Tag: commerce

US-China trade war: Deal needs enforcement, says Chamber of Commerce

Pledges from Beijing to buy more American goods and fix some economic structural issues are meaningless victories for the U.S. if Donald Trump’s administration doesn’t also create ways to enforce a trade agreement with China, according to a top official from the U.S. Chamber of Commerce. That comes as Chinese negotiators ready for the next round of trade talks, set to begin Tuesday in Washington. “Without enforcement, this deal fails,” he told CNBC’s Eunice Yoon in Beijing. Enforcement mechanism

Pledges from Beijing to buy more American goods and fix some economic structural issues are meaningless victories for the U.S. if Donald Trump’s administration doesn’t also create ways to enforce a trade agreement with China, according to a top official from the U.S. Chamber of Commerce. That comes as Chinese negotiators ready for the next round of trade talks, set to begin Tuesday in Washington. “Without enforcement, this deal fails,” he told CNBC’s Eunice Yoon in Beijing. Enforcement mechanism
US-China trade war: Deal needs enforcement, says Chamber of Commerce Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: huileng tan, mark schiefelbein, pool
Keywords: news, cnbc, companies, trade, tariffs, enforcement, brilliant, war, commerce, beijing, needs, uschina, deal, china, according, need, chamber, trumps

US-China trade war: Deal needs enforcement, says Chamber of Commerce

Pledges from Beijing to buy more American goods and fix some economic structural issues are meaningless victories for the U.S. if Donald Trump’s administration doesn’t also create ways to enforce a trade agreement with China, according to a top official from the U.S. Chamber of Commerce.

That comes as Chinese negotiators ready for the next round of trade talks, set to begin Tuesday in Washington. So far, reports indicate, the two countries have found common ground on China decreasing its trade surplus with the U.S. through more purchases, but sticking points remain on issues such as intellectual property theft and the subsidies Beijing gives to its domestic firms.

Still, even if Trump’s team can realize its goals on those fronts, it will all come down to whether both countries actually live up to their commitments, according to Myron Brilliant, executive vice president and head of international affairs at the U.S. Chamber of Commerce.

“Without enforcement, this deal fails,” he told CNBC’s Eunice Yoon in Beijing. “Implementation and enforcement are going to be two key elements — so you need to have implementation, you need to have follow-through, but you need to have enforcement mechanisms that will ensure that both sides have trust that this deal is sustaining and verifiable.”

Enforcement mechanisms could include a “snapback” in tariffs if China doesn’t live up to the terms of the deal, he said. Another option, according to Brilliant, would be for the U.S. to “delay the reduction of tariffs being reduced from 10 percent down to zero” contingent on Beijing’s adherence to the agreement.

Such measures are unlikely to be well received by the Chinese negotiators, and multiple media reports indicate that remains one of the biggest sticking points in the ongoing discussion. Still, Brilliant emphasized that the business community is hoping some sort of agreement will come together.

Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: huileng tan, mark schiefelbein, pool
Keywords: news, cnbc, companies, trade, tariffs, enforcement, brilliant, war, commerce, beijing, needs, uschina, deal, china, according, need, chamber, trumps

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China’s consumption growth in 2019 will ‘very likely’ slow further, says commerce ministry

Consumption growth in China is “very likely” to slow further this year as the economy cools, the commerce ministry said on Tuesday, underlining the rising risks facing the Asian giant as it navigates a trade war with the United States. “The medium- to long-term accumulated contradictions and risks throughout economic development are going to become more prominent in 2019,” Wang Bin, a commerce ministry official told reporters during a briefing. “The pressure facing the consumer market will incre

Consumption growth in China is “very likely” to slow further this year as the economy cools, the commerce ministry said on Tuesday, underlining the rising risks facing the Asian giant as it navigates a trade war with the United States. “The medium- to long-term accumulated contradictions and risks throughout economic development are going to become more prominent in 2019,” Wang Bin, a commerce ministry official told reporters during a briefing. “The pressure facing the consumer market will incre
China’s consumption growth in 2019 will ‘very likely’ slow further, says commerce ministry Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: tomohiro ohsumi, bloomberg, getty images
Keywords: news, cnbc, companies, commerce, risks, economic, facing, growth, sales, likely, consumption, ministry, market, trade, chinas, 2019, slow

China's consumption growth in 2019 will 'very likely' slow further, says commerce ministry

Consumption growth in China is “very likely” to slow further this year as the economy cools, the commerce ministry said on Tuesday, underlining the rising risks facing the Asian giant as it navigates a trade war with the United States.

Chinese authorities have already rolled out a flurry of support measures to temper the effects of the trade dispute on businesses and investment, and are counting on the nation’s vast consumer base to cushion a broader economic slowdown.

“The medium- to long-term accumulated contradictions and risks throughout economic development are going to become more prominent in 2019,” Wang Bin, a commerce ministry official told reporters during a briefing.

“The pressure facing the consumer market will increase and consumption growth is very likely to slow further.”

Wang said softness in retail sales last year, which saw growth averaging 9 percent for the slowest in 15 years, was due to “periodic” weakness in car sales and housing-related spending, though other categories continue to post “relatively normal” growth.

Sales in the world’s biggest auto market shrank for the first time since the 1990s.

Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: tomohiro ohsumi, bloomberg, getty images
Keywords: news, cnbc, companies, commerce, risks, economic, facing, growth, sales, likely, consumption, ministry, market, trade, chinas, 2019, slow

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China retail earnings up 8.5 percent during new year holiday, Commerce Ministry says

China’s retailer and catering enterprises earned over 1 trillion yuan ($148.3 billion) during the Lunar New Year holiday, defying an economic slump to rise 8.5 percent from last year, the country’s commerce ministry said late on Sunday. The increase was down to the rapid growth in sales of new-year gifts, traditional foods, electronic products and local speciality products over a six-day holiday period ending on Saturday, the Ministry of Commerce said in a notice on its website. Domestic tourism

China’s retailer and catering enterprises earned over 1 trillion yuan ($148.3 billion) during the Lunar New Year holiday, defying an economic slump to rise 8.5 percent from last year, the country’s commerce ministry said late on Sunday. The increase was down to the rapid growth in sales of new-year gifts, traditional foods, electronic products and local speciality products over a six-day holiday period ending on Saturday, the Ministry of Commerce said in a notice on its website. Domestic tourism
China retail earnings up 8.5 percent during new year holiday, Commerce Ministry says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: vcg, getty images
Keywords: news, cnbc, companies, websitedomestic, billion, yuan, retail, trips, xinhua, 85, earnings, products, official, holiday, commerce, china, ministry

China retail earnings up 8.5 percent during new year holiday, Commerce Ministry says

China’s retailer and catering enterprises earned over 1 trillion yuan ($148.3 billion) during the Lunar New Year holiday, defying an economic slump to rise 8.5 percent from last year, the country’s commerce ministry said late on Sunday.

The increase was down to the rapid growth in sales of new-year gifts, traditional foods, electronic products and local speciality products over a six-day holiday period ending on Saturday, the Ministry of Commerce said in a notice on its website.

Domestic tourism during the new year break generated total revenues of 513.9 billion yuan, up 8.2 percent on the year, with the number of trips rising 7.6 percent to 415 million, the official Xinhua news agency said on Sunday, citing official data.

Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: vcg, getty images
Keywords: news, cnbc, companies, websitedomestic, billion, yuan, retail, trips, xinhua, 85, earnings, products, official, holiday, commerce, china, ministry

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Wilbur Ross to testify to Congress in March about census question

Lawmakers will grill Commerce Secretary Wilbur Ross in March about a “wide range” of topics, including Ross’ role in the Trump administration’s plans to add a citizenship question to the 2020 census. The Commerce Department did not immediately respond to CNBC’s request for comment on Cummings’ letter. Ross, whose department oversees the census, had argued that the question was necessary in order to uphold certain provisions of the Voting Rights Act. Civil rights groups have argued that the propo

Lawmakers will grill Commerce Secretary Wilbur Ross in March about a “wide range” of topics, including Ross’ role in the Trump administration’s plans to add a citizenship question to the 2020 census. The Commerce Department did not immediately respond to CNBC’s request for comment on Cummings’ letter. Ross, whose department oversees the census, had argued that the question was necessary in order to uphold certain provisions of the Voting Rights Act. Civil rights groups have argued that the propo
Wilbur Ross to testify to Congress in March about census question Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-22  Authors: kevin breuninger, kevin lamarque
Keywords: news, cnbc, companies, department, question, ross, secretary, congress, administration, citizenship, wilbur, census, commerce, cummings, trump, testify

Wilbur Ross to testify to Congress in March about census question

Lawmakers will grill Commerce Secretary Wilbur Ross in March about a “wide range” of topics, including Ross’ role in the Trump administration’s plans to add a citizenship question to the 2020 census.

Ross agreed to testify “voluntarily and without a subpoena” after weeks of discussions, House Oversight Chairman Elijah Cummings, D-Md., said in a statement Tuesday. A spokesman for Cummings confirmed to CNBC that the hearing will be public.

“Committee Members expect Secretary Ross to provide complete and truthful answers to a wide range of questions, including questions regarding the ongoing preparations for the census, the addition of a citizenship question, and other topics,” Cummings said in the statement.

He also noted that the majority-Democrat committee expects Ross, who has served in President Donald Trump’s Cabinet since the early days of his administration, to comply with multiple outstanding requests for documents that have been “withheld” by the Commerce Department.

The Commerce Department did not immediately respond to CNBC’s request for comment on Cummings’ letter. But a spokesperson told NBC News that the department “is working with Chairman Cummings and Ranking Member Jordan to determine a mutually-agreeable date for the Secretary to appear before the Committee.”

The hearing, which Cummings’ statement says is set for Thursday, March 14, comes a week after a federal court in New York blocked the Trump administration’s plans to include a question in the 10-year national survey asking respondents about their citizenship. The Trump administration is appealing that ruling.

Ross, whose department oversees the census, had argued that the question was necessary in order to uphold certain provisions of the Voting Rights Act.

The Cabinet secretary “cherry-picked” evidence, “acted irrationally” and failed to justify the planned policy shift, U.S. District Court Judge Jesse Furman wrote in his conclusion. Furman added that the plaintiffs did not meet their burden of proof in claiming that Ross’ decision was “motivated by invidious discrimination.”

The results of the census are used to distribute congressional district seats, a process that is fiercely contested and scrutinized by watchdogs, advocacy groups and political parties. Civil rights groups have argued that the proposed citizenship question — “Is this person a citizen of the United States?” — could create a chilling effect that would result in a lower count of minority respondents, especially Latinos.

The question has appeared in various forms on past censuses. But it has not appeared on the “complete” survey since 1950, The Washington Post reported, though it has been included on other forms in subsequent years.

Some Democrats in Congress have also questioned Ross’ prior testimony before the Ways and Means Committee — in particular his assertion that the Justice Department “initiated” the citizenship question request.

Ross has also been accused by a campaign-finance watchdog of possibly violating criminal conflict-of-interest laws by holding stock in companies potentially affected by Trump administration actions in which he was involved.

The Campaign Legal Center flagged Ross’ role in a Trump administration investigation on whether to impose steel tariffs while Ross held stock in his former investment management firm, which has a “major interest” in Chinese steel. The center also questioned why Ross did not initially disclose his stake in another steel-based manufacturer, Greenbriar, and shipping company Navigator.

The watchdog asked the Commerce Department’s inspector general’s office to conduct an investigation.

Company: cnbc, Activity: cnbc, Date: 2019-01-22  Authors: kevin breuninger, kevin lamarque
Keywords: news, cnbc, companies, department, question, ross, secretary, congress, administration, citizenship, wilbur, census, commerce, cummings, trump, testify

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White House considering new executive order to bar Huawei, ZTE purchases

President Donald Trump is considering an executive order in the new year to declare a national emergency that would bar U.S. companies from using telecommunications equipment made by China’s Huawei and ZTE, three sources familiar with the situation told Reuters. It would be the latest step by the Trump administration to cut Huawei Technologies and ZTE, two of China’s biggest network equipment companies, out of the U.S. market. The executive order would invoke the International Emergency Economic

President Donald Trump is considering an executive order in the new year to declare a national emergency that would bar U.S. companies from using telecommunications equipment made by China’s Huawei and ZTE, three sources familiar with the situation told Reuters. It would be the latest step by the Trump administration to cut Huawei Technologies and ZTE, two of China’s biggest network equipment companies, out of the U.S. market. The executive order would invoke the International Emergency Economic
White House considering new executive order to bar Huawei, ZTE purchases Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-27  Authors: aly song
Keywords: news, cnbc, companies, companies, executive, national, equipment, huawei, sources, considering, emergency, house, white, bar, commerce, zte, order, purchases

White House considering new executive order to bar Huawei, ZTE purchases

President Donald Trump is considering an executive order in the new year to declare a national emergency that would bar U.S. companies from using telecommunications equipment made by China’s Huawei and ZTE, three sources familiar with the situation told Reuters.

It would be the latest step by the Trump administration to cut Huawei Technologies and ZTE, two of China’s biggest network equipment companies, out of the U.S. market. The United States alleges that the two companies work at the behest of the Chinese government and that their equipment could be used to spy on Americans.

The executive order, which has been under consideration for more than eight months, could be issued as early as January and would direct the Commerce Department to block U.S. companies from buying equipment from foreign telecommunications makers that pose significant national security risks, sources from the telecoms industry and the administration said.

While the order is unlikely to name Huawei or ZTE, a source said it is expected that Commerce officials would interpret it as authorization to limit the spread of equipment made by the two companies. The sources said the text for the order has not been finalized.

The executive order would invoke the International Emergency Economic Powers Act, a law that gives the president the authority to regulate commerce in response to a national emergency that threatens the United States.

The issue has new urgency as U.S. wireless carriers look for partners as they prepare to adopt next generation 5G wireless networks.

The order follows the passage of a defense policy bill in August that barred the U.S. government itself from using Huawei and ZTE equipment.

Huawei and ZTE did not return requests for comment. Both in the past have denied allegations their products are used to spy.

The White House also did not return a request for comment.

The Wall Street Journal first reported in early May that the order was under consideration, but it was never issued.

Company: cnbc, Activity: cnbc, Date: 2018-12-27  Authors: aly song
Keywords: news, cnbc, companies, companies, executive, national, equipment, huawei, sources, considering, emergency, house, white, bar, commerce, zte, order, purchases

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China says it has made plans with the US for a face-to-face trade meeting in January

China and the United States have made plans for face-to-face consultations over trade in January, the Chinese commerce ministry said on Thursday, as the world’s two biggest economies advanced efforts to resolve a months-long trade war. Consultations through “intensive” telephone calls will continue in the meantime, Gao Feng, spokesman at the commerce ministry, told reporters, adding that talks have been steadily moving forward despite the Christmas break in the United States. “Even as the U.S si

China and the United States have made plans for face-to-face consultations over trade in January, the Chinese commerce ministry said on Thursday, as the world’s two biggest economies advanced efforts to resolve a months-long trade war. Consultations through “intensive” telephone calls will continue in the meantime, Gao Feng, spokesman at the commerce ministry, told reporters, adding that talks have been steadily moving forward despite the Christmas break in the United States. “Even as the U.S si
China says it has made plans with the US for a face-to-face trade meeting in January Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-27  Authors: fred dufour, afp, getty images
Keywords: news, cnbc, companies, consultations, ministry, commerce, scheduled, christmas, asked, united, china, trade, meeting, facetoface, plans, gao

China says it has made plans with the US for a face-to-face trade meeting in January

China and the United States have made plans for face-to-face consultations over trade in January, the Chinese commerce ministry said on Thursday, as the world’s two biggest economies advanced efforts to resolve a months-long trade war.

Consultations through “intensive” telephone calls will continue in the meantime, Gao Feng, spokesman at the commerce ministry, told reporters, adding that talks have been steadily moving forward despite the Christmas break in the United States.

“Even as the U.S side is in the Christmas holiday period, China and U.S. economic and trade teams have been in close communication, and the consultations are progressing in an orderly manner as scheduled,” Gao said, when asked about progress on trade negotiations.

Gao did not comment directly when asked to confirm a media report on a U.S. trade delegation visit scheduled for the week of Jan. 7.

Company: cnbc, Activity: cnbc, Date: 2018-12-27  Authors: fred dufour, afp, getty images
Keywords: news, cnbc, companies, consultations, ministry, commerce, scheduled, christmas, asked, united, china, trade, meeting, facetoface, plans, gao

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Trump may impose tariffs on imported cars from next week

European auto stocks extended losses on Tuesday after a German magazine reported that U.S. President Donald Trump could impose tariffs on imported cars from next week. Neither White House nor the U.S. Commerce Department immediately responded to a request for comment. The Commerce Department has not publicly released any findings from its investigation into whether imported autos and parts pose a national security risk. Reuters reported that the department submitted its recommendations earlier t

European auto stocks extended losses on Tuesday after a German magazine reported that U.S. President Donald Trump could impose tariffs on imported cars from next week. Neither White House nor the U.S. Commerce Department immediately responded to a request for comment. The Commerce Department has not publicly released any findings from its investigation into whether imported autos and parts pose a national security risk. Reuters reported that the department submitted its recommendations earlier t
Trump may impose tariffs on imported cars from next week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-27  Authors: patrik stollarz, afp, getty images
Keywords: news, cnbc, companies, european, house, department, trump, report, impose, trade, losses, cars, white, stocks, tariffs, week, imported, commerce

Trump may impose tariffs on imported cars from next week

European auto stocks extended losses on Tuesday after a German magazine reported that U.S. President Donald Trump could impose tariffs on imported cars from next week.

Wirtschaftswoche cited “EU sources” as saying a U.S. Department of Commerce investigation report was on Trump’s desk, adding: “Trump will possibly decide on tariffs as early as next week after the G20 meeting in Buenos Aires.”

It cited the sources as saying the report recommended a 25 percent customs duty on car imports from all countries except Canada and Mexico.

However, the White House has repeatedly pledged not to move forward with imposing tariffs on the European Union or Japan as long as it is making constructive progress in trade talks.

The European Commission, which oversees trade policy for the 28-member European Union, declined to comment on the report in general, but did say that Wirtschaftwoche’s reference to EU Trade Commissioner Cecilia Malmstrom heading to Washington on Wednesday was not correct. Neither White House nor the U.S. Commerce Department immediately responded to a request for comment.

The Commerce Department has not publicly released any findings from its investigation into whether imported autos and parts pose a national security risk. Reuters reported that the department submitted its recommendations earlier this month to the White House, which did not immediately act.

Trump could take weeks or month to decide. Once he makes a decision, the White House has 15 days to impose the new tariffs.

European auto stocks extended losses after the report, falling 2.5 percent. Autos stocks are down 20 percent year-to-date as fears of tariffs and slowing growth in car sales drive investors away from the sector.

Shares in VW widened losses and were trading 4.1 percent lower. BMW shares were down 1.4 percent. Daimler shares were down 2.4 percent.

Company: cnbc, Activity: cnbc, Date: 2018-11-27  Authors: patrik stollarz, afp, getty images
Keywords: news, cnbc, companies, european, house, department, trump, report, impose, trade, losses, cars, white, stocks, tariffs, week, imported, commerce

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Mitt Romney wants to be on the Senate finance, commerce committees

Freshman lawmakers, such as Romney, usually are last in line and don’t always get what they want. Romney became one of the faces of the Republican Party during his two attempts at running for president. Romney is known to be an occasional critic of President Donald Trump. Following the 2016 election, however, Trump considered Romney to be his secretary of State but later chose Exxon Mobil executive Rex Tillerson instead. “The Orrin G. Hatch Foundation is hosting a gala to celebrate Senator Hatch

Freshman lawmakers, such as Romney, usually are last in line and don’t always get what they want. Romney became one of the faces of the Republican Party during his two attempts at running for president. Romney is known to be an occasional critic of President Donald Trump. Following the 2016 election, however, Trump considered Romney to be his secretary of State but later chose Exxon Mobil executive Rex Tillerson instead. “The Orrin G. Hatch Foundation is hosting a gala to celebrate Senator Hatch
Mitt Romney wants to be on the Senate finance, commerce committees Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: brian schwartz, bill clark, cq-roll call group, getty images
Keywords: news, cnbc, companies, wants, committee, tillerson, romney, tenure, senate, trump, commerce, president, committees, hatch, party, mitt, attend, finance, sen

Mitt Romney wants to be on the Senate finance, commerce committees

Before every Congress officially begins, lawmakers have a chance to ask for specific committee assignments. Freshman lawmakers, such as Romney, usually are last in line and don’t always get what they want. However, people around Romney, who spoke on the condition of anonymity, said the connections he has made to GOP leaders throughout the last decade could help him as he looks to join the committees.

Romney became one of the faces of the Republican Party during his two attempts at running for president. He lost to Sen. John McCain in the 2008 GOP primary, but won the nomination in 2012, only to fall to President Barack Obama. Romney also previously served as governor of Democratic-leaning Massachusetts, where he signed into law a health insurance measure that set the standard for the federal Obamacare health reform law.

If Romney does pick up a committee chair, he would follow in the footsteps of fellow Utah Republican Sen. Mike Lee, who made his way onto the Senate Judiciary and Foreign Relations panels as a freshman.

Romney is known to be an occasional critic of President Donald Trump. In July, he called out the president after he appeared to side with Russian leader Vladimir Putin over U.S. intelligence agencies on the matter of Russian attacks on the 2016 U.S. election.

“President Trump’s decision to side with Putin over American intelligence agencies is disgraceful and detrimental to our Democratic principles,” Romney said at the time.

Following the 2016 election, however, Trump considered Romney to be his secretary of State but later chose Exxon Mobil executive Rex Tillerson instead. Tillerson had a rocky tenure in the administration and was ultimately fired. Mike Pompeo now serves as the nation’s top diplomat.

Beyond working the halls of Capitol Hill as he seeks committee seats, Romney is expected to hit the Washington social scene on Wednesday and attend a party honoring Hatch at the Ritz Carlton, according to one of Romney’s associates, who declined to be named. Party leaders, senators and lobbyists are celebrating Hatch’s four-decade tenure in the Senate. There will also be an announcement at the event of a library being named after Hatch at the University of Utah.

Lee is planning to attend the gathering, his spokesman told CNBC. Sen. Jeff Flake, R-Ariz., is also expected to attend the festivities, according to a person familiar with the matter.

Flake’s spokeswoman, Elizabeth Jones, said he is going to be attending a reception for Hatch but did not elaborate if that was at the Ritz.

“He’ll just be at the reception – he’s one of the keynote speakers at the RTCA [Radio & Television Correspondents Association] dinner and will need to head over there,” she said in an email.

A spokeswoman for the Orrin Hatch Foundation later confirmed Wednesday’s gala.

“The Orrin G. Hatch Foundation is hosting a gala to celebrate Senator Hatch and his service in the United States. This will be a private event,” the representative said.

Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: brian schwartz, bill clark, cq-roll call group, getty images
Keywords: news, cnbc, companies, wants, committee, tillerson, romney, tenure, senate, trump, commerce, president, committees, hatch, party, mitt, attend, finance, sen

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Commerce Secretary Wilbur Ross says the economy’s success depends on infrastructure

The strong U.S. economy’s continued success depends largely on infrastructure, Commerce Secretary Wilbur Ross said Tuesday. “I think a lot will have to do with whether infrastructure gets the kind of treatment that it really deserves.” The administration’s “Infrastructure Week” theme also became the butt of jokes. He said Tuesday that he would serve as long as the president wants, and that he’s seen no indication that his time is short. Last week, CNBC reported, citing sources close to the presi

The strong U.S. economy’s continued success depends largely on infrastructure, Commerce Secretary Wilbur Ross said Tuesday. “I think a lot will have to do with whether infrastructure gets the kind of treatment that it really deserves.” The administration’s “Infrastructure Week” theme also became the butt of jokes. He said Tuesday that he would serve as long as the president wants, and that he’s seen no indication that his time is short. Last week, CNBC reported, citing sources close to the presi
Commerce Secretary Wilbur Ross says the economy’s success depends on infrastructure Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: kevin breuninger, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, president, york, wilbur, success, question, trump, infrastructure, commerce, week, economys, wants, secretary, ross, strong, depends

Commerce Secretary Wilbur Ross says the economy's success depends on infrastructure

The strong U.S. economy’s continued success depends largely on infrastructure, Commerce Secretary Wilbur Ross said Tuesday.

“Corporate earnings certainly have been very, very strong. there’s no question about that. And it’s also no question that market’s job is to look ahead,” Ross said. “I think a lot will have to do with whether infrastructure gets the kind of treatment that it really deserves.”

Ross, speaking at the Yahoo Finance All Markets Summit in Washington, was asked whether the prospect of diminished corporate earnings in the near future will be a drag on the economy. He added that the only real obstacle to passing an infrastructure bill is its funding.

“As you know, [the] president is very keen to have an infrastructure program, and the only real issue is how do you pay for it. How much does the federal government do, how much is done by [the] private sector,” Ross said.

The concept of an executive-level infrastructure push has itself become a bit of a laughing matter to critics. In February, President Donald Trump proposed spending $200 billion in a bid to coax $1.5 trillion in infrastructure investing mainly from state and local governments, as well as private entities, but the plan went nowhere.

The administration’s “Infrastructure Week” theme also became the butt of jokes.

Yet Democratic leaders, such as potential next House Speaker Nancy Pelosi, and Trump have suggested there could be common ground on a potential infrastructure package. The political calculus is tricky, however, for both parties. Neither side wants to give the other a win heading in to the 2020 presidential election year, and hyperpartisans in either party may well resist passing any compromise legislation.

The Cabinet secretary’s remarks came amid an ongoing trial over the inclusion of a question on the 2020 Census asking about the respondent’s citizenship. Critics — including New York state, which is suing the Commerce Department — say the question could limit participation among immigrant communities, leading to their under-representation on official government statistics.

Ross has said that he recalled discussing the question withTrump’s former advisor Steve Bannon, The New York Times reported in October.

Ross also addressed chatter that he might be on his way out of the Trump administration. He said Tuesday that he would serve as long as the president wants, and that he’s seen no indication that his time is short.

Last week, CNBC reported, citing sources close to the president, that Trump has been telling people he wants to replace Ross as Commerce secretary by the end of the year.

Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: kevin breuninger, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, president, york, wilbur, success, question, trump, infrastructure, commerce, week, economys, wants, secretary, ross, strong, depends

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Trump is telling people he wants to replace Commerce Secretary Wilbur Ross by the end of the year

President Donald Trump is telling people he wants to replace Commerce Secretary Wilbur Ross by the end of the year, according to three people familiar with the matter who are close to the president. Trump favors Linda McMahon to replace Ross in the role, said these people, who spoke on the condition of anonymity. White House press secretary Sarah Huckabee Sanders did not deny that McMahon has become the lead contender to replace Ross. “There is no indication that Secretary Ross will be gone any

President Donald Trump is telling people he wants to replace Commerce Secretary Wilbur Ross by the end of the year, according to three people familiar with the matter who are close to the president. Trump favors Linda McMahon to replace Ross in the role, said these people, who spoke on the condition of anonymity. White House press secretary Sarah Huckabee Sanders did not deny that McMahon has become the lead contender to replace Ross. “There is no indication that Secretary Ross will be gone any
Trump is telling people he wants to replace Commerce Secretary Wilbur Ross by the end of the year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: brian schwartz, mark wilson, getty images, al drago, bloomberg
Keywords: news, cnbc, companies, replace, secretary, wilbur, telling, administration, ross, small, president, end, mcmahon, trump, presidents, commerce, wants

Trump is telling people he wants to replace Commerce Secretary Wilbur Ross by the end of the year

President Donald Trump is telling people he wants to replace Commerce Secretary Wilbur Ross by the end of the year, according to three people familiar with the matter who are close to the president.

Trump favors Linda McMahon to replace Ross in the role, said these people, who spoke on the condition of anonymity. He is also considering Ray Washburne, whom Trump appointed as president and CEO of Overseas Private Investment Corporation last year, according to one source.

McMahon, head of the Small Business Administration and former CEO of World Wrestling Entertainment, has told some of the president’s closest advisors that she’s likely to take the job if she’s offered it, people with direct knowledge of the matter said.

These people also said that a final decision has not been made and Trump could always change his mind at the last minute. It is also not clear whether Trump would push out Ross. The president has often expressed displeasure about Cabinet members but has stopped short of making a personnel move. Yet, these developments come two days after Trump forced out Attorney General Jeff Sessions, a frequent target of the president’s wrath.

White House press secretary Sarah Huckabee Sanders did not deny that McMahon has become the lead contender to replace Ross. “No personnel announcements at this time,” Sanders said.

The Small Business Administration didn’t deny it, either. “Administrator McMahon is proud to serve the President and is focused on advocating on behalf of America’s 30 million small businesses,” the SBA said in a statement to CNBC.

Sanders did not respond to follow up requests on whether Ross will leave the administration by the end of the year or whether Washburne is under consideration for the Commerce post.

The notion that Ross could be out soon received some pushback from elsewhere in the administration. “There is no indication that Secretary Ross will be gone any time soon. He’s posted significant wins for the president’s trade agenda and that shows,” said a senior administration official close to Ross.

Another official close to Ross noted that the president “has never voiced any discontent” about the Commerce secretary.

Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: brian schwartz, mark wilson, getty images, al drago, bloomberg
Keywords: news, cnbc, companies, replace, secretary, wilbur, telling, administration, ross, small, president, end, mcmahon, trump, presidents, commerce, wants

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