Category Archives: US economy

Top-ranking House Democrat favors Trump impeachment inquiry – live

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Representative Ben Ray Luján, the assistant House speaker, endorses opening an impeachment inquiry, Politico reports

Representative Ilhan Omar has promised to post a live stream of her imminent press conference with Representative Rashida Tlaib on the topic of their being banned from travel to Israel and Palestine in her Twitter feed here.

snap

The debunked study you’re referring to was based on 21 undecided voters. For context that’s about half the number of people associated with your campaign who have been indicted. https://t.co/0zHnWvGjSv

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Dow Jones plunges 800 points as recession fears rattle markets

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  • Sharp declines come after Tuesday rally inspired by tariff delays
  • Trump urges Fed chief Powell to make further interest rate cuts

Signs of a global economic slowdown roiled the markets on Wednesday as shares dived and investors fled to bonds with such intensity that short-term yields rose above longer-term ones for the first time since the crisis of a decade ago – an inversion many market-watchers saw as a strong signal of an approaching recession.

Related: Inverted curve proves White House has won its battle with the Fed

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US job growth rebounds as economy adds 224,000 jobs in June

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  • Economy bounces back after disappointing May figures
  • Moderate wage gains could still encourage Fed to cut rates

US job growth rebounded strongly in June, but moderate wage gains and mounting evidence that the economy was slowing sharply could still encourage the Federal Reserve to cut interest rates this month.

Related: US beats forecasts with 224,000 new jobs created in June - business live

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Iran: Trump announces new, ‘hard-hitting’ sanctions – live

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President at the White House signs executive order that he says will hurt Iran’s economy – follow the latest live

The article on journalist and advice columnist E Jean Carroll’s sexual assault allegations against President Trump mysteriously disappeared on the New York Post website on Friday afternoon; the wire story by the Associated Press was also scrubbed.

Today, CNN is reporting that former editor-in-chief Col Allan - a longtime Trump supporter and “old lieutenant of Rupert Murdoch who returned to the conservative tabloid as an adviser in early 2019” - ordered that the story be removed.

Some news: Murdoch lieutenant Col Allan ordered the removal of the New York Post's story on Jean Carroll's sexual assault allegation against Trump, sources tell me and @garveyshuffle https://t.co/GTh4z7N2eZ

Hundreds of children were moved out of a Texas Border Patrol station where they were held with inadequate food, water and sanitation for weeks. At this station, a legal team interviewed 60 children and documented kids forced to take care of kids, no clean clothing, weeks of no baths and poor nutrition.

This morning, my office was informed that only 30 children remain in the Clint Border Patrol station in El Paso County.

Last week, @hrw lawyers found 255 children in beyond alarming conditions in the same station. pic.twitter.com/tmBC3M0aqP

JUST IN: 249 of the children are now in the ORR shelter system according to Evelyn Stauffer, a spokeswoman for the agency. https://t.co/gdhsc2GgkH

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China will not allow G20 to discuss Hong Kong, says foreign minister

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Foreign powers have no right to interfere in ‘internal affair’, says Zhang Jun, as Beijing also calls for trade compromise

China has said it will not allow the G20 nations to discuss the Hong Kong issue at its summit this week, assistant foreign minister Zhang Jun said on Monday.

Millions of people demonstrated on the streets of the city this month against a bill that would allow people to be extradited to the mainland to face trial in courts controlled by the Communist party.

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Non-farm: US economy stumbles by creating just 75,000 jobs in May – business live

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Dollar slides after America only created 75,000 new jobs last month, weaker than the 175,000 expected

Earlier:

Let’s get some details on the weakest US jobs report in three months.

The government cut 15,000 jobs in May, according to the Bureau of Labor Statistics, while private companies hired 90,000 people.

The unemployment rates for adult men (3.3 percent), adult women (3.2 percent), teenagers (12.7 percent), Whites (3.3 percent), Blacks (6.2 percent), Asians (2.5 percent), and Hispanics (4.2 percent) showed little or no change in May.

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Renault-Fiat Chrysler merger collapses

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French government blamed as €33bn deal to create world’s third largest carmaker stalls

The proposed €33bn merger of Fiat Chrysler and Renault has collapsed after an intervention from the French government, Renault’s biggest shareholder.

Fiat Chrysler, an Italian-American company, withdrew from a 50-50 merger proposal for its French rival after a board meeting on Wednesday. A deal would have created the world’s third-largest carmaker behind Volkswagen and Toyota.

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Trump cancels key services for unaccompanied child migrants – live

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Officials say language classes and recreation programs for immigrant children staying in federal shelters ‘not directly necessary’

Vice President Mike Pence will meet Wednesday with top Mexican officials who are seeking to head off the administration’s threatened tariffs, the Hill reports.

Mexican Foreign Minister Marcelo Ebrard is representing his country at the talks and expected to argue Mexico is already taking steps to prevent migrants from crossing the US-Mexico border.

Rep. Alexandria Ocasio-Cortez says Paul Manafort should not be held in solitary confinement, and nor should anyone else. Manafort, Donald Trump’s former campaign chair, is reportedly heading for Rikers Island where he’s likely to be held in solitary while awaiting trial on New York state charges.

Yes - released from solitary.

NYT used the term solitary confinement, & that’s what I am commenting on.

“Protective custody” IS a separate practice, but does not necessarily exclude solitary. If he is in fact not being held in solitary, great. Release everyone else from it too.

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Donald Trump is lashing out at Mexico but his real fight is at home | Phillip Inman

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Democrats are turning a president enraged at the blocking of his border wall into an unhinged beast

Donald Trump’s threats of higher import tariffs against Mexican goods can be better understood not as an escalation of his trade war with the rest of the world, but as the act of a desperate man, prepared to upset most US business leaders to achieve his aim of building a border wall with the country’s southern neighbour.

His anger, which he will bring with him on a state visit to London on Monday, is not so much with Andrés Manuel López Obrador’s administration in Mexico City as with Congress, which has blocked the border wall, or at least restricted funding to such an extent that its completion is unlikely before the next presidential race gets under way.

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Mexico could tighten migration controls to defuse Trump tariffs threat

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  • Andrés Manuel López Obrador hints at concession to US
  • Talks over US president threat in Washington next week

Mexico’s president hinted on Saturday that his country could tighten migration controls in order to defuse Donald Trump’s threat to impose tariffs on Mexican goods. Andrés Manuel López Obrador also said he expected “good results” from talks in Washington next week.

Related: 'No idea too lunatic': how Trump's shock troops attack US democracy

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Donald Trump defends tariffs on Mexico as stock markets reel

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After 5% tariff announced, president tweets ‘Mexico has taken advantage of the US for decades’

Donald Trump has defended his decision to impose new tariffs on Mexico as stock markets worldwide were rattled by fears of an escalation in trade tensions.

“Mexico has taken advantage of the United States for decades,” Trump tweeted. “Because of the Dems, our Immigration Laws are BAD. Mexico makes a FORTUNE from the U.S., have for decades, they can easily fix this problem. Time for them to finally do what must be done!”

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Even Trump may ultimately retreat from the cost of the China trade war

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The president’s bullish advisers may be taking a hard line, but the chances of a deal are better than they look

During Donald Trump’s campaign to be president, he regularly cited China’s export subsidies as “evil”, and in his manifesto he pledged to “cut a better deal with China that helps American businesses and workers compete”.

The president turned decades of musings into a policy mission after his son-in-law, Jared Kushner, handed him a book by the academics Peter Navarro and Greg Autry – Death by China – which set out to explain how China manipulated the global trade system for its own ends.

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Federal Reserve snubs Trump by refusing to cut interest rates

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  • US rates held at 2.25% to 2.5%
  • President had called for ‘one point’ cut

The US Federal Reserve snubbed Donald Trump’s call for a cut in interest rates on Wednesday as the central bank noted economic activity was still rising at “a solid rate”.

After a two-day meeting the Fed board unanimously decided to hold rates steady at a range between 2.25% and 2.5%.

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Trump Fed pick was held in contempt for failing to pay ex-wife over $300,000

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Records obtained by Guardian show Stephen Moore reprimanded by judge for not paying alimony, child support and other debts

Stephen Moore, the economics commentator chosen by Donald Trump for a seat on the Federal Reserve board, was found in contempt of court after failing to pay his ex-wife hundreds of thousands of dollars in alimony, child support and other debts.

Related: Trump’s Federal Reserve pick owes $75,000 in taxes, US government alleges

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Asian stocks slump as US recession fears grip markets

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Australian treasury yields hit a record low in a grim portent for the economy, while the Nikkei falls 3% in wider share selloff

Shares in Asia Pacific have slumped after a key market indicator flashed an “amber warning” that the United States is heading for a recession.

Bond yields also continued to fall across the world with Australian 10-year treasury yields falling to a record low on Monday of 1.756% in what analysts see as a strong indicator of a downturn hitting the resource-rich country.

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Global stock markets gain as investors predict cautious Federal Reserve – business live

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Central banks in spotlight amid Brexit uncertainty and growth concerns

The Bank’s reticence to raise rates has been hinted at by Gertjan Vlieghe and Silvana Tenreyro, two of the nine-member monetary policy committee.

Weaker growth prospects have come on top of concerns about Brexit, according to Martin Beck, lead UK economist at Oxford Economics, a consultancy. He expects a 9-0 vote to keep policy unchanged, saying:

The economy’s recent performance has been broadly in line with the MPC’s expectations. But public pronouncements by some committee members on downside risks have indicated a dovish shift around the pace of future rate hikes.

In light of the continued failure to get a Brexit deal through Parliament, Brexit uncertainty remains a key block on action by the MPC.

The Bank of England will also be in action later this week, with a monetary policy announcement on Thursday at midday.

Anything other than a unanimous vote to keep interest rates on hold would be a shock, for fairly obvious reasons.

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Elizabeth Warren is right – we must break up Facebook, Google and Amazon | Robert Reich

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The titans of the new Gilded Age must be busted and the idea has bipartisan support. It’s time big tech was brought to heel

The presidential hopeful Elizabeth Warren announced on Friday she wants to bust up giants like Facebook, Google and Amazon.

America’s first Gilded Age began in the late 19th century with a raft of innovations – railroads, steel production, oil extraction – but culminated in mammoth trusts run by “robber barons” like JP Morgan, John D Rockefeller, and William H “the public be damned” Vanderbilt.

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Trump’s economy is great for billionaires, not for working people | Bernie Sanders

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Instead of giving tax breaks to billionaires and large corporations, we must demand that they pay their fair share

Donald Trump tells us the US economy is “absolutely booming”, the “strongest we’ve ever had” and “the greatest in the history of America”.

Well, at his Mar-a-Lago country club where the price of admission has doubled to $200,000, he is right. The economy could not be better for the top 1% and corporate America.

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China feels the squeeze of Trump’s trade war as more tariffs loom

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Talks begin this week in Beijing to end the trade war – and even titans such as Apple are feeling its impact

It epitomises China’s position in the global economy that a seismic warning about its health last week came from a US company: Apple. The iPhone maker cut sales forecasts, citing the unforeseen “magnitude” of the economic slowdown in China – a vital growth market. At the same time the head of Baidu, China’s biggest search engine, warned his employees that “winter is coming” in the world’s second-largest economy.

If China is indeed entering an economic winter, then the chill will spread around the globe. Forty years after communist China opened its doors to trade with the west in a dash for growth, the country’s mix of free-market policies and central planning faces one of its sternest tests.

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China’s faltering economy gives US stronger hand in trade talks, Trump says

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As US officials fly to Beijing for negotiations, the president says the Chinese ‘sort of have to’ make a deal on tariffs

Donald Trump has said China’s weakening economic growth puts the United States in a strong position as negotiators from the world’s two largest economies prepare for trade talks on Monday.

US officials are heading to Beijing this weekend for the first face-to-face talks since Trump and China’s president, Xi Jinping, agreed in December to a 90-day truce in the trade war as they sought to strike a deal.

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