Category: Business

Trump said tariffs on Chinese goods will increase to 25% on Friday

President Trump said on Sunday the U.S. tariffs imposed on $200 billion of Chinese goods will increase to 25 percent on Friday, attributing the payments on those products to the “great economic results.”

The U.S. already imposes a 10 percent tariff on $200 billion of goods and a 25 percent tariff on $50 billion of tech products. Trump also threatened to slap an additional 25 percent tariff on $325 billion of goods.
White House officials have stressed that both sides are eager to wrap up talks; last week, Treasury Secretary Steven Mnuchin told FOX Business that although they still had “more work to do,” enforcement mechanisms were “close to done.”

“If we get to a completed agreement it will have real enforcement provisions,” he said at the time. Trump, however, warned that although talks were continuing, they were progressing too slowly as Beijing tries to renegotiate.

“The Tariffs paid to the USA have had little impact on product cost, mostly borne by China. The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!” Trump wrote.

Politico reported on Wednesday that the two countries are close to a deal, which could come as soon as the end of this week.

Trump has made a priority of shaking up American trade policy.

As a candidate for the presidency, Trump raged repeatedly about alleged Chinese perfidy — so much so that a video mashup of him spitting out the word “China” went viral and collected more than 15 million views on Youtube.com.

Trump charged that previous administrations, gullible and weak, had let China get away with abusive trade practices, accepting empty promises from Beijing and allowing the U.S.-China economic relationship to grow ever more lopsided. As evidence, he pointed to America’s vast U.S. trade deficit with China — $379 billion last year, by far the biggest with any country in the world.

Once he took office, Trump’s relationship with his Chinese counterpart, Xi Jinping, seemed to get off to a good start. The two men shared chocolate cake and amiable conversation at Trump’s resort in Mar-a-Lago, Florida, in April 2017. A few weeks later, China agreed to open its market U.S. beef, cooked chicken, and natural gas in what Commerce Secretary Wilbur Ross called a “herculean accomplishment.”

The romance faded. In March 2018, the Office of the U.S. Trade Representative issued a report accusing China of using predatory tactics to strengthen its tech companies.

Last July, the Trump administration gradually began slapping import taxes on Chinese goods to pressure Beijing into changing its policies. It now has imposed 10% tariffs on $200 billion in Chinese imports and 25% tariffs on another $50 billion. The Chinese have retaliated by targeting $110 billion in U.S. imports.

The fight between the world’s two biggest economies is raising worries about global economic growth. The International Monetary Fund, the World Bank, and others have downgraded their forecasts for the world economy, saying the U.S.-China standoff is reducing world trade and creating uncertainty for companies trying to decide where to buy supplies, build factories, and make investments.

Trump has portrayed his tariffs as a moneymaker for the United States and a benefit to the U.S. economy.

But a March study by economists from the Federal Reserve Bank of New York, Columbia University, and Princeton University found that the burden of Trump’s tariffs — including taxes on steel, aluminum, solar panels, and Chinese imports — falls entirely on U.S. consumers and businesses who buy imported products. By the end of last year, the study found, they were paying $3 billion a month in higher taxes and absorbing $1.4 billion a month in lost efficiency.

Nonetheless, the overall U.S. economy has remained healthy. On Friday, the government reported that the U.S. unemployment rate had fallen to the lowest level in half a century.

Stocks making the biggest moves midday: Netflix, Boeing, Tesla, Eli Lilly & more

Check out the companies making headlines midday Friday this week:

Netflix — Shares of the video-streaming giant fell 4 percent after issuing weaker-than-expected guidance for the first quarter of 2019. The company also posted lighter-than-expected revenue for the fourth quarter of 2018.

Schlumberger — Schlumberger’s stock rose more than 8 percent and posted its biggest one-day gain since 2011. The jump came after the company issued upbeat guidance for 2019. CEO Paal Kibsgaard said in a statement Schlumberger expects “expect a more positive supply- and demand-balance sentiment to lead to a gradual recovery in the price of oil over the course of the year.”

American Express — The Dow component fell on the back of disappointing quarterly results before recovering. American Express reported adjusted fourth quarter earnings of $1.74 per share and revenue of $10.47 billion. Analysts polled by Refinitv expected a profit of $1.80 per share and sales of $10.56 billion.

Boeing, Caterpillar — Shares of Boeing and Caterpillar rose 1.6 percent and 2.2 percent, respectively. The rise came after sources told CNBC that China has offered to boost U.S. imports for six years during ongoing trade talks.

Pilgrim’s Pride, Sanderson Farms —The chicken producers rose more than 6.5 percent each. An analyst at Mizuho Securities cited the recent thawing in U.S.-China trade talks, noting: “The long-awaited reopening of the China market would be unquestionably good news for US producers as China is by far the largest (and virtually only) market for chicken byproducts (paws and wing tips).”

V.F. Corp. — Shares of V.F. Corp. shot up more than 12 percent after the apparel company posted better-than-expected earnings. The company posted earnings per share of $1.16 percent, topping a $1.10 estimate.

Eli Lilly — Eli Lilly’s stock fell 2.2 percent in midday trading after the company announced that a phase 3 study of Lartruvo failed. Lartruvo is a drug that aims to treat cancer.

U.S. Concrete, Vulcan Materials, Eagle Materials, Summit Materials — Construction stocks rose broadly after Reuters reported that President Donald Trump is trying to revive support for an infrastructure plan that would last up to 13 years.

Tesla —The electric car maker’s stock dropped nearly 13 percent after the company announced it would cut 7 percent of its workforce. CEO Elon Musk said in an email that Tesla faces a “very difficult” road ahead.

Jack Bogle feared this one thing most and it drove him to revolutionize investing with Vanguard

The CNBC says, Former Vanguard Group Chairman and CEO F. William McNabb told CNBC that his first meeting with Jack Bogle, and the one that made a lasting impression on him, was his interview for a product manager position at the fund company in 1986.

Bogle, the founder of Vanguard who is credited with revolutionizing the investment business, had his feet propped up during the interview because of “doctor’s orders” while he recovered from a heart attack. “It’s the only concession I’ll make to be in the office,” McNabb recalled Bogle saying.

At the time, McNabb was working on Wall Street after graduating from the University of Pennsylvania’s Wharton School, but Bogle didn’t ask McNabb one question about his resume. Instead, they talked about values, education and books.

It was emblematic of the type of company Bogle had built and of his legacy, McNabb told CNBC. Bogle died Wednesday at age 89.

This ‘90s Jack Bogle interview shows how little his famous investing strategy changed over the years.

Bogle believed that culture trumped strategy every time and that Vanguard would be a place where everyone’s contribution was valued and respected, McNabb told CNBC on Friday. The culture Bogle fostered at Vanguard was one of hard work, treating everyone with respect, always doing the right thing and putting clients’ interests first, McNabb said.

Bogle feared complacency. He was inspired by the writings of American revolutionary Thomas Paine, who was often quoted in Bogle’s books, and the economist Joseph Schumpeter, who popularized the term “creative destruction.” What other industry executives found disruptive, Bogle thought necessary to remain relevant.

“When you look at Vanguard today, we are a result of a lot of those steps,” said McNabb.

In its first year, Vanguard managed $1.7 billion of customer assets, and when Bogle stepped down as CEO, Vanguard had reached $250 billion assets under management. The company now manages $5.1 trillion, largely because of the popularity of Bogle’s industry-changing idea: index mutual funds.

McNabb became CEO of Vanguard two weeks before the fall of Lehman Brothers in 2008. Amidst the turmoil of the financial crisis, he asked himself, “what would Jack do?,” and recalls Bogle’s favorite phrase: Press on, regardless.

特朗普总统对中美达成贸易协议持乐观态度

白宫经济委员会(White House National Economic Council )主任拉里·库德洛(Larry Kudlow)表示,美国在解决与中国的贸易争端方面继续取得进展。

库德洛在星期五在接受美国媒体采访时表示:我们北京会议上取得了一些进展。”他表示:“没有任何问题得到解决,没有任何纸面上的解决,没有任何合同。”他指出,近期有关协议即将达成的新闻报道,在目前这个时候并不准确。

然而,特朗普总统仍然对达成贸易协议的前景持乐观态度,并正在与北京方面进行精明的谈判,以达成对美国最有利的协议。

库德洛说:他想和中国达成一项协议,这对美国、美国的劳动力、美国的农民、美国的制造商和美国的技术都是一笔大买卖。

一个多星期前,美国副贸易代表杰弗里·格瑞斯率美国农业、商务、能源、财政部和白宫高级官员会见了中国代表团。

自去年以来,世界上最大的两个经济体陷入了一场贸易战,导致了对彼此商品的针锋相对的关税。美国金融市场也在关注和回应有关进展和挫折的报告。

库德洛表示,美中贸易协议对美国经济的增长至关重要。中国的贸易谈判将对美国未来的增长、繁荣、就业和利润产生影响。

美国进口价格下降;同比降幅为2016年以来最大

据美国全国广播公司报道,美国12月进口物价连续第二个月下滑,因石油产品成本大跌,且美元走强抑制其他商品价格,导致两年多来最大年度降幅。

美国劳工部周三公布的数据,令疲弱的生产者物价指数和消费者物价指数雪上加霜,强化了分析师对美国联邦储备理事会近期将暂停升息的预期。

美联储主席杰罗姆•鲍威尔(Jerome Powell)上周表示,低通胀让政策制定者在监控经济数据和金融市场以寻找增长风险的同时,“有能力保持耐心,耐心而仔细地观察”。美国中央银行预测今年将有两次加息。

进口价格继11月下修1.9%后,上月下跌1.0%。路透调查的分析师此前预计,12月进口价格将下降1.3%,11月为下降1.6%。

在截至12月的12个月中,进口价格下降了0.6%。这是自2016年9月以来的最大年度降幅。

这也是自2016年10月以来首次同比下降,11月同比上升0.5%。进口价格在2017年上涨3.2%之后,在2018年下跌0.6%,这是自2015年以来的首次历年下跌。美国金融市场几乎没有受到这些数据的影响。

在低通胀和中国及欧洲经济增长放缓的背景下,一些经济学家认为,美联储不会在2019年上半年加息。有迹象显示,美国经济在2018年底放缓,12月消费者和企业信心调查大幅减弱。

但联邦政府持续的部分停摆,推迟了美国经济分析局(Bureau of Economic Analysis)和人口普查局(Census Bureau)的数据发布,这使得人们很难对经济有一个好的解读,并可能使政策决策复杂化。

12月22日,政府部分关闭,原因是美国总统唐纳德·特朗普(Donald Trump)要求美国国会今年给他57亿美元,帮助他在美墨边境修建一堵墙。美国政府历史上最长时间的关门时间推迟了原定于周三公布的12月零售销售和11月企业库存数据。

11月建筑支出和贸易数据的公布也被推迟,定于周四公布的12月房屋开工和建筑许可报告也可能被推迟。经济学家估计,政府关门每周至少会使美国国内生产总值的季度增幅下降0.2个百分点。

上个月,进口燃料和润滑油的价格在11月下跌13.3%之后,又下跌了9.2%。进口石油价格继11月下跌16.0%后,又下跌11.6%。

进口食品价格继前一个月下跌2.2%之后,12月小幅上涨0.1%。资本品成本下降,但汽车和消费品价格小幅上涨。

扣除燃料和食品,进口价格继11月下滑0.1%后,上月持平。所谓的核心进口价格在截至12月的12个月中上涨了0.6%。美元走强压低了核心进口价格。去年,美元对美国主要贸易伙伴的货币升值约7.5%。

上个月从中国进口的商品价格保持不变。中国进口商品的价格在2018年下降了0.2%,自2011年以来没有按日历年增长。

该报告还显示,12月出口价格下降0.6%,11月为下降0.8%。农产品出口价格上涨3.9%,但非农业产品价格下跌1.1%,抵消了出口价格上涨3.9%的影响。

12月农产品价格涨幅为2012年8月以来最大,反映了大豆和坚果价格的上涨。出口价格在11月上涨1.8%之后,12月同比上涨1.1%。2018年增长了1.1%。

CFTC Statement on Self-Certification of Bitcoin Products by CME, CFE and Cantor Exchange

Washington, DC — December 1, the Chicago Mercantile Exchange Inc. (CME) and the CBOE Futures Exchange (CFE) self-certified new contracts for bitcoin futures products, and the Cantor Exchange (Cantor) self-certified a new contract for bitcoin binary options.

“Bitcoin, a virtual currency, is a commodity unlike any the Commission has dealt with in the past,” said CFTC Chairman J. Christopher Giancarlo. “As a result, we have had extensive discussions with the exchanges regarding the proposed contracts, and CME, CFE and Cantor have agreed to significant enhancements to protect customers and maintain orderly markets. In working with the Commission, CME, CFE and Cantor have set an appropriate standard for oversight over these bitcoin contracts given the CFTC’s limited statutory ability to oversee the cash market for bitcoin.”

“Market participants should take note that the relatively nascent underlying cash markets and exchanges for bitcoin remain largely unregulated markets over which the CFTC has limited statutory authority. There are concerns about the price volatility and trading practices of participants in these markets. We expect that the futures exchanges, through information sharing agreements, will be monitoring the trading activity on the relevant cash platforms for potential impacts on the futures contracts’ price discovery process, including potential market manipulation and market dislocations due to flash rallies and crashes and trading outages. Nevertheless, investors should be aware of the potentially high level of volatility and risk in trading these contracts.”

Commission staff held rigorous discussions with CME over the course of six weeks, CFE over the course of four months, and had numerous calls with Cantor. CME, CFE and Cantor agreed to significant enhancements to contract design and settlement, and CME to margining, at the request of Commission staff, as well as more information sharing with the underlying cash bitcoin exchanges to assist CME, CFE, Cantor and the CFTC in surveillance. The Commission, CME, CFE and Cantor will also coordinate to the extent possible in any surveillance activities, including providing the CFTC with additional surveillance information.

As trading on these DCMs evolves, the Commission will continue to assess whether further changes are required to the contract design and settlement processes and work with the DCMs to effect any changes.
Once the contracts are launched, Commission staff will engage in a variety of risk-monitoring activities. These activities include monitoring and analyzing the size and development of the market, positions and changes in positions over time, open interest, initial margin requirements, and variation margin payments, as well as stress testing positions. Commission staff will additionally conduct reviews of designated contract markets, derivatives clearing organizations (DCOs), clearing firms and individual traders involved in trading and clearing bitcoin futures.

The CFTC will also work closely with the National Futures Association (NFA). NFA has issued an investor advisory on this topic to its members, including futures commission merchants and introducing brokers that are involved in the trading of any virtual currency futures product, and will closely monitor its member firms trading this product. If the Commission determines that the margin the DCOs hold against bitcoin futures positions is inadequate, it can take measures to require that the margin held at the DCOs be increased, including requiring that they use a longer margin period of risk to generate margin requirements.

As with all contracts offered through Commission-regulated exchanges and cleared through Commission-regulated clearinghouses, the completion of the processes described above is not a Commission approval. It does not constitute a Commission endorsement of the use or value of virtual currency products or derivatives. It is incumbent on market participants to conduct appropriate due diligence to determine the particular appropriateness of these products, which at times have exhibited extreme volatility and unique risks.

The Commission, pursuant to its statutory mission, will continue to foster open, transparent, competitive and financially sound markets. The CFTC will monitor markets and work closely with the exchanges to avoid systemic risk and to protect market users and their funds, consumers and the public from fraud, manipulation and abusive practices related to products that are subject to the Commodity Exchange Act.

Last Updated: December 1, 2017

特朗普总统重申美国与亚洲经济体的伙伴关系

11月10日,美国总统唐纳德∙特朗普在越南岘港(Danang)出席亚太经合组织首席执行长峰会(Asia-Pacific Economic Cooperation CEO Summit),对亚太经济体工商领导人发表讲话,阐述他对自由和开放的印度-太平洋(Indo-Pacific)地区前景的看法。

他在讲话中强调,“在这个地区,拥有主权和独立的国家富有文化多样性,也存在各种不同的梦想,但都能够在自由与和平的环境下共同繁荣,兴旺发达。”

特朗普总统对从印度次大陆到北美(North America)西海岸广大的印度-太平洋地区的经济转型表示赞赏。他说,这个地区作为全世界经济最活跃的地区,倡导私人财产和法治,鼓励辛勤工作和个人创业的制度。

总统指出,他愿意与亚太经合组织的经济体共同努力实现贸易互惠。

他说,“我将与任何希望成为我们的伙伴并且将遵守公平与互利贸易原则的印度-太平洋国家达成双边贸易协议。”

在安全问题上,总统呼吁各盟国共同努力战胜恐怖主义,制止北韩非法的核武器项目。他指出,“北韩政权为获取更多的武器每走出一步,就是向越来越深重的危险迈入一步。这个地区及其美好人民的前景绝不能被一个独裁者暴力征服及核讹诈行径的扭曲妄想所挟持。”
总统强调,美国很高兴与在场经济领导人同为经济共同体的成员。他表示,“在很长、很长的时期内,我们都是印度-太平洋地区的朋友、伙伴和盟友。我们将在今后的长时期内继续是朋友、伙伴和盟友。”

文章通过:ShareAmerica
图片通过:全美电视台