President Donald Trump has awarded the Presidential Medal of Freedom to economist Arthur Laffer, whose theories on tax cuts have guided Republican policy since the 1980s.Trump presented the award to Laffer on Wednesday. Laffer had advised Trump during his presidential campaign and co-wrote a flattering book titled "Trumponomics: Inside the America First Plan to Revive Our Economy."(AP)
Apple Inc has asked its major suppliers to assess the cost implications of moving 15% to 30% of their production capacity from China to Southeast Asia as it prepares for a restructuring of its supply chain, according to a Nikkei Asian Review report on Wednesday.
After months of speculations and rumours, Facebook has officially announced a new global cryptocurrency called Libra. As the official blog explains, the new digital currency will be made available through a digital wallet called Calibra that will be available in Facebook Messenger, WhatsApp, and as a standalone app. The company expects to launch it in 2020.
Financial leaders of the Group of 20 gathered Saturday to brainstorm ways to adapt global finance to an age of trade turmoil and digital disruptions. The central bank governors and other financial regulators meeting in Fukuoka also flagged risks from upsets to the global economy as Beijing and Washington clash over trade and technology. (AP)
US Vice President Mike Pence says the U.S. is "encouraged" by Mexico's latest proposals to head off U.S. tariffs by stepping up efforts to halt illegal immigration over the southern border. But Pence says that, at this point, tariffs still are set to take effect on Monday. He adds that tariffs will go up "if we don't see the results that we need to see." The vice president says President Donald Trump "is going to stand firm" until what he sees as an immigration crisis is resolved.
After more than a decade of rapid growth, Chinese travel to the U.S. is falling. And that has tourist spots scrambling to reverse the trend. Travel fell 5.7% in 2018 to 2.9 million visitors, according to the National Travel and Tourism Office.
President Donald Trump says the U.S. isn't ready to make a trade deal with China, but he's leaving open the possibility that the two nations could strike an agreement someday.Speaking in Tokyo Monday, Trump said of China, "they would like to make a deal. We're not ready to make a deal."He added, "We're taking in tens of millions of dollars of tariffs and that number could go up very, very substantially, very easily."Still, Trump predicted a "very good deal with China sometime into the future because I don't believe that China can continue to pay these really hundreds of billions of dollars in tariffs."The world's two largest economies are in a tense standoff over trade. Trump has said he expected to meet with his Chinese counterpart, Xi Jinping, next month at a G-20 meeting in Japan. (AP)
US President Donald Trump on Saturday needled Japan over the U.S.-Japan trade imbalance as he kicked off a state visit to the country.While the visit is expected to be largely ceremonial, the stakes are also high.Trump is threatening Japan with potentially devastating U.S. tariffs on foreign autos and auto parts, and has suggested he will go ahead with the tariffs if U.S. Trade Representative Robert Lighthizer doesn't manage to wrest concessions from Japan and the European Union.
Trade war with China causes price hikes, uncertainty for bike industry, which imports more than 90 percent of bikes and bike parts from China.
Huawei could quickly lose its grip on the No. 2 ranking in worldwide cellphone sales after Google announced it would comply with U.S. government restrictions meant to punish the Chinese tech powerhouse.(AP)
President Donald Trump says he's going to take further action to help the nation's farmers in the midst of an escalating trade war with China. Trump is telling reporters that China has been taking advantage of the U.S. for many years, hours after China announced increased tariffs on $60 billion in U.S. goods.
China said Monday it will raise tariffs on $60 billion worth of US goods from June 1, in retaliation to the latest round of US tariff hikes and Washington's plans to target almost all Chinese imports. The announcement came after the latest round of US-China trade negotiations ended Friday without a deal, and after Washington increased tariffs on $200 billion worth of Chinese goods. US President Donald Trump had also ordered the start of a process to impose new duties on another $300 billion worth of Chinese items.
Even though Uber stock started publicly trading below its IPO price, the stock price will recover and grow, predicted Daniel Ives of the investment firm Wedbush Securities. Uber began trading as a public company at $42 per share Friday, nearly 7% below its initial public offering price on an already volatile day for the markets.
Trade talks between the U.S. and China broke up Friday with no apparent agreement, and President Donald Trump asserted that there was "no need to rush" to get a deal between the world's two biggest economies. Hours earlier, the Trump administration hiked tariffs on $200 billion worth of Chinese imports to 25% from 10%, escalating tensions between Beijing and Washington. China's Commerce Ministry said it would impose "necessary countermeasures" but gave no details.
Trade talks between China and the U.S. continue Friday in Washington despite new tariffs the U.S. imposed on $200 billion in Chinese imports and Beijing's vow to retaliate.
The families of Canadians killed in the Ethiopian Airlines crash last month have launched a lawsuit against plane maker Boeing. Lawyers in Chicago have filed the suit on behalf of a Brampton, Ontario family that lost six members and a man who lost his Hamilton-based wife and three young children. All 157 people on board Ethiopian Airlines Flight 302 were killed when the Boeing 737 Max 8 aircraft en route from Addis Ababa to Nairobi crashed on March 10. Lawyers for the families behind the lawsuit allege Boeing was blinded by greed as it rushed its 737 Max 8 jets to market, claiming the company put profits over safety.
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