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China Tariff Retaliation Will Hit $60 Billion of U.S. Goods

Tuesday, 18 September 2018 15:45

China announced it will take retaliatory tariff action against $60 billion of U.S. goods, sharply escalating their trade conflict as the Trump administration considers imposing duties on almost all Chinese imports.

China’s retaliatory tariffs, on items ranging from meat to wheat and textiles, will take effect on Sept. 24, China’s Ministry of Finance said in a statement posted on its website. Beijing is still ready to negotiate an end to the trade tensions with the U.S., the ministry said.

At almost the same time Beijing released its list of counter-tariff targets, President Donald Trump on Tuesday threatened more punitive measures against China if it targets politically potent U.S. agricultural products for retaliation.

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Trump to announce $200B in tariffs on Chinese goods as early as Monday: report

Saturday, 15 September 2018 22:19

President Trump will announce $200 billion in tariffs on Chinese goods early next week, despite his administration's ongoing trade negotiations with Chinese officials.

The Wall Street Journal reported Saturday that Trump administration officials are prepared to make an official announcement as early as Monday or Tuesday.

A White House spokeswoman declined to comment to the Journal on a potential announcement, instead pointing to a Friday statement encouraging China to address trade issues with the U.S.

U.S. businesses roll out campaign to end tariff wars

Wednesday, 12 September 2018 12:50

US businesses roll out campaign against teriff war

U.S. businesses have united in a campaign to be unveiled on Wednesday against President Donald Trump's tariff efforts.

A variety of industries are supporting the multimillion-dollar "Tariffs Hurt the Heartland" campaign by Americans for Free Trade, aiming to highlight the negative consequences of tariffs in advertising, town hall-style meetings beginning next week and reaching out to member of Congress.

Federal deficit soars 32 percent to $895B

Tuesday, 11 September 2018 11:58

ocb The federal deficit hit $895 billion in the first 11 months of fiscal 2018, an increase of $222 billion, or 32 percent, over the same period the previous year, according to the Congressional Budget Office (CBO).

The nonpartisan CBO reported that the central drivers of the increasing deficit were the Republican tax law and the bipartisan agreement to increase spending. As a result, revenue only rose 1 percent, failing to keep up with a 7 percent surge in spending, it added.

Revenue from individual and payroll taxes was up some $105 billion, or 4 percent, while corporate taxes fell $71 billion, or 30 percent.

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Even Fox News Shoots Down Donald Trump’s Economy Boast

Tuesday, 11 September 2018 11:42

President Donald Trump boasted Monday in a tweet that it’s the first time in more than a century that America’s gross domestic product growth is higher than the unemployment rate.

Except that it’s not.

In fact, the GDP has been higher than the unemployment rate more than 20 percent of the time since 1948, according to actual facts.

Trump nixes federal pay raise

Thursday, 30 August 2018 15:42

President Trump on Thursday announced that he would cancel a scheduled 2.1 percent across-the-board pay increase for federal workers, as well as locality pay increases.

"In light of our Nation's fiscal situation, Federal employee pay must be performance-based, and aligned strategically toward recruiting, retaining, and rewarding high-performing Federal employees and those with critical skill sets," Trump wrote in a letter to the Speaker of the House and the president of the Senate.

'They're liquidating us': AT&T continues layoffs and outsourcing despite profits

Tuesday, 28 August 2018 14:45

AT&T lays off and closes call centers despite huge tax windfall

Cindy Liddick had worked at the AT&T call center in Harrisburg, Pennsylvania, for 12 years before it closed earlier this month.

The former customer support specialist is among the more than 16,000 people in the United States who have lost their jobs at the communications giant since 2011, as it continues to shut down call centers to consolidate facilities within the US, or in favor of offshore alternatives in countries such as India, the Philippines and Mexico.

Though AT&T is earning record profits, spending billions on stock buybacks and is expecting an estimated windfall of $20bn in savings from Donald Trump’s tax reforms, it has continued to lay off workers and outsource jobs.