Retaliation will not resolve the world’s trade conflict, expert says

Shipping containers from China and other nations are unloaded at the Long Beach Port in Los Angeles, on February 16, 2019. Countries need to cooperate to overcome their differences instead of resorting to retaliatory measures that hurt global growth, an international trade expert told CNBC on Friday. “The system is not perfect, but (having) no system is worse; chaos is worse and this is what we are facing today,” said Arancha Gonzalez, executive director of the International Trade Center. “It’s


Shipping containers from China and other nations are unloaded at the Long Beach Port in Los Angeles, on February 16, 2019. Countries need to cooperate to overcome their differences instead of resorting to retaliatory measures that hurt global growth, an international trade expert told CNBC on Friday. “The system is not perfect, but (having) no system is worse; chaos is worse and this is what we are facing today,” said Arancha Gonzalez, executive director of the International Trade Center. “It’s
Retaliation will not resolve the world’s trade conflict, expert says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-07  Authors: huileng tan
Keywords: news, cnbc, companies, conflict, growth, international, trade, chaos, china, gonzalez, worlds, global, resolve, needs, worse, retaliation, expert, nations


Retaliation will not resolve the world's trade conflict, expert says

Shipping containers from China and other nations are unloaded at the Long Beach Port in Los Angeles, on February 16, 2019.

Countries need to cooperate to overcome their differences instead of resorting to retaliatory measures that hurt global growth, an international trade expert told CNBC on Friday.

“The system is not perfect, but (having) no system is worse; chaos is worse and this is what we are facing today,” said Arancha Gonzalez, executive director of the International Trade Center. “It’s not between China and the U.S. Everyone needs China and everybody needs the U.S. It’s between order and chaos. ”

Speaking to CNBC at the International Finance Corporation spring meeting in Tokyo, Gonzalez urged nations to work together to overcome the challenges in the current economic climate — just like what they did 10 years ago during the Global Financial Crisis, when they kept the market open to stimulate demand.

The International Trade Center is a joint venture between the World Trade Organization and the United Nations, which supports the internationalization of small- and medium-sized enterprises.

“In chaos, everybody is going to find it very difficult to promote growth and create jobs,” said Gonzalez.

“What we are seeing is an erosion of basic principles on which our economy is based — international cooperation, open markets, rules of the game, transparency and predictability,” she said.

She urged world leaders to work together.

“Let’s do this in a cooperative manner rather than through a tit-for-tat which we’ve already seen is having damaging effects on global growth,” said Gonzalez, in reference to the trade escalation between the U.S. and China which has seen both sides slap tariffs on each other’s goods.

Instead of moving away from multilateralism, Gonzalez said, there needs to be greater integration to navigate the digital economy.

She said that both countries were looking at the trade dispute “from a very national point of view,” adding that they were “forgetting that the economic underpinnings of the digital economy is cross border, forgetting that what drives companies today … is their ability to move not just goods, but also data, people that go with it, investment,” she said.

“So all of this requires a regulatory framework and it has to be a global regulatory framework,” said Gonzalez.


Company: cnbc, Activity: cnbc, Date: 2019-06-07  Authors: huileng tan
Keywords: news, cnbc, companies, conflict, growth, international, trade, chaos, china, gonzalez, worlds, global, resolve, needs, worse, retaliation, expert, nations


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The stock market fears more trade retaliation from China is coming next week

In fact, they drifted lower toward the close on word that trade negotiations with China were in flux. With the S&P mostly flat for the week, trade related names were far and away the worst performers — Caterpillar, Apple, 3M, and Intel all down 2 to 6%. “China is still out there, and the market knows that is a tough nut, and traders want assurances that no new tariffs are coming on.” It could come in the form of regulatory harassment of U.S. corporations operating in China, but it could be even


In fact, they drifted lower toward the close on word that trade negotiations with China were in flux. With the S&P mostly flat for the week, trade related names were far and away the worst performers — Caterpillar, Apple, 3M, and Intel all down 2 to 6%. “China is still out there, and the market knows that is a tough nut, and traders want assurances that no new tariffs are coming on.” It could come in the form of regulatory harassment of U.S. corporations operating in China, but it could be even
The stock market fears more trade retaliation from China is coming next week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: bob pisani
Keywords: news, cnbc, companies, retaliatory, market, sentiment, stock, fears, china, chinese, trade, coming, form, business, tariffs, week, trump, retaliation


The stock market fears more trade retaliation from China is coming next week

Chinese President Xi Jinping and U.S. President Donald Trump attend a welcome ceremony at the Great Hall of the People in Beijing on November 9, 2017.

On Friday, we had positive news on trade related to delaying tariffs on European auto imports and eliminating steel and aluminum tariffs for Mexico and Canada. All good news — but a funny thing happened: the markets didn’t move much. In fact, they drifted lower toward the close on word that trade negotiations with China were in flux.

With the S&P mostly flat for the week, trade related names were far and away the worst performers — Caterpillar, Apple, 3M, and Intel all down 2 to 6%.

Caterpillar down 6.3%

Apple down 4.3%

MMM down 3.9%

Intel down 2.9%

“After all these trade disappointments it’s getting to be a tougher sell,” Alec Young, Managing Director, Global Markets Research at FTSE Russell. “China is still out there, and the market knows that is a tough nut, and traders want assurances that no new tariffs are coming on.”

What’s going on?

Traders are concerned there is another shoe to drop: more retaliatory measures from China, which may or may not come in the form of tariffs. Chinese media outlets have been warning all week they are coming.

What other form would retaliation take? It wouldn’t be hard to imagine. China has already cancelled a large pork order. It could come in the form of regulatory harassment of U.S. corporations operating in China, but it could be even simpler.

Jim Kelleher at Argus tells his clients to watch for sudden announcement of loss of business: “We would be careful to monitor investments in U.S. ‘champion’ names such as Boeing and Caterpillar. Should the trade environment between the U.S. and China deteriorate further, Chinese officials could directly or indirectly discourage Chinese companies and consumers from doing business with high-profile symbols of U.S. corporate might.”

Kelleher also warns against simply using a dollars and cents approach to trade: “Trade can be about more than dollar amounts. Business is a delicate mix of activity and sentiment; deterioration in sentiment can have an outsized effect on activity. Moreover, global supply chains have become complicated and entangled among nations. Counting the dollar value of car parts, for example, does not capture how those delayed or absent parts may impact the production of an entire vehicle.”

President Trump, presumably, is well aware of this, but Chris Krueger at Cowen notes that his efforts to shield farmers from the pain felt by retaliatory tariffs may be skewing his thinking: “The most important takeaway (from our perspective) is that anything that insulates Trump’s base from the near term costs of his actions raises the likelihood we continue on the tariff path.”


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: bob pisani
Keywords: news, cnbc, companies, retaliatory, market, sentiment, stock, fears, china, chinese, trade, coming, form, business, tariffs, week, trump, retaliation


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Maryland’s top finance official calls for economic retaliation against Alabama after state passes near-total abortion ban

A protester holds a sign in opposition to HB314, which would ban abortions in all cases except the health of the mother outside the Alabama State House on Tuesday, May 14, 2019 in Montgomery, AL. Maryland’s chief financial officer on Thursday called for a number of retaliatory economic measures against Alabama in response to the state’s passage of the nation’s most restrictive abortion legislation. The bill was signed Wednesday by Republican Gov. First, he said, he will order his staff to prepar


A protester holds a sign in opposition to HB314, which would ban abortions in all cases except the health of the mother outside the Alabama State House on Tuesday, May 14, 2019 in Montgomery, AL. Maryland’s chief financial officer on Thursday called for a number of retaliatory economic measures against Alabama in response to the state’s passage of the nation’s most restrictive abortion legislation. The bill was signed Wednesday by Republican Gov. First, he said, he will order his staff to prepar
Maryland’s top finance official calls for economic retaliation against Alabama after state passes near-total abortion ban Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: tucker higgins
Keywords: news, cnbc, companies, staff, calls, official, ban, states, finance, passes, retaliation, state, alabama, marylands, economic, board, neartotal, retirement, republican, systems, order, gov, nations


Maryland's top finance official calls for economic retaliation against Alabama after state passes near-total abortion ban

A protester holds a sign in opposition to HB314, which would ban abortions in all cases except the health of the mother outside the Alabama State House on Tuesday, May 14, 2019 in Montgomery, AL.

Maryland’s chief financial officer on Thursday called for a number of retaliatory economic measures against Alabama in response to the state’s passage of the nation’s most restrictive abortion legislation. The bill was signed Wednesday by Republican Gov. Kay Ivey.

Maryland Comptroller Peter Franchot, a Democrat who also serves as vice chair of the state’s retirement system, is seeking a full divestment of the $52 billion pension fund from Alabama businesses and will soon make the case to the system’s board of trustees, he said.

First, he said, he will order his staff to prepare a report on the retirement system’s exposure to Alabama to make sure that it can be done responsibly.

Read more: Alabama lawmakers, with eyes on overturning Roe v. Wade, pass nation’s strictest abortion ban

Franchot also said he will order his staff of 1,100 employees not to travel to Alabama on business and will use his seat on the three-member Board of Public Works to limit contracts given to Alabama companies. That board, which also includes Republican Gov. Larry Hogan, awards $11 billion in contracts annually, he noted.


Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: tucker higgins
Keywords: news, cnbc, companies, staff, calls, official, ban, states, finance, passes, retaliation, state, alabama, marylands, economic, board, neartotal, retirement, republican, systems, order, gov, nations


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Europe slams ‘exaggerated’ US tariff threat and prepares to retaliate

Both sides have now been found guilty of paying billions of dollars of subsidies to gain advantage in the global aircraft manufacturing business. GAM’s Investment Director for Global Equities, Ali Miremadi, said the U.S.’ tariff proposal was “quite bold.” “I have to say the country which is the home to Boeing accusing Europe of state subsidies for Airbus — this is quite bold,” he told CNBC’s “Squawk Box Europe” Tuesday. “It’s very well established that both Boeing and Airbus exist only at the di


Both sides have now been found guilty of paying billions of dollars of subsidies to gain advantage in the global aircraft manufacturing business. GAM’s Investment Director for Global Equities, Ali Miremadi, said the U.S.’ tariff proposal was “quite bold.” “I have to say the country which is the home to Boeing accusing Europe of state subsidies for Airbus — this is quite bold,” he told CNBC’s “Squawk Box Europe” Tuesday. “It’s very well established that both Boeing and Airbus exist only at the di
Europe slams ‘exaggerated’ US tariff threat and prepares to retaliate Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-09  Authors: holly ellyatt, regis duvignau
Keywords: news, cnbc, companies, quite, unfair, tariff, subsidies, slams, prepares, threat, eu, boeing, global, retaliate, retaliation, airbus, exaggerated, wto, europe, trump


Europe slams 'exaggerated' US tariff threat and prepares to retaliate

Both sides have now been found guilty of paying billions of dollars of subsidies to gain advantage in the global aircraft manufacturing business.

The EU is still waiting to hear from the WTO about what “retaliation rights” it has after the organization found in 2012 that Boeing too had received billions of dollars in illegal subsidies that had been to the detriment of Airbus. The WTO also ruled in March that the U.S. had failed to comply fully with its earlier ruling to remove all illegal subsidies that Boeing had received.

The European Commission spokesman also said Tuesday that Brussels is ready to retaliate in kind, noting that in the parallel Boeing dispute, “the determination of EU retaliation rights is also coming closer and the EU will request the WTO-appointed arbitrator to determine the EU’s retaliation rights.”

Some analysts have accused the U.S. of double standards. GAM’s Investment Director for Global Equities, Ali Miremadi, said the U.S.’ tariff proposal was “quite bold.”

“I have to say the country which is the home to Boeing accusing Europe of state subsidies for Airbus — this is quite bold,” he told CNBC’s “Squawk Box Europe” Tuesday.

“It’s very well established that both Boeing and Airbus exist only at the discretion of their respective hosts or host governments.”

President Donald Trump tweeted Tuesday that “the EU has taken advantage of the U.S. on trade for many years.”

UBS’ Global Wealth Management’s Chief Economist Paul Donovan noted wryly that Trump had accepted the WTO ruling much more readily than usual.

“The WTO has ruled that Airbus received unfair subsidies from the EU and U.S. President Trump has, rather unusually, decided to agree with the WTO,” Donovan said in a regular podcast Tuesday.

“Whether U.S. President Trump would be quite so willing to accept the verdict of the WTO about unfair assistance from the U.S. to Boeing, which is an ongoing case, is a rather different matter.”


Company: cnbc, Activity: cnbc, Date: 2019-04-09  Authors: holly ellyatt, regis duvignau
Keywords: news, cnbc, companies, quite, unfair, tariff, subsidies, slams, prepares, threat, eu, boeing, global, retaliate, retaliation, airbus, exaggerated, wto, europe, trump


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Huawei is in an ‘incredibly vulnerable’ position: Professor

Huawei is in an ‘incredibly vulnerable’ position: Professor9 Hours AgoChina expressed concern over U.S. charges against Huawei. Alex Capri of the National University of Singapore says Beijing’s choice of words was “very interesting” because it did not mention anything to do with retaliation.


Huawei is in an ‘incredibly vulnerable’ position: Professor9 Hours AgoChina expressed concern over U.S. charges against Huawei. Alex Capri of the National University of Singapore says Beijing’s choice of words was “very interesting” because it did not mention anything to do with retaliation.
Huawei is in an ‘incredibly vulnerable’ position: Professor Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-28
Keywords: news, cnbc, companies, position, incredibly, professor9, mention, professor, retaliation, vulnerable, words, huawei, university, singapore, national


Huawei is in an 'incredibly vulnerable' position: Professor

Huawei is in an ‘incredibly vulnerable’ position: Professor

9 Hours Ago

China expressed concern over U.S. charges against Huawei. Alex Capri of the National University of Singapore says Beijing’s choice of words was “very interesting” because it did not mention anything to do with retaliation.


Company: cnbc, Activity: cnbc, Date: 2019-01-28
Keywords: news, cnbc, companies, position, incredibly, professor9, mention, professor, retaliation, vulnerable, words, huawei, university, singapore, national


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David Einhorn dumps Apple on fear of ‘Chinese retaliation against America’s trade policies’

David Einhorn’s Greenlight Capital sold its remaining shares of Apple due to its heightened valuation and his growing fear of Chinese retaliation in response to U.S. tariffs, according to the billionaire’s third quarter letter to investors. “We are somewhat worried about Chinese retaliation against America’s trade policies.” Einhorn’s firm sold the remaining Apple stock on Aug. 31 at $228 a share, the letter said, offloading about $40 million. Apple shares skidded after his announcement, down 2.


David Einhorn’s Greenlight Capital sold its remaining shares of Apple due to its heightened valuation and his growing fear of Chinese retaliation in response to U.S. tariffs, according to the billionaire’s third quarter letter to investors. “We are somewhat worried about Chinese retaliation against America’s trade policies.” Einhorn’s firm sold the remaining Apple stock on Aug. 31 at $228 a share, the letter said, offloading about $40 million. Apple shares skidded after his announcement, down 2.
David Einhorn dumps Apple on fear of ‘Chinese retaliation against America’s trade policies’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-05  Authors: michael sheetz
Keywords: news, cnbc, companies, americas, sold, dumps, quarter, greenlights, fear, einhorn, firm, trade, shares, letter, david, retaliation, apple, cable, policies, chinese, stock


David Einhorn dumps Apple on fear of 'Chinese retaliation against America's trade policies'

David Einhorn’s Greenlight Capital sold its remaining shares of Apple due to its heightened valuation and his growing fear of Chinese retaliation in response to U.S. tariffs, according to the billionaire’s third quarter letter to investors.

“We ultimately sold because our differentiated thesis from 2011 has become consensus,” Einhorn said. “We are somewhat worried about Chinese retaliation against America’s trade policies.”

Greenlight cut its stake in Apple by 77 percent in the previous quarter, or 486,000. Einhorn’s firm sold the remaining Apple stock on Aug. 31 at $228 a share, the letter said, offloading about $40 million.

Since Greenlight’s first purchase of Apple in May 2010, the firm said its investment earned clients over $1 billion.

Apple shares skidded after his announcement, down 2.4 percent.

Greenlight has had a painful year and that did not slow down in the third quarter. The firm lost an additional 9.1 percent in the most recent quarter – bringing Greenlight’s total losses for the year to 25.7 percent, the letter said.

Einhorn pointed to the firm’s bet on Apple in 2013, when the stock was dragging on Greenlight’s portfolio, as reminiscent of Greenlight’s situation this year.

“It basically feels the same today – but now the market appears to be rejecting our entire strategy of value investing,” Einhorn said. “Just like with [Apple] in 2013, few agree with us on most of our positions.”

Greenlight also bought stock in cable TV provider Altice USA and British telecommunications company BT Group, the letter revealed. Einhorn said Altice shares trade at a discount with “better new investment opportunities” compared to other cable companies like Charter Communications and Cable One. BT Group “shares were cheap,” Einhorn said, with potential value unlocked if the British telecom spins off last mile network Openreach.


Company: cnbc, Activity: cnbc, Date: 2018-10-05  Authors: michael sheetz
Keywords: news, cnbc, companies, americas, sold, dumps, quarter, greenlights, fear, einhorn, firm, trade, shares, letter, david, retaliation, apple, cable, policies, chinese, stock


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Trump vows ‘great and fast’ economic retaliation on China if it goes after American farmers

Before the news from China was announced, Trump unleashed his threats in a pair of posts on Twitter Tuesday morning. Trump said China is “actively” trying to change the U.S. election by attacking these American workers “because of their loyalty to me.” They also know that I am the one that knows how to stop it. There will be great and fast economic retaliation against China if our farmers, rancher and/or industrial workers are targeted!” On CNBC earlier Tuesday, Commerce Secretary Wilbur Ross sa


Before the news from China was announced, Trump unleashed his threats in a pair of posts on Twitter Tuesday morning. Trump said China is “actively” trying to change the U.S. election by attacking these American workers “because of their loyalty to me.” They also know that I am the one that knows how to stop it. There will be great and fast economic retaliation against China if our farmers, rancher and/or industrial workers are targeted!” On CNBC earlier Tuesday, Commerce Secretary Wilbur Ross sa
Trump vows ‘great and fast’ economic retaliation on China if it goes after American farmers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-18  Authors: liz moyer, alex wong, getty images
Keywords: news, cnbc, companies, vows, economic, trying, loyalty, workers, fast, goes, great, industrial, china, election, retaliation, farmers, american, understand, trump


Trump vows 'great and fast' economic retaliation on China if it goes after American farmers

Before the news from China was announced, Trump unleashed his threats in a pair of posts on Twitter Tuesday morning. Trump said China is “actively” trying to change the U.S. election by attacking these American workers “because of their loyalty to me.”

“China has openly stated that they are actively trying to impact and change our election by attacking our farmers, ranchers and industrial workers because of their loyalty to me What China does not understand is that these people are great patriots and fully understand that….

…..China has been taking advantage of the United States on Trade for many years. They also know that I am the one that knows how to stop it. There will be great and fast economic retaliation against China if our farmers, rancher and/or industrial workers are targeted!”

On CNBC earlier Tuesday, Commerce Secretary Wilbur Ross said the new tariffs are aimed at modifying China’s behavior and leveling the playing field for American companies competing there.


Company: cnbc, Activity: cnbc, Date: 2018-09-18  Authors: liz moyer, alex wong, getty images
Keywords: news, cnbc, companies, vows, economic, trying, loyalty, workers, fast, goes, great, industrial, china, election, retaliation, farmers, american, understand, trump


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Trump’s $12 billion aid for farmers risks unintended consequences

Some experts have warned in the past that government aid or new subsidies could distort or disrupt markets and ultimately have negative consequences for the agriculture industry. “We’ve run pretty low levels of [producer] support in recent years, but it will certainly raise a lot of eyebrows and will make people look at those calculations very, very carefully,” said Glauber. Soybean prices alone have plunged nearly 20 percent since April when China first announced the 25 percent tariff on U.S. s


Some experts have warned in the past that government aid or new subsidies could distort or disrupt markets and ultimately have negative consequences for the agriculture industry. “We’ve run pretty low levels of [producer] support in recent years, but it will certainly raise a lot of eyebrows and will make people look at those calculations very, very carefully,” said Glauber. Soybean prices alone have plunged nearly 20 percent since April when China first announced the 25 percent tariff on U.S. s
Trump’s $12 billion aid for farmers risks unintended consequences Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-24  Authors: jeff daniels, carlos barria, scott morgan
Keywords: news, cnbc, companies, support, producer, consequences, tariff, unintended, lot, soybeans, trumps, thats, risks, farmers, tariffs, aid, retaliation, billion, prices, 12, targeted


Trump's $12 billion aid for farmers risks unintended consequences

Wilson added, “A lot of people have been hurt, so that’s a lot of money that’s going to have to be shared.”

Payments under the largest part of the federal government’s relief plan would be targeted to producers of soybeans, sorghum, corn, wheat, cotton, dairy and hogs.

Some experts have warned in the past that government aid or new subsidies could distort or disrupt markets and ultimately have negative consequences for the agriculture industry. That also includes the possibility it could lead to more retaliation on other agricultural exports.

In any event, Glauber said the program is likely to be taken as “producer support” and appears to be targeted toward a drop in the market price of certain commodities, meaning it could get counted against the U.S. commitments from the WTO.

“We’ve run pretty low levels of [producer] support in recent years, but it will certainly raise a lot of eyebrows and will make people look at those calculations very, very carefully,” said Glauber. “It also will look at the way we formulate those programs very, very carefully.”

Soybean prices alone have plunged nearly 20 percent since April when China first announced the 25 percent tariff on U.S. soybeans. That means farmers are getting lower prices for the commodity, and at these levels some are not making enough to cover bills. Beijing started collecting the tariff on U.S. soybeans on July 6.

Some of the farm sector tariffs are tit-for-tat measures in response to the White House’s duties on imported steel and aluminum, while others were imposed by Beijing following other rounds of tariffs. President Trump also is threatening another $500 billion in tariffs against China, which could produce even more retaliation by the world’s second-largest economy.


Company: cnbc, Activity: cnbc, Date: 2018-07-24  Authors: jeff daniels, carlos barria, scott morgan
Keywords: news, cnbc, companies, support, producer, consequences, tariff, unintended, lot, soybeans, trumps, thats, risks, farmers, tariffs, aid, retaliation, billion, prices, 12, targeted


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The EU is making a retaliation list to strike back if the US hits European cars with tariffs

The European Union is making a list of goods it could target as a way to retaliate against potential tariffs on European cars, an EU official said Thursday. We are preparing together with our member states a list of rebalancing measures there as well. And we have made that clear to our American partners,” Trade Commissioner Cecilia Malmstrom said at a conference in Brussels. Malmstrom’s comments come after U.S. President Donald Trump threatened to hike tariffs on European car imports to 20 perce


The European Union is making a list of goods it could target as a way to retaliate against potential tariffs on European cars, an EU official said Thursday. We are preparing together with our member states a list of rebalancing measures there as well. And we have made that clear to our American partners,” Trade Commissioner Cecilia Malmstrom said at a conference in Brussels. Malmstrom’s comments come after U.S. President Donald Trump threatened to hike tariffs on European car imports to 20 perce
The EU is making a retaliation list to strike back if the US hits European cars with tariffs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-19  Authors: fred imbert, thierry monasse, getty images
Keywords: news, cnbc, companies, strike, trade, list, making, tariffs, cars, week, retaliation, president, european, way, steel, hits, juncker, trump, eu


The EU is making a retaliation list to strike back if the US hits European cars with tariffs

The European Union is making a list of goods it could target as a way to retaliate against potential tariffs on European cars, an EU official said Thursday.

“If the U.S. would impose these car tariffs, that would be very unfortunate. We are preparing together with our member states a list of rebalancing measures there as well. And we have made that clear to our American partners,” Trade Commissioner Cecilia Malmstrom said at a conference in Brussels.

“It is done in the same way as with steel and aluminum,” she also said.

Malmstrom’s comments come after U.S. President Donald Trump threatened to hike tariffs on European car imports to 20 percent from 2.5 percent last month. They also come ahead of a meeting between Trump and European Commission President Jean-Claude Juncker in Washington. The two are scheduled to meet next week and discuss trade between the U.S. and Europe.

Earlier this week, Bloomberg News reported that Juncker will likely convey to Trump the EU’s willingness to lower auto tariffs between the two sides and other major car-exporting countries.

Tensions on the trade front between the U.S. and Europe have risen lately. The U.S. has slapped charges on steel and aluminum imports coming from Europe, while the EU has retaliated with tariffs on $3.25 billion worth of U.S. exports, including bourbon and motorcycles.


Company: cnbc, Activity: cnbc, Date: 2018-07-19  Authors: fred imbert, thierry monasse, getty images
Keywords: news, cnbc, companies, strike, trade, list, making, tariffs, cars, week, retaliation, president, european, way, steel, hits, juncker, trump, eu


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Airbnb condemns New York City’s ‘bellhop politics,’ threatens legal retaliation

“Members of city council are nothing more than bellhops for the big hotel corporations. The City Council vote is just the latest in an ongoing spat between New York City and Airbnb. New York City lawmakers are convinced Airbnb has contributed to rising rent and housing shortages, which the comptroller detailed in a May study. Airbnb says its top five 2018 markets, which include New York City, only account for about 4.3 percent of total listings. Lehane declined to detail just how much revenue th


“Members of city council are nothing more than bellhops for the big hotel corporations. The City Council vote is just the latest in an ongoing spat between New York City and Airbnb. New York City lawmakers are convinced Airbnb has contributed to rising rent and housing shortages, which the comptroller detailed in a May study. Airbnb says its top five 2018 markets, which include New York City, only account for about 4.3 percent of total listings. Lehane declined to detail just how much revenue th
Airbnb condemns New York City’s ‘bellhop politics,’ threatens legal retaliation Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-17  Authors: chloe aiello
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Airbnb condemns New York City's 'bellhop politics,' threatens legal retaliation

Airbnb’s policy and public affairs head Chris Lehane launched into an impassioned diatribe on Tuesday that condemned the “bellhop politics” he said are motivating New York City’s resistance to Airbnb.

“Members of city council are nothing more than bellhops for the big hotel corporations. And it’s no surprise this type of bellhop politics has produced a process that has yielded bad legislation that at the end of the day is going to hurt everyday New Yorkers,” said Lehane, who was formerly a political consultant to the Clinton White House.

Airbnb executives held a conference call on the eve of a Wednesday City Council vote on legislation designed to rein in illegal hotels, or rentals under 30 days where the homeowner is not present. Airbnb expects the bill will further squeeze the online hospitality marketplace’s tenuous grasp on its largest market when it passes — and it likely will.

The new legislation would force Airbnb to turn over names and addresses of its hosts to the Mayor’s Office of Special Enforcement. Failure to do so would result in fines up to $25,000, according to the New York Times. Similar measures in other cities have cut down on Airbnb’s business.

Airbnb insists its issues with the new bill are not revenue-related, but that it would violate the privacy of users looking to legally supplement their incomes in an already expensive city. Lehane said once the legislation goes through, all options are on the table, including legal action.

“Tomorrow, New York City is going to pass legislation that really punishes those New Yorkers who depend on Airbnb to make ends meet,” Lehane said.

The City Council vote is just the latest in an ongoing spat between New York City and Airbnb. New York City lawmakers are convinced Airbnb has contributed to rising rent and housing shortages, which the comptroller detailed in a May study.

Airbnb argued the report’s methodology is biased favor of the hotel industry, and retaliated by publishing a list of City Council Members and contributions they’ve received from the hotel industry.

Lehane insisted on Tuesday, like CEO Brian Chesky has in the past, that the difficulties the company has encountered in New York City would probably warrant the company exiting the market were the decision purely business and revenue-motivated. The company, Chesky and Lehane argued, will remain for the sake of homeowners it says rely on the service to make money when they rent their spaces to users.

“If the members of New York City Council were interested in affordable housing, or protecting middle class New Yorkers, we wouldn’t be here today, we would be working together on some sensible rules,” Lehane said.

“This is not about Airbnb, this is not about New York City’s housing stock,” he added.

Airbnb says its top five 2018 markets, which include New York City, only account for about 4.3 percent of total listings. Lehane declined to detail just how much revenue the company brings in from its New York market.


Company: cnbc, Activity: cnbc, Date: 2018-07-17  Authors: chloe aiello
Keywords: news, cnbc, companies, legal, condemns, airbnb, lehane, politics, retaliation, market, yorkers, bellhop, housing, legislation, citys, council, company, city, york, threatens


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