#impose tariffs

[dailyvideovault]

New video posted on: https://dailyvideovault.com/trump-stands-firm-on-mexico-tariff-proposal-responds-to-critics/

Trump stands firm on Mexico tariff proposal, responds to critics

[mystlnewsonline]

SINGAPORE | Shares advance in Asia following Xi-Trump tariffs truce

SINGAPORE | Shares advance in Asia following Xi-Trump tariffs truce

SINGAPORE— Shares are advancing in Asia after Presidents Donald Trump and Xi Jinping met and agreed to moderate tensions over trade.

The Shanghai Composite index jumped 2.5 percent and the Hang Seng in Hong Kong surged 2.6 percent in early trading Monday.

The U.S. was set to raise tariffs on $200 billion in Chinese goods on Jan. 1. Trump agreed Saturday in a meeting with Chinese leader Xi at the…

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[mystlnewsonline]

SINGAPORE | Asian stocks rise on hopes US, China will unwind dispute

SINGAPORE | Asian stocks rise on hopes US, China will unwind dispute

SINGAPORE— Asian shares were mostly higher Monday on hopes that U.S. President Donald Trump and his Chinese counterpart Xi Jinping will unwind a blistering trade dispute at a meeting this week.

KEEPING SCORE: Japan’s benchmark Nikkei 225, reopening after a holiday, added 0.8 percent to 21,815.55. South Korea’s Kospi jumped 1 percent to 2,077.25. Hong Kong’s Hang Seng index rebounded 1.3 percent…

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[mystlnewsonline]

SINGAPORE | Asian stocks rally as weaker yuan eases fear of more tariffs

SINGAPORE | Asian stocks rally as weaker yuan eases fear of more tariffs

SINGAPORE— Asian shares were mostly higher on Tuesday as traders took the weaker yuan as a sign that Chinese exports can remain competitive even if a trade dispute with Washington heats up.

KEEPING SCORE: Japan’s Nikkei 225 index jumped 1.4 percent to 21,434.38 after official data showed that its unemployment rate eased to 2.3 percent in September, from 2.4 percent a month earlier.

The Shanghai…

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[goldsilverreports]

Trump administration to Impose Tariffs on Approximately $200 bln Worth of Imports from China Effective Sept. 24 -Senior Administration Official

Trump administration to Impose Tariffs on Approximately $200 bln Worth of Imports from China Effective Sept. 24 -Senior Administration Official

Trump administration remains open to negotiations with China, but no details on talks available -official: Rtrs

Tariff rate on $200 bln list will start at 10 pct, go up to 25 pct at end of year -official

(more…)

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[investmart007]

WASHINGTON | Trump imposes tariffs on $200B more of Chinese goods

New Post has been published on https://www.stl.news/washington-trump-imposes-tariffs-on-200b-more-of-chinese-goods/171533/

WASHINGTON | Trump imposes tariffs on $200B more of Chinese goods

WASHINGTON — The Trump administration will impose tariffs on $200 billion more in Chinese goods starting next week, escalating a trade war between the world’s two biggest economies and potentially raising prices on goods ranging from handbags to bicycle tires.

The tariffs will start at 10 percent, beginning Monday of next week, and then rise to 25 percent on Jan. 1.

President Donald Trump made the announcement Monday in a move that is sure to ratchet up hostilities between Washington and Beijing. Trump has already imposed 25 percent tariffs on $50 billion in Chinese goods. And China has retaliated in kind, hitting American soybeans, among other goods, in a shot at the president’s supporters in the U.S. farm belt.

Beijing has warned that it would hit an additional $60 billion in American goods if Trump ordered more tariffs. If China does retaliate, Trump threatened Monday to add a further $267 billion in Chinese imports to the target list. That would raise the total to $517 billion — covering nearly everything China sells the United States.

After a public comment period, the administration said Monday that it had withdrawn some items from its preliminary list of $200 billion in Chinese imports to be taxed, including child-safety products like bicycle helmets. And in a victory for Apple Inc. and its American customers, the administration removed smart watches and some other consumer electronics products from the list of goods to be targeted by the new tariffs.

At the same time, the administration said it remains open to negotiations with China.

“China has had many opportunities to fully address our concerns,” Trump said in a statement. “I urge China’s leaders to take swift action to end their country’s unfair trade practices.”

The two countries are fighting over Beijing’s ambitions to supplant American technological supremacy. The Office of the U.S. Trade Representative has charged that China is using predatory tactics to obtain foreign technology. These tactics include hacking U.S.

companies to steal their trade secrets and forcing them to turn over their know-how in exchange for access to the Chinese market.

Trump has also complained about America’s gaping trade deficit — $336 billion last year — with China, its biggest trading partner.

In May, in fact, it looked briefly as if Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He had brokered a truce built around a Chinese offer to buy enough American farm products and liquefied natural gas to put a dent in the trade deficit. But Trump quickly backed away from the truce.

In the first two rounds of tariffs, the Trump administration took care to try to spare American consumers from the direct impact of the import taxes. The tariffs focused on industrial products, not on things Americans buy at the mall or via Amazon.

By expanding the list to $200 billion of Chinese imports, Trump risks spreading the pain to ordinary households. The administration is targeting a bewildering variety of products — from sockeye salmon to baseball gloves to bamboo mats — forcing U.S. companies to scramble for suppliers outside China, absorb the import taxes or pass along the cost to their customers.

In a filing with the government, for instance, Giant Bicycles Inc. of Newbury Park, California, noting that 94 percent of imported bicycles came from China last year, complained that “there is no way our business can shift its supply chain to a new market” to avoid the tariffs and warned “a tariff increase of this magnitude will inevitably be paid for by the American consumer.”

Trump campaigned for the presidency on a pledge to tax imports and rewrite or tear up trade agreements that he said put U.S. companies and workers at a disadvantage. But many analysts say his combative actions seem unlikely to succeed.

“The president’s negotiating tactics do not work well with China’s way of thinking,” said Sung Won Sohn, chief economist at SS Economics in Los Angeles.

Sohn said he thinks that China will retaliate against every U.S. tariff and that the back-and-forth sparring will escalate until the U.S. is taxing all Chinese imports — $524 billion last year.

Still, he said, the U.S. economy appears strong enough to withstand the damage.

“In the short term, we will have higher prices and fewer jobs than we would have had otherwise,” Sohn said. “Fortunately, the U.S. economy is humming, so we don’t have to worry as much about what this will do to our economy.”

Sohn said the Trump administration is pursuing a legitimate goal of getting China to stop violating international trade rules but that it should have enlisted support from other trading partners, such as the European Union, Canada and Mexico, and presented Beijing with a united front.

On the contrary, Trump has picked fights with each of those trading partners — from imposing tariffs on imported steel and aluminum to demanding that Mexico and China transform the North American Free Trade Agreement into a deal more favorable to the United States.

Trump’s tariffs on China raise costs and create uncertainty for companies that have built supply chains that span the Pacific Ocean.

Some companies are looking to move out of China to dodge the tariffs, said Ted Murphy, a partner at the Baker McKenzie law firm.

Some will likely move to other low-cost countries that aren’t in the line of fire. Some will bring operations to the United States — one of Trump’s goals.

For years, multinational businesses “went where the labor was cheapest,” Murphy said. “Now the calculus is more complicated.”

By Associated Press

[investmart007]

Tech firms lead slide as trade worries weigh on US stocks

New Post has been published on https://www.stl.news/tech-firms-lead-slide-as-trade-worries-weigh-on-us-stocks/171430/

Tech firms lead slide as trade worries weigh on US stocks

A slide in technology companies helped pull U.S. stocks lower Monday, snapping a five-day winning streak for the market.

The sell-off came amid speculation that the Trump administration was preparing to impose tariffs on another $200 billion worth of Chinese goods. The two governments have already imposed 25 percent tariffs on $50 billion of each other’s goods, and another round of tariffs would represent a significant escalation in the trade dispute between the world’s two largest economies.

Investors used the prospect of a deeper U.S.-China trade conflict to take some profits, especially in technology stocks, the market’s biggest gainers this year. Department stores and other consumer-focused companies also accounted for a big slice of the losses. Safe-play sectors like real estate and utilities rose. Oil prices fell, erasing early gains.

The S&P 500 index fell 16.18 points, or 0.6 percent, to 2,888.80. The Dow Jones Industrial Average lost 92.55 points, or 0.4 percent, to 26,062.12.

The tech-heavy Nasdaq composite gave up 114.25 points, or 1.4 percent, to 7,895.79. The Russell 2000 index of smaller companies fell 18.17 points, or 1.1 percent, to 1,703.55. Most stocks closed lower on the New York Stock Exchange.

The U.S. has been locked in an escalating trade dispute with China, it’s biggest trading partner. Washington contends that Beijing uses predatory tactics to acquire technology know-how in an effort to overtake America’s global supremacy in technology.

Over the weekend, news reports indicated that the White House was set to announce tariffs on $200 billion more in Chinese imports as soon as Monday. Beijing has said it would swiftly retaliate against additional U.S. tariffs.

The uncertainty over the trade dispute has at times roiled the market, but not derailed it from notching gains on the strength of strong corporate earnings and a growing U.S. economy. That suggests that many investors, for now, expect both sides will ultimately work out a deal.

“It’s a short-term, immediate-term thorn in the market’s side,” said Ted Theodore, chief investment officer of TrimTabs Asset Management. “A big part of it is not knowing what the game plan is.” Technology companies led the market’s slide. Apple lost 2.7 percent to $217.88, while Netflix slumped 3.9 percent to $350.35. Twitter fell 4.2 percent to $28.86 after an analyst cut the price target on the social media company.

Amazon.com lost 3.2 percent to $1,908.03 after The Wall Street Journal reported that the online retail giant is investigating suspected bribes and data leaks of its employees.

Several big department store chains declined. Macy’s slid 3.1 percent to $35.16. Kohl’s lost 2 percent to $79.26. Gap gave up 2.6 percent to $27.05.

Traders bid up shares in companies that got favorable news from government regulators.

Teva Pharmaceutical climbed 2.5 percent to $23.43 after the Food and Drug Administration approved the drugmaker’s preventative migraine treatment.

Express Scripts jumped 3.7 percent to $95.23 after regulators cleared the way for Cigna to buy it. Cigna rose 1.4 percent to $197.84.

Bond prices were little changed. The yield on the 10-year Treasury held at 2.99 percent.

The dollar fell to 111.18 yen from 112.03 yen on Friday. The euro strengthened to $1.1686 from $1.1632.

Oil prices declined, wiping out gains from earlier in the day.

Benchmark U.S. crude lost 0.1 percent to settle at $68.91 a barrel in New York. Brent crude, used to price international oils, fell 0.1 percent to close at $78.05 a barrel in London.

In other energy trading, wholesale gasoline slipped 0.3 percent to $1.98 a gallon, heating oil fell 0.1 percent to $2.21 a gallon and natural gas jumped 1.7 percent to $2.81 per 1,000 cubic feet.

Gold rose 0.4 percent to $1,205.80 an ounce. Silver added 0.6 percent to $14.22 an ounce. Copper gained 0.2 percent to $2.65 a pound.

Major stock indexes in Europe finished mostly lower. The DAX in Germany dropped 0.2 percent, while France’s CAC 40 lost 0.1 percent. Britain’s FTSE 100 ended flat.

In Asia, South Korea’s Kospi fell 0.7 percent and Hong Kong’s Hang Seng index tumbled 1.3 percent. Australia’s S&P/ASX 200 rose 0.3 percent. Japanese markets were closed for a national holiday.

By ALEX VEIGA , Associated Press

[investmart007]

NEW YORK | Stocks fall again on trade war, rate worries

New Post has been published on https://is.gd/UuYyHD

NEW YORK | Stocks fall again on trade war, rate worries

NEW YORK— U.S. stock indexes fell Friday after President Donald Trump said he may intensify his trade battle with China. A strong jobs report also pushed investors to gird for higher interest rates.

The S&P 500 bounced between modest gains and losses in an up-and-down day, but its most decisive move was downward after Trump said he’s ready to impose tariffs on essentially every good that’s imported from China. That helped push the S&P 500 to its fourth straight loss.

The S&P 500 lost 6.37 points, or 0.2 percent, to 2,871.68 and closed out just its second down week in the last 10. The Dow Jones industrial average lost 79.33, or 0.3 percent, to 25,916.54, and the Nasdaq composite fell 20.18, or 0.3 percent, to 7,902.54.

Earlier in the day, the government’s monthly jobs report showed that hiring and workers’ wage gains were healthier than expected in August. It’s the latest evidence that the U.S. economy continues to power ahead, and it clears the way for the Federal Reserve to raise short-term interest rates at its meeting later this month and beyond. Treasury yields jumped in response.

With the economy so strong and corporate profits so high, stock prices would likely be even higher than they are today if not for investors’ worries about global trade, said David Joy, chief market strategist at Ameriprise Financial.

The United States has already imposed tariffs on $50 billion in Chinese imports, with Beijing quickly following suit, and investors worry about how high the total will rise. The concern is that escalating tariffs will drag down corporate profits and economic growth.

Trump told reporters Friday that “to a certain extent, it’s going to be up to China.” He also said that he’s prepared to impose tariffs on an additional $267 billion of Chinese imports, which would be on top of tariffs already being considered on $200 billion of Chinese goods. The S&P 500 quickly fell about 0.3 percent after Trump made his comments.

“The underlying fundamentals of the economy are still quite healthy, but the longer this goes, the more destructive it’s going to be for supply chains,” said Joy of Ameriprise Financial.

Further evidence about those fundamentals came from Fridays’ jobs report, which showed employers hired more workers last month than economists expected, and the unemployment rate remained near an 18-year low. That helped push up the average hourly wage by 2.9 percent from a year earlier, the fastest growth in eight years.

If wage gains keep accelerating, it could feed into higher inflation throughout the economy. That in turn could push the Federal Reserve to get more aggressive about raising rates, something it has pledged to do slowly and steadily.

Higher interest rates can hurt stock prices because they make bonds look more attractive. The market went through a similar scenario in February, when the monthly jobs report showed a surprisingly big increase in wages. But investors have recently been preparing themselves for a total of four rate increases for 2018 following comments from the Fed.

“What everyone’s trying to figure out is at what point do you get the intersection of higher wages pushing into inflation and the Fed starting to get a little more aggressive,” said Joy. “We’re not there yet, but this takes us one step closer to that, and historically, that’s what brings expansions and bull markets to an end.”

The yield on the 10-year Treasury jumped to 2.93 percent to from 2.87 percent late Thursday, and the two-year yield rose to 2.69 percent from 2.62 percent.

When bonds are offering higher yields, it can pull buyers away from stocks that pay big dividends. Utility stocks and real-estate investment trusts, which are among the market’s highest dividend payers, had some of the day’s steepest losses. They each lost 1.2 percent, tied for the largest loss among the 11 sectors that make up the S&P 500.

Tesla also struggled. Its stock sank after its chief accounting officer resigned just a month into the job. Dave Morton said he has no disagreements with Tesla’s leadership about its financial reporting, but he was not expecting so much public attention and such a fast pace at the company when he joined on Aug. 6.

Tesla CEO Elon Musk also appeared on a podcast overnight in which he inhales from what the host says is a joint containing marijuana and tobacco. Shares sank $17.71, or 6.3 percent, to $263.24.

On the opposite end was Broadcom, which jumped to the biggest gain in the S&P 500 after reporting stronger-than-expected profit for the latest quarter. It rose $16.61, or 7.7 percent, to $232.58.

Broadcom and other technology stocks have been riding fast profit growth to big stock-price gains, and the group has led the market for much of the last five years. That leadership faltered a bit this past week, though, amid worries about increased scrutiny from Capitol Hill.

In markets abroad, Japan’s Nikkei 225 index lost 0.8 percent, the Kospi in South Korea dropped 0.3 percent and Hong Kong’s Hang Seng was virtually unchanged. In Europe, France’s CAC 40 rose 0.2 percent, and Germany’s DAX was virtually flat. The FTSE 100 in London fell 0.6 percent.

The dollar rose to 111.06 Japanese yen from 110.83 yen late Thursday. The euro fell to $1.1566 from $1.1625, and the British pound fell to $1.2924 from $1.2933.

Benchmark U.S. crude lost 2 cents to settle at $67.75 per barrel. Brent crude, the international standard, rose 33 cents to $76.83 a barrel.

Natural gas inched up by a fraction of a cent and settled at $2.78 per 1,000 cubic feet. Heating oil rose a penny to $2.22 per gallon, and wholesale gasoline rose 2 cents to $1.97 per gallon.

Gold slipped $3.90 to $1,200.40 per ounce, silver lost 1 cent to $14.17 per ounce and copper fell a penny to $2.62 per pound.

By STAN CHOE ,Associated Press