booming electric vehicle companies eye U.S. competitors they see as ‘not ready’
▼ + stars: | 2024-05-07 | by ( Janis Mackey Frayer | Jennifer Jett | ) www.cnbc.com time to read: +8 min

Despite lower price tags, Chinese EVs often have more powerful batteries and more advanced technology. The competition among hundreds of Chinese EV makers has spurred rapid innovation. Even Tesla CEO Elon Musk, who made a surprise visit to Beijing last week, has said that without trade barriers Chinese EV makers would "demolish" their competitors. Chinese EVs tend to be smaller, cheaper and more accessible to the masses — BYD's Seagull, a small all-electric hatchback, starts at less than $10,000. It would take time to set up a sales and distribution network, Fields said, and Chinese EV makers could face a perception issue among American consumers.

Persons: They're, Stella Li, America's Tesla, Tesla, BYD, Mark Fields, Elon Musk, Musk, Fields, they've, Li, Biden, Musk's, That's Organizations: Alliance for American Manufacturing, U.S, BYD, NBC News, Western, Communist Party, Ford, International Energy Agency, Western automakers, United States, Lawmakers, World Trade Organization, European, Rhodium Group, EV, China Association of Automobile Manufacturers Locations: China, EVs, U.S, BYD Americas, BYD, Shenzhen, United States, Beijing, Europe, United, Union, Chinese, Mexico, South Korea, Japan

☆ Giant Batteries Are Transforming the Way the U.S. Uses Electricity
▼ + stars: | 2024-05-07 | by ( Brad Plumer | Nadja Popovich | ) www.nytimes.com time to read: +17 min

Uses Electricity They’re delivering solar power after dark in California and helping to stabilize grids in other states. Peak demand average daily generation, by fuel type Peak demand 25k 25k megawatts megawatts Imports 20k 20k 15k 15k Gas Solar power Batteries Solar power 10k 10k Wind 5k 5k Hydro Nuclear 0 0 12a.m. Peak demand average daily generation, by fuel type Peak demand 25k 25k megawatts megawatts Imports 20k 20k 15k 15k Gas Solar power Batteries Solar power 10k 10k Wind 5k 5k Hydro Nuclear 0 0 12a.m. Ga. Ga. Texas Texas La. By The New York TimesMost grid batteries use lithium-ion technology, similar to batteries in smartphones or electric cars.

Persons: …, ”, Helen Kou, Conn ., Mo ., R.I, Conn . Conn ., . Kan ., “, Andrés Gluski, Mike Blake, John Phipps, Phipps, Stephanie Smith, Aaron Mitchell, Natalie McIntire, Tamir Kalifa, Emma Konet, Max Kanter, BloombergNEF, you’ve, Meredith Fowlie, Nate Blair, “ We’re, Ross D Organizations: Hydro Nuclear, Hydro, The New York Times, “, United States U.S, Conn . Pa . Iowa Neb, N.J . Ohio Nev, Del . Utah Ill, Texas, Fla ., Vt, Wis ., Wis . Idaho Idaho S.D, Pa . Iowa Iowa Neb, Neb . N.J . N.J . Ohio Ohio Nev, Del . Utah Utah Ill, . Energy, AES Corporation, Reuters, California, Georgia Power, Natural Resources Defense Council, Nationwide, The New York Times Grid, University of California, National Renewable Energy Laboratory, Franklin, Associated Locations: California, The New York Times California, China, Texas , California, Arizona, Wash . Maine, Minn, Ore, N.H, N.Y, Mass, Wis . Idaho S.D, Mich, Wyo, R.I, Conn, Conn . Pa . Iowa, N.J . Ohio, Del . Utah, Calif, Md, Colo, W.Va . Va, Mo, Mo . Kan, Ky, N.C, Tenn, Ariz, ., S.C . California, Ala, Miss ., Fla, Alaska Texas, Hawaii, Wash . Maine Maine Mont, Mont, Vt, Wis, Wis . Idaho Idaho, S.D . Mich, Conn . Conn, Conn . Conn . Pa, Pa . Iowa, Neb . N.J . N.J . Ohio, Nev . Ind, Ind, Del, W.Va, W.Va . Va . Va, . Kan . Kan, S.C . Ala . Ala . Miss, . Texas Texas, La, Fla . Alaska Alaska Hawaii Hawaii California, Texas, Menifee, . California, ” In Texas, Fort Worth, West Texas, Georgia, Sweetwater , Texas, Tierra, Berkeley, Sacramento

☆ Shipping giant Maersk says Baltimore port reentry decision is near as collapsed bridge cleanup progresses
▼ + stars: | 2024-05-07 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

The remains of the Key Bridge in the Patapsco River entrance to Baltimore Harbor on May 2, 2024, in Baltimore, Maryland. Van der Steene says the Maersk team has seen less than 200 containers taken off the Dali over the last nine days. But based on North American freight orders from Asia, Van der Steene described 2024 as a "year of reinvigoration." Peak shipping season, which starts in June and continues through the summer for the back to school shopping and then the holidays, is expected to be normal in volume, Van der Steene said. "There's nothing that indicates that it would be a slower peak season or a bigger peak season," said Van der Steene.

Persons: Moller, Charles Van der Steene, Brendan Smialowski, Dali, Francis Scott Key, Van der Steene, Maersk, Kevin Dietsch, Van de Steene, Vincent Clerc, Good Hope, Chip Somodevilla, Van der Organizations: Maersk, Port, Unified Command, CNBC, Afp, Getty, Dali, Salvage, Francis Scott Key Bridge, North, Shipping, Imports, U.S Locations: Port of Baltimore, Baltimore, Maersk North America, Patapsco, Baltimore Harbor, Baltimore , Maryland, Port, Norfolk, Newark, Good, North America, Panama, Asia, U.S, Europe, Vietnam, China, Mexico, United States

☆ US inflation will soar if America doesn't undergo reindustrialization, investment manager says
▼ + stars: | 2024-05-07 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Prices in the US could keep going up if the US doesn't "reindustrialize" its economy, Richard Bernstein said. The US has a "massive" trade deficit at a time when world trade is becoming fragmented, he noted. AdvertisementInflation will climb higher if the US economy doesn't reindustrialize its economy, according to investment manager Richard Bernstein. World trade has become more fragmented since the pandemic, and rising geopolitical tensions are a sign that the trend is continuing, he said. If it doesn't … we're going to have tremendous inflation here in the United States," Bernstein said to CNBC on Monday.

Persons: Richard Bernstein, —, Bernstein, Ken Griffin Organizations: US, Service, Commerce Department, CNBC, JPMorgan Locations: United States, America

☆ America Has a Bad Case of China Anxiety - The New York Times
▼ + stars: | 2024-05-06 | by ( Rory Truex | ) www.nytimes.com time to read: +2 min

A prolonged stress response may contribute to anxiety, which can cause people to perceive danger where there is none and obsess about worst-case scenarios. America’s collective national body is suffering from a chronic case of China anxiety. These measures all have a national security rationale, and it is not my intention here to weigh the merits of every one. But collectively they are yielding a United States that is fundamentally more closed — and more like China in meaningful ways. Even if it was, it’s common practice to use human waste, known as “biosolids,” as fertilizer in many countries, including the United States.

Persons: Rick Scott Organizations: U.S, Congress, McGill University Locations: China, TikTok, United States, Florida, U.S

☆ China's trade war with the US is unlikely to cool down this election year, so it's working on Europe instead
▼ + stars: | 2024-05-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

Xi is spending two days in France, meeting French President Emmanuel Macron on Monday before heading to Serbia and Hungary. "I'm calling for an 'aggiornamento' because China is now in excess capacity in many areas and exports massively to Europe," Macron told La Tribune Dimanche, per a Bloomberg translation. She said China's trade practices are leading to unfair trade that are "market-distorting" and "could lead to deindustrialization in Europe." China has pushed back on the West's claims of overcapacity, accusing the bloc of being protectionist and of trying to curb China's economic development. However, Europe — like China — isn't quite the same anymore, following years of economic malaise punctuated by the pandemic and the war in Ukraine.

Persons: —, Janet Yellen, Olaf Scholz, Xi Jinping's, Emmanuel Macron, Macron, Matt Geraci, Geraci, Ursula von der Leyen, Von, Leyen, Léonie Allard, Allard, Xi Organizations: Service, State Authority, European Union, Business, La Tribune Dimanche, Atlantic, Associated Press, European, overcapacity, Council's Locations: China, France, Serbia, Hungary, European, Germany, Europe, Beijing, Washington, Russia, Ukraine

☆ The US crackdown on Russian trade is working as Putin struggles to fund his war
▼ + stars: | 2024-05-06 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Trade with Russia has slumped in the first quarter amid tightening US sanctions, the Financial Times said. After a December executive order bolstered its sanctioning power, the department has amplified warnings against foreign lenders that facilitate trade with Russia. At the same time, the US' crackdown has proliferated trade in the Russian ruble, as other currencies increasingly fall out of favor. That's as foreigners are still free to buy rubles on the Moscow Exchange when settling payments with Russian parties. AdvertisementStill, the ruble faces restricted convertibility, making it difficult to reach trade volumes once possible under the dollar.

Persons: —, Vladimir Potanin, That's Organizations: Financial Times, Companies, Service, US Treasury Department, United Arab Locations: Russia, China, Turkey, Ankara, United Arab Emirates, Austria, Russian, Iran, Tehran, Moscow, UAE, dirhams

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