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☆ USMCA: Trump wants to renegotiate his own trade deal
▼ + stars: | 2024-10-14 | by ( Katie Lobosco | ) edition.cnn.com time to read: +2 min

Washington CNN —Former President Donald Trump is once again pledging to save American manufacturing and bring back jobs by rewriting a trade agreement with Mexico and Canada. But this time, instead of replacing the North American Free Trade Agreement, known as NAFTA, which he has often described as the “worst trade deal ever made,” he wants to renegotiate his own trade deal. When asked by Fox News’ Maria Bartiromo in an interview that aired Sunday about his plan to renegotiate the USMCA, Trump said it would not undermine the deal he put together. Harris also wants to review the USMCAVice President Kamala Harris has also said she would use the USMCA review process. The trade deal created sweeping new benefits for the technology sector, in a chapter on digital trade that wasn’t part of the original NAFTA.

Persons: Donald Trump, ”, Trump, ” Trump, Maria Bartiromo, “, Harris, Kamala Harris, USMCA Organizations: Washington CNN, North American Free Trade, “, Detroit Economic Club, Fox News, Democratic, NAFTA Locations: Mexico, Canada, USMCA, North America

☆ Here's who would benefit from Trump's proposed tax break on car loan interest
▼ + stars: | 2024-10-14 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Trump's proposed tax break would make interest on car loans fully tax deductible. That tax break lets homeowners deduct annual mortgage interest payments from their taxable income, thereby reducing their tax bill. Few taxpayers claim itemized tax deductionsTo get the deduction, car owners would need to itemize their tax return to include their borrowing costs. About 14.8 million federal tax returns, or about 9%, claimed an itemized deduction on their 2021 federal tax returns, according to the most recent IRS data. An itemized tax break on car loan interest "would help only a fraction of taxpayers," said Leonard Burman, an institute fellow at the Urban-Brookings Tax Policy Center.

Persons: Donald Trump, Sarah Rice, Trump's, Experian, It'd, Seiberg, Trump, didn't, Erica York, —, Leonard Burman, Burman, York, it'd Organizations: Detroit Economic, Bloomberg, Getty Images, Federal Reserve Bank of New, AAA, Trump, Cowen Washington Research Group, Republicans, CNBC, Finance, Social Security, Taxpayers, Tax, Center, Federal Tax, Urban, Brookings Tax Locations: Federal Reserve Bank of New York, Detroit, York

☆ How Trump’s tariffs would work
▼ + stars: | 2024-10-13 | by ( Katie Lobosco | Annette Choi | ) edition.cnn.com time to read: +3 min

Study after study, including one from the federal government’s bipartisan US International Trade Commission, has found that Americans have borne almost the entire cost of Trump’s tariffs on Chinese products. When Trump was in office, he implemented tariffs on about $380 billion worth of goods imported into the US, according to a Tax Foundation analysis. The Trump tariffs also hit foreign steel, aluminum, washing machines and solar panels. But even if Trump implements tariffs on all US imports, the resulting revenue is unlikely to cover all these costs. The Committee for a Responsible Federal Budget recently estimated that Trump’s tariff plan would not generate enough revenue to pay for his other spending proposals.

Persons: Donald Trump, Trump, ” Trump, He’s, Kamala Harris, Harris, he’s Organizations: Washington CNN, White, Trump, US International Trade Commission, Biden, Social Security, CNBC, Detroit Economic, Federal Budget Locations: Michigan

The Trump campaign taps Lara Trump to encourage voters to vote early and by mail Earlier this year, the RNC co-chair voiced a robocall falsely alleging massive fraud occurred in the 2020 election due to mail ballots. Last month, at a rally in Indiana, Pennsylvania, Trump disparaged early voting, and promoted it, in the same breath. … Whether you vote early, absentee, by mail or in person, we’re going to protect the vote.”The Republican parties in Arizona and Nevada also tapped Lara Trump to voice robocalls promoting early and mail voting, despite previously echoing her father-in-law’s rhetoric on early voting. “So, get out there, encourage others to vote early and remind them just how critical this election is. When we vote, we win.”Lara Trump encourages Nevada voters to vote early and by mail The Nevada Republican Party tapped Lara Trump to encourage Nevadans to vote early and by mail.

Persons: Donald Trump’s, Hurricane Helene, Trump, Lara Trump, Trump’s, robocall, North, Hurricane Helene –, Donald Trump, Cecile Clocheret, “, ”, Sean Morales, Doyle, ” Morales, ., Susie Wiles, Chris LaCivita, ” “, ‘, ’ Trump, Republican National Committee’s, We’ve, Let’s, ” Trump, we’re, Kamala Harris, Bill Pugliano, ” Lara Trump, Nevadans, CNN’s KFile, Roy Cooper, Allison Joyce, Bob Phillips, Helene, Hurricane Milton –, Anna Kelly, Morales Organizations: CNN, Republican National Committee, Trump, RNC, Getty, Brennan Center for Justice, North, North Carolina General Assembly, Republican National, Detroit Economic Club, Republican, Nevada, Nevada Republican, Democratic Gov, Republicans, Trump Campaign, Brennan Locations: North Carolina, Hurricane, Pennsylvania, Georgia , Wisconsin , Arizona , Nevada, Michigan, Georgia, Houston, AFP, . North Carolina, North Carolina’s, Indiana , Pennsylvania, Arizona, Nevada, American, Rock , North Carolina, Florida

☆ Elon Musk might have to convince Trump not to 'stop' autonomous vehicles if he's reelected
▼ + stars: | 2024-10-11 | by ( Jaures Yip | ) www.businessinsider.com time to read: +2 min

Elon Musk revealed Tesla's new robotaxis hours after Trump said he would "stop" AVs from operating. Trump expressed concerns about autonomous vehicles at the Detroit Economic Club. During his remarks at the Detroit Economic Club, Trump said he found autonomous vehicles "concerning" and promised to "stop" them from operating. "I will stop Chinese — and other countries — produced automobile and autonomous vehicles," he said. Amazon-backed Zoox received authorization from the California and Nevada DMV to operate fully autonomous robotaxis on public roads.

Persons: Elon Musk, Trump, GM's Cruise, —, Elon, Donald Trump's, Musk, Zoox, Cruise, Didi Organizations: Detroit Economic, Service, Nevada DMV, Dallas Locations: California, Texas, San Francisco, Phoenix, Los Angeles, Austin, Nevada, Foster, China

Former President Donald Trump said in an economic address Thursday that the U.S. has allowed "big companies" to "come in and raid and rape our country." I used the word 'rape,'" Trump said at the Detroit Economic Club after his remarks were met with what sounded like some gasps from the audience. "So here’s the deal that I will be offering to the world, to companies outside of our world, big companies, powerful companies, that have become powerful because we were stupid, we were stupid. Trump added that his administration would impose a “tax or tariff” on companies that do not manufacture their goods in the U.S. Trump used similarly loaded language during his 2016 presidential campaign when he singled out China.

Persons: Donald Trump, Trump, Kamala Harris, ” “, Karoline Leavitt, rallygoers, ”, E, Jean Carroll, Carroll, defaming Carroll Organizations: Detroit Economic Club, Trump Locations: United States, America, U.S, China, Indonesia, Turkey, Canada, Indiana, New York City, New York

☆ Trump to propose new tax break on car loan interest
▼ + stars: | 2024-10-10 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

Republican presidential nominee, former U.S. President Donald Trump, speaks at the Detroit Economic Club on October 10, 2024 in Detroit, Michigan. Donald Trump on Thursday will support making interest on car loans fully tax deductible, the latest in a suite of tax-cut promises the Republican presidential nominee has made in the weeks before Election Day. Trump, in a speech to the Detroit Economic Club, will compare the plan to an existing tax deduction on mortgage interest, according to excerpts provided beforehand by the Trump campaign. The plan "will stimulate massive domestic auto production, and make car ownership dramatically more affordable for millions of working American families," Trump will say. Trump has already voiced support on the campaign trail for a slew of other tax breaks, including ending taxation of service workers' tips and seniors' Social Security benefits.

Persons: Donald Trump, Trump, Kamala Harris, Harris, Joe Biden's, — Organizations: Detroit Economic Club, Detroit Economic, Democratic, Joe Biden's Department of Commerce, U.S, U.S . Constitution, Social Security, Wall Street Journal Locations: Detroit , Michigan, U.S ., U.S

☆ Tiffany Trump is pregnant, former president says
▼ + stars: | 2024-10-10 | by ( Ali Main | Shania Shelton | ) edition.cnn.com time to read: +1 min

CNN —Former President Donald Trump said Thursday that his youngest daughter, Tiffany, is pregnant. So that’s nice,” the former president said at the Detroit Economic Club in Michigan. Michael Boulos and Tiffany Trump were married at Mar-a-Lago in November 2022. Tiffany Trump is the only child of the former president and his second wife, Marla Maples. The meeting marked a distinct effort on behalf of Trump supporters to win over Arab and Muslim Americans disillusioned with President Joe Biden over his continued support for Israel in its ongoing war with Hamas.

Persons: Donald Trump, Tiffany, “ She’s, Trump, ”, Michael Boulos, Massad Boulos, Tiffany Trump, Marla Maples, Michael Boulas, Richard Grenell, Joe Biden Organizations: CNN, Detroit Economic, Mar, Georgetown Law School, Republican National Convention, RNC, Muslim, Trump, Israel Locations: Michigan, Lago, Maples, California, Manhattan, Milwaukee, Lebanon, Germany

☆ In rambling, hours-long speech, Trump introduces new car loan tax proposal
▼ + stars: | 2024-10-10 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

Trump announced a new tax proposal to appeal to car buyers and the auto industry. AdvertisementOn Thursday, former President Donald Trump traveled to Michigan to announce a new tax cut proposal designed to appeal to both car buyers and the auto industry. Related stories"Oooh, he used the word 'rape'," Trump said mockingly. "That's right I used the word 'rape.' It'll be like Detroit," Trump said.

Persons: Trump, Tiffany, —, Donald Trump, Filk0rWO5E, Kamala Harris Organizations: Service, Detroit Economic Locations: Detroit, Michigan

☆ Trump promises new tax relief for car loan interest and citizens living abroad
▼ + stars: | 2024-10-10 | by ( Tami Luhby | ) edition.cnn.com time to read: +4 min

CNN —Former President Donald Trump unveiled yet another set of targeted tax break proposals on Thursday, doling out more promises of relief as Election Day draws ever closer. Speaking before the Detroit Economic Club on Thursday, Trump promised to make the interest paid on car loans fully tax deductible, similar to the popular existing deduction for mortgage interest. They raped our country.”One tax expert questioned why Trump would limit the benefit just to car loans. “Once and for all, I’m going to end double taxation on our overseas citizens,” he said in a video released Thursday. Currently, some Americans living abroad must pay taxes to both the United States and to the country where they reside.

Persons: Donald Trump, doling, Trump, ”, “, Howard Gleckman, ” Gleckman, “ You’ve, Kamala Harris, CNN’s Ali Main Organizations: CNN, Detroit Economic, NAFTA, Trump, Brookings Tax, Security, Congress, Committee, Budget Locations: Michigan, Mexico, Canada, Shanghai, Sterling Heights, ”, United States

☆ GM CEO Mary Barra says she has no plans to retire soon as automaker's transformation continues
▼ + stars: | 2024-05-23 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – General Motors CEO and Chair Mary Barra on Thursday said she has no plans to retire any time soon as she tries to ensure the company's transformation is on "a good path." Barra, who is the longest tenured CEO outside of the company's founder, has been asked about retirement for several years. "I'm having a lot of fun, and I want to make sure we have our transformation on a good path," she said during a fireside chat at a Detroit Economic Club meeting. Barra reiterated she serves at the pleasure of the GM board and that she continues to have "fun." Cruise and EVs, along with software-defined vehicles and services, have been among the largest potential growth areas under Barra, who became CEO in January 2014.

Persons: Mary Barra, Barra, I've, Cruise Organizations: Economic, Washington, DETROIT – General, GM, Detroit Locations: Washington , U.S, DETROIT, San Francisco, Barra

☆ US retail sales fell in October for the first time in seven months
▼ + stars: | 2023-11-15 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Americans cut their retail spending in October for the first time since March, with interest rates at a 22-year high. Retail sales, which are adjusted for seasonality but not inflation, fell 0.1% in October from the prior month, the Commerce Department reported Wednesday. October’s decline in retail spending is potentially an early sign of a slowing economy as US consumers get squeezed by higher borrowing costs and they continue to rack up credit card debt. Car sales fell 1.1% in October from September, while furniture sales declined 2% during the same period. Wednesday’s retail sales report bodes well for the Fed, since it shows spending isn’t reaccelerating or remaining stubbornly strong.

Persons: Jerome Powell, ”, Kathy Bostjancic, Austan Goolsbee, market’s, ” Goolsbee Organizations: DC CNN, Commerce Department, Federal, Nationwide, Reserve, of Labor Statistics, Chicago Fed, Detroit Economic Locations: Washington

☆ Fed's Goolsbee sees inflation falling fast without jobless surge
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +2 min

Chicago Fed President Austan Goolsbee speaks as he heads into the Kansas City Fed's annual economic symposium in Jackson Hole, Wyoming, U.S., August 24, 2023. A Labor Department report earlier on Tuesday showed the consumer price index rose 3.2% in October from a year earlier, down more than 3 percentage points from January. The Fed targets 2% inflation by a different measure, the personal consumption expenditures price index, which was 3.4% in September. Going forward, Goolsbee said he's focused on inflation data and sees overheating as a lesser risk than an external shock. "The key to further progress over the next few quarters will be what happens to housing inflation," he said.

Persons: Austan Goolsbee, Ann Saphir, Goolsbee, he's, Paul Simao Organizations: Chicago Fed, Kansas City, REUTERS, Chicago Federal, Detroit Economic, Labor Department, Fed, Thomson Locations: Kansas, Jackson Hole , Wyoming, U.S

☆ Fed's Cook says time nearing to hike rates in smaller steps
▼ + stars: | 2022-11-30 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

"Given the tightening already in the pipeline, I am mindful that monetary policy works with long lags," she said. Cook was speaking two weeks before the Fed is due to release its next policy statement. The central bank has moved its short-term target rate up swiftly this year, from the near-zero level in March to the current 3.75%-4.00% range. But Fed officials have said in recent comments and other communications that, as they near a final destination for rate rises, it would be a good idea to slow down. Cook said the current pace of wage gains is above levels consistent with the Fed's 2% inflation target.

☆ What protests in China may mean for the economy
▼ + stars: | 2022-11-29 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN Business —Protests against China’s prolonged and restrictive Covid regulations spread across the country over the weekend. Oil plunged and hit 2022 lows on Monday, while shares of companies that rely on China for production felt the heat. Oil prices dropped sharply, with investors concerned that surging Covid cases and protests in China may sap demand from one of the world’s largest oil consumers. They don’t want to end their covid policy but they also want to ensure that the political unrest doesn’t grow. This week is chock full of important economic data releases, many of which will help guide the Fed’s next interest rate hike decision in December.

Gretchen Whitmer defeated Republican challenger Tudor Dixon on Tuesday, securing her bid for re-election and keeping a Democrat atop the critical swing state, NBC News projects. But Whitmer held on, boosted by tens of millions of dollars in ad spending that Dixon, a former right-wing commentator endorsed by former President Donald Trump, never matched. Whitmer and Lt. Gov. Whitmer, who made the shortlist as Joe Biden searched for a running mate in 2020, has been the subject of future White House speculation. Despite Michigan's swing-state status, Republicans were slow to invest there and never caught up with the other side's spending.

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