Wall Street firms see increased chance that Trump takes action to weaken the dollar

Analysts now say there is a chance, albeit slim, that the Trump administration could ‘intervene’ to weaken the dollar, which means the U.S. government would actually sell dollars and buy other currencies. President Donald Trump has been complaining more frequently about the dollar and currency manipulation. The broad trade-weighted dollar, a measure of the currency against a broad group of trading partners, has been falling. The Goldman analysts said the discussions about currency policy “comes


Analysts now say there is a chance, albeit slim, that the Trump administration could ‘intervene’ to weaken the dollar, which means the U.S. government would actually sell dollars and buy other currencies. President Donald Trump has been complaining more frequently about the dollar and currency manipulation. The broad trade-weighted dollar, a measure of the currency against a broad group of trading partners, has been falling. The Goldman analysts said the discussions about currency policy “comes
Wall Street firms see increased chance that Trump takes action to weaken the dollar Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: patti domm
Keywords: news, cnbc, companies, market, weaken, street, takes, action, increased, dollar, fed, wall, currency, treasury, intervene, firms, policy, dollars, chance, administration, trump, intervention


Wall Street firms see increased chance that Trump takes action to weaken the dollar

Wall Street analysts say it is increasingly possible the Trump administration will try using a stronger weapon in the currency wars than just presidential tweets and rhetoric about unfair foreign central banks and currency manipulation.

Analysts now say there is a chance, albeit slim, that the Trump administration could ‘intervene’ to weaken the dollar, which means the U.S. government would actually sell dollars and buy other currencies. But what they see as more likely is the U.S. will verbally abandon the long-standing strong dollar policy, in an effort to level what it sees as an uneven playing field with countries, like China, harming U.S. exporters with a weaker currency.

President Donald Trump has been complaining more frequently about the dollar and currency manipulation. For instance, on July 3, he tweeted that China and Europe have made policy moves to cheapen their currencies to compete with the U.S. and perhaps the U.S. should “match” the actions. He has also repeatedly criticized Fed policies, and he blasted European Central Bank President Mario Draghi last month for opening the door to more easing policy, which sent the euro lower.

Pimco’s Joachim Fels, in a note Monday, said the president and other administration officials have been more explicit about their interest in a weaker dollar, implying the U.S. could intervene in the market.

“Following a pause since early 2018, the cold currency war that has been waging between the world’s major trading blocs for more than five years has been flaring up again. Moreover, even an escalation to a full-blown currency war with direct intervention by the U.S. and other major governments/central banks to weaken their currencies, while not a near-term probability, can no longer be ruled out,” wrote Fels, Pimco global economic advisor.

While market speculation has been rising about an intervention, the dollar ironically could be in for a period of decline, in part because the Fed has moved to an easing policy and is expected to cut interest rates.

Marc Chandler, chief market strategist at Bannockburn Global Forex, said dollar volatility is at a multi-year low, and the dollar has been in a fairly narrow range. The broad trade-weighted dollar, a measure of the currency against a broad group of trading partners, has been falling.

“Interest rates have been narrowing,” said Chandler, noting the U.S. Treasury yields are getting closer to German, U.K. and Japan. “That’s a sign of the last phase of the dollar’s rally.”

Chandler doubts there will be an intervention. “Other countries are ignoring it. It takes two to tango,” he said.

Strategists from both Bank of America Merrill Lynch and Goldman Sachs said last week that intervention risks are low but rising. The Goldman analysts said the discussions about currency policy “comes against a backdrop where the “President has surprised investors on trade policy issues, which has created a perception that ‘anything is possible.'”

“While this would cut against the norms of recent decades, developed market central banks have recently used their balance sheets more actively, and FX intervention is akin to unconventional monetary policy, at least in an operational sense,” Goldman analysts noted.

Ben Randol, G-10 foreign exchange strategist at Bank of America Merrill Lynch, said the risk of the U.S. intervening should not be ignored, but he expects the administration to use words more than action.

The ‘strong dollar policy,’ instituted by former Treasury Secretary Robert Rubin during the Clinton administration, has been given lip service by subsequent administrations since, but it could be abandoned.

“We’re also looking at (National Economic Council Director) Larry Kudlow saying ‘we want a stable dollar,’ not a stronger dollar. He seems to be backing away from that,” said Randol. “I think they’re beginning to change the way they’re describing policy and not using the word ‘strong.'”

Randol said there are some comments that indicate the administration may be considering an intervention, which he believes is not likely.

“The dollar is about 10% or more overvalued relative to its long term equilibrium. The Treasury is beginning to sight those (IMF) studies as well,” he said. “We think that’s an important sign that the administration is looking at the dollar and its long term competitiveness and that could be an inspiration or serve as a reason why they would want to intervene.”

He said G-20 countries have agreed not to conduct solo interventions, unless there is extreme currency volatility. He said the last intervention was a coordinated move to drive down the yen, when it was rising following the 2011 tsunami.

“Unless they really want to jettison decades of precedent, they can only intervene on the pursuit of stabilizing the dollar and not come out and say we’re targeting the level of the exchange rate. That won’t fly and by the way, they don’t have the fire power to back it up,” said Randol.

Randol said the Treasury instructs the New York Fed to carry out operations on the dollar, and the fund it would use has assets of $94 billion. There is $36 billion of cash and cash equivalents, with $22 billion in Treasurys.

“They could see those dollars into the market and buy foreign exchange,” he said. Randol said the Treasury uses the New York Fed to conduct operations and it would likely use just a couple of billion dollars if it were to intervene. “It’s small but it sends a signal.”

Randol said there is little chance other countries would agree to an intervention, just because the U.S. does not like the value of the dollar. So more likely is the U.S. would find a reason to act alone based on volatility.

“We need to be thinking about this. Anything is possible. What I’m closely monitoring is when the dollar rallies because of wobbly risk asset markets, and in that environment, the probability of intervention is much higher,” he said, noting a stock market sell off could trigger a sharp flight to safety in the dollar.


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: patti domm
Keywords: news, cnbc, companies, market, weaken, street, takes, action, increased, dollar, fed, wall, currency, treasury, intervene, firms, policy, dollars, chance, administration, trump, intervention


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Verizon CEO: We’re doing just fine without using any equipment from Chinese tech giant Huawei

Verizon CEO Hans Vestberg said Thursday that he’s not worried about the ongoing U.S.-China trade war impacting the company’s success. “We don’t use any Huawei equipment, and we have no impact from the Chinese trade war,” he explained. In May, the Trump administration effectively blacklisted China-based Huawei from doing business in the U.S., citing national security concerns. Huawei was pulled into the trade dispute between Washington and Beijing as the two nations race to construct next-generat


Verizon CEO Hans Vestberg said Thursday that he’s not worried about the ongoing U.S.-China trade war impacting the company’s success. “We don’t use any Huawei equipment, and we have no impact from the Chinese trade war,” he explained. In May, the Trump administration effectively blacklisted China-based Huawei from doing business in the U.S., citing national security concerns. Huawei was pulled into the trade dispute between Washington and Beijing as the two nations race to construct next-generat
Verizon CEO: We’re doing just fine without using any equipment from Chinese tech giant Huawei Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, tech, trump, chinese, worried, equipment, vestberg, using, china, fine, doing, giant, war, ceo, products, administration, hes, verizon, trade, huawei


Verizon CEO: We're doing just fine without using any equipment from Chinese tech giant Huawei

Verizon CEO Hans Vestberg said Thursday that he’s not worried about the ongoing U.S.-China trade war impacting the company’s success.

“We are executing our strategy with our Western European vendors,” Vestberg told CNBC’s Julia Boorstin from the annual Sun Valley media conference in Idaho. “It seems that you can do that without Huawei.”

Verizon has no reliance on China, he stressed. “We don’t use any Huawei equipment, and we have no impact from the Chinese trade war,” he explained. “So for us, this is a non-event.”

In May, the Trump administration effectively blacklisted China-based Huawei from doing business in the U.S., citing national security concerns. While President Donald Trump agreed last month to allow Huawei to purchase some U.S. commercial products as an incentive to restart trade talks with China, the White House remains adamant that the move is not a total reprieve.

Huawei was pulled into the trade dispute between Washington and Beijing as the two nations race to construct next-generation 5G wireless technologies. The Trump administration is worried about Huawei products getting embedded into U.S. networks and the potential for them to be used by China’s communist government for spying. Huawei has repeatedly denied that would ever happen.

As for Verizon’s 5G plans and the competition to build out U.S. capabilities? Vestberg said he’s not concerned. “We’ll compete, we already have the best 4G market.” He added, “We’ll just hammer on and execute.”


Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, tech, trump, chinese, worried, equipment, vestberg, using, china, fine, doing, giant, war, ceo, products, administration, hes, verizon, trade, huawei


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Big Pharma won’t like Trump’s next move after rebate rule is abandoned, investors fear

President Donald Trump Jabin Botsford | The Washington Post | Getty ImagesPharmaceutical companies may be in the direct path of President Donald Trump’s next big policy push to lower drug prices after the administration abandoned a proposal that would have eliminated rebates from government drug plans. Earlier Thursday, the White House said the Trump administration had withdrawn its plan to ban rebates that drugmakers pay to pharmacy benefit managers. Drug manufacturers pay the rebates to PBMs f


President Donald Trump Jabin Botsford | The Washington Post | Getty ImagesPharmaceutical companies may be in the direct path of President Donald Trump’s next big policy push to lower drug prices after the administration abandoned a proposal that would have eliminated rebates from government drug plans. Earlier Thursday, the White House said the Trump administration had withdrawn its plan to ban rebates that drugmakers pay to pharmacy benefit managers. Drug manufacturers pay the rebates to PBMs f
Big Pharma won’t like Trump’s next move after rebate rule is abandoned, investors fear Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, companies, trump, rebate, drug, president, big, pay, rule, administration, fear, health, rebates, wont, investors, prices, proposal, trumps, abandoned, pharma


Big Pharma won't like Trump's next move after rebate rule is abandoned, investors fear

President Donald Trump Jabin Botsford | The Washington Post | Getty Images

Pharmaceutical companies may be in the direct path of President Donald Trump’s next big policy push to lower drug prices after the administration abandoned a proposal that would have eliminated rebates from government drug plans. Earlier Thursday, the White House said the Trump administration had withdrawn its plan to ban rebates that drugmakers pay to pharmacy benefit managers. Drug manufacturers pay the rebates to PBMs for getting their drugs covered by Medicare’s Part D prescription plan. Health and Human Services Secretary Alex Azar told reporters Thursday morning that Trump decided to pull the proposal after concerns that it would cause insurance companies to increase premiums for seniors.

“The president is deeply committed to protecting America’s seniors,” Azar said in a news briefing in Washington, D.C. “We’re not going to put seniors at risk of their premiums going up.” Analysts say another way Trump could make a push to lower drug prices is a proposal announced last year that would allow Medicare to create an “international pricing index ” to bring drug prices in line with what other nations pay. Pharmaceutical companies oppose the proposal. Merck CEO Ken Frazier has even said he sees a legal challenge if adopted. Pulling the drug rebate rule “effectively puts other drug price control mechanisms back on the table, which could be worse if implemented and enforced,” said Salim Syed, senior biotech analyst at Mizuho Securities. Ipsita Smolinski, managing director at health-care research and consulting firm Capitol Street, said the pricing index is likely the next policy announcement to come from the administration. “With rebate reform dead, more draconian policies may come with respect to biopharma … and the markets feel that. Uncertainty is never good,” Ipsita said. Health insurers stocks jumped Thursday on the news. Shares of UnitedHealth and Cigna closed up 5% and 9%, respectively. CVS Health, which bought insurer Aetna, ended the session up 4%. Meanwhile, pharma stocks tanked on fears the administration’s focus would shift to drugmakers. Pharmaceutical giant Pfizer closed down more than 2%. Shares of Eli Lily and Merck both ended the day down 4%.


Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, companies, trump, rebate, drug, president, big, pay, rule, administration, fear, health, rebates, wont, investors, prices, proposal, trumps, abandoned, pharma


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Why Trump probably won’t be able to add the citizenship question to the census using executive action

President Donald Trump is expected to take executive action to add a citizenship question onto the 2020 census during a ceremony at the White House on Thursday. The final hurdle for the administration is that the Constitution does not provide the president authority over the census, which could doom executive action. On Thursday, after Trump announced a conference on the citizenship question later in the day, the ACLU vowed to fight any executive action. The Trump administration’s effort to add


President Donald Trump is expected to take executive action to add a citizenship question onto the 2020 census during a ceremony at the White House on Thursday. The final hurdle for the administration is that the Constitution does not provide the president authority over the census, which could doom executive action. On Thursday, after Trump announced a conference on the citizenship question later in the day, the ACLU vowed to fight any executive action. The Trump administration’s effort to add
Why Trump probably won’t be able to add the citizenship question to the census using executive action Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: tucker higgins
Keywords: news, cnbc, companies, trump, question, citizenship, law, executive, using, action, add, administration, census, probably, supreme, reason, court, wont


Why Trump probably won't be able to add the citizenship question to the census using executive action

President Donald Trump announces a new immigration proposal, in the Rose Garden of the White House in Washington, DC, May 16, 2019.

President Donald Trump is expected to take executive action to add a citizenship question onto the 2020 census during a ceremony at the White House on Thursday.

It’s not quite clear what kind of action that will be. Trump has said he was considering an executive order, among other possibilities. Attorney General William Barr said this week that a legal path exists to get the question on the census, though he has not elaborated.

Any executive action, coming two weeks after Chief Justice John Roberts sided with the Supreme Court’s liberal wing to effectively block the addition of the question, could have some political pay off, particularly for a president who has made battling with the courts a point of pride. But it is unlikely to result in the question being included on the survey, legal experts say.

“He is between legal rocks, spikes, a volcano, and earthquake faults. It’s worse than a rock and a hard place,” said Jessica Levinson, a law professor at Loyola Law School and director of the school’s Public Service Institute. “This is a tough place to litigate your way out of.”

The trouble comes from all sides.

On one side, the Supreme Court found that the administration “contrived” the stated rationale for asking the citizenship question when it said the question would assist in enforcing the Voting Rights Act.

To get over that, Trump will have to come up with a new reason for asking the question that passes muster. But coming up with a new reason that does not seem contrived could be difficult after more than a year of defending the Voting Rights Act explanation.

“Any kind of after-the-fact rationalization is going to look just like that, like an after-the-fact rationalization,” said John Libby, a partner at the law firm Manatt who was part of a team that successfully argued against the addition of the question in federal court in California. “I just don’t see how they can logically do that.”

Marisa Maleck, a former law clerk to Justice Clarence Thomas and a member of the Appellate, Constitutional, and Administrative Law practice at King & Spalding, said any executive action would circumvent the process that Roberts laid out in his Supreme Court opinion, which sent the case back to the Commerce Department, not the president.

And she added that, in typical cases, the government cannot come up with a new reason this late in the game.

“Usually, in pure administrative law matters, you can’t come up with a post hoc reason. You have to show it was the original reason. But this is entirely unprecedented. Could he come up with a new reason? I mean, he’s president,” she said. “It raises the specter of a constitutional crisis.”

“They repeatedly said that complying with the Voting Rights Act was their one and only purpose,” said Deborah Archer, a law professor at New York University law school. “It is hard to make a 180 on that and it is unclear that a court would accept the new justification on its face.”

But even if the administration succeeds in providing a new rationale, there is trouble on another front.

The administration will also have to explain why the strict printing deadline the Commerce Department set for the census no longer applies. Administration attorneys emphasized that the administration faced a July 1 deadline to finalize the census in their plea to get the Supreme Court to hear the case before it was reviewed by an appeals court, an unusual step.

In his ruling, Roberts noted that the top court agreed to hear the case after the government argued that “the census questionnaire needed to be finalized for printing by the end of June 2019.” According to the contractor printing the forms, R.R. Donnelley & Sons, the process will involve 600 million documents mailed to more than 130 million households.

“It’s a pretty staggering process. That deadline was not a fake deadline,” Maleck said.

To make matters worse for the administration, the Supreme Court is on its summer recess, in which justices typically travel, take vacations and teach law classes. If the administration was turned back by a lower court, the top court could hold an emergency session, but it does not generally do so.

The final hurdle for the administration is that the Constitution does not provide the president authority over the census, which could doom executive action. Instead, the Constitution provides for Congress to conduct the census.

“Congress delegated that authority to the Commerce Department. But in terms of the line of power, this is in Congress’s bucket,” Levinson said. “An executive order would be the executive branch trying to reach into that bucket. To me that breaks down our system of checks and balances, the fundamental bedrock of our system.”

Regardless of the president’s next step, it is already virtually guaranteed that it will face legal challenges. On Thursday, after Trump announced a conference on the citizenship question later in the day, the ACLU vowed to fight any executive action.

“The Supreme Court has spoken. The Trump administration’s effort to add a citizenship question to the 2020 census is unlawful. If President Trump takes executive action, we will take legal action,” Dale Ho, the ACLU attorney who argued the matter before the Supreme Court, said in a statement.

It is possible that the president uses Thursday’s conference to sidestep the census issue entirely. Multiple outlets reported Thursday afternoon, citing unnamed sources, that Trump may drop his bid to put the question on the census and instead seek to obtain citizenship information through other means.


Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: tucker higgins
Keywords: news, cnbc, companies, trump, question, citizenship, law, executive, using, action, add, administration, census, probably, supreme, reason, court, wont


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Trump administration will issue licenses for US companies to sell to Huawei

The U.S. government will issue licenses to companies seeking to sell American-made goods to China’s Huawei where there is no threat to national security, Commerce Secretary Wilbur Ross said on Tuesday, but left key questions unanswered about what products will pass muster. Seeking to revive trade talks with China, U.S. President Donald Trump announced late last month that American companies would be allowed to sell products to Huawei, the world’s largest telecommunications equipment maker. Trump


The U.S. government will issue licenses to companies seeking to sell American-made goods to China’s Huawei where there is no threat to national security, Commerce Secretary Wilbur Ross said on Tuesday, but left key questions unanswered about what products will pass muster. Seeking to revive trade talks with China, U.S. President Donald Trump announced late last month that American companies would be allowed to sell products to Huawei, the world’s largest telecommunications equipment maker. Trump
Trump administration will issue licenses for US companies to sell to Huawei Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: michael sheetz
Keywords: news, cnbc, companies, sell, security, industry, licenses, companies, american, issue, ross, list, trump, huawei, administration, trumps, national


Trump administration will issue licenses for US companies to sell to Huawei

A man walking past a Huawei P20 smartphone advertisement is reflected in a glass door in front of a Huawei logo, at a shopping mall in Shanghai, China December 6, 2018.

The U.S. government will issue licenses to companies seeking to sell American-made goods to China’s Huawei where there is no threat to national security, Commerce Secretary Wilbur Ross said on Tuesday, but left key questions unanswered about what products will pass muster.

Seeking to revive trade talks with China, U.S. President Donald Trump announced late last month that American companies would be allowed to sell products to Huawei, the world’s largest telecommunications equipment maker.

Trump’s comments came after the United States placed Huawei on the Commerce Department’s so-called Entity List in May over national security concerns. U.S. parts and components generally cannot be sold to those on the list without special licenses.

While American chipmakers welcomed Trump’s announcement, many industry and government officials were confused about the new policy.

Speaking at an annual department conference in Washington, Ross affirmed that the company would remain on the Entity List, which meant licenses would likely be denied and that the new policy would not change the scope of items requiring licenses. However, he also said there would be some approvals.

“To implement the president’s G20 summit directive two weeks ago, Commerce will issue licenses where there is no threat to U.S. national security,” Ross said, referring to Trump’s announcement at the meeting of world leaders in Japan.

“Within those confines, we will try to make sure that we don’t just transfer revenue from the U.S. to foreign firms,” he said.

After Huawei was added to the Entity List, the semiconductor industry lobbied the U.S. government for carve-outs to sell nonsensitive items that Huawei could easily buy abroad, arguing that a blanket ban would harm American companies.

On Tuesday, industry observers said Ross’s comments lacked the clarity and relief many hoped for after Trump’s announcement.

“The actual policy of what is not going to endanger U.S. security is not clear,” Washington trade lawyer Doug Jacobson said. “The only way that industry can determine the line is by submitting (license) applications and knowing what types will be approved and which types will be denied.”

The United States has accused Huawei of stealing American intellectual property and violating Iran sanctions.

It also has launched a lobbying effort to persuade U.S. allies to keep Huawei out of next-generation 5G telecommunications infrastructure, citing concerns the company could spy on customers. Huawei has denied the allegations.


Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: michael sheetz
Keywords: news, cnbc, companies, sell, security, industry, licenses, companies, american, issue, ross, list, trump, huawei, administration, trumps, national


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Trump administration will continue fight to put citizenship question on 2020 census: Court filing

The latest twist in the census citizenship question saga came a week after the Supreme Court effectively blocked the query from being asked next year. The filing contained no explanation of how the Justice Department believes it can win that fight. “The Department of Justice … and Commerce have been asked to reevaluate all available options,” the Justice Department filing said. A lawyer for plaintiffs in the case did not immediately respond to CNBC’s request for comment on the court filing. Ha


The latest twist in the census citizenship question saga came a week after the Supreme Court effectively blocked the query from being asked next year. The filing contained no explanation of how the Justice Department believes it can win that fight. “The Department of Justice … and Commerce have been asked to reevaluate all available options,” the Justice Department filing said. A lawyer for plaintiffs in the case did not immediately respond to CNBC’s request for comment on the court filing. Ha
Trump administration will continue fight to put citizenship question on 2020 census: Court filing Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-05  Authors: dan mangan
Keywords: news, cnbc, companies, question, court, administration, census, department, trump, supreme, 2020, filing, told, judge, citizenship, continue, fight, justice


Trump administration will continue fight to put citizenship question on 2020 census: Court filing

President Donald Trump departs for travel to Louisiana from the White House in Washington, U.S., May 14, 2019.

The Trump administration will continue efforts to put ask people in the 2020 census if they are U.S. citizens, Justice Department lawyers told a federal judge in a court filing Friday, just three days after administration officials said they were dropping any such bid.

The filing came at the deadline set by a federal judge in Maryland for the government to say whether it would abandon its controversial quest to have the citizenship question in place for the upcoming census, or whether it would continue the legal battle.

The latest twist in the census citizenship question saga came a week after the Supreme Court effectively blocked the query from being asked next year.

While the government said its effort will continue, the filing had a pessmistic tone that underscored how much of a legal longshot the Justice Department is facing in seeking to justify the question in court. The filing contained no explanation of how the Justice Department believes it can win that fight.

“The Department of Justice … and Commerce have been asked to reevaluate all available options,” the Justice Department filing said.

The departments ” have been instructed to examine whether there is a path forward, consistent with the Supreme Court’s decision, that would allow for the inclusion of the citizenship question on the census,” the filing said.

Neal Katyal, a Washington, D.C., lawyer, scoffed at the development in a Twitter post.

“This is an absurd filing,” wrote Katyal, who previously served as acting solictor general of the United States, the attorney who argues for the government before the Supreme Court.

“They don’t even explain how their “re-evaluation” of census Q is possible after telling the Supreme Court 5 separate times (inc last week) that everything had to be decided by June 30,” wrote Katyal.

Although the Supreme Court sent the dispute back down to lower courts for possible further argument, the decision left the Trump administration very little time to meet its own deadline for including the citizenship question on printed copies of the census question sheet.

And the Justice Department noted Friday in its filing that if the Commerce Department comes up with “a new rationale” for putting the citizenship question on the census,” the plaintiffs who had originally challenged the question “will be fully entitled to challenge that decision at that time.”

That in turn would start a new cycle of court hearings that would make it very difficut, if not impossible, for a judge and appeals court to rule on the issue before the census starts being conducted.

The Justice Department told the Maryland judge on Friday that “if a viable path forward is found” to legally justify the citizenship question, the department’s current plan it to ask the Supreme Court for instructions “to govern further proceedings in order to simply and expedite the remaining litigation and provide clarity to the process going forward.”

A lawyer for plaintiffs in the case did not immediately respond to CNBC’s request for comment on the court filing.

On Tuesday, Commerce Secretary Wilbur Ross and a Justice Department lawyer said that that the Census Bureau was in the processs of printing the census questionnaire without the citizenship question.

But President Donald Trump on Wednesday threw that plan into confusion with a Twitter post that said, “The News Reports about the Department of Commerce dropping its quest to put the Citizenship Question on the Census is incorrect or, to state it differently, FAKE!”

“We are absolutely moving forward, as we must, because of the importance of the answer to this question,” Trump wrote.

Hours after that tweet, Justice Department lawyers told U.S. District Judge George Hazel of Maryland that the department was trying to find “a legally available path” under the Supreme Court decision to add the question. Hazel’s court is one of three federal courts where opponents of the citizenship question were challenging the question’s inclusion.

Justice lawyer Josh Gardner told Hazel that Trump’s tweet contradicted what Gardner had told the judge the previous day about plans to omit the citizenship question from the 2020 census.

“What I told the court yesterday was absolutely my best understanding of the state of affairs,” Gardner said. “The tweet this morning was the first I had heard of the president’s position on this issue, just like the plaintiffs and Your Honor. I do not have a deeper understanding of what that means at this juncture other than what the president has tweeted. But, obviously, as you can imagine, I am doing my absolute best to figure out what’s going on.”

Gardner also told the judge on Wednesday that “the Census Bureau is continuing with the process of printing the questionnaire without a citizenship question, and that process has not stopped.”

Hazel gave government lawyers until Friday to say whether they planned to pursue a legal fight to put the question on the questionnaire.


Company: cnbc, Activity: cnbc, Date: 2019-07-05  Authors: dan mangan
Keywords: news, cnbc, companies, question, court, administration, census, department, trump, supreme, 2020, filing, told, judge, citizenship, continue, fight, justice


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Trump says administration preparing an executive order on drug prices

US President Donald Trump speaks to the media prior to departing from the South Lawn of the White House in Washington, DC, July 5, 2019. President Donald Trump said Friday he’s preparing an executive order declaring a “favored nations clause” for drug prices, where the U.S. will pay no more than the country with the lowest prescription drug prices. “We’re working on a favored nations clause, where we pay whatever the lowest nation’s price is. Why should other nations — like Canada — why should o


US President Donald Trump speaks to the media prior to departing from the South Lawn of the White House in Washington, DC, July 5, 2019. President Donald Trump said Friday he’s preparing an executive order declaring a “favored nations clause” for drug prices, where the U.S. will pay no more than the country with the lowest prescription drug prices. “We’re working on a favored nations clause, where we pay whatever the lowest nation’s price is. Why should other nations — like Canada — why should o
Trump says administration preparing an executive order on drug prices Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-05  Authors: berkeley lovelace jr angelica lavito, berkeley lovelace jr, angelica lavito
Keywords: news, cnbc, companies, administration, lawn, executive, nations, drug, order, trump, house, prices, white, lowest, pay, preparing, south


Trump says administration preparing an executive order on drug prices

US President Donald Trump speaks to the media prior to departing from the South Lawn of the White House in Washington, DC, July 5, 2019.

President Donald Trump said Friday he’s preparing an executive order declaring a “favored nations clause” for drug prices, where the U.S. will pay no more than the country with the lowest prescription drug prices.

“As you know for years and years other nations pay less for drugs than we do,” Trump told reporters on the South Lawn of the White House. “We’re working on a favored nations clause, where we pay whatever the lowest nation’s price is. Why should other nations — like Canada — why should other nations pay less than us? ”

The SPDR S&P Pharmaceuticals ETF, which tracks the pharma industry’s biggest companies, was down 1.4% after Trump’s announcement.

The Trump administration and Democrats in Congress are both trying to bring more transparency to drug prices and, ultimately, lower costs for consumers.


Company: cnbc, Activity: cnbc, Date: 2019-07-05  Authors: berkeley lovelace jr angelica lavito, berkeley lovelace jr, angelica lavito
Keywords: news, cnbc, companies, administration, lawn, executive, nations, drug, order, trump, house, prices, white, lowest, pay, preparing, south


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Trump says he is ‘absolutely moving forward’ with census citizenship question, contradicting his own administration

Their statements came five days after a Supreme Court decision that effectively blocked the question being added to the 2020 census questionnaire. “We are absolutely moving forward, as we must, because of the importance of the answer to this question,” Trump wrote. A White House spokesman did not immediately respond to CNBC’s query as to whether the census form will ask the citizenship question. The Trump administration’s plan to add the citizenship question to the 2020 census had been controver


Their statements came five days after a Supreme Court decision that effectively blocked the question being added to the 2020 census questionnaire. “We are absolutely moving forward, as we must, because of the importance of the answer to this question,” Trump wrote. A White House spokesman did not immediately respond to CNBC’s query as to whether the census form will ask the citizenship question. The Trump administration’s plan to add the citizenship question to the 2020 census had been controver
Trump says he is ‘absolutely moving forward’ with census citizenship question, contradicting his own administration Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: kevin breuninger dan mangan, kevin breuninger, dan mangan
Keywords: news, cnbc, companies, contradicting, bureau, court, administration, printing, absolutely, department, decision, trump, census, forward, question, 2020, citizenship, moving


Trump says he is 'absolutely moving forward' with census citizenship question, contradicting his own administration

U.S. President Donald Trump speaks to reporters about Iran and Mexico on June 25, 2019 in Washington, DC.

President Donald Trump on Wednesday branded as “FAKE” news reports that his administration was dropping plans to ask people if they are U.S. citizens on the 2020 census — despite officials in his own administration having said a day before that the question will not be asked.

Commerce Secretary Wilbur Ross and a Justice Department lawyer had both said Tuesday that the Census Bureau is in the process of printing the census questionnaire without the citizenship question.

Their statements came five days after a Supreme Court decision that effectively blocked the question being added to the 2020 census questionnaire.

The high court ordered the case challenging the question to be reconsidered by a lower court, leaving the Commerce Department with little or no time to have the dispute settled legally before this past Monday’s deadline for printing the questionnaires.

But Trump, in a tweet Wednesday, said, “The News Reports about the Department of Commerce dropping its quest to put the Citizenship Question on the Census is incorrect or, to state it differently, FAKE!”

“We are absolutely moving forward, as we must, because of the importance of the answer to this question,” Trump wrote.

Trump’s use of the word “quest” echoed its use by The New York Times on Tuesday in its lead paragraph of a story that said the Trump administration, “in a dramatic about-face, abandoned its question to add a citizenship question to the 2020 census.”

A White House spokesman did not immediately respond to CNBC’s query as to whether the census form will ask the citizenship question.

A Census Bureau spokesman referred questions about the president’s tweet to the Commerce Department, which did not immediate respond to a request for comment.

On Tuesday, Ross, in a statement had said, “I respect the Supreme Court but strongly disagree with its ruling regarding my decision to reinstate a citizenship question on the 2020 Census.”

“The Census Bureau has started the process of printing the decennial questionnaires without the question. My focus, and that of the Bureau and the entire Department is to conduct a complete and accurate census,” Ross said.

In a Tuesday email to legal challengers of the citizenship question, a Department of Justice lawyer wrote, “We can confirm that the decision has been made to print the 2020 Decennial Census questionnaire without a citizenship question, and that the printer has been instructed to begin the printing process.”

The Trump administration’s plan to add the citizenship question to the 2020 census had been controversial since it was first announced in March 2018.

In addition to that question, the Census Bureau at the time said that respondents would be asked how many people live in their residences, and those persons’ ages, sexes, Hispanic origin, race, relationship and homeownership status.

Critics of the citizenship question say it would reduce the accuracy of the census, and undercount minority populations, including immigrants.

An undercount of those groups in turn could affect the allocation of billions of dollars worth of federal funds, whose distribution often is related to census data. An undercount also could affect how district seats in the House of Representatives are drawn.

A citizenship question has not been posed to all U.S. households in decades.

In the Supreme Court decision last week which blocked the question, for now, from being added to the census, Chief Justice John Roberts questioned the Trump administration’s rationale for adding the query, calling it “contrived.”

The administration had argued that while the question could make the census’ count less accurate, it would help the government better enforce certain provisions of the Voting Rights Act. Three federal courts who heard challenges to the question did not accept that argument.

Democrats had celebrated on Tuesday after the Trump administration’s apparent decision to abandon the controversial question for the upcoming census became public.

“Today’s decision is a welcome development for our democracy,” House Speaker Nancy Pelosi, D-Calif., said at the time.

“House Democrats will be vigilant to ensure a full, fair and accurate Census.”

A spokesman for Pelosi did not immediately respond to CNBC’s request for comment on Trump’s tweet

Rep. Ted Lieu, D-Calif. on Wednesday cited the Justice Department lawyer’s statement in a tart Twitter response to Trump’s new tweet.

Shortly after Trump’s tweet Wednesday morning, the chairman of the House Civil Rights and Civil Liberties Subcommittee, Rep. Jamie Raskin, D-Md., announced that Census Bureau Director Steven Dillingham will testify before Raskin’s panel on July 24.

“It is time for the Census Bureau to move beyond all the outside political agendas and distractions and devote its full attention to preparing for the 2020 Census,” Raskin said in a press release.

“This hearing will examine the current status of the Bureau’s readiness for the Census next year — especially in areas where the Bureau may be falling behind such as IT, security and public education.”

It was unclear if the timing of Raskin’s announcement was related to the president’s tweet.


Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: kevin breuninger dan mangan, kevin breuninger, dan mangan
Keywords: news, cnbc, companies, contradicting, bureau, court, administration, printing, absolutely, department, decision, trump, census, forward, question, 2020, citizenship, moving


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Trump administration says it will print census without citizenship question

The Trump administration on Tuesday said it will print the 2020 census without a question about citizenship, bringing to an apparent close a contentious legal battle over that aspect of the decennial survey. The announcement comes after the Supreme Court effectively blocked the addition of the question on Thursday. Chief Justice John Roberts, who authored the opinion of the court, wrote that the administration’s explanation for adding the question — that it would bolster efforts to enforce the V


The Trump administration on Tuesday said it will print the 2020 census without a question about citizenship, bringing to an apparent close a contentious legal battle over that aspect of the decennial survey. The announcement comes after the Supreme Court effectively blocked the addition of the question on Thursday. Chief Justice John Roberts, who authored the opinion of the court, wrote that the administration’s explanation for adding the question — that it would bolster efforts to enforce the V
Trump administration says it will print census without citizenship question Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-02  Authors: tucker higgins
Keywords: news, cnbc, companies, decision, census, lawyers, supreme, deadline, court, printing, trump, citizenship, question, print, rights, administration


Trump administration says it will print census without citizenship question

The Trump administration on Tuesday said it will print the 2020 census without a question about citizenship, bringing to an apparent close a contentious legal battle over that aspect of the decennial survey.

The announcement comes after the Supreme Court effectively blocked the addition of the question on Thursday. Chief Justice John Roberts, who authored the opinion of the court, wrote that the administration’s explanation for adding the question — that it would bolster efforts to enforce the Voting Rights Act — appeared “contrived.”

But after that decision was announced, it was not clear whether government lawyers would seek to present another rationale for the question. Any attempt to do so faced a tight deadline. The Census Bureau said it had to begin printing by July 1 or additional resources would be required.

“The Supreme Court’s ruling left little opportunity for the administration to cure the defects with its decision to add a citizenship question and, most importantly, they were simply out of time given the impending deadline for printing forms,” Kristen Clarke, the executive director of the Lawyers’ Committee for Civil Rights Under Law, which successfully challenged the question in federal court in California, said in a statement.


Company: cnbc, Activity: cnbc, Date: 2019-07-02  Authors: tucker higgins
Keywords: news, cnbc, companies, decision, census, lawyers, supreme, deadline, court, printing, trump, citizenship, question, print, rights, administration


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These two risks could sneak up on investors in the year’s second half

While Wall Street focuses on U.S.-China trade war dangers, Medley Global Advisors’ Ben Emons sees two risks making a comeback. The way the world’s affairs are shaping up, he warns Brexit fallout and the threat of U.S. tariffs on European cars could sneak up on investors in year’s second half — which kicks off Monday. “It’s a big market for European cars. With Treasury yields at record lows in Europe, Emons believes another batch of tariffs would add to volatility and act as a catalyst for more c


While Wall Street focuses on U.S.-China trade war dangers, Medley Global Advisors’ Ben Emons sees two risks making a comeback. The way the world’s affairs are shaping up, he warns Brexit fallout and the threat of U.S. tariffs on European cars could sneak up on investors in year’s second half — which kicks off Monday. “It’s a big market for European cars. With Treasury yields at record lows in Europe, Emons believes another batch of tariffs would add to volatility and act as a catalyst for more c
These two risks could sneak up on investors in the year’s second half Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: stephanie landsman
Keywords: news, cnbc, companies, risks, european, global, tariffs, emons, europe, second, cars, brexit, sneak, half, trade, investors, administration, war


These two risks could sneak up on investors in the year's second half

While Wall Street focuses on U.S.-China trade war dangers, Medley Global Advisors’ Ben Emons sees two risks making a comeback.

The way the world’s affairs are shaping up, he warns Brexit fallout and the threat of U.S. tariffs on European cars could sneak up on investors in year’s second half — which kicks off Monday.

According to Emons, there’s an increasing chance a no-deal Brexit could damage global markets.

“That’s still ongoing with the changes in leadership in the UK,” the firm’s global macro strategy managing director told CNBC’s “Futures Now ” last Thursday.

Emons’ other glaring risk is possible car tariffs. In May, the Trump administration delayed a final decision by up to six months on whether to place tariffs on automobile and auto parts.

“You have the administration negotiating with Europe, and that’s the next thing we’ll have to look at after this G-20,” he said. “It’s a big market for European cars. That could really impact Europe in particular, and I would like to mention the U.S. likely, too.”

With Treasury yields at record lows in Europe, Emons believes another batch of tariffs would add to volatility and act as a catalyst for more central bank easing measures.

Meanwhile, the trade war between Washington and Beijing is already pushing rate cuts around the globe. He expects the Federal Reserve to join them by trimming interest rates in July to address softening consumer spending and the growth slowdowns tied to trade.

“Our base case is more for a 25 basis point cut,” Emons said.


Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: stephanie landsman
Keywords: news, cnbc, companies, risks, european, global, tariffs, emons, europe, second, cars, brexit, sneak, half, trade, investors, administration, war


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