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☆ Trump likely wouldn’t need Congress to approve his most controversial trade policy
▼ + stars: | 2024-09-12 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN —It’s easy to dismiss many presidential candidates’ campaign promises as empty, because Congress would need to approve them. Alex Durante, an economist at the Tax Foundation, a right-leaning think tank, told CNN that 100% tariffs would threaten the economy. It’s possible he is floating 100% tariffs as just a threat designed to change the behavior of other countries. ‘No question it’s inflationary’The Trump campaign did not provide an explanation to CNN about how Trump would implement 100% tariffs nor what the trigger would be. He said Trump’s tariff plan, if enacted, would risk setting off a market panic like former UK Prime Minister Liz Truss did in 2022.

Persons: New York CNN —, Donald Trump, Trump, ” Trump, “, you’re, ” Maury Obstfeld, Obstfeld, ” Obstfeld, Christine McDaniel, George W, Bush, ”, McDaniel, George Mason University’s, Alex Durante, ” Durante, Brian Hughes, ” Hughes, ‘, Harris, Kamala Harris, ” Kent Smetters, Smetters, Wharton “, it’s, ” Wharton, Liz, Joe Brusuelas, ” “ I’m, Joe Biden, Biden, Brusuelas, Liz Truss, Matt Priest, Trump’s Organizations: New, New York CNN, Peterson Institute for International Economics, CNN, International Monetary Fund, Trump, United States Trade Representative, Commerce Department, Tax Foundation, University of Pennsylvania’s Wharton School, Penn Wharton Budget, Wharton, ABC, RSM, Democratic, Footwear Distributors, Retailers of America Locations: New York, Wisconsin, United States, China, Russia, “, American

☆ Meet the leaders of the Trump era's new conservative economic populism
▼ + stars: | 2024-05-22 | by ( Eamon Javers | ) www.cnbc.com time to read: +9 min

Drew Angerer | Getty ImagesThis reported column is Part Two of Eamon Javers' two-part series on the new, conservative economic populism gaining ground among Republicans close to former President Donald Trump. In Part One, Javers introduces readers to the new, conservative economic populism gaining ground among Republicans close to former President Donald Trump. Senator Republican Marco Rubio gives a speech at the Conservative Political Action Conference (CPAC) in Orlando, Florida, February 25, 2022. Cass counts among his allies several well respected conservative economic thinkers. "It's economic policy that emerges not from good economics, but from politics and the culture war and what your base wants," he said.

Persons: Vance, Sen, Josh Hawley, Drew Angerer, Eamon Javers, Donald Trump, Javers, WASHINGTON —, Trump, Sohrab Ahmari, Ahmari, Donald Trump's, –, We've, Oren Cass, —, Marco Rubio, Tom Cotton, Republican Marco Rubio, Octavio Jones, Cass, Robert Lighthizer, Lighthizer, James Pethokoukis, Pethokoukis, Joe Biden —, Biden, Kahn, Lina Kahn, Lina Khan, Tom Williams Organizations: Republican, U.S, Senate, GOP, Wall Street Journal, Security, African American, Trump coalition, National Labor Relations, American, Conservative Political, Reuters, CNBC, United States Trade, Trump, American Enterprise Institute, Democratic, Big Tech, Biden's Federal Trade Commission, Financial Services, General Government, Federal Trade Commission, Cq, Inc, Getty Locations: Ohio, Cuyahoga Falls , Ohio, America, Washington, Ukraine, Vance ( Ohio, Fla, Mo, Washington . U.S, Orlando , Florida, Biden's, Rayburn

☆ 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

☆ U.S. slams 'meritless' Israel genocide suit, reigniting tensions with South Africa
▼ + stars: | 2024-01-09 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

The International Court of Justice, the U.N.'s highest legal body, will this week hear a case brought by South Africa that accuses Israel of committing genocide against Palestinian people during the assault on the Gaza Strip. Ambassador Reuben Brigety accused South Africa of running guns for Russia via a mystery merchant ship, a South African inquiry found no evidence of the alleged arms shipment, but ties between the two historical allies remained taut. "Over the past two years a succession of frustrations, including South Africa feeling it is being pushed on Russia-Ukraine, the U.S. Ambassador's statements on South African domestic security and on its relationship with Russia, and U.S. policy on China in Africa, have all contributed to the worsening of this relationship," Vandome said. 'Solidarity against apartheid oppression' South Africa's close relationship with Russia is based on a multitude of factors past and present.

Persons: John Kirby, Kevin Lamarque, Israel, Reuben Brigety, Cyril Ramaphosa, Chris Vandome, Vandome, Sergey Lavrov, Naledi Pandor Organizations: White, Reuters, U.S, Court of Justice, Palestinian, . National Security, Chatham, CNBC, South, Russian, African Foreign, Pretoria Ihsaan Haffejee, Anadolu Agency, Getty, United States Trade, Solidarity, Congress, ANC, Party Locations: Washington , U.S, South Africa, Gaza, Israel, Washington, Pretoria, Russia, China, African, Ukraine, Africa, U.S, Palestine, PRETORIA, Pretoria Ihsaan

☆ 'Mnuchin has not been in the room': Trump Treasury secretary absent from 2024 campaign
▼ + stars: | 2024-01-04 | by ( Brian Schwartz | ) www.cnbc.com time to read: +3 min

After serving in the Trump administration for four years, former Treasury Secretary Steven Mnuchin is keeping his distance from the Republican former president and his campaign, according to people familiar with the matter. "Mnuchin has not been in the room," said Stephen Moore, a conservative economist who is advising Trump. A person close to Mnuchin who was granted anonymity in order to recount private conversations, said Mnuchin supports Trump's 2024 run for president. In 2016, Mnuchin was Trump's national finance chairman during his first run for the White House. For now, Mnuchin's private equity firm, Liberty Strategic Capital, takes up most of his time, people close to the former secretary told CNBC.

Persons: Steven Mnuchin, Donald Trump, Ivanka Trump, Trump, Mnuchin, Stephen Moore, it's, Larry Kudlow, Bob Lighthizer, Trump's, Joe Biden's, Hillary Clinton, Mike Pompeo, Mike Pence Organizations: White House, White, Republican, Trump, Fox Business, National Economic Council, NBC News, Liberty Strategic Capital, CNBC, East . Press, Capitol, The Washington Post Locations: Washington , U.S, United States, East

☆ Emails reveal how Amazon and Google tap friends in government to influence policies. Critics say there's too much 'coziness' with Big Tech.
▼ + stars: | 2023-11-10 | by ( Hugh Langley | ) www.businessinsider.com time to read: +7 min

When you work as a Big Tech lobbyist, there's a good chance you're already friends with someone in government. In 2022, 82.4% of Amazon lobbyists and 81.3% of Alphabet lobbyists previously held government jobs, according to data from OpenSecrets. "Big Tech uses its special revolving door access to furtively push for rigged trade policies," Warren wrote. The emails are limited to correspondence with Amazon and Google lobbyists and do not include communications with representatives of other tech companies. Big Tech critics say this access to policymakers is not granted to the public or civil-society groups, and that's why Warren and others have called for more transparency.

Persons: there's, Sen, Elizabeth Warren, Katherine Tai —, Warren, Tai, Andrea Boron, Mary Thornton, Karan Bhatia, Google's, Byun, Jillian DeLuna, Thornton, Bhatia, Kate Kalutkiewicz, USTR, Maria Langholz, Trump, Biden, Amazon's Thornton, Ethan Holmes, Joe Biden, Jonathan Ernst, That's, José Castañeda Organizations: Big Tech, United States Trade Representative, Google, Amazon, Amazon Web Services, YouTube, Amazon Prime, Spotify, Canada's, Demand, Prosperity, Reuters Locations: Big, Asia, China, Bali, Tokyo

☆ South Africa to host US-Africa trade summit despite Russia spat
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +3 min

South Africa's economic hub, Johannesburg, will host the U.S.-sub-Saharan Africa Trade and Economic Cooperation Forum from Nov. 2 to 4, U.S. and South African officials said in a joint statement on Wednesday. "As President Biden has said, the future is Africa," United States Trade Representative Katherine Tai said in the statement. Despite Pretoria's declared neutrality, perceived close ties between Russia and South Africa, an important U.S. trading partner in Africa, have ruffled feathers Washington. Pointing to South Africa's joint naval operations with China and Russia in February, and plans to host Russian President Vladimir Putin at a BRICS bloc summit, they also suggested South Africa's trade benefits under AGOA could be revoked. The lawmakers appeared to back up an explosive accusation by the U.S. ambassador to South Africa that a Russian vessel under sanctions collected weapons at a South African naval base last year.

Persons: Katherine Tai, Biden's, Jonathan Ernst, Biden, Tai, Pretoria's, Vladimir Putin, Putin, Ebrahim Patel, Joe Bavier, Grant McCool Organizations: Trade, REUTERS, Saharan, Saharan Africa Trade, Economic Cooperation, United States Trade, U.S . House, U.S . Senate, U.S, Thomson Locations: Washington , U.S, Russia, Washington JOHANNESBURG, South Africa, U.S, Africa, South, Johannesburg, Saharan Africa, Ukraine, Washington, China, Russian, AGOA, United States

Mexico President Andres Manuel Lopez Obrador's steps to roll back reforms aimed at opening Mexico's power and oil markets to foreign competitors ultimately sparked the trade dispute. The steps add to a significant worsening of trade relations between Washington and Mexico City, even as their economic integration grows. Like the energy policies, Washington argues that banning GMO corn for human and animal consumption violates Mexico's obligations under the trade pact. The White House has hoped to avoid escalating energy trade tensions with Mexico as it sought help on immigration and drug trafficking, but talks that began last year have made little progress. In 2022, Mexico had a $130.5 billion goods trade surplus with the United States.

Persons: Katherine Tai, Tatiana Clouthier, Trade Mary Ng, Joe Biden's, Andres Manuel Lopez Obrador's, USTR, Obrador, Biden, Donald Trump, Jarrett Renshaw, David Lawder, Stephen Eisenhammer, Tomasz Janowski Organizations: Trade, Small Business, Export, Washington, United States Trade Representative, United, Chevron, Marathon Petroleum, Comision Federal, Mexico, Ministry, U.S, North American Free Trade, Thomson Locations: Mexican, United States, Mexico, Canada, Mexico City, U.S, United States Mexico Canada, USMCA, Washington, China, Washington's

☆ Factbox: Flurry of US-India deals on AI, defense as Biden, Modi meet
▼ + stars: | 2023-06-22 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +4 min

The following is a roundup of the major announcements:VISASThe Biden administration will make it easier for Indians to live and work in the United States. The United States intends to open new consulates in Bengaluru and Ahmedabad. India is opening a new consulate in Seattle this year and will soon announce two new consulates in the United States. The MQ-9Bs will be assembled in India, a joint statement said, and U.S. manufacturer General Atomics will also establish new facility in India. ADVANCED COMPUTINGIndia and the United States established a Joint Indo-U.S. Quantum Coordination Mechanism to facilitate joint research between the public and private sectors across both countries.

Persons: Narendra Modi, Joe Biden, Biden, Katherine Tai, Vikram Solar, Electric's, General Atomics, Atomics, Jarrett Renshaw, Heather Timmons, Grant McCool Organizations: Indian, U.S, The State Department, United, INDIA, Micron Technology, Micron, United States Trade, World Trade Organization, Minerals Security Partnership, European Union, India’s Epsilon Carbon, VSK Energy, JETS, Hindustan Aeronautics Ltd, Indian Air Force, GE Aerospace's, Tejas, GE, Reuters, SPACE, Artemis Accords, NASA, International Space Station, Thomson Locations: Washington, United States, U.S, Bengaluru, Ahmedabad, India, Seattle, Gujarat, US, Colorado, China, SPACE India

☆ Bill would give Biden new powers to prepare for the next pandemic
▼ + stars: | 2023-06-22 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

New York CNN Business —The Covid-19 pandemic exposed glaring weaknesses in America’s medical supply chains, causing a frantic scramble for masks, respirators and other gear needed to fight the virus. Now, a bipartisan effort in Congress is attempting to boost medical supply chain resilience and ease the country’s reliance on less friendly nations like China for critical medical supplies – before the next disaster strikes. The bill aims to improve supply chain resilience by giving the White House the ability to diversify and expand supply networks while simultaneously eliminating unneeded trade barriers. Earlier this month, the White House hailed the end of the supply chain nightmare that had sent consumer prices surging and left some store shelves empty. The administration released a scorecard that indicated dozens of recommendations from a 2021 supply chain review have been implemented, including some related to strained medical supply chains.

Persons: Democratic Sen, Tom Carper, Republican Sen, Thom Tillis, Joe Biden, America’s “, “, ” Carper, Tillis, Carper, ” Tillis Organizations: New York CNN Business, Democratic, Republican, CNN, White House, International Trade, Global Competitiveness, National Academies of Sciences, Engineering, Medicine, Reliance, Trade Organization, GE Healthcare, House, Department of Health, Human Services, United States Trade, Trade, Force Locations: China, United States, America, Covid, Mexico, Malaysia, Shanghai

☆ Taiwan, U.S. to sign first deal under new trade framework
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, June 1 (Reuters) - Taiwan and the United States will sign the first deal under a new trade talks framework on Thursday, both governments said, boosting ties between the two at a time of heightened tensions with China over the democratically-governed island. Taiwan and the United States started talks under what is called the U.S.-Taiwan Initiative on 21st Century Trade last August, after Washington excluded Taiwan from its larger pan-Asian trade initiative, the Indo-Pacific Economic Framework. The U.S. Trade Representative's office said Deputy United States Trade Representative Sarah Bianchi would attend the event, but also did not elaborate. Last month, the two sides reached agreement on the first part of their trade initiative, covering customs and border procedures, regulatory practices, and small business. Beijing has denounced the trade talks as it does with all forms of high level engagement between Taiwan, which it claims as its own territory, and the United States.

Persons: Sarah Bianchi, Ben Blanchard, Jacqueline Wong, Michael Perry Organizations: U.S ., Taiwan Initiative, Century Trade, Trade Negotiations, U.S . Trade, United States Trade, Thomson Locations: TAIPEI, Taiwan, United States, China, U.S, Washington, Beijing, Taipei

☆ Cubans, waylaid by weather and fuel shortage, march for May Day five days late
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +2 min

[1/2] People gather at the seafront Malecon to watch the International Worker's Day celebration in Havana, Cuba May 5, 2023. REUTERS/Alexandre MeneghiniHAVANA, May 5 (Reuters) - Cubans rallied on Havana's Malecon waterfront boulevard to celebrate International Worker's Day on Friday, five days after the planned May 1 event was called off due to foul weather and a fuel crisis that has crippled public transport on the island. "This year it was not possible, due to the fuel situation," said university professor Javier Sanchez, 24, as he cheered during the morning celebration. Though May 1 dawned clear in Havana, a wind and rain storm the previous day hindered preparations, leading Cuban officials to postpone the event until Friday. Cuban state-run media estimated that 100,000 Cubans had gathered on the Malecon by early Friday morning.

☆ US chip subsidy criteria could be a 'burden', says South Korea
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

Samsung is building a chip plant in Texas that could cost over $25 billion and has said it is reviewing the guidelines. However, funding applications may require detailed cost structure information as well as projected wafer yields, utilisation rates and price changes, which three Korean chip sources told Reuters was akin to revealing corporate strategy. The United States' subsidy provisions should reflect the opinions of the government and companies of South Korea so they do not impose any undue burden on those companies, South Korean Trade Minister Ahn Duk-geun said in a statement on Thursday. Ahn's comment came from a meeting with United States Trade Representative Katherine Tai in South Korea, a leading chipmaking country and major investor in the U.S. chip sector. The U.S. Department of Commerce will accept subsidy applications for leading-edge chip facilities from March 31, and for current-generation, mature-node and back-end production facilities from June 26.

Obrador's decision to roll back reforms aimed at opening Mexico's power and oil markets to outside competitors sparked the trade dispute. If not, the U.S. will request an independent dispute settlement panel under the Unites States Mexico Canada Agreement, or USCMA, they said. The United States and Canada demanded dispute settlement talks with Mexico in July - 250 days ago. Under USMCA rules, after 75 days without a resolution, they were free to request a dispute settlement panel, a third party that rules on the case. In my view, it’s long past time to say enough is enough and escalate this into a real dispute settlement case," Wyden said.

☆ Asia stocks feel rate pain, dollar on a roll
▼ + stars: | 2023-02-27 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

China has manufacturing surveys and the National People's Congress kicks off at the weekend and will see new economic policy targets and policies, as well as a reshuffling of government officials. S&P 500 futures were flat, while Nasdaq futures edged up 0.1%. Fed futures now have rates peaking around 5.42%, implying at least three more hikes from the current 4.50% to 4.75% band. Markets have also nudged up the likely rate tops for the European Central Bank and the Bank of England. Ten-year Treasury bonds also yield more than twice the estimated dividend yield of the S&P 500 Index, and with much less risk.

☆ China, U.S. spar at WTO meeting over disputes
▼ + stars: | 2023-01-27 | by ( Emma Farge | ) www.reuters.com time to read: +2 min

China's ambassador to the WTO Li Chenggang spoke at a meeting on trade disputes shortly after the United States lodged an appeal against a series of WTO rulings involving China, Turkey, Norway and Switzerland which found that U.S. metal tariffs breached global rules. Washington, which has long criticized the WTO dispute system for overreach and is leading discussions on reforming it, has criticized both rulings. The United States said it regretted the metal tariffs dispute with China was even on the agenda at the meeting and accused Beijing of imposing "illegal unilateral retaliatory measures" on U.S. exports. "A WTO that serves to shield China's non-market policies and practices is not in anyone's interest," said Deputy United States Trade Representative Maria Pagan, according to a copy of her speech. In an interview with Reuters on Thursday, Pagan played down the significance of more vocal criticism of Washington by China at WTO meetings.

☆ U.S. wants World Trade Organization dispute system fixed by 2024
▼ + stars: | 2023-01-26 | by ( Emma Farge | ) www.reuters.com time to read: +3 min

The WTO's appeals bench, which rules on top disputes, has been mothballed for over two years due to Trump-era blockages of adjudicator appointments. Under President Joe Biden, Washington has resisted calls by WTO members to approve appointments and has instead been leading negotiations on how to reboot the WTO's dispute system. "Our goal is a fully functioning (dispute system) by 2024," Deputy United States Trade Representative Maria Pagan told Reuters in her first public comments on the closed-door talks, saying Washington was "very committed" to reforms. The United States has criticized the WTO's alleged overreach and lengthy processes and it has strongly contested some of its recent rulings against the United States. Pagan described the process as "frustrating" but said she was hopeful a breakthrough had been found, without elaborating.

☆ Canada, Mexico win auto rules trade dispute with U.S.
▼ + stars: | 2023-01-11 | by ( Steve Scherer | ) www.reuters.com time to read: +3 min

"The decision is good for Canada and Mexico," said Flavio Volpe, president of Canada's Automotive Parts Manufacturers' Association. The decision is "disappointing," said Adam Hodge, a spokesperson for the United States Trade Representative's office, adding that the decision could result in "fewer American jobs". The USTR will now "engage Mexico and Canada on a possible resolution to the dispute," Hodge said. The decision was announced amid a separate USMCA dispute centered on energy that has pitted the United States and Canada against Mexico. The United States said "core part" content should not be rounded up when determining the content of the entire car.

☆ Tesla safety at centre of South Korean trial over fiery, fatal crash
▼ + stars: | 2022-11-20 | by ( Ju-Min Park | ) www.reuters.com time to read: +9 min

SEOUL, Nov 21 (Reuters) - In an upscale Seoul neighbourhood two years ago, a white Tesla Model X smashed into a parking lot wall. The criminal trial about to begin in South Korea hangs on questions about the safety of Tesla cars, at a time when the EV maker faces a range of lawsuits and increased scrutiny by regulators. A lawyer for the family of Yoon Hong-geun, who owned the car and died in the crash, declined to comment. Tesla sold 17,828 vehicles in South Korea in 2021, registration data shows. Judge Park Won-gyu said that he plans to call Tesla engineers to testify and that the safety of Tesla vehicles would be examined at trial.

☆ Taiwan, U.S. to hold in person trade talks next week
▼ + stars: | 2022-11-04 | by ( ) www.cnbc.com time to read: +1 min

Flags of the United States and Taiwan displayed on phone screens are seen in this multiple exposure illustration photo taken in Poland on August 4, 2022. Taiwan and the United States will hold in-person trade talks next week in New York under a new joint initiative announced in June, the U.S. and Taiwanese governments said, a program opposed by China, which views the island as its own territory. Washington and Taipei unveiled the U.S.-Taiwan Initiative on 21st Century Trade in June, days after the Biden administration excluded Taiwan from its Asia-focused economic plan designed to counter China's growing influence. The U.S. Trade Representative's office said in a Thursday statement the "conceptual discussions" would take place Tuesday and Wednesday, with Assistant United States Trade Representative Terry McCartin as the lead trade official. The U.S. delegation will also include representatives from the National Economic Council, the Department of Commerce, the Department of Treasury, the Small Business Administration, and the Food and Drug Administration, it added.

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