U.S., Japan Sign Limited Deal on Farming, Digital Trade Deals   

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U.S., Japan Sign Limited Deal on Farming, Digital Trade Deals(Bloomberg) -- The U.S. and Japan signed a limited trade deal intended to boost markets for American farmers and give Tokyo assurances, for now, that President Donald Trump won’t impose tariffs on auto imports.The accords on agriculture and digital trade cover about $55 billion worth of commerce between the world’s largest- and third-biggest economies, U.S. Trade Representative Robert Lighthizer said at a ceremony in the Oval Office alongside Trump.The accord is a “game changer for our farmers” and ranchers, Trump said at the event.The goal is for the accord to take effect Jan. 1.Trump, who faces re-election next year, was eager to make a deal with Japan to appease U.S. farmers who have been largely shut out of the Chinese market as a result of his trade war with Beijing. American agricultural producers, also reeling from bad weather and low commodity prices, are a core component of Trump’s political base.Under the deal, Japan will lower or reduce tariffs on some $7.2 billion of American-grown farming products, including beef and pork.Prime Minister Shinzo Abe’s priority was to win a pledge that the U.S. won’t slap tariffs on Japanese automobile exports, a sector valued at about $50 billion a year and a cornerstone of the country’s economy.Read more: Click here for the most recent research from Bloomberg EconomicsThe written text of the deal doesn’t explicitly cover auto tariffs, but Abe has said he received assurances that Japan would be spared from them.The proposed pact won’t lower the barriers protecting Japan’s rice farmers -- a powerful group supporting Abe’s ruling Liberal Democratic Party. This could help the prime minster smooth the deal’s course through parliament, where it must be ratified before coming into effect.The U.S. has said this agreement -- which was signed in principle on the sidelines of the United Nations General Assembly last month -- is just the first phase of a broader agreement.To contact the reporters on this story: Justin Sink in Washington at jsink1@bloomberg.net;Jennifer A. Dlouhy in Washington at jdlouhy1@bloomberg.net;Brendan Murray in London at brmurray@bloomberg.netTo contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, Sarah McGregor, Robert JamesonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.



          

EU needs more troops, says  incoming foreign affairs chief as he calls for 'power politics'   

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EU needs more troops, says  incoming foreign affairs chief as he calls for 'power politics'The EU must have more troops and be prepared to use them across the globe, the bloc’s incoming foreign affairs chief has told the European Parliament.  Josep Borrell, who is nominated to be the EU’s next chief diplomat, said that Europe could not allow itself to become “irrelevant” on a world stage dominated by superpowers such as the US and China.  “We have the instruments to play power politics,” he said at a European Parliament hearing into his candidacy to head up the EU foreign affairs service, “The EU has to learn to use the language of power.” “We should reinforce the EU’s international role and further our military capacity to act,” the 72-year-old Spanish socialist added.  “We should pool our national sovereignties together to multiply the power of individual member states,” Mr Borrell said, "I am convinced that if we don't act together Europe will become irrelevant."  Mr Borrell called for the numbers of EU troops that could be deployed to be raised to at least 55-60,000.  He said the 60,000 target was first set in 1999 by EU leaders after the Balkan war.  The EU does have “battlegroups” of 3,000 soldiers from across the EU on standby every six months but these have never been used and would require the unanimous support of every member state before they could be.  Mr Borrell said the EU had to speak with a unified "truly integrated" foreign policy voice on the world stage. He said the total defence spend in the EU was half the GDP of Belgium and more than in China and Russia.  But that spending did not translate into military capacity because it was fragmented among the EU member countries, Mr Borrell said.  He backed EU plans for pooling defence research projects. Some critics have accused those plans of being a stepping stone towards a future EU Army.  FAQ | European joint defence force Although that idea has been publicly supported by Angela Merkel,  Emmanuel Macron and incoming European Commission president Ursula von der Leyen, it is an extremely distant prospect at the moment.  “We have to spend together,” he said, “We have to be more operational on the ground, we have to deploy forces, starting in our neighbourhood.” “We should envisage a Europe that can defend itself while working for a multilateral peaceful world order,” Mr Borrell said before insisting this would strengthen NATO rather than be a rival to it.  He earlier warned, in a thinly veiled swipe at the US and Donald Trump,  that some of the EU’s allies were “disengaging” from the international rules based system. He also told MEPs that the EU could not allow itself to be “squeezed” between the US and China in the trade war between the two superpowers.  If his candidacy is backed by the European Parliament, Mr Borrell will become the EU’s chief diplomat on  November 1, succeeding Federica Mogherini.



          

Adam Smith argues that retaliation in a trade war can sometimes force the offending country to lower its tariffs, but more often than not the reverse happens (1776)   

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Adam Smith argues that retaliation in a trade war can sometimes force the offending country to lower its tariffs, but more often than not the reverse happens (1776)


          

US restricts 28 Chinese groups in trade war escalation   

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Organisations are primarily involved in surveillance and artificial intelligence
          

NBA stirs U.S. hornet's nest, faces China backlash over Hong Kong tweet   

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An increasing number of U.S. lawmakers voiced anger on Monday over the NBA's response to a Houston Rockets official's tweet backing Hong Kong democracy protests, raising U.S.-China tensions as talks to end a 15-month trade war resumed.

          

Trade War: Why manufacturers are not rushing into India, Indonesia   

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As the US-China trade war continues, tariffs are making exports from China expensive for US importers.
          

Congress Mulls Ban On Chinese Trains And Buses. Oh, Come On, Builder Says   

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Congress is poised to restrict purchases of Chinese-built buses and rail cars in legislation that could open a new front in the trade war alongside the Trump administration's squabbles with Beijing. A bill would forbid the use of federal grants, which the Department of Transportation often makes to big-city transit authorities, to buy new subway trains or buses from the Chinese-owned manufacturer CRRC. Robert Puentes, president of the Eno Center for Transportation, a nonpartisan transportation think tank, says CRRC already dominates the market for rail cars in China — "and they intend to corner the global market here in United States." Puentes says the company has successfully won bids for transit agencies in Boston, Chicago, Los Angeles and Philadelphia "by adhering to the rules that these agencies and these cities have laid out." CRRC has built two American plants, one in Massachusetts and one in Illinois, where it assembles the rail cars. The shells are imported from China; other
          

'Wishful thinking': Trade war stoush tipped to continue despite talks   

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After several false starts, markets are understandably sceptical towards the prospects for a lasting US-China trade deal in Washington this week.
          

NBA stirs U.S. hornet's nest, faces China backlash over Hong Kong tweet   

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An increasing number of U.S. lawmakers voiced anger on Monday over the NBA's response to a Houston Rockets official's tweet backing Hong Kong democracy protests, raising U.S.-China tensions as talks to end a 15-month trade war resumed.

          

Stock Market Today: Trade War Deal Coming?    

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InvestorPlace - Stock Market News, Stock Advice & Trading Tips

The trade war caused more back and forth in equities on Monday. Here's what happened in the stock market today.

The post Stock Market Today: Trade War Deal Coming?  appeared first on InvestorPlace.

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Trump: There's a chance of something 'substantial' in China trade talks   

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President Donald Trump on Monday sounded an optimistic note about this week's negotiations with China to end the trade war between the two global economic super powers, adding that he would not be satisfied with a partial deal.

          

Trump faces crucial decision on China as both economies strain   

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Talks are set to resume this week, but trade war damage could prove hard to reverse.
          

Remember pensions?   

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General Electric will freeze pensions for 20,000 workers and offer pension buyouts to another 100,000 former employees. Today, we trace the decline of the once-common benefit. But first: We check in on the state of the trade war and the autoworkers’ strike. Plus, a conversation with the CEO of Dick’s Sporting Goods.


          

The Hennessee Hedge Fund Index lost -1.20% in August (+6.99% YTD)   

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Opalesque Industry Update - The U.S.-China trade war escalated to new heights, weighing on risk-asset performance and sending global rates sharply lower. After little materialized from the Shanghai trade talks at the end of July, President Donald Trump announced tariffs of 10% on an additional $300 ...
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Trump's trade war made cranberry markets blow away like ocean spray [Fail]   

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Fail [link] [29 comments]

          

Can Semiconductors Dodge the Trade War Crossfire?   

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The U.S.-China trade deal plays a profound role in the performance of the semiconductor sector given their exposure to China. So far, the tariff-for-tariff war between the two largest economies is putting semiconductors in the crossfire, but can the sector dodge get out their way moving forward? “Due to their considerable exposure to the Chinese [...]

The post Can Semiconductors Dodge the Trade War Crossfire? appeared first on ETF Trends.


          

FOREX-Dollar steady as traders look to trade talks, Fed for direction   

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NEW YORK, Oct 7- The dollar was little changed against a basket of currencies on Monday as traders awaited U.S.- China trade talks later in the week for clues to the state of the prolonged trade war between Washington and Beijing, even as chances of a deal appeared low. Top-level U.S.- China trade talks are scheduled to resume next Thursday and Friday, when Chinese...
          

FOREX-Dollar breaks 4-day losing streak on trade tensions   

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LONDON, Oct 7- The dollar firmed on Monday, breaking a four-day losing streak, as fresh concerns over the trade war between the United States and China kept risk appetite subdued and trade-oriented currencies such as the Australian dollar under pressure. A Bloomberg report that Chinese officials were reluctant to agree to U.S. "The trade news has boosted...
          

FOREX-Sino-U.S. trade talk doubts lift dollar off one-month lows   

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*Dollar index inches up as Bloomberg report fuels doubt on Sino-U.S. trade talks. LONDON, Oct 7- The dollar edged up on Monday after four straight losses last week, while China's offshore yuan and the euro were undermined by fresh jitters on the trade war front and data that added to evidence of economic recession in Germany. A Bloomberg report that Chinese...
          

Comment on China’s awkward environmental example by .    

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<a href="https://www.economist.com/china/2019/09/19/to-prevent-catastrophic-global-warming-china-must-hang-tough" title="Facebook" rel="nofollow">But some analysts doubt whether China is ready yet to commit to tougher emissions targets. The main reason is that the economy is slowing faster than officials would like.</a> This year the aim is to expand it by between 6% and 6.5%. That would be in line with China’s long-term aim of achieving more sustainable, less frothy, growth. But China’s prime minister, Li Keqiang, said this week that even 6% has not been easy to achieve, citing a global slowdown and the “rise of protectionism and unilateralism”—a veiled reference to the trade war with America. ... To keep the economy growing within the target range, officials have allowed more credit to flow to some high-emitting industries such as steel and cement, and cranked up coal-fired plants to meet the resulting increase in power demand (and it is building them apace abroad as part of its Belt and Road Initiative, a global infrastructure-building scheme—see article). After falling in 2015 and 2016, China’s carbon emissions began creeping upwards again. Greenpeace estimates that carbon-dioxide emissions grew 4% in the first half of this year.
          

Chinese Envoy Headed to the U.S. to Resume Trade War Talks   

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The two governments have made conciliatory gestures ahead of the talks, but there has been no sign of progress toward settling core disputes
          

The Consumption Response to Trade Shocks: Evidence from the US-China Trade War -- by Michael E. Waugh   

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This paper provides evidence on the consumption effects of trade shocks by exploiting changes in US and Chinese trade policy between 2017 and 2018. The analysis uses a unique data set with the universe of new auto sales at the US county level, at a monthly frequency, and a simple difference-in-difference approach to measure the effect of changes in trade policy on county-level consumption. As a lower bound, I estimate the elasticity of consumption growth to Chinese retaliatory tariffs to be around –1. This implies that counties in the upper quartile of the retaliatory-tariff distribution experienced a 3.8 percentage point decline in consumption growth. I further show that the consumption response corresponds with a decline in employment growth. These results suggest that Chinese retaliation is leading to concentrated welfare losses in the US.
          

Cheaper yarn imports hurting domestic textile players   

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Owing to the US-China trade war as well as free trade agreements with ASEAN countries that allow duty-free imports into the country.
          

We’re paying for damages we didn’t cause: Italians feel wrongly punished in U.S. trade war.   

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Late yesterday, I had the chance to speak with Pecorino Toscano Consortium president Andrea Righini about the new U.S. tariffs on Italian cheese — part of the U.S. government’s ongoing trade war with the EU. See my interview with him (for the Italy-America Chamber of Commerce Texas) here. Andrea was stressed, as you can imagine. He’d […]
          

The Unwinnable Trade War - Foreign Affairs Magazine   

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  1. The Unwinnable Trade War  Foreign Affairs Magazine
  2. China is now hesitant to pursue broad trade talks with China: Report  Yahoo Finance
  3. Stocks slide as traders have doubts about a US-China trade deal  CNBC
  4. These Trade Claims Made by Trump? They’re All Wrong  The New York Times
  5. Can the US and China Make a Deal? | by Kevin Rudd  Project Syndicate
  6. View full coverage on Google News

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