JUST IN: Trumps #MAGA Economy ADDS a strong 201,000 jobs in August, and the unemployment rate remained near historical lows at 3.9% Ave earnings GREW 2.9% in the strongest rate since 2009 #AceFinanceDesk reports

#AceFinanceReport – Sept.07: The unemployment rate stayed at 3.9%, near historical lows, the Labor Department reported #AceNewsDesk reports

Average hourly earnings grew 2.9% compared with a year ago, the strongest rate since 2009. That number is not adjusted for inflation, which has been rising in recent months and eating into workers’ paychecks. And it’s lower than wage growth rates in previous economic expansions……………………..Still, the wage growth figure may be held down by larger numbers of young people entering the workforce at lower pay scales. Other measures of wage growth, such as the total cost for employers, have been rising more quickly.

“We don’t think it’s a fluke,” said Liz Ann Sonders, chief investment strategist at Charles Schwab. “We think we are at that stage where the labor market has gotten so tight that you’re going to see upward pressure on wages.”

The job gains for August were roughly in line with the average for the last 12 months, which is196,000: Employment growth was revised down by a total of 50,000 over June and July, making the last three months look more like a slowdown as trade tensions loomed. August is also commonly revised, meaning that this month’s number will likely change as well. …………………………August’s job gains were driven by professional and business services as well as health care and wholesale trade. Manufacturing shed 3,000 jobs, the sector’s first monthly decline since July 2017, although manufacturers have still added 254,000 jobs over the year………………The economy has been on a roll lately, with employers reporting difficulty finding enough workers to fill their open positions. The number of job openings has exceeded the number of unemployed people since March.

CNNMoney (New York) First published September 7, 2018: 12:01 AM ET: https://cnnmon.ie/2Nm0ykF pic.twitter.com/FcueJ9rBcE

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(BEIJING, China.) Ready to retaliate with $60-billion targeted list if Donald Trump goes ahead with his proposed 25% tariff hike on $200-billion Chinese goods this week a spokesman said on Thursday #AceFinanceDesk reports

#AceFinanceReport – Sept.06: China is ready to retaliate if U.S. President Donald Trump goes ahead with a tariff hike on Chinese goods and is confident it can maintain “steady and healthy” economic growth, a government spokesman said Thursday.The Trump administration is poised to impose 25% penalties this week on $200 billion of Chinese goods in an escalation of their fight over U.S. complaints that Beijing steals or pressures companies to hand over technology #AceNewsDesk reports
image1.jpeg

China has announced a $60 billion list of American products targeted for retaliation: “ China will have to take necessary countermeasures if the U.S. side ignores the opposition of the overwhelming major of its enterprises and adopts new tariff measures,” Commerce Ministry spokesman Gao Feng said…………………..The two governments already have imposed penalty duties on $50 billion of each other’s exports………………Beijing has rejected pressure to scale back plans for state-led development of champions in robotics and other technologies………………..U.S. officials say that violates China’s free-trade commitments and worry it might erode American industrial leadership.

Some Chinese exporters say U.S. orders have declined, but Chinese leaders express confidence the economic impact will be modest: The United States buys about 20% of China’s exports, but trade has shrunk over the past decade as a share of the Chinese economy.“We are confident, capable and able to maintain steady and healthy development of the Chinese economy,” Gao said

Source: #AceTelegramNews https://t.me/acenewsgroup/752347

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(WASHINGTON) In latest the US unveiled a list of roughly $16 billion worth of imports from China that will be hit with 25% tariffs, in the the latest escalation in the trade war between the two countries which will take effect from Aug.23: As the markets Dow closes up 127 points, S&P 500 and Nasdaq up 0.3% apiece #AceFinanceDesk reports

#AceFinanceReport – Aug.08: Editor says but the markets reacted positively Dow closes up 127 points, S&P 500 and Nasdaq up 0.3% apiece. Tesla soars 11% after Elon Musk says he wants to take the company private. https://cnnmon.ie/2ARtM5G to the news: The Trump administration on Tuesday unveiled a list of roughly $16 billion worth of imports from China that will be hit with 25% tariffs: The move marks the latest escalation of a trade war between the world’s two largest economies………………….The tariffs on 279 products, including motorcycles, speedometers and antennas, will take effect August 23 #AceFinanceDesk reports

It is the second time the US has slapped tariffs on Chinese goods, despite persistent warnings by American businesses it will raise the price of goods for consumers: The Trump administrationhas accused China of unfair trade practices and President Donald Trump has long vowed to bring down the United States’ trade deficit in goods with Beijing.

In July, the administration imposed 25% tariffs on $34 billion in Chinese imports. Beijing, accusing the United States of trade bullying, has retaliated by imposing tariffs on an equal measure of American goods.

So far, financial markets have shrugged off the first round of trade duties

Talks between Washington and Beijing are at an impasse in the ongoing trade spat, with both sides continuing to threaten new tariffs. Over the weekend, Trump told a rally he holds the advantage over China, adding playing hardball on trade is “my thing.”

Trump directed the Office of Trade Representativeearlier this month to considerimposing a 25% tariff on an additional $200 billion worth of Chinese goods, including fruit and vegetables, handbags, and refrigerators.

China has threatened to retaliate on any additional US tariffs tit-for-tat

The Chinese government has said it would impose duties as high as 25% on American products like meat, coffee, nuts and auto parts.

“In violation of the bilateral consensus reached after multiple rounds of negotiations, the United States has again unilaterally escalated trade frictions,” the Chinese State Council Tariff Commission said in a statement last Friday.

The United States and China trade goods and services worth about $650 billion each year, the largest trading relationship in the world between two countries: https://cnn.it/2M6fkLA pic.twitter.com/oBzvZoV5rI

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MARKETS: Trade War: U.S. Stocks opened flat Friday morning after US unemployment fell to 3.9% in July, the American economy added 157,000 jobs and China announced plans to impose tariffs on $60 billion worth of US imports listing 5,207 products with duties as high as 25% if Trump applies his to $200-billion of Chinese goods #AceFinanceDesk reports

#AceFinanceReport – Aug.03: China has announced plans to put up tariffs on products worth $60-billion Chinese government said Friday that it would impose duties of 25%, 20%, 10% and 5% on the products if the Trump administration follows through on threats to tax $200 billion of Chinese goods #AceFinanceDesk reports

In violation of the bilateral consensus reached after multiple rounds of negotiations, the United States has again unilaterally escalated trade frictions,” the Chinese State Council Tariff Commission said in its statement on Friday:

China listed 5,207 US products that it would target in an effort to “safeguard its own legitimate interests.” ………………….Products in line for tariffs include meat, coffee, nuts, alcoholic drinks, minerals, chemicals, leather products, wood products, machinery, furniture and auto parts…………….Sarah Sanders, the White House press secretary, said in a statement that “instead of retaliating, China should address the longstanding concerns about its unfair trading practices.” …………………The United States and China trade goods and services worth about $650 billion each year, the largest trading relationship in the world between two countries #AceFinanceDesk reports

But China exports far more to the United States than the other way round, making it more challenging for the country to hit back against US tariffs………….These new tariffs would affect about 38% of all American exports to China, which are worth about $170 billion in total………………..Trade tensions between the United States and China have been on the rise since April 2017, when President Donald Trump directed the US Commerce Department to investigate whether imports of steel and aluminum from China and other countries threatened national security……………..The investigation resulted in tariffs on steel and aluminum products from China and many other countries in March. Beijing responded with equal measures.

Then, in July, the United States imposed tariffs on $34 billion of Chinese goods to pressure the country into abandoning what the Trump administration describes as unfair practices such as stealing intellectual property. Beijing again responded with penalties of an equal scale, targeting American products such as motorcycles and communications satellites……………………..The most recent threat from the Trump administration came this week, when it warned that it could impose steeper tariffs than originally planned on another batch of imports from China. The White House had previously asked the Office of the United States Trade Representative about the possibility of imposing a 10% tariff on $200 billion worth of Chinese goods. Under the new plan, tariffs of 25% would be applied.

Protectionist moves by the United States have drawn a response from other trading major partners. Canada, Mexico and the European Union have responded to US taxes on steel and aluminum with retaliatory tariffs.

– Kaitlan Collins contributed reporting.

CNNMoney (London) First published August 3, 2018: 9:03 AM ET

BREAKING: China has announced plans to put tariffs of up to 25% on US products worth $60 billion https://cnnmon.ie/2Koa692 pic.twitter.com/3T7YD1Tnsa – Watch live https://cnnmon.ie/2AB3MLL

#AceRelatedNews

The making of a global trade war

A brief history of the US-China trade war

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MARKETS: Apples market valuation surged past the $1 trillion point on Thursday, the first time in history a company has reached that level: But Apple’s Stocks app mistakenly labelled its creator as the world’ s first trillion-dollar company and was not added to the Stocks app: That meant that a small surge in Apple’ s shares showed the company as being worth $1 trillion when it was not #AceFinanceDesk reports

#AceFinanceReport – Aug.03: Editor says a great way to get people to buy tech shares but things are not what they seem in this world: On the face of it the announcement Apple shares surged 2.5 per cent in the afternoon but then fell back, taking the valuation back to $988bn: The share price closed at $207.39 meaning that the company finished the day’s trading worth more than $1tn. Apple’s shares are up 23 per cent so far this year: Of course markets have been waiting for the tech giant to break the trillion barrier in recent weeks, with anticipation increasing earlier this week when the company’s stock rose 3.3 per cent after its latest results were announced: The firm beat sales estimates despite iPhone sales dwindling, as it sold more expensive models during the third quarter to make up the difference #AceFinanceDesk reports

apple-one-trillion.jpg

Read moreThe other companies to reach major market valuation steps before Apple

Earlier on Thursday afternoon, Apple’s Stocks app mistakenly labelled its creator as the world’s first trillion-dollar company. It falsely claimed to have already broken past $1 trillion, because of a technical fault with the app built into the iPhone

The glitch occurred because Apple announced a substantial share buyback programme after reporting its third quarter figures, which meant that the total number of shares in issue went down, increasing the value the share price had to reach before it pushed the company over $1 trillion.

Apple unveils the iPhone X

However, the update was not added to the Stocks app. That meant that a small surge in Apple’s shares showed the company as being worth $1 trillion when it was not

When asked, Siri informed iPhone users that the company had passed the trillion dollar mark — though the error was fixed later in the day.

The achievement seemed unimaginable in September 1997 when Apple teetered on the edge of bankruptcy and founder Steve Jobs rejoined the company, having been driven out in the mid-1980s. If someone had dared to buy $10,000 worth of Apple stock at that point of desperation, the investment would now be worth about $2.6 million.

The Silicon Valley stalwart’s stock has surged more than 50,000 per cent since its 1980 initial public offering, dwarfing the S&P 500’s approximately 2,000-percent increase during the same time. Apple has pushed its revenue beyond the economic outputs of Portugal, New Zealand and other countries.

In becoming the first company to ever reach a market valuation of $1tn, Apple joins an exclusive list of companies that have made history in market valuations in the past.

That group includes the likes of Microsoft — which was the first to reach a market valuation of $500b — as well as IBM ($100b), General Motors ($10b), and US Steel ($1b).

Several other companies are close behind Apple in market valuation, and could very well become trillion dollar companies in the future.

That list of companies includes Microsoft itself, as well as Amazon, and the parent company of Google, Alphabet.

Source: Independent: https://t.co/IZPHE6zDL7 Published: August 02, 2018 at 08:00AM

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(LONDON) PPI Claims: Costs Barclays their ‘ Profits ‘ Lender paid £1.4bn to settle with US department of justice over its involvement in mis-selling mortgage-backed securities in the run up to th e financial crisis in 2008 leading to a drop in the first half of 2017 of 29% (£2.34-billion) but will off course write-it-off as a bad debt against taxes #AceFinanceDesk reports

#AceFinanceReport – Aug.02: Editor says this looks bad for bank on one hand but they will write it off as a bad debt and recoup losses against taxes: Barclays has reported a 29 per cent drop in profits for the first six months of the year, blaming costs relating to legal issues in the US and PPI claims charges: The lender reported pre-tax profit of £1.66bn, down from £2.34bn in the first half of 2017: The bank said this was “principally related” to a £1.4bn settlement with the US department of justice, which was linked to the mis-selling of residential mortgage-backed securities in the run-up to the financial crisis………..Barclays said profits were also impacted by charges of £400m due to PPI #AceFinanceDesk reports

barclays.jpg

Read moreBarclays sinks to loss thanks to $2bn US settlement and more PPI costs

However, stripping out litigation and other costs, pre-tax profits were up 20 per cent compared with last year.

Analysts hailed a strong set of results, with Naeem Aslam at Think Markets commenting that the bank’s “terrific earnings” had taken the pressure of chief executive Jes Staley.

“The most welcoming news for Barclays investors is in the company’s key metrics, the dramatic drop in the conduct charges,” he added.

“At last, the management has started to do what it is supposed to do and this has added a strong boost to the bottom line in the quarter.”

Mr Staley said: “The first half of 2018 has been characterised by strong financial performance and increased profitability. This is a business which is performing well, having addressed the challenges of the last decade.”

He highlighted the second quarter of the year as “the first quarter for some time with no significant litigation or conduct charges, restructuring costs, or other exceptional expenses which hit our profitability” and said it was a “positive sight”.

“This first half performance shows a bank beginning to demonstrate its true potential and value. The numbers we have posted strengthen our confidence that Barclays can deliver attractive and sustainable profits, and in our ability to return a greater proportion of those profits to shareholders over time,” Mr Staley added.

Source: Independent: https://t.co/wHG6i5cry0 – {Published: August 01, 2018 at 09:50PM

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JUST IN: Around 5 million British households are set for lower energy bills this winter after parliament approved a law on gas and electricity tariff price caps, energy regulator Ofgem said on Thursday #AceFinanceDesk reports

#AFNews – 19/07/18: Ofgem is now required to cap prices on Standard Variable Tariffs offered by the six dominant energy providers for households using gas and electricity which studies have shown were far higher than other tariffs on offer: “The cap will tackle the amount consumers have been overpaying … which the Competition and Markets Authority (CMA) found to be an average of 1.4 billion pounds a year……………….Some consumers could save up to 350 pounds a year on gas and electricity bills by switching suppliers,” Ofgem said #AceFinanceDesk reports

CNA.LLondon Stock Exchange

CNA.L

The British government has previous slammed the energy suppliers for offering “rip-off” prices.

The six suppliers controlling around 80 percent of the market are Centrica’s (CNA.L) British Gas, SSE (SSE.L), E.ON (EONGn.DE), EDF Energy (EDF.PA), Innogy’s (IGY.DE) Npower and Iberdrola’s (IBE.MC) Scottish Power.

They have all raised their Standard Variable Tariff prices this year ahead of the price cap.

Reporting by Sabina Zawadzki; editing by Jason Neely for Reuters: Top News: Published July.19:2018 https://ift.tt/2zUba4C

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(SEOUL, S.K.) JUST IN: Samsung said on Monday its opening the ‘ Worlds Largest Mobile Phone Factory ‘ in India according to a report #AceFinanceDesk reports

#AceFinanceReport – July.09: Samsung said on Monday that it is opening what it said is the world’s biggest mobile phone manufacturing facility as the South Korean giant seeks to expand production in the world’s fastest growing mobile phone market from a report #AceFinanceDesk reports

The new Samsung factory will have the capacity of 120 million smartphones per year, and make everything from low-end smartphones that cost under $100 to its flagship S9 model, according to the company: Earlier this year, China’s Xiaomi displaced Samsung from the No. 1 smartphone spot in the country, breaking its long-held dominance. Indians favor low-end smartphones priced at $250 or less, given the low average annual income of its people, according to Bloomberg Intelligence……………………That’s one reason why Apple has struggled to gain market share in India, with most iPhone models priced beyond $500, according to a Bloomberg Intelligence report earlier this month:

World’s Largest Mobile Phone Factory Set To Open in India
Published on July 09, 2018 at 07:20AM: Source: BM

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(BEIJING, China.) JUST IN: ITS THE BIGGEST TRADE WAR IN HISTORY: After Trump administration 25% affect 800-Chinese products that include industrial machinery, medical devices and auto parts that began just after midnight on Thursday Chinese Foreign Ministry has said #AceFinanceDesk reports

#AceNewsReport – July.06: The Trump administration’s 25% tariffs affect more than 800 Chinese products worth $34 billion such as industrial machinery, medical devices and auto parts: They kicked in just after midnight ET, which is noon in Beijing: China’s tariffs on US goods came into effect immediately afterward, a spokesman for the Chinese Foreign Ministry said Friday #AceNewsDesk reports

Can the US win a trade war with China?

Trump and his advisers argue the tariffs are necessary to pressure China into abandoning unfair practices such as stealing intellectual property and forcing American companies to hand over valuable technology: Beijing insists it’s the injured party……………………..”China is forced to strike back to safeguard core national interests and the interests of its people,” the Commerce Ministry said in a statement on Friday. It accused the United States of “typical trade bullying.” ……………..The government said previously it would hit more than 500 US export items — including cars and major agricultural goods such as soybeans and meat — worth the same as the Chinese products targeted by the United States……………..Even before Friday, the trade dispute between the world’s top two economies had rattled markets and prompted warnings from companies of damage to their bottom lines and higher prices for consumers.

American companies doing business in China are particularly worried: “Increased tensions in the US-China economic relationship will negatively impact … operations in China,” William Zarit, chairman of the American Chamber of Commerce in China, said in a statement Friday:

Trump threatens another $500 billion

The big question is how far the hostilities between Washington and Beijing will go…………………………The United States is also set to impose 25% tariffs on another $16 billion in Chinese exports later in the summer, and China has vowed to retaliate against US goods worth a similar amount……………….Economists say that if the back-and-forth stops there, the overall impact on both economies will be minimal even though some industries will suffer.

Daimler warns US-China trade war will hit its profits

This is what a trade war looks like

But Trump has said his administration will respond to retaliation from Beijing with much bigger waves of tariffs, raising the prospect of worsening tit-for-tat reprisals. On Thursday, he suggested the possibility of tariffs on almost $500 billion more of Chinese goods………………………He described the potential escalation to reporters aboard Air Force One: “Thirty-four, and then you have another 16 in two weeks and then, as you know, we have 200 billion in abeyance and then after the 200 billion we have 300 billion in abeyance. OK?” Trump said. “So we have 50 plus 200 plus almost 300.” ………………That amount is higher than an earlier threat from Trump to target as much as $450 billion of Chinese exports. It’s also bigger than the $506 billion of goods that the United States imported from China last year……………………”We urge the two governments to come back to the negotiation table with the aim of having productive discussions based on achieving results — focused on fairness and reciprocal treatment — instead of escalating the current situation,” said Zarit of the American Chamber of Commerce.

china shipping containers qingdaoShipping containers at a port in Qingdao, China’s eastern Shandong province, on April 13.

Trade clash is coming at a bad time for China’s economy: Underpinning the dispute is Trump’s angerat America’s $376 billion deficit in goods trade with China……………..Despitethree rounds of negotiations between the two sides, including a Chinese pledge to significantly increase purchases of American products, Trump decided to go ahead with the tariffs………………The clash with China comes as the Trump administration is also fighting over trade with American allies such as Canada and the European Union. US tariffs on steel and aluminum imports have provoked retaliatory measures against billions of dollars of American exports. Trump has added to the tension by threatening new tariffs on cars.

Angela Merkel: US auto tariffs could start trade war

auto imports californiaBrand new cars sit in a lot at the Auto Warehousing Company near the Port of Richmond on May 24 in Richmond, California.

For the time being, analysts say it’s hard to see Washington or Beijing backing down in the dispute………………..”By threatening unilateral action without having any allies and not reducing domestic discord on trade, the Trump administration has invited China to stand tough,” said Scott Kennedy, director of the Project on Chinese Business and Political Economy at the Center for Strategic and International Studies……………..”The Trump administration also believes that at least starting a trade war is in its interests; the US economy is strong enough to endure a crimp in trade, the president’s domestic political standing is as strong as ever amongst Republicans, and pushing China hard on trade may help restore US credibility on other issues,” he added.

Reaching a deal will be tough

The two giant economies appear ready to see which side can endure the most pain. The damage could also spread to other economies, hurting business confidence and prompting companies to delay investments……………….Kennedy say he thinks the Trump administration’s enthusiasm for the conflict “will erode as the economic pain and political fallout from a trade war begin to take hold. At that point, the US will be more interested in negotiations, and the Chinese side will also want to come to the table.” ……………..But reaching a deal that’s palatable to both sides will be tough. For example, the US government wants China to rein in government subsidies for policies like “Made in China 2025,” which seeks to pump hundreds of billions of dollars into industries such as robotics, electric cars and computer chips with the aim of becoming a global leader.

China is killing my business. Now tariffs are too.

Analysts say China is unlikely to budge on those plans, which it sees as crucial for developing its huge economy……………….”It’s still hard for me to believe the Trump administration could develop and negotiate an overarching package with China that genuinely sticks,” Kennedy said. “And so I’d expect the two sides to pursue some sort of face-saving deal that looks good on paper but is not enduring.”

(WASHINGTON) The proposed “United States Fair and Reciprocal Trade Act” would give the Donal d Trump unilateral power to renegotiate with individual countries or apply tariffs, bypassing international WTO rules for collective negotiation according Axios who published the leaked draft but this is just the beg inning of renegotiating trade agreements #AceFinanceDesk reports

#AceFinanceReport – July.03: The Trump administration has drafted legislation that would allow the U.S. to ditch World Trade Organization rules and give President Donald Trump tighter control over U.S. trade policy, according to Axios, which published the leaked draft: The proposed “United States Fair and Reciprocal Trade Act” would give the president unilateral power to renegotiate with individual countries or apply tariffs, bypassing international WTO rules for collective negotiation #AceFinanceDesk reports

The leaked draft emerged a few days after Axios reported that Trump has repeatedly told White House officials that he wants to withdraw the U.S. from the WTO. “The WTO is designed by the rest of the world to screw the United States,” Axios’s source quoted Trump as saying: The proposed legislation is far from a done deal, according to other media reports and the White House itself. A CNN source said the draft is just the “beginning of a conversation” on trade. Axios reported that “most officials involved in the bill’s drafting … think the bill is unrealistic or unworkable.”

White House spokeswoman Lindsay Walters told Axios that Trump has asked for ideas on how to address “the unfair imbalance of tariffs that put the U.S. at a disadvantage.” She said the main people involved haven’t yet met to review the draft legislation.

“The only way this would be news is if this were actual legislation that the administration was preparing to rollout, but it’s not,” Walters told the publication.

White House press secretary Sarah Huckabee Sanders said it’s “not accurate that the U.S. is leaving the WTO,” telling reporters at a press briefing that Trump “would like to see an overall more fair trading system.”

The rhetoric surrounding Trump’s trade war has escalated recently, with American businesses, including motorcycle manufacturer Harley-Davidson, shifting some production overseas due to retaliatory tariffs by the European Union. General Motors recently told Trump’s Commerce Department that the president’s threatened tariffs on imported cars and parts could backfire with “less investment, fewer jobs and lower wages” for its American workers.

This article has been updated to include comments from Sarah Huckabee Sanders.

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