Dimon says the only financial market bubble out there right now is in sovereign debt

J.P. Morgan Chase CEO Jamie Dimon said Wednesday the only financial market bubble he sees right now is in government red ink. At the World Economic Forum in Davos, Switzerland, CNBC’s Andrew Ross Sorkin asked Dimon if he sees any frothy areas in the market. The total U.S. public debt outstanding stands above $23 trillion, with debt held by the public north of $17 trillion. If inflation unexpectedly shot higher, it could force central banks to hike interest rates to help cool down the economy. “D


J.P. Morgan Chase CEO Jamie Dimon said Wednesday the only financial market bubble he sees right now is in government red ink.
At the World Economic Forum in Davos, Switzerland, CNBC’s Andrew Ross Sorkin asked Dimon if he sees any frothy areas in the market.
The total U.S. public debt outstanding stands above $23 trillion, with debt held by the public north of $17 trillion.
If inflation unexpectedly shot higher, it could force central banks to hike interest rates to help cool down the economy.
“D
Dimon says the only financial market bubble out there right now is in sovereign debt Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: thomas franck
Keywords: news, cnbc, companies, dimon, negative, deficit, financial, debt, central, rates, bubble, fiscal, interest, right, sovereign, trillion, world, market


Dimon says the only financial market bubble out there right now is in sovereign debt

J.P. Morgan Chase CEO Jamie Dimon said Wednesday the only financial market bubble he sees right now is in government red ink.

At the World Economic Forum in Davos, Switzerland, CNBC’s Andrew Ross Sorkin asked Dimon if he sees any frothy areas in the market.

“Only in sovereign debt,” the bank chief responded.

The U.S. government released eye-popping deficit numbers as recently as last week that showed the federal budget deficit is on course to cross $1 trillion in fiscal 2020.

The government ran a deficit of $357 billion in the fiscal quarter ending in December and is on track to reach $1 trillion this fiscal year for the first time since 2012.

The total U.S. public debt outstanding stands above $23 trillion, with debt held by the public north of $17 trillion.

But Dimon added that historically low interest rates around the world have kept markets not only calm amid rising levels of debt, but that negative interest rates as seen in Europe are further proof that investors could be overpricing government debt.

“Right now people think central banks around the world can do whatever they want. They can’t,” he continued. “They’re intelligent, looking at all the facts trying to figure out what to do. But [inflation] would be the big negative surprise.”

If inflation unexpectedly shot higher, it could force central banks to hike interest rates to help cool down the economy. But that would also make government borrowing significantly more expensive. Bond prices rise as yields fall.

“I think it’s very hard for central banks to forever make up for bad policy elsewhere. And that puts them in a trap,” Dimon said. “Do you know anyone who’s actually bought a negative interest rate bond?”

“I would never buy a negative rate bond. Not unless I was forced,” he added. “In history, whenever you see something like that, it doesn’t necessarily end well.”

Dimon has led New York-based firm since 2005, navigating it through the financial crisis and managing it into the biggest U.S. bank by assets.


Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: thomas franck
Keywords: news, cnbc, companies, dimon, negative, deficit, financial, debt, central, rates, bubble, fiscal, interest, right, sovereign, trillion, world, market


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Trump at Davos urges countries to ‘put their own citizens first’ as he touts US economic success

President Donald Trump delivers a speech during a special address on the opening day of the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 21, 2020. “America’s newfound prosperity is undeniable, unprecedented and unmatched anywhere in the world,” Trump said at the World Economic Forum in Davos, Switzerland, hours before his impeachment trial was set to begin in earnest back home. “Only when governments put their own citizens first will people be fully invested in their nation


President Donald Trump delivers a speech during a special address on the opening day of the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 21, 2020.
“America’s newfound prosperity is undeniable, unprecedented and unmatched anywhere in the world,” Trump said at the World Economic Forum in Davos, Switzerland, hours before his impeachment trial was set to begin in earnest back home.
“Only when governments put their own citizens first will people be fully invested in their nation
Trump at Davos urges countries to ‘put their own citizens first’ as he touts US economic success Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: thomas franck
Keywords: news, cnbc, companies, urges, trump, tax, davos, trade, impeachment, success, citizens, countries, touts, forum, world, speech, nations, economic, president


Trump at Davos urges countries to 'put their own citizens first' as he touts US economic success

President Donald Trump delivers a speech during a special address on the opening day of the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 21, 2020.

President Donald Trump took an opportunity to address world leaders on Tuesday to trumpet his “America First” agenda and encourage other nations to adopt a similar nation-focused approach to economics and political relations around the world.

“America’s newfound prosperity is undeniable, unprecedented and unmatched anywhere in the world,” Trump said at the World Economic Forum in Davos, Switzerland, hours before his impeachment trial was set to begin in earnest back home. “America achieved this stunning turnaround not by making minor changes to a handful of policies, but by adopting a whole new approach centered entirely on the well-being of the American worker.”

“Every decision we make on taxes, trade, regulation, energy, immigration, education and more is focused on improving the lives of everyday Americans,” he added. “Only when governments put their own citizens first will people be fully invested in their national futures.”

Much of his speech focused on the success the administration has seen while pursuing an “America First” policy, a set of guidelines that tries to benefit average Americans through economic policies such as trade protections or tax cuts. The multiday forum in Davos is an annual event where the globe’s most powerful political leaders and corporate executives share ideas in the Swiss Alps.

The policy, which has led to fierce trade battles with longtime economic partners like China, the EU and Mexico, has accompanied better-than-expected GDP growth in the U.S. as well as an unemployment rate under 4% and consistent records in the stock market.

Though bilateral trade deliberations have roiled financial markets for the better part of two years, the White House reached two key trade deals last week that officials say will boost the economy and sent the S&P 500 above 3,300 for the first time ever.

The U.S. and China signed on Wednesday a “phase one” trade deal that officials say will lead to an increase in sales of American goods and services to Beijing and ease the two-year dispute between the globe’s two largest economies.

On Thursday, the Senate passed a new North American trade deal that grants U.S. producers greater access to Canadian dairy markets and creates stricter rules for auto parts rules of origin.

In his speech, the president also pointed to one of the administration’s biggest legislative wins, the 2017 Tax Cuts and Jobs Act, which lowered the corporate tax rate to 21% and buoyed business profits for much of Trump’s presidency.

The administration argues that the promise of lower tax rates entices global businesses to shift more production to the U.S. and employ more Americans.

“Today I urge other nations to follow our example and liberate your citizens from the crushing weight of bureaucracy,” Trump said. “With that, you have to run your own countries the way you want.”

The president did not address ongoing trade deliberations with the EU or member nations despite reports that he and French President Emmanuel Macron reached an agreement in their dispute over digital taxes.

Trump’s speech came a day after the president’s legal team implored the Senate to reject the House’s two articles of impeachment against him. The third presidential impeachment trial in U.S. history will begin later Tuesday.


Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: thomas franck
Keywords: news, cnbc, companies, urges, trump, tax, davos, trade, impeachment, success, citizens, countries, touts, forum, world, speech, nations, economic, president


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White House top economic advisor Larry Kudlow says economic growth will beat 3% this year

President Donald Trump’s top economic advisor, Larry Kudlow, told CNBC on Tuesday that GDP growth in the U.S. should hit at least 3% in 2020. “This is a long cycle, and what you’ve got here in the Trump years is essentially a mini upcycle,” said Kudlow, National Economic Council director. Economic growth slumped to 2% in the second quarter and 2.1% in the third quarter, according to government data. That would make it extremely tough for the U.S. economy to hike its growth for the year above 3%.


President Donald Trump’s top economic advisor, Larry Kudlow, told CNBC on Tuesday that GDP growth in the U.S. should hit at least 3% in 2020.
“This is a long cycle, and what you’ve got here in the Trump years is essentially a mini upcycle,” said Kudlow, National Economic Council director.
Economic growth slumped to 2% in the second quarter and 2.1% in the third quarter, according to government data.
That would make it extremely tough for the U.S. economy to hike its growth for the year above 3%.
White House top economic advisor Larry Kudlow says economic growth will beat 3% this year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: thomas franck
Keywords: news, cnbc, companies, told, youve, growth, white, advisor, economic, short, economy, quarter, larry, trade, 2019, house, beat, kudlow


White House top economic advisor Larry Kudlow says economic growth will beat 3% this year

President Donald Trump’s top economic advisor, Larry Kudlow, told CNBC on Tuesday that GDP growth in the U.S. should hit at least 3% in 2020.

“This is a long cycle, and what you’ve got here in the Trump years is essentially a mini upcycle,” said Kudlow, National Economic Council director. “You’ve gone from 1.5% to 2% growth. We had it going at almost 4%, then the Fed tightened.”

“We’re now down to 2.5% to 3%. I’m looking for faster growth: I think we’re going to get 3% this year,” he added. “The trade deals will help, the Fed changed policy — that was very, very important.”

Some investors worried in 2019 that pressure from the U.S.-China tariffs, a decelerating global economy and low inflation levels would cut short a year that started off with a 3.1% GDP gain. But with two new major trade deals and new predictions for a global recovery in 2020, sentiment appears to be improving.

Stronger manufacturing and trade data released earlier this month suggested the U.S. economy ended 2019 on a healthy note, with expectations that the economy will grow more than 2% in the fourth quarter. While that would represent a slowdown from the 2.9% increase in 2018, 2% growth would still suggest the decade-old expansion is set to continue into 2020.

Globally, the most recent indication for better growth came from the International Monetary Fund, which earlier this week said it sees growth running at 3.3% in 2020, up from 2.9% in 2019.

But Kudlow’s June prediction that U.S. growth would maintain its 3% rate in 2019 will likely fall short when the Commerce Department releases its fourth-quarter numbers later this year.

Economic growth slumped to 2% in the second quarter and 2.1% in the third quarter, according to government data. That would make it extremely tough for the U.S. economy to hike its growth for the year above 3%.

Earlier this year, the president’s economic advisor told CNBC that “That 3% number is not contingent on a China deal that might be satisfactory for American economic interests.”

“What has changed,” he said in June, “is lower tax rates, massive deregulation, opening up the energy sector and various trade reforms.”


Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: thomas franck
Keywords: news, cnbc, companies, told, youve, growth, white, advisor, economic, short, economy, quarter, larry, trade, 2019, house, beat, kudlow


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Stanley Druckenmiller is still bullish the market because of the Fed and Trump

Hedge fund manager Stanley Druckenmiller said Friday he agrees with fellow billionaire investor David Tepper’s optimism on the market and said he, too, is still “riding the horse.” “I revealed a very bullish posture intermediate term since October when [Fed Chairman Jerome] Powell guaranteed he would not rescind the insurance cuts,” Druckenmiller said in an email to CNBC’s Joe Kernen. “So I am still ‘riding the horse’ and bullish immediate term,” echoing a phrase used by Tepper in an earlier ema


Hedge fund manager Stanley Druckenmiller said Friday he agrees with fellow billionaire investor David Tepper’s optimism on the market and said he, too, is still “riding the horse.”
“I revealed a very bullish posture intermediate term since October when [Fed Chairman Jerome] Powell guaranteed he would not rescind the insurance cuts,” Druckenmiller said in an email to CNBC’s Joe Kernen.
“So I am still ‘riding the horse’ and bullish immediate term,” echoing a phrase used by Tepper in an earlier ema
Stanley Druckenmiller is still bullish the market because of the Fed and Trump Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: thomas franck
Keywords: news, cnbc, companies, bullish, investor, trump, riding, returns, rally, market, term, trade, stanley, hedge, fund, fed, druckenmiller


Stanley Druckenmiller is still bullish the market because of the Fed and Trump

Hedge fund manager Stanley Druckenmiller said Friday he agrees with fellow billionaire investor David Tepper’s optimism on the market and said he, too, is still “riding the horse.”

“I revealed a very bullish posture intermediate term since October when [Fed Chairman Jerome] Powell guaranteed he would not rescind the insurance cuts,” Druckenmiller said in an email to CNBC’s Joe Kernen. “Since then, both have worked out and the Fed is still whining about inflation being below target.”

“In addition, Trump’s election prospects have increased with two trade agreements and big win in Iran which the Democrats have responded poorly to,” he added. “So I am still ‘riding the horse’ and bullish immediate term,” echoing a phrase used by Tepper in an earlier email to Kernan.

Druckenmiller’s comments come as U.S. equities prolong the longest bull market in U.S. history that began in March 2009. The S&P 500 has skyrocketed more than 380% since then and on Thursday reached an all-time high north of 3,300.

The investor said as recently as December he was frustrated he didn’t take more risk in 2019 and was therefore unable to fully capitalize on the stock market’s red-hot rally. The Duquesne Family Office, which Druckenmiller oversees, only broke into double-digit returns for the year in the final weeks of 2019, well behind the S&P’s 29% rally for the year.

He blamed the lackluster returns on his conservative bet in June, when he loaded up on U.S. Treasurys after President Donald Trump sent a tweet in May that inflamed U.S.-China trade tensions. Before that, he said, he had been “93% invested in the market.”

In the early 1990s, at the helm of the Soros Fund Management, Druckenmiller orchestrated a series of trades that capitalized off the British pound sinking and yielded a profit of about $1 billion. His performance while running Duquense Capital, his now-shuttered hedge fund, clocked in with an average of 30% annually to investors.


Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: thomas franck
Keywords: news, cnbc, companies, bullish, investor, trump, riding, returns, rally, market, term, trade, stanley, hedge, fund, fed, druckenmiller


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Stocks making the biggest moves midday: Morgan Stanley, Tesla, Alcoa & more

Check out the companies making headlines in midday trading. Morgan Stanley — Morgan Stanley shares jumped more than 7% after the bank posted quarterly profit numbers that easily beat expectations. Tesla — Stock of the electric car maker dropped more than 3% after an analyst at Morgan Stanley downgraded it to underweight from equal weight. Alcoa — Alcoa sank more than 9% in midday trading Thursday after the aluminum maker reported that fourth-quarter sales fell 27% in 2019 from the same time in 2


Check out the companies making headlines in midday trading.
Morgan Stanley — Morgan Stanley shares jumped more than 7% after the bank posted quarterly profit numbers that easily beat expectations.
Tesla — Stock of the electric car maker dropped more than 3% after an analyst at Morgan Stanley downgraded it to underweight from equal weight.
Alcoa — Alcoa sank more than 9% in midday trading Thursday after the aluminum maker reported that fourth-quarter sales fell 27% in 2019 from the same time in 2
Stocks making the biggest moves midday: Morgan Stanley, Tesla, Alcoa & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: thomas franck
Keywords: news, cnbc, companies, stocks, morgan, biggest, moves, alcoa, trading, revenue, stanley, midday, share, profit, stock, quarterly, maker, tesla, making


Stocks making the biggest moves midday: Morgan Stanley, Tesla, Alcoa & more

Check out the companies making headlines in midday trading.

Morgan Stanley — Morgan Stanley shares jumped more than 7% after the bank posted quarterly profit numbers that easily beat expectations. The company earned $1.30 per share on revenue of $10.86 billion. Analysts polled by Refinitiv expected a profit of 99 cents per share on sales of $9.72 billion. Morgan Stanley’s three big businesses — trading, wealth management and investment banking — all had larger-than-forecast revenue for the quarter.

Tesla — Stock of the electric car maker dropped more than 3% after an analyst at Morgan Stanley downgraded it to underweight from equal weight. “We think investors will be presented with more attractive opportunities to own the stock in the future,” the analyst said.

PPG Industries — PPG Industries dipped 2.8% after the paint maker reported disappointing quarterly earnings. PPG said it earned $1.31 per share in the fourth quarter, missing estimates by 3 cents, according to Refinitiv. Its quarterly revenue also came in below expectations.

Spirit Airlines — Shares of Spirit Airlines jumped nearly 7% after the low-cost carrier gave better-than-expected revenue guidance. The company said it estimates a 3.6% year-over-year decline in revenue, a smaller decrease from its previous forecast of a 4.5% drop.

Alcoa — Alcoa sank more than 9% in midday trading Thursday after the aluminum maker reported that fourth-quarter sales fell 27% in 2019 from the same time in 2018. CEO Roy Harvey said in a press release that the aluminum market “challenged us” as analysts worried about the impact of U.S. trade battles and sluggish industrial production.

Charles Schwab — The company’s stock rose 2.75% in midday trading following the brokerage’s quarterly results. Despite missing profit expectations, Charles Schwab’s fourth-quarter results showed “robust asset gathering” and core client metric growth, according to Raymond James analyst Patrick O’Shaughnessy.

— CNBC’s Yun Li, Fred Imbert and Sunny Kim contributed reporting.


Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: thomas franck
Keywords: news, cnbc, companies, stocks, morgan, biggest, moves, alcoa, trading, revenue, stanley, midday, share, profit, stock, quarterly, maker, tesla, making


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Apple and Tesla may be market darlings, but hedge funds are betting big they’ll collapse

The Tesla logo is seen on the Apple iPhone case in Santa Monica, California. Patrick T. Fallon | Bloomberg | Getty ImagesElon Musk’s electric automaker Tesla on Wednesday once again reclaimed its title as Wall Street’s most-shorted stock. The iPhone maker had been the most-shorted stock in the U.S. market in terms of total value since it passed Tesla in September. But Tesla’s restored reign as the most-shorted U.S. equity was short lived after Apple reclaimed its place at No. Tesla’s equity sold


The Tesla logo is seen on the Apple iPhone case in Santa Monica, California.
Patrick T. Fallon | Bloomberg | Getty ImagesElon Musk’s electric automaker Tesla on Wednesday once again reclaimed its title as Wall Street’s most-shorted stock.
The iPhone maker had been the most-shorted stock in the U.S. market in terms of total value since it passed Tesla in September.
But Tesla’s restored reign as the most-shorted U.S. equity was short lived after Apple reclaimed its place at No.
Tesla’s equity sold
Apple and Tesla may be market darlings, but hedge funds are betting big they’ll collapse Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: thomas franck
Keywords: news, cnbc, companies, big, worth, hedge, darlings, value, billion, funds, collapse, tesla, teslas, short, stock, equity, theyll, mostshorted, apple, market, betting


Apple and Tesla may be market darlings, but hedge funds are betting big they'll collapse

The Tesla logo is seen on the Apple iPhone case in Santa Monica, California. Patrick T. Fallon | Bloomberg | Getty Images

Elon Musk’s electric automaker Tesla on Wednesday once again reclaimed its title as Wall Street’s most-shorted stock. That was, at least, until Apple stole it back. Tesla’s meteoric climb over the last six months hasn’t gone unnoticed by investors, who’ve lauded the Palo Alto carmaker for its new Shanghai factory and better-than-expected auto deliveries.

Nearly two weeks ago, Tesla’s said it delivered a record 112,000 vehicles globally during the fourth quarter and 367,500 for the year, a 50% jump from 2018. But Tesla’s 100% rally over the last six months hasn’t escaped the attention of Tesla’s biggest critics either, who’ve since doubled down on their bets the company’s stock will fall from its lofty heights. The group pushed the dollar amount of Tesla shares borrowed to sell short to $14.5 billion on Wednesday, making it the most-shorted American equity, according to data gathered by analytics firm S3 Partners. At the time, the Tesla shorts eclipsed the value of Apple’s, which stood at $14.3 billion. The iPhone maker had been the most-shorted stock in the U.S. market in terms of total value since it passed Tesla in September. The critics tend to be hedge funds, which try to beat the broader equity market with concentrated portfolios of stocks they like combined with short sales against those they don’t.

Short sellers borrow and then sell shares of a company they think will decline in value. By selling a security at current prices and buying it back later, at a lower price, the investor can turn a profit. But Tesla’s restored reign as the most-shorted U.S. equity was short lived after Apple reclaimed its place at No. 1 on Thursday. Tesla’s equity sold short on Thursday was worth $13.7 billion while Apple’s was worth $14.3 billion.


Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: thomas franck
Keywords: news, cnbc, companies, big, worth, hedge, darlings, value, billion, funds, collapse, tesla, teslas, short, stock, equity, theyll, mostshorted, apple, market, betting


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Mnuchin says more tariffs will be rolled back in phase two of trade deal

Treasury Secretary Steven Mnuchin told CNBC on Wednesday that a future “phase two” trade deal with Beijing would ease U.S. tariffs on goods purchased from China even if the next agreements are segmented into multiple rounds. But the deal is also expected to lower structural barriers for American companies hoping to do business in China. Such practices, combined with Beijing’s policy of subsidizing domestic business, can build competitive rivals to American companies seemingly overnight. One of t


Treasury Secretary Steven Mnuchin told CNBC on Wednesday that a future “phase two” trade deal with Beijing would ease U.S. tariffs on goods purchased from China even if the next agreements are segmented into multiple rounds.
But the deal is also expected to lower structural barriers for American companies hoping to do business in China.
Such practices, combined with Beijing’s policy of subsidizing domestic business, can build competitive rivals to American companies seemingly overnight.
One of t
Mnuchin says more tariffs will be rolled back in phase two of trade deal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: thomas franck
Keywords: news, cnbc, companies, technology, american, mnuchin, tariffs, companies, trade, phase, china, rolled, forced, question, deal


Mnuchin says more tariffs will be rolled back in phase two of trade deal

Treasury Secretary Steven Mnuchin told CNBC on Wednesday that a future “phase two” trade deal with Beijing would ease U.S. tariffs on goods purchased from China even if the next agreements are segmented into multiple rounds.

“Just as in this deal there were certain rollbacks, in phase two there will be additional rollbacks,” he told CNBC. “It’s really just a question of — and we’ve said before — phase two may be 2A, 2B, 2C. We’ll see.”

“The first step is really focusing on enforcement, but this gives China a big incentive to get back to the table and agree to the additional issues that are still unresolved,” he added.

Mnuchin joined CNBC hours before top American and Chinese negotiators planned to sign the phase one deal that is expected to include an agreement by China to purchase some $200 billion of U.S. goods over two years.

But the deal is also expected to lower structural barriers for American companies hoping to do business in China. Specifically, the pact is said to address concerns of U.S. executives who have long complained that they are routinely pressured, if not outright forced, to share key technologies in exchange for market access.

Though Beijing denies it forces foreign companies to surrender proprietary technologies, American companies say they’re often compelled to share business secrets through backdoor tactics like joint ventures. Such practices, combined with Beijing’s policy of subsidizing domestic business, can build competitive rivals to American companies seemingly overnight.

One of the thorniest issues between the U.S. and China over the last two years, accusations of forced technology transfers and intellectual property theft, should be remedied in the first phase deal, Mnuchin said.

“It’s not a question of admission, it a question of what they’re going to do,” the Treasury secretary said. “And China has agreed to put together very significant laws to change rules and regulations and have made very strong commitments to our companies that there will not be forced technology going forward.”

Other areas of concern expected to be tackled in the deal include the misuse of pharmaceutical-related intellectual property and access for U.S. financial companies to Chinese markets. Those qualms helped drive President Donald Trump to start a tit-for-tat trade war with China nearly two years ago, when he first announced tariffs on imported steel and aluminum.

“I think [it’s] a very big win for our technology companies, for our businesses and for American workers,” Munchin added. Further, should Beijing fail to abide by the phase one stipulations, Mnuchin said Trump can always reimpose or hike tariffs on Chinese imports.

The feud between the globe’s two largest economies has resulted in each side slapping levies on billions of dollars’ worth of imports and forced major American corporations to shift supply chains throughout Asia.

U.S. farmers, in particular, have taken a heavy hit after China began buying soybeans and other agricultural commodities from Brazil and other South American countries.

— CNBC’s Eunice Yoon contributed reporting.


Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: thomas franck
Keywords: news, cnbc, companies, technology, american, mnuchin, tariffs, companies, trade, phase, china, rolled, forced, question, deal


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Kudlow says ‘tax cuts 2.0’ will be unveiled later this year during Trump presidential campaign

National Economic Council Director Larry Kudlow, a top economic adviser to President Trump, said Wednesday that the White House plans to unveil a plan for additional tax cuts later in 2020. “I am still running a process of Tax Cuts 2.0. We’re many months away – it’ll come out something later during the campaign,” Kudlow told CNBC. “Tax Cuts 2.0 to help middle-class economic growth: That’s still our goal.” As one of the Trump administration’s biggest victories of the president’s first term in off


National Economic Council Director Larry Kudlow, a top economic adviser to President Trump, said Wednesday that the White House plans to unveil a plan for additional tax cuts later in 2020.
“I am still running a process of Tax Cuts 2.0.
We’re many months away – it’ll come out something later during the campaign,” Kudlow told CNBC.
“Tax Cuts 2.0 to help middle-class economic growth: That’s still our goal.”
As one of the Trump administration’s biggest victories of the president’s first term in off
Kudlow says ‘tax cuts 2.0’ will be unveiled later this year during Trump presidential campaign Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: thomas franck
Keywords: news, cnbc, companies, presidential, trump, unveiled, house, tax, businesses, cuts, kudlow, economic, later, growth, campaign, unveil


Kudlow says 'tax cuts 2.0' will be unveiled later this year during Trump presidential campaign

National Economic Council Director Larry Kudlow, a top economic adviser to President Trump, said Wednesday that the White House plans to unveil a plan for additional tax cuts later in 2020.

“I am still running a process of Tax Cuts 2.0. We’re many months away – it’ll come out something later during the campaign,” Kudlow told CNBC. “Tax Cuts 2.0 to help middle-class economic growth: That’s still our goal.”

“I had a tremendous meeting with my friend Kevin Brady, who will undoubtedly be the new chairman of the House Ways and Means Committee,” he added. “But we will unveil this perhaps sometimes later in the summer.”

As one of the Trump administration’s biggest victories of the president’s first term in office, the 2017 Tax Cuts and Jobs Act lowered the U.S. corporate tax rate to 21% and cut rates for closely held businesses. The legislation effectively allowed businesses to keep more of what they deliver in profits, an outcome that proponents say will continue to drive job growth and investment.


Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: thomas franck
Keywords: news, cnbc, companies, presidential, trump, unveiled, house, tax, businesses, cuts, kudlow, economic, later, growth, campaign, unveil


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Here’s what China agreed to buy from the US in the phase one trade deal

China agreed to purchase an additional $200 billion in U.S. goods over the next two years as part of the “phase one” trade deal. The two nations signed the first-phase trade agreement Wednesday afternoon at the White House. The phase one deal is seen as a sort of truce and includes concessions by the Chinese to crack down on intellectual property theft and the forced transfer of American technologies. But it also includes import targets for Beijing, which has promised to buy a host of American p


China agreed to purchase an additional $200 billion in U.S. goods over the next two years as part of the “phase one” trade deal.
The two nations signed the first-phase trade agreement Wednesday afternoon at the White House.
The phase one deal is seen as a sort of truce and includes concessions by the Chinese to crack down on intellectual property theft and the forced transfer of American technologies.
But it also includes import targets for Beijing, which has promised to buy a host of American p
Here’s what China agreed to buy from the US in the phase one trade deal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: thomas franck
Keywords: news, cnbc, companies, billion, phase, work, agreed, worth, trade, buy, deal, includes, goods, heres, american, additional, china, 200


Here's what China agreed to buy from the US in the phase one trade deal

China agreed to purchase an additional $200 billion in U.S. goods over the next two years as part of the “phase one” trade deal.

The additional purchases will come on top of the 2017 U.S. export numbers.

The two nations signed the first-phase trade agreement Wednesday afternoon at the White House. The globe’s two largest economies have for the better part of two years slapped tariffs of billions of dollars’ worth of each other’s goods in one of the most protracted trade battles in modern American history.

The phase one deal is seen as a sort of truce and includes concessions by the Chinese to crack down on intellectual property theft and the forced transfer of American technologies. But it also includes import targets for Beijing, which has promised to buy a host of American products as the two sides work toward a permanent bilateral agreement.

The composition of that additional $200 billion is as follows:


Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: thomas franck
Keywords: news, cnbc, companies, billion, phase, work, agreed, worth, trade, buy, deal, includes, goods, heres, american, additional, china, 200


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Wells Fargo fourth-quarter profit drops 50% as legal fees, low interest rates weigh on results

Wells Fargo on Tuesday said fourth-quarter profits fell as persistent low interest rates and litigation charges weighed on its financial results. Per-share adjusted earnings were 93 cents, well short of the $1.12 per share forecast by Refinitiv. The bank also took a financial loss in part related to the retail sales scandal that has plagued Wells Fargo since 2016. The litigation costs pushed noninterest expenses up 17% in the fourth quarter from a year earlier despite efforts to keep costs under


Wells Fargo on Tuesday said fourth-quarter profits fell as persistent low interest rates and litigation charges weighed on its financial results.
Per-share adjusted earnings were 93 cents, well short of the $1.12 per share forecast by Refinitiv.
The bank also took a financial loss in part related to the retail sales scandal that has plagued Wells Fargo since 2016.
The litigation costs pushed noninterest expenses up 17% in the fourth quarter from a year earlier despite efforts to keep costs under
Wells Fargo fourth-quarter profit drops 50% as legal fees, low interest rates weigh on results Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-14  Authors: thomas franck
Keywords: news, cnbc, companies, profit, results, forecast, legal, fargo, weigh, billion, share, financial, costs, fourthquarter, versus, fees, interest, wells, bank, rates, litigation, low


Wells Fargo fourth-quarter profit drops 50% as legal fees, low interest rates weigh on results

Wells Fargo on Tuesday said fourth-quarter profits fell as persistent low interest rates and litigation charges weighed on its financial results.

Here’s what the bank reported vs. what analysts had expected:

Earnings: 93 cents per share versus $1.12 per share forecast by Refinitiv

Revenue: $19.86 billion versus $20.14 billion forecast by Refinitiv

Quarterly profit was $2.87 billion, compared with $6.06 billion in the year-ago period, a decline of 53%. Per-share adjusted earnings were 93 cents, well short of the $1.12 per share forecast by Refinitiv.

The company’s stock fell 2.8% Tuesday morning, regaining some lost ground.

The bank also took a financial loss in part related to the retail sales scandal that has plagued Wells Fargo since 2016. The company booked a $1.5 billion charge for legal costs related to litigation stemming from its fake-account problems and others.

The litigation costs pushed noninterest expenses up 17% in the fourth quarter from a year earlier despite efforts to keep costs under control. Wells Fargo also paid out more in salaries.

The results, which reflect the bank’s performance for the three months ended Dec. 31, mark Wells Fargo’s first quarter under new management. Scharf took over as chief executive in October, replacing Tim Sloan and charged with navigating the bank through regulatory issues that have kept costs elevated.

“Wells Fargo is a wonderful and important franchise that has made some serious mistakes, and my mandate is to make the fundamental changes necessary to regain the full trust and respect of all stakeholders,” Scharf said in a press release.

“During my first three months at Wells Fargo my primary focus has been on advancing our required regulatory work with a different sense of urgency and resolve, while beginning to develop a path to improve our financial results,” he added.


Company: cnbc, Activity: cnbc, Date: 2020-01-14  Authors: thomas franck
Keywords: news, cnbc, companies, profit, results, forecast, legal, fargo, weigh, billion, share, financial, costs, fourthquarter, versus, fees, interest, wells, bank, rates, litigation, low


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