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☆ Janet Yellen warns AI in finance poses ‘significant risks’
▼ + stars: | 2024-06-05 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

For instance, Yellen will note that the “complexity and opacity” of AI models could cause problems. The problem is that many AI models operate as a “black box,” meaning their inner workings are impenetrable to outsiders. If Wall Street firms are relying on mysterious AI models, regulators will struggle to understand how safe their systems truly are. Likewise, Yellen will say there is a “concentration” risk linked to the fact that there are only a few companies providing AI models. AI models have a history of making stuff up, often in a convincing way.

Persons: Janet Yellen, Yellen, OpenAI’s ChatGPT, “, ” Yellen, ”, “ We’ve Organizations: CNN, US Treasury Department, Brookings Institution, Treasury, IRS, Treasury Department

☆ Biden to meet with Zelensky in Normandy and at next week’s G7, White House says
▼ + stars: | 2024-06-04 | by ( Sam Fossum | ) edition.cnn.com time to read: +4 min

CNN —President Joe Biden will meet with Ukrainian President Volodymyr Zelensky while he is in Normandy, France, according to White House national security adviser Jake Sullivan. CNN previously reported that Russian President Vladimir Putin was not extended an invitation, according to a French presidential source. Sullivan added that Biden is also expected to meet with Zelensky during the G7 in Italy next week. “In the course of a little more than a week, the president will have two substantive engagements with President Zelensky,” Sullivan said. The two leaders last met in person when Zelensky was in Washington, DC, in December 2023 to make an in-person plea for military and economic aid.

Persons: Joe Biden, Volodymyr Zelensky, Jake Sullivan, “, Zelensky, ” Sullivan, Biden, Rishi Sunak, Justin Trudeau, Vladimir Putin, Sullivan, ”, Janet Yellen’s, Emmanuel Macron, CNN’s Jack Forrest, Joshua Berlinger, Simone McCarthy, Brad Lendon, Eric Cheung Organizations: CNN, White House, Ukraine, Air Force, British, Canadian, Zelensky, “, Russia, US, US Army Rangers, Biden, NATO Locations: Normandy, France, he’s, he’ll, Ukraine, Europe, Italy, Washington , DC, Kharkiv, “, United States, Germany, Biden’s, Pointe du Hoc

☆ More Americans will be able to file their taxes for free through the IRS next year
▼ + stars: | 2024-05-31 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

"The Treasury Department and IRS look forward to working with states to expand Direct File for Americans across the country," Treasury Secretary Janet Yellen said in a statement. More than 140,000 taxpayers used the free filing option, the IRS reports, exceeding the agency's expectations for the pilot program. Beyond increasing access to the Direct File program to all states, the IRS is working on other ways to broaden eligibility. The IRS also announced it would extend its Free File program through 2029. "Free File was part of a successful filing season at the IRS that saw increased interest in a range of free programs to help taxpayers."

Persons: Janet Yellen, Danny Werfel Organizations: Internal Revenue Service, . Treasury, Washington D.C, Treasury Department, IRS, Treasury, Biden, CNBC Locations: Washington, filers

☆ The IRS says its direct file program saved Americans $5.6 million in filing fees. Now they're making it permanent.
▼ + stars: | 2024-05-30 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

And so, after a successful pilot run, the tax agency has announced that it's making its new free direct file program permanent. The Direct File program first launched in twelve states for the 2023 filing season following a successful pilot. "Since the direct file pilot was completed in April, we have heard directly from hundreds of organizations across the country, more than a hundred members of Congress, from individual direct file users, and those that are interested in using direct file," Werfel said. The new Direct File program has encountered some pushback from paid tax services. Did you use Direct File and save time or money?

Persons: —, It's, haven't, Janet Yellen, Danny Werfel, Aaron Mok —, Werfel, Rick Heineman, Heineman, filers, Natalie Quillian, Biden's Organizations: Service, IRS, Business, Treasury Department, Intuit TurboTax, Treasury, House Locations: Yellen

☆ IRS plans to make its free tax filing program permanent
▼ + stars: | 2024-05-30 | by ( Katie Lobosco | ) edition.cnn.com time to read: +5 min

Washington CNN —The Internal Revenue Service said Thursday that it will continue and expand its free tax filing program in 2025. It provides step-by-step guidance to taxpayers filing their federal tax returns. Direct File was available to people with certain simple tax returns in 12 states during the 2024 tax filing season. More than 140,000 people successfully filed their federal tax returns using Direct File, exceeding the agency’s expectations. During the 2024 tax filing season, eligibility was limited to people with simple tax returns.

Persons: Biden, they’re, Janet Yellen, “, Danny Werfel, haven’t, Werfel Organizations: Washington CNN, Internal Revenue Service, Democrat, “, IRS Locations: Washington, ”

☆ IRS free tax filing program to be available nationwide starting in 2025
▼ + stars: | 2024-05-30 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

IRS Commissioner Danny Werfel testifies before the House Appropriations Committee on May 07, 2024 in Washington, DC. The IRS will expand Direct File, its free tax filing program, nationwide starting in 2025, the agency and the U.S. Department of the Treasury announced on Thursday. "The Treasury Department and IRS look forward to working with states to expand Direct File to Americans across the country." Direct File was available to limited taxpayers in 12 states during the 2024 filing season. More than 140,000 users successfully filed returns using Direct File and the pilot saved an estimated $5.6 million in tax preparation fees, the agencies announced in April.

Persons: Danny Werfel, Janet Yellen Organizations: IRS, U.S . Department of, Treasury, Treasury Department Locations: Washington ,

☆ Western countries are lining up to name and shame China for overproduction
▼ + stars: | 2024-05-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

Read previewWestern countries are lining up to call out China for its barrage of cheap exports that are flooding the world's markets. "We will continue to monitor the potential negative impacts of overcapacity and will consider taking steps to ensure a level playing field, in line with World Trade Organization (WTO) principles." China pushes back on criticism, industrial profits rose in AprilBeijing has consistently resisted the West's criticism that it is dumping cheap goods on the world market. Chinese authorities say the West's accusations are protectionist and aimed at containing China's economic growth. In April, profits at China's industrial companies rose 4% from a year ago, reversing a drop in March, according to official statistics released on Monday.

Persons: —, Janet Yellen, Olaf Scholz, Bruno Le Maire, Yu Weining, Joe Biden, Biden, Josh Lipsky, Lipsky Organizations: Service, Business, EU, Bloomberg, World Trade Organization, China's Commerce Ministry, European Commission, International Monetary Fund Locations: China, France, Stresa, Italy, Beijing, United States

☆ Yellen sees no 'showstoppers' on G7 Ukraine loan backed by Russian asset earnings
▼ + stars: | 2024-05-25 | by ( ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen attends an interview with Reuters Editor in Chief Alessandra Galloni in Washington, U.S., April 25, 2024. U.S. Treasury Secretary Janet Yellen said on Friday that she does not see "any showstoppers" in her discussions with fellow G7 finance ministers about a larger loan to Ukraine backed by the income of frozen Russian sovereign assets. Yellen told Reuters in an interview on the sidelines of a G7 finance leaders meeting that not all of the technical details of the loan proposal need to be worked out this weekend. G7 leaders are due to meet next month in Puglia, southern Italy. "I think there is a general view that we should express a common set of concerns to China," she said.

Persons: Janet Yellen, Alessandra Galloni, Yellen, I've Organizations: Treasury, Reuters, U.S . Treasury, Ukraine Locations: Washington , U.S, Ukraine, Stresa, U.S, Puglia, Italy, Japan, Germany, France, Britain, China

☆ European banks in Russia face 'awful lot of risk', Yellen says
▼ + stars: | 2024-05-25 | by ( ) www.cnbc.com time to read: +2 min

Kent Nishimura | Getty ImagesU.S. Treasury Secretary Janet Yellen told Reuters that European banks face growing risks operating in Russia and the U.S. is looking at strengthening its secondary sanctions on banks found to be aiding transactions for Russia's war effort. "We are looking at potentially a tougher stepping-up of our sanctions on banks that do business in Russia," Yellen told Reuters in an interview, declining to provide specifics and not identifying any banks at which they could be aimed. Speaking on the sidelines of a G7 finance leaders meeting in northern Italy, Yellen said that sanctions related to banks' dealings in Russia would only be imposed "if there was a reason to do so, but operating in Russia creates an awful lot of risk," she added. European Central Bank policymaker Fabio Panetta had clear instructions for Italian banks on Saturday telling reporters that lenders must "get out" of Russia because staying in the country brings a "reputational problem." Raiffeisen is the largest European lender doing business in Russia, followed by UniCredit.

Persons: Janet Yellen, Kent Nishimura, Yellen, Central Bank policymaker Fabio Panetta, Joe Biden's Organizations: Treasury Department, Getty, Treasury, Reuters, Bank International, Central Bank, UniCredit, United Arab Locations: Washington , DC, Russia, U.S, Italy, Ukraine, China, United Arab Emirates, Turkey

☆ The West is tapping Russian money to arm Ukraine. Much more could follow
▼ + stars: | 2024-05-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

London CNN —Money generated by Russian financial assets frozen in Europe will soon start flowing to Ukraine, giving Kyiv a boost as it struggles to counter an advance by Moscow’s troops. The plan “would essentially bring forward that flow of interest proceeds from the assets… (through a loan) given to Ukraine,” Yellen told broadcaster Sky News in an interview this week. “Ukraine has substantial needs, and being able to marshal significant resources to help Ukraine is important,” she said. Most of the frozen Russian money is held in Europe, and the euro is the world’s second-most important currency after the US dollar. This would give Kyiv access to a much larger amount of money than using future or current windfall profits from Russian assets.

Persons: Janet Yellen, ” Yellen, Gabriel Bouys, Joe Biden, ” Lee Buccheit, Trade Valdis Dombrovskis, Yellen, there’s, —, Buchheit, Putin, ” Organizations: London CNN, Union, Sky News, “, US, Getty, University of Edinburgh Law School, CNN, EU, Trade, Reuters, Russia, Ukraine, World Bank Locations: Europe, Ukraine, West, Italy, Russia, Ukraine’s, Kharkiv, Frankfurt, Germany, “ Ukraine, Stresa, AFP, EU, Belgium, Kyiv

☆ Ukraine war live updates: Russia cannot swallow the West whole, Orban says; G7 finance chiefs meet with Ukraine on agenda
▼ + stars: | 2024-05-24 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Governor of the Bank of Italy Fabio Panetta (L), Italy's Minister of Economy and Finance Giancarlo Giorgetti (R) and President of the European Central Bank Christine Lagarde pose on the sidelines of the G7 Finance Ministers meeting in Stresa on May 24, 2024. Earlier this week, U.S. Treasury Secretary Janet Yellen told Sky News she saw the "possibility" that G7 nations could assist Ukraine with as much as $50 billion in loans linked to frozen Russian assets. "The Russian assets are not earning interest anymore, but they are generating returns for Euroclear. That alone could be given to Ukraine that would be repaid over several years by that flow of interest," Yellen added. It remains to be seen whether G7 nations can strike consensus on such a loan and what final sum will be extended to support Kyiv's military effort.

Persons: Bank of Italy Fabio Panetta, Finance Giancarlo Giorgetti, European Central Bank Christine Lagarde, Janet Yellen, Yellen Organizations: Bank of Italy, Italy's, Economy, Finance, European Central Bank, Ukraine, Treasury, Sky News, Euroclear Locations: Stresa, Italy, Ukraine

☆ Yellen Warns Israel Against Cutting off Palestinian Banks
▼ + stars: | 2024-05-23 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen warned Israel on Thursday against cutting off ties between Palestinian and Israeli banks, arguing that such a move would further destabilize the economy of the West Bank at a time when Palestinians are already facing dire economic conditions. Ms. Yellen’s comments came in the wake of Israel’s decision on Wednesday to withhold tax revenue from the Palestinian Authority in retaliation for three European countries unilaterally agreeing to recognize a Palestinian state. Ms. Yellen and other top economic officials from the Group of 7 nations are expected to discuss the matter and the humanitarian situation in Gaza during their summit in Stresa, Italy, which begins on Thursday. “I’m particularly concerned by Israel’s threats to take action that would lead to Palestinian banks being cut off from their Israeli correspondent banks,” Ms. Yellen said during remarks ahead of a news conference. Ms. Yellen added that the banking channels were critical for processing transactions that allow $8 billion a year of imports of food, fuel and electricity from Israel and $2 billion of Palestinian exports.

Persons: Janet L, Yellen, Israel, Yellen’s, “ I’m, Ms Organizations: West Bank, Palestinian Authority Locations: Palestinian, Gaza, Stresa, Italy, Israel

☆ Yellen says U.S., Europe must respond jointly to China's industrial overcapacity
▼ + stars: | 2024-05-21 | by ( ) www.cnbc.com time to read: +2 min

FRANKFURT - U.S. Treasury Secretary Janet Yellen said on Tuesday that the United States and Europe needed to respond to China's industrial policies in a "strategic and united way" to keep manufacturers viable on both sides of the Atlantic. In remarks on the importance of the U.S.-European alliance in Frankfurt, Yellen said China's excess industrial capacity threatened both American and European firms as well as the industrial development of emerging market countries. "China's industrial policy may seem remote as we sit here in this room, but if we do not respond strategically and in a united way, the viability of businesses in both our countries and around the world could be at risk," she said. Yellen also called for Europe and the U.S. to stand together against Russian aggression and Iranian "support for terrorism", including agreeing on a way to unlock the value of some $300 billion worth of frozen Russian sovereign assets to aid Ukraine. "That's why I believe it's vital and urgent that we collectively find a way forward to unlock the value of Russian sovereign assets immobilized in our jurisdictions for the benefit of Ukraine," Yellen said.

Persons: Janet Yellen, Yellen, Biden Organizations: U.S . Treasury, Frankfurt School of Finance, Management, European Union, Finance Locations: FRANKFURT, U.S, United States, Europe, Frankfurt, Ukraine, Stresa, Italy

☆ Trump’s new trade war would cost middle-class families at least $1,700 a year, report warns
▼ + stars: | 2024-05-21 | by ( Matt Egan | ) edition.cnn.com time to read: +8 min

New York CNN —Former President Donald Trump’s trade agenda amounts to a tripling-down of the trade war he waged during his first term in office. That’s nearly five times the total cost as a share of GDP from the 2018-2019 US-China trade war. Trump’s tariff proposals would cost the typical middle-income household at least $1,700 a year, the researchers found. Those aren’t comparable numbers,” Clausing said, referring to the amount of imports targeted by Biden and by Trump tariffs. Likewise, the US International Trade Commission found in a 2023 study that US importers “bore nearly the full cost” of tariffs.

Persons: Donald Trump’s, Trump, That’s, Kimberly Clausing, Mary Lovely, Clausing, aren’t, ”, Joe Biden, “, Biden, ” Biden hasn’t, Janet Yellen, ” Yellen, ” Clausing, Karoline Leavitt, ’, Bidenomics, ” Leavitt, Leavitt, Moody’s, Mark Zandi, ” Goldman Sachs, ” ‘, ” Chris Krueger Organizations: New, New York CNN, Trump, Peterson Institute for International Economics, Peterson Institute, UCLA School of Law, CNN, ” Biden, Biden, Treasury Department, US International Trade Commission, “, Cowen’s Washington Research Group Locations: New York, China, Frankfurt, Germany, Europe, United States, U.S, Washington

☆ U.S. Seeks to Join Forces With Europe to Combat Excess Chinese Goods
▼ + stars: | 2024-05-21 | by ( Alan Rappeport | Liz Alderman | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen said on Tuesday that the United States and Europe needed to work together to push back against China’s excess industrial capacity, warning that a wave of cheap Chinese exports represents a grave threat to the global economy. Ms. Yellen’s remarks, delivered during a speech in Germany, highlighted what is expected to be a central topic of discussion when the Group of 7 finance ministers meet in Italy this week. “China’s industrial policy may seem remote as we sit here in this room, but if we do not respond strategically and in a united way, the viability of businesses in both our countries and around the world could be at risk,” Ms. Yellen said at the Frankfurt School of Finance and Management, where she received an honorary doctoral degree. China’s excessive production of green energy technology has become a pressing trans-Atlantic concern in recent months. Officials in President Biden’s administration have grown increasingly worried that his efforts to finance domestic manufacturing of clean energy and other next-generation technologies will be undercut by China, which is churning out steel, electric cars and solar panels at a rapid clip.

Persons: Janet L, Yellen, Yellen’s, Ms, Biden’s Organizations: Frankfurt School of Finance, Management Locations: United States, Europe, Germany, Italy, China

☆ 'We're not about to fold': Janet Yellen says efforts are underway to package a $50 billion loan to Ukraine using frozen Russian funds
▼ + stars: | 2024-05-20 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Janet Yellen told The New York Times that G7 leaders will discuss the details of a loan program for Ukraine. The loan would use proceeds from Russia's frozen asset and potentially offer a $50 billion lifeline. The aid could offer Ukraine a means of survival as Moscow amplifies its offensive. AdvertisementThe US and its allies are getting serious about a plan to finance Ukraine using interest earned on Russia's frozen assets. Under the idea, these profits would be bundled together into a sizable loan, a possible means of survival for Kyiv.

Persons: Janet Yellen, — Organizations: New York Times, Service, Kyiv, Business Locations: Ukraine, Moscow

☆ U.S. and Europe Move Closer to Using Russian Assets to Help Ukraine
▼ + stars: | 2024-05-19 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

The United States and Europe are coalescing around a plan to use interest earned on frozen Russian central bank assets to provide Ukraine with a loan to be used for military and economic assistance, potentially providing the country with a multibillion-dollar lifeline as Russia’s war effort intensifies. Treasury Secretary Janet L. Yellen said in an interview on Sunday that several options for using $300 billion in immobilized Russian assets remained on the table. But she said the most promising idea was for Group of 7 nations to issue a loan to Ukraine that would be backed by profits and interest income that is being earned on Russian assets held in Europe. The urgency to find a way to deliver more financial support to Ukraine has been mounting as the country’s efforts to fend off Russia have shown signs of faltering. “It would generate a significant up-front amount that would help meet needs we anticipate Ukraine is going to have both militarily and through reconstruction.”

Persons: Janet L, Yellen, “, Ms, ” Organizations: Finance Locations: States, Europe, Ukraine, Italy, Russia, Germany

☆ U.S. orders Chinese-backed crypto miner to sell land near nuclear missile base
▼ + stars: | 2024-05-14 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

US Treasury Secretary Janet Yellen delivers remarks at the Treasury Department's Committee on Foreign Investment in the United States conference at the Treasury Department in Washington, DC, on September 14, 2023. U.S. President Joe Biden issued an order on Monday forcing a Chinese-backed cryptocurrency mining company to sell land near a Wyoming nuclear missile base, citing national security concerns. The company, MineOne, acquired the real estate in June 2022, placing its operations within a mile of the Francis E. Warren Air Force Base, a "strategic missile base and key element of America's nuclear triad," according to the White House. The company's site contained "specialized and foreign-sourced equipment potentially capable of facilitating surveillance and espionage activities," the presidential order said. MineOne was ordered to divest from the land in the next 120 days, and to remove certain improvements and equipment at the property.

Persons: Janet Yellen, Joe Biden, Francis E, Biden, MineOne Organizations: Treasury, Foreign Investment, United States, Treasury Department, Warren Air Force Base, British Virgin Islands Locations: Washington ,, Wyoming, British, United States, U.S

☆ Powell says inflation has been higher than thought and expects rates to hold steady
▼ + stars: | 2024-05-14 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Federal Reserve Chair Jerome Powell reiterated Tuesday that inflation is falling more slowly than expected and will keep the central bank on hold for an extended period. But these [inflation readings] were higher than I think anybody expected," Powell said. While he expects inflation to come down through the year, he noted that hasn't happened so far. "I do think it's really a question of keeping policy at the current rate for longer than had been thought," he said. "I think it's more likely that we'll be at a place where we hold the policy rate where it is."

Persons: Jerome Powell, Janet Yellen, Powell Organizations: Treasury Department, Federal, Foreign Bankers ' Association in Locations: Washington , DC, Foreign Bankers ' Association in Amsterdam

☆ Biden to increase tariffs on $18 billion in Chinese imports in a new warning to Beijing
▼ + stars: | 2024-05-14 | by ( Kayla Tausche | ) edition.cnn.com time to read: +5 min

Washington CNN —President Joe Biden is increasing tariffs on $18 billion in Chinese imports across a handful of sectors deemed strategic to national security – an attempt to cripple Beijing’s development of critical technologies and instead prioritize US production. The increases will apply to imported steel and aluminum, legacy semiconductors, electric vehicles, battery components, critical minerals, solar cells, cranes and medical products. That same trade law also requires the effectiveness of such tariff programs to be evaluated every four years, and the Biden administration decision is the result of that study. “China can’t be the only country that produces clean technology for the world we need,” a senior administration official said. The Chinese government, Biden argued, is providing state money to Chinese steel companies to make more steel than the economy demands, pushing down the price and making it impossible for other companies to compete.

Persons: Joe Biden, “, ”, Lael Brainard, “ China’s, Donald Trump, Biden, Wang Wenbin, Trump, Janet Yellen, Antony Blinken, “ They’re, ” Biden, Sam Fossum Organizations: Washington CNN, White, National Economic Council, CNN, Biden, Trade Organization, Brookings Institute, United Steelworkers, Trump, China’s Ministry, Commerce Locations: China, Beijing, Europe, Brazil, Turkey, Pittsburgh, Midwest

☆ Mortgage companies could intensify the next recession, US officials warn
▼ + stars: | 2024-05-13 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Unlike traditional banks, nonbank mortgage companies like Rocket Mortgage are heavily exposed to swings in the mortgage market, depend on funding that can dry up during times of stress and don’t have stable deposits to rely on as a safety net. Despite the wonky term, nonbank mortgage companies have become vital players that make most home mortgages in the United States today. As of 2022, nonbank mortgage companies originated about two-thirds of US mortgages and owned the servicing rights on 54% of mortgage balances, according to FSOC. “Nonbank mortgage firms are thinly capitalized, which makes them vulnerable to failure if they lose financing or mortgage defaults spike,” said McCoy, a former mortgage regulator. “Starting in early 2007, we saw a tsunami of nonbank mortgage firms fail precisely for these reasons.”

Persons: Janet Yellen, FSOC, Cooper, ” FSOC, Ginnie Mae, Bob Broeksmit, Patricia McCoy, ”, McCoy Organizations: New, New York CNN, Rocket, Mortgage, Mortgage Bankers Association, ABA, Boston College Law School, “ Locations: New York, United States

☆ Yellen says Chinese response possible on expected U.S. tariff action
▼ + stars: | 2024-05-13 | by ( ) www.cnbc.com time to read: +1 min

U.S. Secretary of the Treasury Janet Yellen speaks while presiding over a meeting of the Financial Stability Oversight Council at the Treasury Department on May 10, 2024 in Washington, DC. The United States could see a significant response from China following any U.S. tariff actions, U.S. Treasury Secretary Janet Yellen said on Monday ahead of expected new tariffs targeting certain sectors this week. "President Biden believes that anything we do should be targeted to our concerns and not broad-based and hopefully we will not see a significant Chinese response. But that's always a possibility," Yellen told Bloomberg Television in an interview. Asked if the United States wants a trade war with China, Yellen said: "We're working to stabilize our economic relationship.

Persons: Janet Yellen, Biden, that's, Yellen, Yellen's, Joe Biden Organizations: Treasury Department, Treasury, Bloomberg Television, Reuters Locations: Washington ,, United States, China

☆ The Rise and Fall of China’s Economic ‘Miracle’ - The New York Times
▼ + stars: | 2024-05-11 | by ( Anne Stevenson-Yang | ) www.nytimes.com time to read: +1 min

Not surprisingly, China’s leaders did not like what they heard, and they didn’t budge. Years of erratic and irresponsible policies, excessive Communist Party control and undelivered promises of reform have created a dead-end Chinese economy of weak domestic consumer demand and slowing growth. The only way that China’s leaders can see to pull themselves out of this hole is to fall back on pumping out exports. The tide of Chinese exports will continue, tensions with the United States and other trading partners will grow, China’s people will become increasingly unhappy with their gloomy economic prospects and anxious Communist Party leaders will respond with more repression. It is baked into China’s political system and has only worsened during President Xi Jinping’s decade in power.

Persons: Antony Blinken, Janet Yellen, that’s, Xi Organizations: Communist Party Locations: Beijing, United States

☆ 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

☆ Treasury launches ‘Project Fortress,’ an alliance with banks against hackers
▼ + stars: | 2024-05-09 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

The new public-private partnership, dubbed Project Fortress, underscores the real danger US officials and bank executives believe cyberattacks pose to the economy. But Project Fortress is not just about playing defense. Project Fortress has been in the works for several months, with Treasury rolling out various parts of the alliance in pieces, the source said. One of the key elements of Project Fortress is the cyber hygiene tool run by the Cybersecurity and Infrastructure Security Agency (CISA). The federal government has recently flexed its offensive capabilities, including ones that are part of Project Fortress.

Persons: Wally Adeyemo, Janet Yellen, Adeyemo, Jamie Dimon, Brian Moynihan, Jane Fraser, Robin Vince, ” Vince, Vince, Jerome Powell, ” Adeyemo, Sean Lyngaas Organizations: New, New York CNN, Treasury, CNN, Bank Policy, JPMorgan Chase, Bank of America, Citigroup, BNY, Washington, Industrial, Commercial Bank of China, Infrastructure Security Agency, JPMorgan Locations: New York, Washington

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