Trump administration clears the way for sanctions on Turkey: ‘We can shut down the Turkish economy’

President Donald Trump has given his administration broad authority to slap sanctions on Turkey, Treasury Secretary Steven Mnuchin said Friday. Trump signed an executive order authorizing the powers, though the administration will not move yet to punish Turkish individuals or entities after the country’s offensive in northern Syria. Still, Mnuchin threatened devastating actions in the wake of Turkish strikes that the U.S. has condemned. But we can shut down the Turkish economy if we need to,” th


President Donald Trump has given his administration broad authority to slap sanctions on Turkey, Treasury Secretary Steven Mnuchin said Friday. Trump signed an executive order authorizing the powers, though the administration will not move yet to punish Turkish individuals or entities after the country’s offensive in northern Syria. Still, Mnuchin threatened devastating actions in the wake of Turkish strikes that the U.S. has condemned. But we can shut down the Turkish economy if we need to,” th
Trump administration clears the way for sanctions on Turkey: ‘We can shut down the Turkish economy’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: jacob pramuk
Keywords: news, cnbc, companies, sanctions, syria, economy, northern, administration, mnuchin, treasury, turkey, week, shut, way, offensive, trump, clears, strikes, turkish


Trump administration clears the way for sanctions on Turkey: 'We can shut down the Turkish economy'

President Donald Trump has given his administration broad authority to slap sanctions on Turkey, Treasury Secretary Steven Mnuchin said Friday.

Trump signed an executive order authorizing the powers, though the administration will not move yet to punish Turkish individuals or entities after the country’s offensive in northern Syria. Still, Mnuchin threatened devastating actions in the wake of Turkish strikes that the U.S. has condemned.

“These are very powerful sanctions. We hope we don’t have to use them. But we can shut down the Turkish economy if we need to,” the Treasury chief told reporters.

Numerous members of Congress, including some of Trump’s top Republican allies, have criticized the Turkish offensive that started earlier this week, saying it will lead to the slaughter of U.S.-allied Kurdish forces. The strikes followed the president’s decision to pull troops out of northern Syria.


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: jacob pramuk
Keywords: news, cnbc, companies, sanctions, syria, economy, northern, administration, mnuchin, treasury, turkey, week, shut, way, offensive, trump, clears, strikes, turkish


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Amazon’s top spokesperson Jay Carney slams the Trump administration for lack of credibility

Amazon’s top spokesperson Jay Carney criticized President Trump on stage at a tech conference on Wednesday, while disputing questions of antitrust and the company’s growing market power. “It’s not a place that I recognize,” Carney said, referring to the current White House. When asked about Amazon’s massive market power and the growing scrutiny on potential anticompetitive behavior, Carney said there’s a misperception about Amazon’s true size. “What I found around the country, and sometimes arou


Amazon’s top spokesperson Jay Carney criticized President Trump on stage at a tech conference on Wednesday, while disputing questions of antitrust and the company’s growing market power. “It’s not a place that I recognize,” Carney said, referring to the current White House. When asked about Amazon’s massive market power and the growing scrutiny on potential anticompetitive behavior, Carney said there’s a misperception about Amazon’s true size. “What I found around the country, and sometimes arou
Amazon’s top spokesperson Jay Carney slams the Trump administration for lack of credibility Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: eugene kim
Keywords: news, cnbc, companies, jay, credibility, trump, saying, amazon, slams, way, lack, market, spokesperson, tech, amazons, administration, carney, white, current


Amazon's top spokesperson Jay Carney slams the Trump administration for lack of credibility

Amazon’s top spokesperson Jay Carney criticized President Trump on stage at a tech conference on Wednesday, while disputing questions of antitrust and the company’s growing market power.

At the GeekWire Summit in Seattle, Carney, who previously served as Obama’s press secretary, held no punches against Trump, a frequent critic of the company, saying he doesn’t feel like the current administration is working in the best interest of the country.

“Virtually with no exception, everyone I dealt with in [previous] administrations, whether I personally agreed or disagreed with what they thought were the right policy decisions or the right way to approach things, I never doubted that they were patriots,” Carney said. “I don’t feel that way now.”

For example, Carney said Trump’s recent attacks on the Federal Reserve was unprecedented, saying he was told to “never ever talk about the Fed or interest rates” during his time in the White House, as it could be seen as tampering with the Fed. He also questioned the current administration’s credibility, adding, “I never lied.”

“It’s not a place that I recognize,” Carney said, referring to the current White House.

When asked about Amazon’s massive market power and the growing scrutiny on potential anticompetitive behavior, Carney said there’s a misperception about Amazon’s true size. He pointed to the oft-cited figure of Amazon accounting for less than 4% of retail in the U.S. and less than 1% globally, while saying Amazon’s roughly 40% market share in U.S. e-commerce was less relevant given almost all major retailers are in both online and physical commerce these days.

“What I found around the country, and sometimes around the world, is that the perception of Amazon is a little different from the reality,” Carney said.

Carney, who joined Amazon in 2015, is one of the most senior officials at Amazon. He runs both the press and policy teams, and reports directly to CEO Jeff Bezos.

Follow @CNBCtech on Twitter for the latest tech industry news.


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: eugene kim
Keywords: news, cnbc, companies, jay, credibility, trump, saying, amazon, slams, way, lack, market, spokesperson, tech, amazons, administration, carney, white, current


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Trump administration reportedly considering limits on pension investments in Chinese stocks

The White House is discussing blocking government pension funds from investing in China, Bloomberg News reported Tuesday. The White House previously denied reports that it is considering ways to limit U.S. investments in China. However, people familiar with the matter told Bloomberg News that Trump officials met last week about the deliberations. In addition to curbing government pension investments, the administration is now honing in on how to limit stock index providers from including Chinese


The White House is discussing blocking government pension funds from investing in China, Bloomberg News reported Tuesday. The White House previously denied reports that it is considering ways to limit U.S. investments in China. However, people familiar with the matter told Bloomberg News that Trump officials met last week about the deliberations. In addition to curbing government pension investments, the administration is now honing in on how to limit stock index providers from including Chinese
Trump administration reportedly considering limits on pension investments in Chinese stocks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, bloomberg, stocks, chinese, administration, house, white, reported, china, considering, trump, reports, pension, officials, investments, reportedly, limits


Trump administration reportedly considering limits on pension investments in Chinese stocks

US President Donald Trump speaks to the press as he departs the White House in Washington, DC, for his annual visit to Walter Reed National Military Medical Center, on October 4, 2019.

The White House is discussing blocking government pension funds from investing in China, Bloomberg News reported Tuesday.

The White House previously denied reports that it is considering ways to limit U.S. investments in China. White House adviser Peter Navarro told CNBC the reports were “fake news.” However, people familiar with the matter told Bloomberg News that Trump officials met last week about the deliberations.

In addition to curbing government pension investments, the administration is now honing in on how to limit stock index providers from including Chinese stocks. National Economic Council Director Larry Kudlow held a policy meeting last week with officials from the National Security Council and the Treasury Department, reports said.

Bloomberg News first reported last month that Trump administration officials are weighing delisting Chinese companies from American stock exchanges and preventing U.S. government pension funds from investing in the Chinese market. The Treasury Department also denied the reports from Bloomberg.

CNBC also reported the White House is weighing some curbs on U.S. investments in China and even considering possibly blocking all U.S. financial investment in Chinese companies. Restricting investments in Chinese entities would be meant to protect U.S. investors from excessive risk due to lack of regulatory supervision in China, CNBC’s source said.

Trade talks between the world’s two largest economies are set to resume Thursday. Principal level officials will meet in Washington to discuss a trade deal after both countries slapped tariffs on billions of dollars worth of each other’s goods. The South China Morning Post reported China is toning down its expectations ahead of the talks.

Stocks fell Tuesday on investors optimism about the trade negotiations dimmed, and the Bloomberg report seemed to play a part in knocking stock values. The Dow Jones Industrial Average dropped more than 200 points in morning trade. The S&P 500 and Nasdaq also fell.

Shares of Chinese companies took a leg lower on Tuesday on the news. Alibaba shares slipped 2%, while Baidu and JD.com fell more than 1%.

The Japanese yen weakened 0.4% against the dollar.

— Read the full Bloomberg News story here.


Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, bloomberg, stocks, chinese, administration, house, white, reported, china, considering, trump, reports, pension, officials, investments, reportedly, limits


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‘Timing couldn’t have been worse’ for the Trump administration to issue bans on China, Jim Cramer says

CNBC’s Jim Cramer on Tuesday said that “timing couldn’t have been worse” for the Trump administration to add dozens more Chinese companies to its blacklist. The U.S. Commerce Department announced that it placed an additional 28 firms on the so-called Entity List that American enterprises are banned from doing business with. With U.S.-China trade talks scheduled to resume later this week, the major stock market indexes all fell more than 1% during the trading session. The 28 companies aren’t that


CNBC’s Jim Cramer on Tuesday said that “timing couldn’t have been worse” for the Trump administration to add dozens more Chinese companies to its blacklist. The U.S. Commerce Department announced that it placed an additional 28 firms on the so-called Entity List that American enterprises are banned from doing business with. With U.S.-China trade talks scheduled to resume later this week, the major stock market indexes all fell more than 1% during the trading session. The 28 companies aren’t that
‘Timing couldn’t have been worse’ for the Trump administration to issue bans on China, Jim Cramer says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: tyler clifford
Keywords: news, cnbc, companies, cramer, china, trade, bans, timing, talks, couldnt, department, wait, companies, issue, trump, administration, commerce, jim, market, chinese, worse, host


'Timing couldn't have been worse' for the Trump administration to issue bans on China, Jim Cramer says

CNBC’s Jim Cramer on Tuesday said that “timing couldn’t have been worse” for the Trump administration to add dozens more Chinese companies to its blacklist.

The U.S. Commerce Department announced that it placed an additional 28 firms on the so-called Entity List that American enterprises are banned from doing business with. With U.S.-China trade talks scheduled to resume later this week, the major stock market indexes all fell more than 1% during the trading session.

“I can’t fault the Commerce Department for cracking down on Chinese companies that enable some horrific human rights violations, but they did kind of pick a worst possible time to do it, right before the big trade talks,” the “Mad Money” host said. “So I think you need to be very careful as this market readjusts and recalibrates its expectations.”

The White House wants to limit communist China’s access to facial recognition technology. The 28 companies aren’t that well known, but the announcement shook up a number of semiconductor stocks in the American market, Cramer said.

The host pointed out that Nvidia and Intel both took a hit. The former fell about 3.9% and the latter slid 1.8%.

Cramer warned that the blacklist, along with the visa ban on some Chinese officials, could stall trade talks, which would ensure that the Oct. 15 tariff hike on $250 billion worth of Chinese goods that President Donald Trump has promised will go into effect. That would make it more challenging to invest in retail stocks.

Target, Walmart and Costco are among the few retailers that Cramer said are big enough to be able to offset the damage.

“Don’t do anything outrageous, don’t try anything fancy and wait. Wait for a better moment when it no longer feels like China’s in the balance,” the host said. “Or at least when next week’s upcoming tariff hikes have been baked into the averages. I don’t think we’re there yet.”

In response to a request for comment earlier Tuesday, the Commerce Department pointed CNBC to a press release announcing the addition of the Chinese companies to the Entity List.

Disclosure: Cramer’s charitable trust owns shares of Nvidia.


Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: tyler clifford
Keywords: news, cnbc, companies, cramer, china, trade, bans, timing, talks, couldnt, department, wait, companies, issue, trump, administration, commerce, jim, market, chinese, worse, host


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Trump administration blocks key witness Gordon Sondland from testifying in impeachment probe

In this Tuesday, July 10, 2018, file photo, President Donald Trump is joined by Gordon Sondland, the U.S. ambassador to the European Union. Pablo Martinez Monsivais | APThe Trump administration has ordered top diplomat Gordon Sondland not to appear for a scheduled deposition with House committees conducting an impeachment inquiry into President Donald Trump, a lawyer for the diplomat said Tuesday. House Intelligence Committee Chairman Adam Schiff, D-Calif., said that the State Department had als


In this Tuesday, July 10, 2018, file photo, President Donald Trump is joined by Gordon Sondland, the U.S. ambassador to the European Union. Pablo Martinez Monsivais | APThe Trump administration has ordered top diplomat Gordon Sondland not to appear for a scheduled deposition with House committees conducting an impeachment inquiry into President Donald Trump, a lawyer for the diplomat said Tuesday. House Intelligence Committee Chairman Adam Schiff, D-Calif., said that the State Department had als
Trump administration blocks key witness Gordon Sondland from testifying in impeachment probe Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: kevin breuninger
Keywords: news, cnbc, companies, ukraine, administration, probe, gordon, president, witness, testifying, impeachment, key, trump, blocks, committees, ambassador, luskin, house, sondland, union


Trump administration blocks key witness Gordon Sondland from testifying in impeachment probe

In this Tuesday, July 10, 2018, file photo, President Donald Trump is joined by Gordon Sondland, the U.S. ambassador to the European Union. Pablo Martinez Monsivais | AP

The Trump administration has ordered top diplomat Gordon Sondland not to appear for a scheduled deposition with House committees conducting an impeachment inquiry into President Donald Trump, a lawyer for the diplomat said Tuesday. House Intelligence Committee Chairman Adam Schiff, D-Calif., said that the State Department had also blocked Sondland from sharing documents related to the impeachment inquiry. Schiff called the White House’s moves “further acts of obstruction of a coequal branch of government.” Sondland, the U.S. ambassador to the European Union, was directed early Tuesday by the State Department not to show up for a closed-door hearing before the House Intelligence, Oversight and Foreign Affairs committees, said Sondland’s counsel, Robert Luskin, in a statement to NBC News. Luskin said Sondland had “previously agreed to appear voluntarily today, without the need for a subpoena, in order to answer the Committee’s questions on an expedited basis.” But “as the sitting U.S. Ambassador to the EU and employee of the State Department, Ambassador Sondland is required to follow the Department’s direction.” House Democrats have warned the Trump administration that any attempts to interfere with the impeachment inquiry will be viewed as evidence of obstruction.

Sondland’s text messages with other U.S. diplomats were released last week after they were given to those House panels by former U.S. special envoy to Ukraine Kurt Volker during his own deposition. In a Sept. 9 exchange, Bill Taylor, a senior U.S. diplomat in Ukraine, told Sondland: “I think it’s crazy to withhold security assistance for help with a political campaign.” Sondland responded: “Bill, I believe you are incorrect about President Trump’s intentions. The President has been crystal clear no quid pro quo’s of any kind. The President is trying to evaluate whether Ukraine is truly going to adopt the transparency and reforms that President Zelensky promised during his campaign.” Click here to read those texts. Trump, in a pair of tweets, said Tuesday that he would “love” to send Sondland to testify, “but unfortunately he would be testifying before a totally compromised kangaroo court, where Republican’s rights have been taken away, and true facts are not allowed out for the public to see.” Luskin said in his statement that Sondland “is profoundly disappointed that he will not be able to testify today.” “Ambassador Sondland traveled to Washington from Brussels in order to prepare for his testimony and to be available to answer the Committee’s questions,” Luskin said, adding that his client “believes strongly that he acted at all times in the best interests of the United States, and he stands ready to answer the Committee’s questions fully and truthfully.” The New York Times first reported that the Trump administration made the move to block Sondland from speaking before the Democrat-led committees, which are in the midst of an impeachment probe sparked by Trump’s July 25 phone call with Ukraine President Volodymyr Zelensky.

Gordon Sondland, the United States Ambassador to the European Union, adresses the media during a press conference at the US Embassy to Romania in Bucharest September 5, 2019. Daniel Mihailescu | AFP | Getty Images


Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: kevin breuninger
Keywords: news, cnbc, companies, ukraine, administration, probe, gordon, president, witness, testifying, impeachment, key, trump, blocks, committees, ambassador, luskin, house, sondland, union


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US solar industry gets unlikely boost from the Trump administration

Some U.S. solar stocks could get a boost after the Trump administration announced that it will impose tariffs on bifacial solar panels. This special type of panel, which absorbs light on both sides, will be subject to a 25% tariff beginning on October 28. Bifacial panels are gaining traction since their double-sided nature means they absorb more power and are therefore more efficient. There was a ramp in bifacial panel production following the tariff exemption announcement in June, which the tra


Some U.S. solar stocks could get a boost after the Trump administration announced that it will impose tariffs on bifacial solar panels. This special type of panel, which absorbs light on both sides, will be subject to a 25% tariff beginning on October 28. Bifacial panels are gaining traction since their double-sided nature means they absorb more power and are therefore more efficient. There was a ramp in bifacial panel production following the tariff exemption announcement in June, which the tra
US solar industry gets unlikely boost from the Trump administration Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: pippa stevens
Keywords: news, cnbc, companies, gets, boost, panel, manufacturers, industry, panels, bifacial, likely, trade, tariff, united, administration, unlikely, trump, solar


US solar industry gets unlikely boost from the Trump administration

Some U.S. solar stocks could get a boost after the Trump administration announced that it will impose tariffs on bifacial solar panels. This special type of panel, which absorbs light on both sides, will be subject to a 25% tariff beginning on October 28.

Bifacial panels are gaining traction since their double-sided nature means they absorb more power and are therefore more efficient. But they are still in the somewhat early stages of development as manufacturers try to find cost-effective ways to fully utilize both sides of the panel. They’re also still a relatively small part of the ecosystem, with BloombergNEF estimating that they made up about 3% of the global market in 2018.

First Solar and SunPower were among the winners at the open, gaining as much as 4% and 10% respectively, although the stocks did quickly fall from their highs with First Solar turning negative. While analysts were positive on what the news could mean for select United States-based manufacturers, there are broader concerns that this new tariff could slow growth and raise costs for the entire industry.

Tariffs on solar imports have been in place since January of 2018, but this past June the Trump administration announced that bifacial panels would be exempt from the import tax, so the sudden reversal of the exemption on Friday came as a surprise to the Street.

“Most investors had expected some form of cap to be put in place and not an outright reversal of the policy,” Cowen analyst Jeffrey Osborne wrote in a note to clients, while Goldman Sachs’ Brian Lee said to “expect significant volatility across solar equities near-term” following the announcement.

There was a ramp in bifacial panel production following the tariff exemption announcement in June, which the trade department ultimately decided would hurt U.S. manufacturers.

“After evaluating newly available information…demonstrating that global production of bifacial solar panels is increasing, that the exclusion will likely result in significant increases in imports of bifacial solar panels, and that such panels likely will compete with domestically produced monofacial and bifacial CSPV products in the U.S. market, the U.S. Trade Representative has determined, after consultation with the Secretaries of Commerce and Energy, that maintaining the exclusion will undermine the objectives of the safeguard measure,” the Office of the United States Trade Representative announcement said.

Lee believes that United States-based manufacturers like First Solar and SunPower will be “key beneficiaries,” with Osborne saying it’s the “best possible outcome for domestic producers of solar panels.” On the flip side Lee said that “Chinese solar players with bifacial capacity expansion plans (JKS, CSIQ)” will “likely the most negatively impacted from this unexpected development.”

– CNBC’s Michael Bloom contributed reporting.


Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: pippa stevens
Keywords: news, cnbc, companies, gets, boost, panel, manufacturers, industry, panels, bifacial, likely, trade, tariff, united, administration, unlikely, trump, solar


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Pompeo says State Department will hand over documents to Congress ‘quicker than the Obama administration did’

These are the taxes Elizabeth Warren has proposed in the 2020…Presidential candidate Sen. Elizabeth Warren has garnered a reputation during the campaign as a liberal firebrand with a plan for everything. Her plans, along with the taxes… Politicsread more


These are the taxes Elizabeth Warren has proposed in the 2020…Presidential candidate Sen. Elizabeth Warren has garnered a reputation during the campaign as a liberal firebrand with a plan for everything. Her plans, along with the taxes… Politicsread more
Pompeo says State Department will hand over documents to Congress ‘quicker than the Obama administration did’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-05
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Pompeo says State Department will hand over documents to Congress 'quicker than the Obama administration did'

These are the taxes Elizabeth Warren has proposed in the 2020…

Presidential candidate Sen. Elizabeth Warren has garnered a reputation during the campaign as a liberal firebrand with a plan for everything. Her plans, along with the taxes…

Politics

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Company: cnbc, Activity: cnbc, Date: 2019-10-05
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Apple’s Tim Cook spent a lot of time charming the Trump administration, and it seems to be paying off

Apple CEO Tim Cook laughs with President Donald Trump during a meeting in the White House, Washington, March 6, 2019. “I have a lot of respect for Tim Cook, and Tim was talking to me about tariffs,” Trump said in August. “Tim Cook calls Donald Trump directly.” The list, called List 3, would affect significant Apple products, including the Mac Mini, Apple Watch, and AirPods. Basically, the Trump administration excluded Apple’s products from tariffs on $200 billion in Chinese goods.


Apple CEO Tim Cook laughs with President Donald Trump during a meeting in the White House, Washington, March 6, 2019. “I have a lot of respect for Tim Cook, and Tim was talking to me about tariffs,” Trump said in August. “Tim Cook calls Donald Trump directly.” The list, called List 3, would affect significant Apple products, including the Mac Mini, Apple Watch, and AirPods. Basically, the Trump administration excluded Apple’s products from tariffs on $200 billion in Chinese goods.
Apple’s Tim Cook spent a lot of time charming the Trump administration, and it seems to be paying off Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-05  Authors: kif leswing
Keywords: news, cnbc, companies, tariffs, tax, paying, spent, apples, administration, cook, charming, products, going, tariff, lot, trump, apple, tim


Apple's Tim Cook spent a lot of time charming the Trump administration, and it seems to be paying off

Apple CEO Tim Cook laughs with President Donald Trump during a meeting in the White House, Washington, March 6, 2019. Leah Millis | Reuters

The federal government will determine in the next few months whether Apple will get a tariff exemption on its core products. It’s a critical juncture for Apple and CEO Tim Cook: A 15% tax on Chinese imports would force Apple to raise prices or accept lower margins on its core products sold in the United States, including iPhones and Mac laptops. The decision will be made by the trade representative, but Cook has already appealed directly to the president with his thinking that the tariffs could hurt the company and give its top competitor an advantage. “I have a lot of respect for Tim Cook, and Tim was talking to me about tariffs,” Trump said in August. “And one of the things, and he made a good case, is that Samsung is their number-one competitor, and Samsung is not paying tariffs because they’re based in South Korea.” Trump seems to listen to Cook and take his concerns seriously. That’s a surprising development for a business leader who supported Trump’s opponent, Hillary Clinton, in 2016 and who has openly clashed with the administration on certain issues like immigration. One possible reason: Cook has taken care to cultivate ties with Trump and his family — a charm offensive that started shortly after Trump’s election and continues to this day. Cook has met with Trump over dinner at his golf course in New Jersey twice in the last two years. He’s attended state dinners hosted by Trump and has a good relationship with Ivanka and Melania Trump, White House officials say. Apple announcements have often found their way into Trump’s remarks or tweets when they fit into the president’s narrative. Trump goes out of his way to call Cook a “friend of mine.” Apple doesn’t engage in politics as a company. The company doesn’t have a PAC, and Cook has said it “shouldn’t exist.” Nonetheless, during the Trump administration, Cook has kept in touch with the president, and his strategy of showing up to meetings and making calls when appropriate has given Apple the president’s ear when the president’s policies collide with Apple’s corporate interests. That influence is about to be tested if Apple applies for tariff product exclusions. “Tim Cook meets with the president for strategic reasons, if the probability of [tariffs] were zero, they probably wouldn’t meet,” Loup Ventures managing partner Gene Munster said in August. Whether the Trump administration spares Apple remains to be seen. But Trump definitely hears Cook’s requests. “Others go out and hire very expensive consultants,” Trump said in August. “Tim Cook calls Donald Trump directly.” Apple declined to comment for this story.

Where it started: The tech summit

President-elect Donald Trump speaks as PayPal co-founder and Facebook board member Peter Thiel (C) and Apple Inc CEO Tim Cook look on during a meeting with technology leaders at Trump Tower in New York U.S., December 14, 2016. Shannon Stapleton | Reuters

It’s somewhat surprising that Cook has become the tech CEO most likely to call the president. Shortly after Trump was elected, he called the CEOs of several tech companies to meet at Trump Tower. Cook sat next to Trump and was photographed looking distinctly unhappy in pictures from that day. Cook had not been an early supporter: He hosted a fundraiser for Hillary Clinton in Palo Alto in 2016, and he was on a list of possible vice presidential candidates created by her campaign, according to a leaked email published by WikiLeaks. (Cook also supported Republicans; he also hosted a fundraiser for Paul Ryan in that summer.) In a message to Apple employees, Cook explained why he showed up to talk to Trump despite supporting his opponent. “Personally, I’ve never found being on the sideline a successful place to be,” Cook wrote in the post published by TechCrunch. “The way that you influence these issues is to be in the arena.” That’s been Cook’s guiding principle while dealing with the Trump administration. “Tim seems like the kind of a person who recognizes his company’s interest in having a seat at the table — whether or not you agree all the time,” a White House official said. Cook’s internal post included some insight into Apple’s legislative priorities, including “human rights for everyone” and “really combating climate change.” But it also touched on the top issue Apple lobbied on in 2016, according to an analysis from OpenSecrets: Taxes. “We have other things that are more business-centric — like tax reform — and something we’ve long advocated for: a simple system,” Cook wrote in the message to Apple employees.

Goal achieved

Apple achieved part of that goal in December 2017, when Trump’s tax reform enabled Apple to repatriate hundreds of billions in overseas cash at a lower tax rate, saving the company an estimated $27 billion in taxes. A month later, Apple announced that it plans to pay $38 billion in taxes — signaling that Apple was planning to repatriate nearly $250 billion in overseas cash at a 15.5% percent tax rate. Apple’s press release also said that Apple would contribute $350 billion to the US economy over the next 5 years, although it was based on a very broad definition of “contribute,” which included money that Apple had planned to spend on U.S. suppliers. Apple also gave $2,500 in restricted stock to many of its employees as a one-time tax break bonus. Trump noticed Apple’s plans, tweeting on Jan. 17, 2018: “I promised that my policies would allow companies like Apple to bring massive amounts of money back to the United States. Great to see Apple follow through as a result of TAX CUTS. Huge win for American workers and the USA!” Two weeks later, Trump used Apple’s stats in his first State of the Union speech. “Since we passed tax cuts, roughly 3 million workers have already gotten tax cut bonuses — many of them thousands of dollars per worker. Apple has just announced it plans to invest a total of $350 billion in America, and hire another 20,000 workers,” Trump said. “This is our new American moment. There has never been a better time to start living the American Dream.” Later that spring, National Economic Council director Larry Kudlow said that Cook remarked “he loves the tax cut and tax reform” when Cook visited the White House. Cook attended a state dinner hosted by Trump in a very non-Silicon Valley tuxedo. He was joined by Lisa Jackson, Apple’s VP of environment and policy, who used to be the administrator of the Environmental Protection Agency in the Obama administration.

‘I don’t think the iPhone will get a tariff on it’

The most important priority now for Apple in DC is navigating Trump’s trade war, which will start to affect Apple’s major product lines, including iPhones, iPads, and Macs on December 15 if the company doesn’t receive an exception. A tariff on Apple’s products would lead force Apple either to raise prices on products in the United States or to eat the cost itself. J.P. Morgan estimates that Apple would need to increase the price of an iPhone from $1,000 to $1,142 if the White House implements a 25% tariff on Apple’s imports, although analysts say that Apple is likely to absorb the tariff cost rather than passing it onto consumers. (Right now the iPhone would receive a 15% tariff if it does not get an exemption.) In the summer of 2018, Apple seemed confident that the iPhone would avoid tariffs. In an interview in June 2018, Cook said that “I don’t think that iPhone will get a tariff on it.” Two weeks later, the New York Times reported that confidence was the result of an assurance from the Trump administration. That summer was also when Cook laid out his feelings on tariffs. “Our view on tariffs is they show up as a tax on the consumer,” Cook said during an earnings call. The first challenge to Apple’s confidence came last fall, when the USTR finalized tariffs on $200 billion of Chinese imports. The list, called List 3, would affect significant Apple products, including the Mac Mini, Apple Watch, and AirPods. But on September 17, one week before List 3 took effect, Apple got a tariff exemption on its Apple Watch and AirPods products. Basically, the Trump administration excluded Apple’s products from tariffs on $200 billion in Chinese goods. List 4, first proposed by the Trump administration this spring, is poised to be even worse for Apple — the sweeping tariff list includes Apple’s crown jewel, the iPhone, which still makes up about half of Apple’s revenue. Analysts believe that Apple will apply for tariff exemptions for List 4, although the exclusion process has not started yet. Apple previously said in a letter to the government that List 4 would cover “all of Apple’s major products, including iPhone, iPad, Mac, AirPods, and Apple TV” and that “U.S. tariffs on Apple’s products would result in a reduction of Apple’s U.S. economic contribution.”

Big plants

Apple unveiled plans Thursday for a $1 billion campus in Texas that will create jobs for the tech giant outside Silicon Valley. The new campus — for engineering other functions, but not manufacturing — will be near the tech giant’s existing facility in Austin and initially accommodate 5,000 new employees, with room to grow to 15,000. SUZANNE CORDEIRO | AFP | Getty Images

Tariffs are part of a larger back-and-forth between Apple and the president centered on the company’s relationship with China. Apple doesn’t operate any of its own manufacturing, except for a small amount of production in Ireland. Instead, it enters into deals with contract manufacturers, who assemble Apple’s products — nearly always in China. Changing this has been a big focus for the president. “I’m going to get Apple to start making their computers and their iPhones on our land, not in China,” Trump said during a 2016 campaign rally. Trump’s focus on getting Apple to build domestically continued shortly after Cook called to congratulate him on his win in November 2016. Shortly after the election, Cook called Trump to congratulate him on his win. Trump brought up the China issue, and later said, “I got a call from Tim Cook at Apple, and I said, ‘Tim, you know one of the things that will be a real achievement for me is when I get Apple to build a big plant in the United States, or many big plants in the United States, where instead of going to China, and going to Vietnam, and going to the places that you go to, you’re making your product right here.’ He continued: “He said, ‘I understand that.’ I said: ‘I think we’ll create the incentives for you, and I think you’re going to do it. We’re going for a very large tax cut for corporations, which you’ll be happy about,.” Trump repeated his claim about Apple “plants” less than a year later, in July 2017, saying that Cook “promised me three big plants — big, big, big.” The obsession with plants culminated in a game of brinksmanship this year. In June, Apple announced a new version of the Mac Pro, a low-volume, high-end computer that was previously assembled in Texas. It had not been redesigned since 2013. After the announcement, the Wall Street Journal reported that the new version was going to be assembled in China like other Macs. But in a surprise, Apple asked for tariff waivers in June on 15 different parts it needed to import — prompting Trump to tweet that “Apple will not be given Tariff waivers, or relief, for Mac Pro parts that are made in China.” As it turns out, Apple wanted to assemble the high-end, $6,000 computer in the same facility in Texas where the old Mac Pro was assembled. By the end of the week, Trump’s tone had already softened. “A man I have a lot of liking for and respect is Tim Cook, and we’ll work it out, I think they’re going to announce that they’re going to build a plant in Texas, and if they do that I’m starting to get very happy, okay,” Trump said in July. Last month, Apple announced that it planned to assemble the Mac Pro computer in Austin, Texas, after receiving tariff exemptions to import 10 of the 15 parts it needed for the Mac Pro. “We thank the administration for their support enabling this opportunity,” Cook said in a statement.

Outreach to the whole Trump family


Company: cnbc, Activity: cnbc, Date: 2019-10-05  Authors: kif leswing
Keywords: news, cnbc, companies, tariffs, tax, paying, spent, apples, administration, cook, charming, products, going, tariff, lot, trump, apple, tim


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Trump to issue executive order ‘protecting’ Americans from ‘Medicare for All’ campaign proposals pushed by Democrats

President Donald Trump is expected to issue an executive order Thursday making changes to the Medicare program to “protect” Americans from Democratic health-care proposals senior administration officials say would “destroy” coverage for seniors. The executive order, which he is scheduled to discuss at a speech in Florida later Thursday, is intended to bolster Medicare Advantage, private Medicare coverage for seniors that currently enrolls 22 million people, senior administration officials said o


President Donald Trump is expected to issue an executive order Thursday making changes to the Medicare program to “protect” Americans from Democratic health-care proposals senior administration officials say would “destroy” coverage for seniors. The executive order, which he is scheduled to discuss at a speech in Florida later Thursday, is intended to bolster Medicare Advantage, private Medicare coverage for seniors that currently enrolls 22 million people, senior administration officials said o
Trump to issue executive order ‘protecting’ Americans from ‘Medicare for All’ campaign proposals pushed by Democrats Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-03  Authors: berkeley lovelace jr, in berkeleylovelace
Keywords: news, cnbc, companies, administration, advantage, order, plan, healthcare, officials, health, pushed, protecting, democrats, sanders, trump, medicare, issue, proposals, campaign, executive, private


Trump to issue executive order 'protecting' Americans from 'Medicare for All' campaign proposals pushed by Democrats

President Donald Trump speaks to the press in the Oval Office of the White House on October 2, 2019 in Washington, DC.

President Donald Trump is expected to issue an executive order Thursday making changes to the Medicare program to “protect” Americans from Democratic health-care proposals senior administration officials say would “destroy” coverage for seniors.

The executive order, which he is scheduled to discuss at a speech in Florida later Thursday, is intended to bolster Medicare Advantage, private Medicare coverage for seniors that currently enrolls 22 million people, senior administration officials said on a call with reporters. The plan would also offer more affordable plan options, increase use of telehealth services and bring payments in Medicare fee-for-service program in line with payments for Medicare Advantage, officials said.

Medicare for All isn’t “just impractical but morally wrong,” Centers for Medicare & Medicaid Services Administrator Seema Verma said on the call. “I’m deeply concerned about proposals that eviscerate Medicare by indiscriminately stripping private health insurance.”

“Medicare for all is Medicare for none,” she added.

More than 20 million Medicare beneficiaries were enrolled in Medicare Advantage plans in 2018, according to the Kaiser Family Foundation. That number is expected to grow to 42% in a decade, according to the Congressional Budget Office.

Trump’s plan takes direct aim at 2020 Democratic candidates who advocate for changes to the U.S. health-care system through some version of Medicare for All.

Arguably the most drastic proposal is from Sen. Bernie Sanders, I-Vt., who is calling for eliminating private health insurance and replacing it with a universal Medicare plan. Proponents say it would help reduce administrative inefficiencies and costs in the U.S. health-care system. Sen. Elizabeth Warren, D-Mass., has backed Sanders’ proposal.

Spokespersons for Sanders and Warren’s campaigns did not immediately respond to request for comment.

Trump has made lowering health-care prices one of the key issues of his administration as health care remains a top issue for voters in the 2020 elections.

The Trump administration has had a few roadblocks in its attempt to lower health-care costs. Earlier this year, the White House withdrew its plan to ban rebates that drugmakers pay to pharmacy benefit managers. That news came three days after a federal judge in Washington, D.C., dealt a blow to the Trump administration by striking down a rule that would have forced pharmaceutical companies to disclose the list price of their drugs in television ads.

This is a developing story. Please check back for updates.


Company: cnbc, Activity: cnbc, Date: 2019-10-03  Authors: berkeley lovelace jr, in berkeleylovelace
Keywords: news, cnbc, companies, administration, advantage, order, plan, healthcare, officials, health, pushed, protecting, democrats, sanders, trump, medicare, issue, proposals, campaign, executive, private


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Trump administration may be ‘inching toward bigger moves’ against China, Ray Dalio says

Billionaire hedge fund manager Ray Dalio said the White House’s deliberation on a block on U.S. investments in China made him wonder if bigger moves are on the way. Dalio, founder of the world’s largest hedge fund, said in a lengthy LinkedIn post President Donald Trump could use special emergency powers like the freezing of Japanese assets and embargoing of oil to Japan in the 1940s. “Regarding the capital and currency wars, the ability of the US president to unilaterally cut off capital flows t


Billionaire hedge fund manager Ray Dalio said the White House’s deliberation on a block on U.S. investments in China made him wonder if bigger moves are on the way. Dalio, founder of the world’s largest hedge fund, said in a lengthy LinkedIn post President Donald Trump could use special emergency powers like the freezing of Japanese assets and embargoing of oil to Japan in the 1940s. “Regarding the capital and currency wars, the ability of the US president to unilaterally cut off capital flows t
Trump administration may be ‘inching toward bigger moves’ against China, Ray Dalio says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: yun li
Keywords: news, cnbc, companies, dalio, white, fund, waydalio, hedge, moves, capital, ray, wonder, bigger, trump, worlds, china, inching, president, administration


Trump administration may be 'inching toward bigger moves' against China, Ray Dalio says

Billionaire hedge fund manager Ray Dalio said the White House’s deliberation on a block on U.S. investments in China made him wonder if bigger moves are on the way.

Dalio, founder of the world’s largest hedge fund, said in a lengthy LinkedIn post President Donald Trump could use special emergency powers like the freezing of Japanese assets and embargoing of oil to Japan in the 1940s.

“Regarding the capital and currency wars, the ability of the US president to unilaterally cut off capital flows to China and also freeze payments on the debts owed to China and also use sanctions to inhibit non-American financial transactions with China must be considered as possibilities,” Dalio, the co-chairman of Bridgewater Associates, said.


Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: yun li
Keywords: news, cnbc, companies, dalio, white, fund, waydalio, hedge, moves, capital, ray, wonder, bigger, trump, worlds, china, inching, president, administration


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