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China vows retaliation for $200 billion U.S. tariff threat
China's compliance with WTO guidelines lies at the heart of the conflict, notably over Beijing's alleged state support for purportedly private companies. " Tariffs are taxes , plain and simple". "None of this has produced a dramatic change in other countries and has yielded further retaliation", Mr. [Full Article...]
China presses Europe for anti-U.S. alliance on trade
Midnight Eastern Time on Friday marked the moment the administration's tariffs on Chinese imports went into effect. The United States is "opening fire" on the world with its threatened tariffs, the Chinese government warned on Thursday, saying Beijing would respond the instant U.S. [Full Article...]
Trump’s order for OPEC to reduce prices is insulting - Iranian oil minister
President Donald Trump's recent demands for higher oil output, saying OPEC does not shoulder the blame. The U.S.is demanding zero purchases of Iranian oil by November, and if that were possible, oil could spike above $120 per barrel, given global crude supplies, says Bank of America Merrill Lynch. [Full Article...]
Trump administration announces $US200 billion in extra China tariffs
Trade Representative Robert Lighthizer said the United States would impose tariffs of 10 percent on the additional Chinese imports. Administration officials said a two-month process would allow the public to comment on the proposed tariffs before the list is finalized. [Full Article...]
Oil dips in nervous markets with U.S., China on brink…
But by 0528 GMT, U.S. West Texas Intermediate (WTI) crude futures were up 13 cents, or 0.2 percent, from their last settlement at $$73.07 per barrel. Concerns that oil prices will be weighed down by a trade conflict between the US and China have faded to some extent, analysts said . [Full Article...]
Starbucks, citing ocean threat, is ditching plastic straws
Starbucks will eliminate plastic straws from its stores globally by 2020, in a nod to the growing push for businesses to be more environmentally friendly. "Metal straws can be risky for people with neurological conditions such as Parkinson's whereas reusable plastic straws present hygiene concerns to people with specific health conditions". [Full Article...]
Hispanic Unemployment Falls to LOWEST LEVEL in US HISTORY — RECORD SMASHED
The US economy keeps adding jobs at a blistering pace. "Similarly, it should ease the concerns of the hawks (at the Fed) who worry that the Fed's rate hike campaign is behind the curve". There are two tables focusing on compensation in the Employment Situation report, B-3 and B-8. Prices for longer-dated U.S. Treasuries rose. Among the major worker groups, the unemployment rates for adult men ... [Full Article...]
USA job growth strong but unemployment rate rises to 4%
The OECD attributes this decline to the enormous increase in part-time and temporary jobs since 2008. The economy has now been adding jobs for almost eight years - its longest streak on record.The U.S.is considered at near full employment, and the biggest challenge in the job market is the lack of available workers - a record 6.7 million jobs remain unfilled. [Full Article...]
China strikes back against US trade tariffs
Trump has promised another round of tariffs on $16 billion of additional Chinese goods if China follows through with its threat to retaliate. National Association for Manufacturers: "Tariffs will bring retaliation and possibly more tariffs", said Jay Timmons, president and CEO of NAM. [Full Article...]
Iran tells Trump to 'please stop' tweeting about oil prices
Before the EIA report, benchmark West Texas Intermediate (WTI) crude for August delivery traded down about 0.8%, at around $74.01 a barrel, and fell to around $73.25 (down about 1.8%) shortly after the report's release. At their meeting in Vienna last month, OPEC countries and key ally Russian Federation said they will raise production by a million barrels per day, but analysts are concerned it ma... [Full Article...]
Micron Chip Sales Banned In China
As evidence, Micron cited the use of Micron DRAM technology code names at a UMC and Jinhua recruitment fair for RAM chip experts in Silicon Valley in October 2016 and its discovery that its employees poached by UMC had copied confidential information before leaving the company. [Full Article...]
China Cancels U.S. Soybean Purchases as Trade War Takes Hold
Bloomberg news reports that talks to avoid a trade war have stalled in part over USA demands that China reduce state support for high-tech industries. Requests for comment went unanswered at the U.S. Treasury, USTR and the U.S. Commerce Department. Kennedy say he thinks the Trump administration's enthusiasm for the conflict "will erode as the economic pain and political fallout from a trade wa... [Full Article...]
Canada presses US to resume NAFTA renegotiation talks
Gomez argued that Mexico's incoming leftist president, Andres Manuel Lopez Obrador , does not have links with big business in the way that outgoing president Enrique Peña Nieto does, and so will not be beholden to business interests in the same way. [Full Article...]
China's Currency Makes Round Trip as Trade War, Growth Concerns Whipsaw Market
Yi's statements did not make reference to market speculation about suspected intervention. But traders think the respite in the currency may only be temporary, and remain very bearish amid the trade tensions and waning Chinese growth momentum. [Full Article...]
Iran's OPEC Boss Says Trump's Tweets Have Added $10 to Oil Prices
Brent for September settlement advanced 46 cents to end the session at US$77.76 a barrel on the London-based ICE Futures Europe exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.24% at $74.32 a barrel. [Full Article...]
Asian stocks mixed over befuddling USA trade stance
The yield has been confined to a 15-basis-point range in June after fluctuating by almost 40 basis points in May, when it touched a seven-year high of 3.128 percent. US Futures are also pointing lower, with the Nasdaq set to lose 1% at the opening bell. The fall in US bonds yields came despite inflationary pressure stemming from rising oil prices. [Full Article...]
Chinese tycoon Wang Jian dies from fall in France
HNA went on a major buying spree in recent years, snapping up big chunks of major USA and European companies - including Deutsche Bank (DB) and Hilton ( HLT ). The death isn't being viewed as suspicious, the officer said. According to various sources, he fell between 12m (39ft) and 15m (49ft). Another friend of Wang's who dined with him a month ago, told Caixin that Wang said during the meal t... [Full Article...]
Oil rises on Libya force majeure, but demand slowdown holds back market
Crude oil prices fell on Monday after Saudi Arabia said it could tap into its 2 million barrels per day in spare capacity to help address a pending market deficit. But fearing USA sanctions, big European companies have begun to pull out of Iranian markets. Q: What does Trump want from OPEC? "In this battle", he said, "any country that tries to take Iran's place on the oil market will be ... [Full Article...]
Over 40 countries object at WTO to US vehicle tariff plan
Axios reported on Friday that Trump wanted to leave the WTO, a story dismissed by U.S. Treasury Secretary Steve Mnuchin as "wrong" and "an exaggeration". But many diplomats say quitting the WTO would not be in the USA interest, and the WTO has said it has never had any indication of Trump intending to leave. [Full Article...]
#Trade - EU comments on U.S. vehicle imports investigation
In May, Trump ordered an investigation into whether imported cars and automotive components could pose enough of a national security risk to warrant tariffs of as much as 25%. The EU has a 10 per cent tariff on cars compared to 2.5 per cent for cars entering the US. Any retaliatory measures by other countries will be much larger than what's happening with steel and aluminum tariffs, and will... [Full Article...]