(Washington, DC-AP) — President Trump insists that China is paying the tariffs that he has imposed in the trade war with Beijing, but Goldman Sachs disagrees. The U.S. bank claims the costs of U.S. tariffs are falling entirely on American businesses and households.
Goldman warns that the impacts on U.S. consumer prices will get worse if the dispute is not resolved. Stocks have tumbled in recent days amid fears that the trade war is growing, with no end in sight.
The U.S. and China have the world’s two biggest economies.
(AP) – Iran says it will no longer fully comply with the nuclear deal it signed with the U.S. and five other nations. Today’s announcement comes one year after President Trump pulled the U.S. out of the agreement.
Iran’s Supreme National Security Council said in a statement the Islamic Republic will no longer abide by limits on keeping enriched uranium and heavy water reserves.
Iran says the other nations that signed the 2015 agreement – Britain, Germany, China, Russia, and France – now have 60 days to ease restrictions on its banking and oil industries. The Trump administration is currently working to block all of Iran’s oil exports.
A Kremlin spokesman told reporters today that Iran was provoked by the U.S., and said Washington’s decision to pull out of the deal last year was “unthought-out.” The spokesman said Russia wants to keep the nuclear deal alive and that its diplomats were doing all they could behind the scenes to try and save it.
(AP) — Israel is hoping to become one of four nations to land a spacecraft on the surface of the moon. A small Israeli spacecraft is expected to touch down this afternoon in what would be the first privately funded mission to land on the moon.
The Beresheet (In the Beginning) spacecraft is set to land in the lunar plane known as the Sea of Serenity between 3:00 and 4:00 p.m. Eastern Time.
The spacecraft sent back images of the moon’s far side last week. A successful landing will put Israel in the exclusive club that now includes the U.S., Russia, and China.
(SL) – Chinese investment in the U.S. has dropped 92 percent in the first five months of 2018. Around one-point-eight billion dollars had been invested as of May, the lowest amount in seven years. That’s according to a report out last week by foreign investment research firm Rhodium.
The drop comes as trade tensions have escalated between Beijing and Washington, with billions of dollars worth of tariffs slapped on each side. Donald Trump has complained repeatedly about what he says are unfair trade practices by China, and scrutiny on possible Chinese deals has increased under his administration.
(Tehran) – Iranian President Hassan Rouhani says his country will remain in the 2015 nuclear deal if it can protect its interests. The deal, originally made between the U.S., Iran and five other world powers, offered sanctions relief in exchange for checks on Iran’s nuclear program.
President Trump pulled out of the deal this month, after months of calling it broken.
Rouhani said that Tehran will stay in if the remaining five nations, China, France, Germany, Russia and the U.K., stick to the agreement.
(Beijing) – China is responding to the trade tariffs President Trump is imposing on the nation. China’s commerce ministry outlined a list of 128 American products like pork, wine, fruit and steel that have a value of three-billion-dollars as potential retaliation targets.
Beijing plans to make moves against the American products in two stages if a trade agreement isn’t reached. The ministry is urging the United States to resolve issues with Beijing “as soon as possible” to avoid damaging the bilateral relationship.
Trump signed an executive order that is set to impose tariffs on up to 60-billion-dollars in Chinese imports. The move primarily affects products in the technology sector, where Beijing is at an advantage over Washington.
(Beijing) – China’s parliament has officially cleared the way to make Xi Jinping president for life. The rubber stamp body removed term limits from the Constitution Sunday. The move was signaled last month by the nation’s ruling Communist Party.
The decision has critics and the government clamped down on some articles while pushing other news praising the decision.
(Washington, DC) — Donald Trump is proposing new trade tariffs on imported steel and aluminum. Speaking at the White House Thursday, Trump said he’ll sign a 25-percent tariff on imported steel and a ten-percent penalty on imported aluminum next week.
The President vowed to rebuild the U.S. steel and aluminum industries in a meeting with industry executives. News of higher import tariffs sent stocks plunging on Wall Street. Asian stock markets are down sharply. Japan’s Nikkei led the sell-off that started on Wall Street after Trump’s announcement on Thursday.Falling stock prices are showing up in Asia’s automotive and tech arenas, as well as steel and aluminum manufacturers. The tariffs reportedly will apply to all countries that export steel and aluminum to the U.S.
The New York Times reports, trading partners are hitting back. They promised to retaliate against quintessential American goods like Kentucky bourbon, bluejeans and Harley-Davidson motorcycles.
That is likely to turn into a wave of protest aimed at American products as other countries, including traditional allies, respond to Mr. Trump’s plan to clamp down on imports of metals from overseas.Canada, China and the European Union have already said they would respond with tariffs of their own that could lead to billions of dollars in American export losses. Those levies would harm the farmers and business interests that the Trump administration has promised to protect and would fuel a trade fight that could undermine the president’s goal of strengthening American industry.
Li Xinchuang, the vice chairman of the China Iron and Steel Association, called the president’s move “stupid,” saying, “Trump’s decision does no good to everyone except a few American steel enterprises.”
And John M. Weekes, Canada’s negotiator for the North American Free Trade Agreement in the early 1990s, said the president’s “notion is going down very badly in Canada.”
The Dow Jones Industrial Average lost 420 points to close at 24-609.
(SL) – The Victoria’s Secret Fashion Show finally got underway in China but all anyone wants to talk about it Ming Xi’s fall on the runway. All models fear falling on the runway. From the crazy shoes and attire they have to walk in it’s surprising that we haven’t seen more of them slip. Naomi Campbell can attest to the difficulties in balancing between 8 inch platforms and garments that drape the floor and get tangled easily.
Wrapped up in her Goddess Segment literally, she maintained her composure as she fell to her knees.With a little help from model Gizele Oliveira , Xi completed her walk to cheers from the crowd as she got back on her feet.
(SL) –There’s no other way to put it. China is not with the sh**s (…as the kids say). After banning ‘Swish Swish’ singer Katy Perry indefinitely for wearing a disrespectful dress during a show a couple of years ago; and Gigi Hadid for her insensitive video with Buddha references, rumor has it that Chinese officials are keeping a tight eye on the model visitors.
The government is reportedly combing the social media accounts and media coverage of anyone set to appear in the show.
Harry Styles will replace Katy Perry, but the problems stretch further. Russian models Julia Belyakova, Kate Grigorieva and Irina Sharipova and Ukranian model Dasha Khlystun, who booked spots in the show, were also denied visas.
Word has it that they’re also looking at media hoping to cover the show.
“We’re told fashion bloggers booked to cover the glitzy event are canceling their trips because the Chinese government won’t give them visas; TV producers are grappling with bureaucrats over permission to shoot outside the Mercedes-Benz Arena, where it’s being held (“If you’re going to China, you want to show that you are in China!” fumed an insider); and Victoria’s Secret staffers in China can’t send out press releases because they have to be approved by government officials.
“It’s just a nightmare for all the media trying to cover [the show],” said a jet-setting insider. “These TV companies are spending a fortune on it, and they don’t even know what they can shoot when they get there.”
We’re told that producers charged with coordinating the coverage for various outlets are “on the verge of nervous breakdowns.”