Thursday, March 6

Types of News: Brief

News briefs are shorter stories about current events. It’s the who-what-when-and-where. “Just the facts, ma’am.” Please see our writers guidelines.

Trump Signs Off On Metal Tariffs
8Mar By Patti MohrNo Comments
Global Trade, Types of News: Brief

Trump Signs Off On Metal Tariffs

March 8--Amid threats of countervailing trade measures from Europe, Asia and South America, U.S. President Donald Trump signed two proclamations this afternoon to impose new tariffs on steel and aluminum starting March 23. The proclamations include waivers to exempt Canada and Mexico from the tariff, provided they do not provide transport of other countries' steel and aluminum products to the United States. They also allow U.S. consumers to apply for exclusions for specific types of steel and aluminum imports that the domestic market does not provide. Surrounded by U.S. workers, Trump said "aggressive foreign trade practices" act as an "assault"  on the U.S. economy, displacing producers and workers. "Our industries have been targeted for years and years, decades in fact, by unfai...
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European Central Bank Continues Stimulus, Sees 2.4% Growth This Year
8Mar By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Types of News: Brief

European Central Bank Continues Stimulus, Sees 2.4% Growth This Year

March 8--The Governing Council of the European Central Bank left three key interest rates at their current rates and said it would continue to do so "an extended period of time, and well past the horizon of the net asset purchases." The ECB Governing Council said inflation is "consistent" with its aim of 2 percent. The three key interest rates are the 1.) main refinancing operations, 2.) the marginal lending facility, and 3.) the deposit facility. Those will remain unchanged at 0.00%, 0.25% and -0.40% respectively. Continued Liquidity The ECB plans to continue to purchase net assets at the current rate of €30 billion per month, putting liquidity back into the system through at least the end of September 2018. "This will contribute both to favorable liquidity conditions and to an...
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Market Correction Could See 40 Percent Drop, JP Morgan Exec Says
8Mar By Patti MohrNo Comments
Finance, Investing, Global Economics, Types of News: Brief

Market Correction Could See 40 Percent Drop, JP Morgan Exec Says

March 8--Although equity markets are still in a growth cycle, an eventual correction could mean a decline of 20 to 40 percent, according to a top executive at JP Morgan Chase & Co. "Markets are functioning, and we're doing well," Daniel Pinto, JP Morgan Co-President and Co-Chief Operating Officer, said in an interview with Bloomberg Television on Thursday. "We know there will be a correction at some point." Pinto estimated that the markets have two to three years before the end of the growth cycle. He said that while volatility has come down, markets are still going to react to "anything that relates to inflation or growth." Eventually, when liquidity dries up, markets could fall as much as 40 percent. "The most important thing for someone like us is just to be prepared. Be...
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EU to Target U.S. Exports if Trump’s Tariffs Move Forward
7Mar By Patti MohrNo Comments
Global Trade, Types of News: Brief

EU to Target U.S. Exports if Trump’s Tariffs Move Forward

March 7--As U.S. President Donald Trump stood by his plan to raise import tariffs on steel and aluminum, the European Union threatened to retaliate with tariffs on U.S. exports of industrial, steel and agricultural products, a top EU trade official said. If the United States goes forward with imposing tariffs, the EU will respond in a "proportionate and balanced way," Cecilia Malmström , the EU Commissioner for Trade, said on March 7 in Brussels. Malmström pointed out that the United States has not yet taken action on the tariffs Trump announced late last week. If Trump moves forward -- as he is expected to do -- the EU would likely impose its own across-the-board tariffs on steel and aluminum to make up for an expected surge in imports. Furthermore, she said, the EU would likely tak...
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U.S.: Top Economic Adviser to Trump Resigns on Brink of New Tariffs
7Mar By Patti MohrNo Comments
Global Trade, Types of News: Brief, United States

U.S.: Top Economic Adviser to Trump Resigns on Brink of New Tariffs

March 7--A top White House economic advised resigned yesterday, reportedly over a disagreement about a recent decision by President Donald Trump to impose tariffs on steel and aluminum. Gary Cohn, held the position of the director of the National Economic Council since Trump took office January 20, 2017. Cohn is a 25-year veteran on Wall Street and is the former chief operating officer at Goldman Sachs. His departure from the White House is one of several recent staff changes. Six Trump administration officials resigned in 2018 and several more, including Trump's son-in-law Jared Kushner, face difficulties with their U.S. security clearances. Trump's spokesperson Sarah Sanders brushed aside reporters' concerns about the staff changes in her March 7 press briefing. "This is an inte...
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‘Real Risk’ of Escalating Global Trade Barriers, Says WTO Head
6Mar By Patti MohrNo Comments
Global Trade, Types of News: Brief

‘Real Risk’ of Escalating Global Trade Barriers, Says WTO Head

March 6--Increasing trade barriers puts the global economy at risk for a deep recession, World Trade Organization Director-General Roberto Azevêdo  warned on Monday. "In light of recent announcements on trade policy measures, it is clear that we now see a much higher and real risk of triggering an escalation of trade barriers across the globe," told delegate heads meeting on the Doha negotiations. "We cannot ignore this risk and I urge all parties to consider and reflect on this situation very carefully. Once we start down this path, it will be very difficult to reverse direction. An eye for an eye will leave us all blind and the world in deep recession." New U.S. Tariffs on Steel & Aluminum The remarks follow an announcement late last week by President Donald Trump that the Unite...
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Military Tensions Ease on the Korean Peninsula as Denuclearization Discussed
6Mar By Patti MohrNo Comments
Diplomacy, Sanctions, Types of News: Brief

Military Tensions Ease on the Korean Peninsula as Denuclearization Discussed

March 6-North Korean leader Kim Jong-un said he would suspend nuclear missile tests if the United States agrees to hold direct talks, according to South Korean delegates who met with Kim on March 5. Furthermore, Kim is willing to remove his country's nuclear weapons if he can be assured that his regime and country no longer face threats, they said. "North Korea made clear its willingness to denuclearize the Korean peninsula and the fact there is no reason for it to have a nuclear program if military threats against the North are resolved and its regime is secure,” Chung Eui-yong, South Korea's led delegate of the talks, told reporters. It is a significant breakthrough for the two countries, which have been in a technical war since 1953. It is a result of both a softening of relations...
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South Korean Gov’t Delegates Meet With North Korean Leader Kim in Pyongyang
5Mar By Patti MohrNo Comments
Diplomacy, Sanctions, Types of News: Brief

South Korean Gov’t Delegates Meet With North Korean Leader Kim in Pyongyang

March 5--Delegates from South Korea traveled to Pyongyang, North Korea today to meet with Kim Jong-un., the country's supreme leader. It was the first meeting South Korean officials have had with the rogue leaders since 2011. The diplomatic trip is a sign of the warming relations between the two countries since their athletes and government officials came together during the 2018 Winter Olympics, which South Korea hosted. The South Korean delegation includes 10 government officials, including two ministerial-level envoys: Intelligence Chief Suh Hoon, National Security Adviser Chung Eui-yong and Vice Minister for Unification Chun Haesung. Ri Son-gwon, North Korea's chairman of the Committee for the Peaceful Reunification of the Country, met them at the airport. And Mr. Kim hosted t...
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U.S. Oil Production Surges as OPEC, Russia Plan Reductions
28Feb By Patti MohrNo Comments
Energy Policy, Oil & Gas, Types of News: Brief

U.S. Oil Production Surges as OPEC, Russia Plan Reductions

February 28, 2018--U.S. oil production rose to its highest level since 1970 last November, as the U.S. shale oil production continued to boom. The historic increase contrasted sharply with OPEC and Russian oil production, which is holding steady but expected to decease output to increase prices. U.S. production peaked at 10.057 million barrels a day in November and is expected to average 10.6 million barrels a day in 2018, according to a monthly review by the U.S. Energy Information Administration (EIA). That's roughly on par with oil production in Saudi Arabia and Russia. It is noteworthy considering that other oil-producing countries are planning reductions to try to boost prices. According to The Economist, Saudi Arabia needs oil prices to reach $70-80 a barrel to maintain a steady e...
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Russia Spends Millions to Interfere in U.S. Politics, DOJ Says
21Feb By Patti MohrNo Comments
Democracy, Types of News: Brief, United States

Russia Spends Millions to Interfere in U.S. Politics, DOJ Says

February 21-The U.S. Justice Department filed an indictment on Feb. 16 against 13 Russian nationals and three Russian companies for conducting an "information warfare against the United States." The indictment comes as a result of an ongoing Special Counsel investigation led by Robert Mueller. None of the individuals or companies charged are currently in the United States and are unlikely to be extradited from Russia for trial. The 37-page indictment is significant in that it may indicate the methods in which Russian intelligence officers use tools of democracy against its rivals. It also begins to establish some clarity about Russia's activities in the U.S. political system after more than a year of widespread speculation on the issue, focused mainly on possible collusion with th...
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