Trump says U.S.-China trade talks ‘going well’ but wants to see Xi By Reuters


© Reuters. FILE PHOTO: Containers are seen at the Yangshan Deep Water Port in Shanghai

WASHINGTON (Reuters) – U.S. President Donald Trump was upbeat on Thursday about high-level trade talks with Chinese officials in Washington but said no final deal would be made until he meets with Chinese President Xi Jingping.

The United States and China opened a pivotal round of talks on Wednesday aimed at bridging deep differences over China’s intellectual property and technology transfer practices and easing a months-long tariff war.

Trump was scheduled to meet with Chinese Vice Premier Liu He at the White House as talks conclude on Thursday.

“China’s top trade negotiators are in the U.S. meeting with our representatives. Meetings are going well with good intent and spirit on both sides,” Trump said on Twitter.

“No final deal will be made until my friend President Xi, and I, meet in the near future to discuss and agree on some of the long standing and more difficult points.”

Trump said negotiators are working to complete a deal, leaving “NOTHING unresolved on the table” before the March 1 deadline agreed by both sides.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Factbox: Tariff wars – duties imposed by Trump and U.S. trading partners


(Reuters) – U.S. President Donald Trump has rattled the world trade order by imposing unilateral tariffs to combat what he calls unfair trade practices by China, the European Union and other major trading partners of the United States.

FILE PHOTO: Ship and containers are shown at the port of Los Angeles in Los Angeles, California, U.S. July 16, 2018. REUTERS/Mike Blake/File Photo

The actions led to tit-for-tat retaliation, including a tariff war with China that Washington and Beijing are trying find a way out of in talks this week. Here is a rundown of major U.S. tariff actions and retaliatory measures in the past year.

U.S. GLOBAL TARIFFS

– 25 percent tariffs on imported steel and 10 percent tariffs on imported aluminum, imposed on March 23 on national security grounds. Exemptions have been granted to Argentina, Australia, Brazil and South Korea in exchange for quotas, and negotiations over quotas continue with Canada, Mexico and the European Union.

– 20 percent to 50 percent tariffs on imported washing machines, imposed Jan. 22 as a “global safeguard” action to protect U.S. producers Whirlpool Corp and GE Appliances, a unit of China’s Haier Electronics Group Co Ltd

– 30 percent tariffs on imported solar panels, imposed Jan. 22 as a “global safeguard” action to protect U.S. producers Solar World , based in Germany, and Suniva, owned by China’s Shunfeng International Clean Energy Ltd

– Trump is considering tariffs of around 25 percent on imported cars and auto parts, based on a U.S. Commerce Department study of whether such imports threaten U.S. national security.

The new U.S.-Mexico-Canada Agreement trade deal protects Canadian and Mexican production in the event of such tariffs through a quota system. Trump has pledged not to impose auto tariffs on Japan and the European Union while trade negotiations with those partners are underway.

U.S. TARIFFS ON CHINA

– 25 percent tariffs on $50 billion worth of Chinese technology goods including machinery, semiconductors, autos, aircraft parts and intermediate electronics components imposed July 6 and Aug. 23 as part of “Section 301” probe into China’s intellectual property practices.

– 10 percent tariffs on $200 billion worth of Chinese goods including chemicals, building materials, furniture and some consumer electronics, imposed Sept. 24 as a response to Chinese retaliation. The levy on these imports is scheduled to increase to 25 percent on March 2 if negotiations between the United States and China fail to produce a deal to resolve their trade dispute.

– If an agreement with China cannot be reached, Trump has threatened to impose tariffs on an additional $267 billion worth of Chinese goods, representing all remaining imports from China, including cell phones, computers, clothing, footwear and other consumer products.

– U.S. Trade Representative Robert Lighthizer said on Wednesday that Trump has directed him to pursue all tools to raise the U.S. tariff rate on Chinese autos to the 40 percent that China is now charging on cars and trucks built in the United States. The United States charges 27.5 percent tariffs on Chinese vehicles.

CHINESE TARIFFS ON UNITED STATES

– 25 percent tariffs on $50 billion worth of U.S. goods including soybeans, beef, pork, seafood, vegetables, whiskey, ethanol, imposed July 6 and Aug. 23 in retaliation for initial rounds of U.S. tariffs. China has suspended a 25 percent duty on U.S. auto imports during their trade negotiations. Beijing has resumed some purchases of U.S. soybeans but has not formally suspended those tariffs.

– Tariffs of 5 percent to 10 percent on $60 billion worth of U.S. goods, including liquefied natural gas, chemicals, frozen vegetables and food ingredients, imposed Sept. 24.

– Based on 2017 U.S. Census Bureau trade data, China only would have about $20 billion in U.S. imports left to levy in retaliation for any future U.S. tariffs, of which $16 billion were commercial aircraft, largely built by Boeing Co. Retaliation could come in other forms, such as increased regulatory hurdles for U.S. companies doing business in China.

CANADIAN TARIFFS ON UNITED STATES

– Canada on July 1 imposed tariffs on $12.6 billion worth of U.S. goods, including steel, aluminum, coffee, ketchup and bourbon whiskey in retaliation for U.S. tariffs on Canadian steel and aluminum. (tinyurl.com/y8w5g895)

MEXICAN TARIFFS ON UNITED STATES

– Mexico on June 5 imposed tariffs of up to 25 percent on American steel, pork, cheese, apples, potatoes and bourbon, in retaliation for U.S. tariffs on Mexican metals.

EUROPEAN UNION TARIFFS ON UNITED STATES

– The European Union on June 22 imposed import duties of 25 percent on a $2.8 billion range of imports from the United States in retaliation for U.S. tariffs on European steel and aluminum. Targeted U.S. products include Harley-Davidson motorcycles, bourbon, peanuts, blue jeans, steel and aluminum.

The list of these products can be found here (bit.ly/2sFimvj)

INDIAN TARIFFS ON UNITED STATES

– India, the world’s biggest buyer of U.S. almonds, on June 21 raised import duties on the nuts by 20 percent and increased tariffs on a range of other farm products and U.S. iron and steel, in retaliation for U.S. tariffs on Indian steel.

Compiled by David Lawder; Editing by Lisa Shumaker



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U.S. gun sales down 6.1 percent in 2018, extending ‘Trump slump’ By Reuters


© Reuters. FILE PHOTO: A woman looks over a Rhino revolver with a two-inch barrel in the Chiappa Firearms booth during the SHOT Show in Las Vegas

By Daniel Trotta

(Reuters) – U.S. firearms sales fell 6.1 percent in 2018, according to industry data reported on Tuesday, marking the second straight year of declines and extending the “Trump slump” following the November 2016 election of pro-gun rights President Donald Trump.

The National Shooting Sports Foundation estimated 2018 sales at 13.1 million firearms, down from 14 million the previous year and down 16.5 percent from record 2016 sales of 15.7 million.

A previous boom that saw gun sales double over a decade through 2016 corresponded largely with Democratic President Barack Obama’s time in office, when fears that gun control laws would be enacted drove gun aficionados to stock up.

Industry representatives attributed the subsequent decline to a market correction as well as politics.

“Obama was the best-selling president for guns. Every time he opened his mouth,” said Trisha Kinney, owner of Blue Collar Firearms in Colton, California.

The peak year of 2016 coincided with the presidential campaign in which Democrat Hillary Clinton was expected to win. Steady monthly increases only reversed themselves in December, after the victory of Republican Trump.

Consumer gun sales affect a $40 billion industry of manufacturers and retailers of guns, ammunition and accessories.

“The industry was in dire need of a correction. We lived through a 20-year bubble. That’s one of the biggest reasons we’re seeing a little bit longer-lasting correction,” said Dave Howell, founder of Howell Munitions & Technology, whose Idaho-based company filed for bankruptcy protection last year.

Howell dated the boom to the presidency of Democrat Bill Clinton in the 1990s and said it extended throughout the Republican administration of George W. Bush, bucking the normal political trend in reaction to the attacks of Sept. 11, 2001.

In California, the state with some of the strictest gun laws, some retailers reported brisk sales in part because Democratic Governor Gavin Newsom promised additional measures during his campaign. Kinney said her new-gun sales rose 14 percent in 2018.

Kurt Krasne, president of San Diego-based holster and magazine maker Triple K Manufacturing Co, said he felt the pinch in 2017 but saw a recovery in the fourth quarter of 2018.

“I think 2019 will probably trend out to a little bit more normal instead of that crazy growth we experienced,” Krasne said.

The NSSF bases its data on the number of background checks required for gun purchases under the National Instant Criminal Background Check System, but adjusts down to subtract checks unrelated to gun sales.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Fed’s Powell works Congress as Trump stews over rate hikes By Reuters


© Reuters. FILE PHOTO: U.S. Federal Reserve Board Chairman Powell participates in a discussion in Washington

By Ann Saphir

SAN FRANCISCO (Reuters) – U.S. Federal Reserve Chairman Jerome Powell has been meeting with lawmakers at a faster clip than his two predecessors, a push that appears to be earning him allies as he navigates tricky monetary policy waters and vocal White House criticism.

In his first 10 months on the job, and beginning well before President Donald Trump began publicly chastising him and the U.S. central bank for raising interest rates, Powell logged more than 40 hours on the phone or in person with Republican and Democratic lawmakers, his calendars show.

That’s roughly equal to the combined total from Janet Yellen and Ben Bernanke through the same point during their tenures.

All told, Powell interacted with at least 72 members of Congress from February to November, two more than Yellen’s tally over her entire four-year term as Fed chief.

Published monthly with a lag, the calendars do not reflect what was discussed at any of Powell’s meetings, and neither Powell nor the Fed would disclose those details.

Still, interviews with key lawmakers who met Powell indicate he is accumulating goodwill on Capitol Hill to a far greater degree than Bernanke or Yellen managed. That backing could serve him well should Trump’s attacks intensify.

Trump nominated Powell in late 2017 to succeed Yellen, but he soured on the former lawyer and investment banker in 2018, blasting the Fed’s rate hikes as “loco” and “ridiculous” and accusing it of undercutting economic growth.

The attacks stoked fears the White House was trying to dictate policy to the Fed, concerns that were fueled after it was reported Trump had privately discussed firing Powell. Trump later told reporters he would not try to oust the Fed chief.

Powell’s calendars show how far he has gone to “wear the carpets of Capitol Hill out,” as he promised to do when interviewed by Marketplace Radio in July. The goal, he said then, was to explain what the Fed was doing and to be responsive to the concerns of its overseers in Congress.

Moreover, the efforts differentiate him not only from past Fed leaders, but also from the chiefs of the European Central Bank and the Bank of Japan, who rarely meet one-on-one with lawmakers.

‘IN THE LOOP’

Yellen and Bernanke faced intense public scrutiny from lawmakers for deploying unconventional tools like bond buying to lift the economy from the 2007-2009 recession, and it’s not clear more private meetings with U.S. lawmakers would have prevented or softened that criticism. Yellen and Bernanke declined Reuters’ requests for comment on this story.

Despite Trump’s criticism of the Fed, lawmakers who have met with Powell are backing the Fed chief, not the Republican president, on this one.

“I’ve urged the president to let the Fed do what they will do,” said Senator Patrick Toomey, a Pennsylvania Republican who sits on the Senate banking and finance committees, which oversee the Fed.

“If markets started to believe that the behavior of the Fed were subject to political intimidation and pressure, that would be a very bad development for our economy, for our capital markets,” Toomey told Reuters in an interview.

Toomey also said he attended an informal dinner in November with other senators at which Powell discussed the central bank’s plan to rethink its strategy for achieving its dual mandates of full employment and price stability. Toomey called the effort “constructive” and “reasonable.”

Alabama’s Richard Shelby, another Republican on the Senate’s banking committee who sat down with Powell in September and also attended the November dinner, said the meetings typically include a briefing on policy and the economy.

“Chairman Powell is trying to keep the Congress in the loop as much as he can,” Shelby told Reuters in an interview. While noting that he was no fan of further rate hikes at this point, Shelby said, “the Federal Reserve was created to be independent of the president, of the Congress … I don’t want to second-guess them.”

NO TRUMP MEETING YET

Trump is weighing nominees to fill two vacant spots on the Fed’s rate-setting committee, a potentially indirect way to influence monetary policy. The Fed, which hiked borrowing costs four times in 2018, will announce its latest rate decision on Wednesday after the end of a two-day policy meeting.

Powell has met with 19 of the 25 members of the Senate’s banking committee, which must approve Trump’s Fed nominees, most of them from July to November when the president was ramping up his public criticism of the Fed.

That timing is likely coincidental, as meetings are largely dictated by the congressional calendar and scheduled well ahead, but lawmakers meeting with Powell would not have missed Trump’s jabs.

“Chairman Powell deserves credit for resisting the president’s attacks and keeping monetary policy separate from politics,” said Virginia’s Mark Warner, a Democrat who sits on the Senate banking and finance committees. Warner had a 30-minute sit-down with Powell in August.

Powell has also met with half of the members of the U.S. House of Representatives Financial Services Committee, which also oversees the Fed.

Powell’s meetings, which began months before Trump began his public criticism of the Fed, were mostly half-hour affairs in lawmakers’ offices, but they also included a few five-minute phone calls and a dinner with 11 senators that lasted two-and-a-half hours.

Those meetings have added up fast.

(For a graphic on Powell’s push on Capitol Hill, see: https://tmsnrt.rs/2S6xiRk)

Yellen crossed the 40-hour milestone in her 17th month at the helm of the Fed; Bernanke did it in his 16th. By this point as Fed chiefs, Yellen and Bernanke had both had two meetings with the presidents who appointed them.

Powell has yet to meet with Trump, though he has said he would be open to it.

As he nears the end of his first year leading the Fed, Powell faces some difficult choices: when to stop raising rates and shrinking the Fed’s vast holdings of U.S. Treasuries and mortgage-backed securities, and whether and how to revamp the Fed’s monetary policy approach.

Should an economic downturn materialize, he may even need to turn to the unconventional tools that Congress criticized his predecessors for using.

The lines of communication laid out with Congress may then pay even bigger dividends.

“From a strategic point of view, the Fed would have been better served if both Bernanke and Yellen had communicated more externally, with the public and Congress,” said former Minneapolis Fed President Narayana Kocherlakota, who now teaches at the University of Rochester in New York state. “Will this (Powell’s outreach) help with Congress’ appreciation of Fed independence? I think and hope so.”



Trump Ended U.S. Government Shutdown, but the Damage It Did to Crypto Adoption Is Here to Stay By Cointelegraph


© Reuters. Trump Ended U.S. Government Shutdown, but the Damage It Did to Crypto Adoption Is Here to Stay

On Jan. 25, United States (U.S.) President Donald Trump ended the partial government shutdown, albeit temporarily. As a result of the funding package he signed on Friday, the government will be open for three weeks.

While the future still seems unclear for U.S. government facilities, which are now returning to work after the 35-day standoff between Trump and the Senate, it is time to reassess how regulatory agencies like the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) were affected, and what that means for the crypto market.

Continue Reading on Coin Telegraph

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



US tariffs imposed by Trump will slow GDP growth says Congressional Budget Office – Business News



WASHINGTON: Tariffs imposed by the Trump administration will limit growth of U.S. real gross domestic product by an average of 0.1 percent each year for the next 10 years if they remain in place at current levels, the Congressional Budget Office (CBO) said on Monday.

The nonpartisan agency said growth of GDP – a measure national economic output – would be curbed by a drop in consumer spending power and a fall in U.S. exports. Those declines would be only partly offset by an expected increase in output as domestic goods replace imports, the CBO said in its budget and economic outlook for 2019-2029.





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How a British Lord Helped Push Trump to Lift Rusal Sanctions By Bloomberg


© Bloomberg. A Rusal logo stamp sits on an aluminum ingot awaiting shipment in a warehouse storage facility at the Krasnoyarsk aluminum smelter, operated by United Co. Rusal, in Krasnoyarsk, Russia, on Monday, Sept. 3, 2018. The season for aluminum producers and buyers to hash out U.S. sales contracts has started much earlier than usual this year thanks largely to uncertainties over sanctions on United Co. Rusal.

(Bloomberg) — The champagne corks were already popping by lunchtime on Monday at the London offices of the Russian company that until the last week was controlled by Oleg Deripaska.

Less than 24 hours after the U.S. lifted sanctions on three companies tied to the Russian oligarch, his erstwhile holding company En+ Group Plc was opening bubbly for exhausted staff and advisers at its office just meters away from Buckingham Palace.

The host was Greg Barker, the British lord and former marketing man who spearheaded a massive lobbying push to have the sanctions lifted. That involved months of painstaking negotiations: coaxing Deripaska, a hard-bitten veteran of Russia’s bloody aluminum wars during the 1990s, to surrender his controlling stake at the same time as haggling with the technocrats of the U.S. Treasury Department over the deal.

“This is an extraordinary event for a London-listed company that is a Russian business,” Barker told Bloomberg Television on Monday. “I’m not pretending that Deripaska is removed from the company altogether, but we have removed control.”

Barker is perhaps an unlikely savior for En+, one of Russia’s largest conglomerates and the holding company for United Co. Rusal, the top aluminum producer outside China.

A former associate partner at public relations firm Brunswick Group, he moved to Russia in the late 1990s to work for another oligarch: Roman Abramovich, who would later go on to buy the Chelsea football club. Barker was hired as head of international investor relations at Sibneft, Abramovich’s oil company, around the same time that Abramovich was merging his aluminum assets with Deripaska’s to form Rusal.

Alexey Firsov, director for communications as Sibneft at the time, remembers Barker as “soft, calm, intelligent and correct.”

“He wasn’t snobbish towards Russian business and he understands well the logic of Russian businessmen, their way of thinking,” he said.

Two decades later, a recommendation from Abramovich’s group helped persuade Deripaska to appoint Barker as chairman of En+, according to a person familiar with the matter. He took the role in October 2017, just a few weeks before the company floated in London.

His green credentials also helped. Barker, a close ally of former British Prime Minister David Cameron and member of the Conservative Party, had served as the U.K.’s minister for energy and climate change. Deripaska’s companies, which rely mainly on hydroelectric power, were promoting themselves as the environmentally-friendly face of the aluminum industry.

For a while, it seemed like Barker’s job at the helm of En+ could end up being largely symbolic. Deripaska controlled more than two thirds of the shares and Barker was one of just two independent directors on a nine-person board.

But then in April, the U.S. slapped sanctions on Deripaska, citing his close ties to the Russian government as well as allegations that he “bribed a government official, ordered the murder of a businessman, and had links to a Russian organized crime group.” Deripaska has denied those charges, calling them “absolutely groundless, ridiculous and simply absurd.”

Most non-Russians linked to Deripaska’s companies rapidly departed after the sanctions were announced. Barker, who once described himself as a “sucker for the underdog,” stayed. He had only met Deripaska in person a couple of times when the sanctions hit.

On Monday, he said he was persuaded by people saying “you can’t just walk out the door” on the shareholders that invested in En+’s initial public offering a few months earlier.

“You’ve got to be absolutely damn sure that you’ve tried everything in your power to try and rescue the minority shareholders,” Barker recalled.

He hired a raft of financial and legal advisers and lobbyists, from blue-blood investment bank Rothschild & Co. to lobbyist Mercury LLC. They hatched a plan — dubbed the “Barker Plan” — to persuade the Treasury to drop sanctions against Deripaska’s companies, if the Russian oligarch would relinquish control.

If the Treasury needed persuading, so did Deripaska. “When I started out I thought there was no way that the man who had sat at the helm of this group and founded it and controlled over 70 percent would actually consent to going back to being a minority shareholder,” Barker recalled.

The Russian oligarch was initially resistant to the deal, hoping to redirect Rusal’s aluminum sales to China or to get support from the Russian government. Only after those ideas proved unworkable did he grudgingly accept the sacrifices envisaged by Barker.

In Washington, Barker, together with Mercury lobbyist and former Senator David Vitter, helped coordinate a political push from foreign governments against the sanctions. The restrictions had triggered panic in Germany, France and Greece, where manufacturers depend on Rusal aluminum, and in Ireland and Jamaica, where Rusal owns plants.

Mercury shepherded letters from representatives of France, Australia and Ireland, according to U.S. Department of Justice disclosures. Mercury’s briefing documents warned of dire consequences should the sanctions fail to be lifted — such as the nationalization of En+ by the Russian government or its sale to “Chinese interests.”

In September, Barker and his team of negotiators had all but reached a deal with the U.S. But the talks dragged on as U.S. politicians waited until after the mid-term elections in November to move forward with the deal.

Barker’s shuttling between London, Washington and Moscow on behalf of En+ has not gone unnoticed by his colleagues in the British legislature. He is under investigation by the House of Lords Commissioner for Standards for “alleged breach of the Code in relation to personal honour, parliamentary services and paid advocacy,” according to Parliament’s website.

Barker may be exhausted after the effort of negotiating the sanctions deal, but he will be well remunerated. According to people familiar with the matter, the U.K. peer will receive a success fee for his efforts on behalf of the Russian company.



House Republican introduces bill to grant Trump more tariff power By Reuters


© Reuters. Trump holds a meeting at the White House in Washington

By David Lawder

WASHINGTON (Reuters) – A Republican U.S. representative on Thursday introduced White House-drafted legislation that would give President Donald Trump more power to levy tariffs on imported goods in an effort to pressure other countries to lower their duties and other trade barriers.

The measure offered by Representative Sean Duffy, which has been touted by Trump administration officials, has already been declared unacceptable by some Republican senators, including Senate Finance Committee Chairman Chuck Grassley.

Democrats, who control the House of Representatives and its legislative agenda, are unlikely to grant Trump more executive authority, especially as a standoff over the partial government shutdown drags on. A spokesman for House Speaker Nancy Pelosi could not immediately be reached for comment.

The Reciprocal Trade Act, which Trump was expected to highlight in his now-delayed State of the Union address, would give him authority to levy tariffs equal to those of a foreign country on a particular product if that country’s tariffs are determined to be significantly lower than those charged by the United States.

It would also allow Trump to take into account non-tariff barriers when determining such tariffs.

Trump has invoked trade laws passed in the 1960s and 1970s to levy tariffs on steel and aluminum on national security grounds and has applied tariffs on imports from China based on U.S. findings that Beijing is misappropriating U.S. intellectual property through forced technology transfers and other means.

The United States has lower tariffs than many other countries, such as its 2.5 percent levy on imported passenger vehicles compared with the European Union’s 10 percent tariff.

But increasing them and applying them in a country-specific manner would effectively be a violation of the World Trade Organization’s most fundamental rule, that tariffs must be applied globally and cannot be raised unilaterally except in anti-dumping and anti-subsidy cases.

“The goal of the U.S. Reciprocal Trade Act is not to raise America’s tariffs but rather to encourage the rest of the world to lower theirs,” Duffy said in a statement, adding that the authority would be a negotiating tool to pressure other countries to lower their tariffs.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Deutsche Bank queried by U.S. House panels on Trump ties


FRANKFURT (Reuters) – Deutsche Bank AG has received an inquiry from two U.S. House of Representatives committees on the lender’s ties to President Donald Trump, it said on Thursday.

FILE PHOTO: A Deutsche Bank logo at the company’s headquarters in Frankfurt, Germany June 9, 2015. REUTERS/Ralph Orlowski/File Photo

Democrats now in control of the House had been working out which House panels would take the lead in investigating Trump’s business ties to Germany’s largest lender, lawmakers and aides familiar with the plans told Reuters last week.

“The bank has received an inquiry from the House financial services and intelligence committees,” Deutsche Bank said in a statement.

The committee leaders said in a joint statement Thursday that they were in talks with the bank and expect its cooperation in its inquiries.

“The House Financial Services and Intelligence Committees are engaged in productive discussions with Deutsche Bank, and look forward to continued cooperation,” said Intelligence Committee Chairman Adam Schiff and Financial Services Committee Chairman Maxine Waters.

Deutsche Bank said it is working with the two committees to “determine the best and most appropriate way of assisting them in their official oversight functions.”

The White House did not respond to a request for comment.

Since U.S. voters on Nov. 6 shifted majority control of the House from the Republicans to the Democrats, Democratic lawmakers have been promising to investigate the first two years of Trump’s administration and possible conflicts of interest presented by his hotel, golf course and other ventures.

A 2018 financial disclosure form showed liabilities for Trump of at least $130 million to Deutsche Bank Trust Company Americas, a unit of the German bank. They are for properties including the Trump International Hotel in a former post office in Washington.

The Financial Services Committee has the broadest power to look into Trump’s relationship with Deutsche.

When the Republicans still controlled the House, Waters tried in 2017 to request documents from the bank on its dealings with Trump and his businesses, as well as information about potential Russian money laundering through the bank.

The bank told Congress that privacy laws prevented it from handing over such information without a formal subpoena and committee Republicans ignored Waters’ request. As chairwoman, Waters can now issue subpoenas herself.

Reporting by Tom Sims and Andreas Framke; Editing by David Goodman and Jonathan Oatis



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Goldman Says Commodity Investors Fear Future in Age of Trump By Bloomberg


© Bloomberg. Sand is poured into a pile at the Hi-Crush Partners LP mining facility in Kermit, Texas, U.S., on Wednesday, June 20, 2018. In the West Texas plains, frack-sand mines suddenly seem to be popping up everywhere. Twelve months ago, none of them existed – together, these mines will ship some 22 million tons of sand this year to shale drillers in the Permian Basin, the hottest oil patch on Earth. Photographer: Callaghan O’Hare/Bloomberg

(Bloomberg) — Political uncertainty means there’s no time like the present when it comes to commodities trading, according to Goldman Sachs Group Inc (NYSE:).

Traders are less willing to buy and sell long-dated futures because of increasing risks associated with trade wars and other geopolitical fissures springing up around the globe, Jeff Currie, head of commodities research at Goldman, said in an interview on Bloomberg TV. Instead, more activity is moving into the nearest month’s contract.

“The willingness of people that trade forward commodities has dropped because they’re scared about the future and they move up to the prompt or they go hand to mouth,” Currie said. “That dynamic is becoming increasingly prevalent across commodity markets.”

Trading volume for front-month contracts as a share of all contracts has increased for commodities such as West Texas Intermediate and , as well as and wheat, according to data compiled by Bloomberg. To be sure, the trend isn’t universal, as the share has fallen for London metals contracts such as and .

Global markets for everything from commodities to equities have been rocked for the past year by geopolitical chaos, with investors being kept on edge by everything from a trade war between the U.S. and China to President Donald Trump’s decision to reimpose sanctions on Iranian oil and a still-ongoing partial shutdown of the American government. The Bloomberg Commodity Index is up 4.5 percent this year after falling 10 percent in the fourth quarter.

(Updates with commodity index change in fifth paragraph.)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.