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Treasury Secretary Steven Mnuchin. (AP Photo/Susan Walsh)
Treasury Secretary Steven Mnuchin wants assembly to apperceive he’s focused on the bread-and-butter affliction that the Trump administration’s tariffs are overextension beyond the map. But he additionally says there hasn’t been any yet.
The last, best achievement for chargeless traders axial the Trump team, Mnuchin delivered a Panglossian performance Thursday over the advance of three hours afore the House Cyberbanking Casework Committee. As afraid associates of Congress from both parties declared the disruptions that tariffs are inflicting back home and apprenticed him for assurances that the administering has a action for bringing the hostilities to a close, the treasury secretary insisted that all is well.
“We accept not yet apparent any abrogating bread-and-butter impact,” Mnuchin told Rep. Jeb Hensarling (R-Tex.), the panel’s chairman.
Mnuchin denied that the administering — accepting slapped levies on $85 billion account of imports, cartoon a agnate cardinal in retaliation, and threatened them on addition $760 billion in appurtenances — is affianced in a barter war, anecdotic the state of comedy instead as a “situation of barter disputes.” But he accustomed that talks with Chinese admiral “unfortunately… accept admission down.”
Hensarling set the accent for the hearing, cogent Mnuchin in his aperture animadversion that business investment “checkbooks are closing and amplification diplomacy are actuality put on authority as growing ambiguity all-overs through our economy.” And of the new tariffs the administering is because leveling on autos and auto genitalia in the name of civic security, Henslaring said, “The 11-year old Honda Accord I collection to assignment in today artlessly doesn’t abuse civic security, nor does any added alien vehicle.”
Mnuchin parried questions from Hensarling and several others about how the administering is belief bread-and-butter accident into its controlling by acceptable them that Trump admiral are focused on the matter. “I can assure you that the admiral is actual abundant focused on bread-and-butter growth, and I can additionally assure you that I’m ecology the bearings actual carefully,” he told Hensarling.
House Cyberbanking Casework Committee Chairman Jeb Hensarling (R-Tex.). (Zach Gibson/Bloomberg)
That became a refrain. To Rep. Ann Wagner (R-Mo.), who bidding affair about soybean farmers in her state, Mnuchin said, “I can assure you I never was an able on soybeans, but I’ve now become an able on soybeans. I chase this bazaar daily. I can assure you we’re focused on this.” She told him Chinese castigating tariffs targeting imports of the artefact are “causing absolute abuse in the present day.” Mnuchin repeated, “I can assure you I and the admiral accept that and we’re focused on that.”
Rep. Mia Love (R-Utah) acicular to a Federal Reserve abode that business leaders are putting investments on hold. “I can assure you we’re not activity to do annihilation that’s activity to attempt the abundant advance of the economy,” Mnuchin said, “although I admit there are assertive areas in assertive markets that we charge to be accurate and acute to.”
Federal Reserve Chairman Jay Powell highlighted the ambiguity the barter wars accept unleashed in a radio account Thursday. He said the axial coffer is “hearing a ascent akin of concern” from business contacts, and an escalated barter war would actualize “very challenging” conditions. “The administering says that what it’s aggravating to accomplish is lower tariffs. So if it works out that way, afresh that’ll be a acceptable affair for our economy,” Powell told Marketplace. “If it works out added ways, so that we wind up accepting aerial tariffs on a lot of articles and a lot of traded appurtenances and services, let’s say, and that they become abiding for a connected aeon of time, afresh yes, that could be a abrogating for our economy.”
Mnuchin charcoal the best able apostle in Trump’s apogee for mitigating the president’s barter offensive. But the barter hawks accept been active the policymaking all summer. Aback on May 20, Mnuchin declared in a Fox Account Sunday account that the U.S. was “putting the barter war on hold.” Afterwards that day, U.S. Barter Representative Robert E. Lighthizer issued a account arresting tariffs as an important tool. Trump followed Lighthizer’s lead, imposing duties on $34 billion account of imports from China, with addition $16 billion advancing abutting and the achievability of $200 billion added afterwards that.
Mnuchin on Thursday denied that Trump’s accommodation attenuate his May assessment. “We were abutting to accepting an agreement,” he told Love. “We couldn’t adeptness an all-embracing acceding and that’s why the admiral absitively not to accumulate them on hold.” But the treasury secretary has taken pains throughout his administering to acquiesce no accessible aurora amid him and Trump — an accomplishment he kept up on Thursday. “I can assure you that the admiral listens to my advice,” Mnuchin told Rep. Gregory W. Meeks (D-N.Y.) in the hearing, afresh deploying his go-to verb. “He’s the president. Sometimes he listens to my advice, and sometimes he doesn’t, which I respect. But I wouldn’t be in this job if I didn’t anticipate he listens to my advice, and I couldn’t be happier with the bread-and-butter plan we’re on.”
TRADE FLY AROUND:
— Trump slams May’s Brexit plan. The Washington Post’s William Booth, Karla Adam and Josh Dawsey: “After Prime Abbot Theresa May formed out the red carpeting at Blenheim Palace on Thursday night for . . . Trump’s aboriginal official appointment to Britain, a London abridged appear an atomic account in which Trump accursed May’s compromise, pro-business plan to leave the European Union and warned that her admission could imperil any approaching barter accord amid the United States and Britain . . . If May has Britain adjust its rules and regulations for appurtenances and agronomical articles with Europe, afterward ‘a accepted rule book’ with Brussels, as May puts it, then, Trump said, that could derail a barter accord with Washington. ‘If they do a accord like that, we would be ambidextrous with the European Union instead of ambidextrous with the U.K., so it will apparently annihilate the deal,’ Trump told the Sun, which appear its admission at 11 p.m. in Britain.”
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— Ryan hopes the tariffs won’t last. Politico’s Doug Palmer: “House Speaker Paul Ryan warned Thursday that the United States risks falling abaft the blow of the apple because added countries are advancing chargeless barter deals added aggressively. Ryan, speaking afore the Bread-and-butter Club of Washington, D.C., additionally said he hoped . . . Trump’s moves to appoint tariffs on China and added nations was a negotiating tactic that would abandoned abide in abode until barter deals with those countries are formed out. At the aforementioned time, Ryan threw algid baptize on the abstraction of Congress casual legislation to bar Trump from arty tariffs, aback that would crave a veto-proof majority.”
President Trump at a account appointment in Brussels on July 12. (Photo/Olivier Matthys/AP)
— Trump’s supporters still aback him: The Post’s Heather Connected and Scott Clement: “China and added nations aimed their counterblows at farmers and baby manufacturers in ‘Trump country’ in the hopes that some voters would amend their abutment for the president. So far, there’s little assurance that is happening. Among the 15 states best afflicted by the tariffs (calculated by the Brookings Institution), Trump’s approval appraisement is 57 percent, according to a Washington Post-Schar School poll conducted June 27 to July 2. On Acclamation Day in 2016, 52 percent of voters in those aforementioned states accurate Trump. The 15 states with the accomplished allotment of jobs at accident in the U.S.-China barter war are Arkansas, Iowa, Nebraska, Alaska, Idaho, Mississippi, Washington, Kentucky, South Dakota, Alabama, Delaware, Michigan, Indiana, Wisconsin and North Dakota, according to a Brookings assay by arch adolescent Mark Muro.”
— The barter war with China is extensive customer goods. The New York Times’s Jim Tankersley: “Administration admiral took pains in their aboriginal accumulation of Chinese tariffs to abundantly absorber consumers from seeing actual amount increases on articles they buy. . . . But the account of $200 billion account of articles administering admiral proposed hitting with tariffs on Tuesday would advance up prices at abounding American retailers. The tariffs would be lower than the antecedent annular — 10 percent instead of 25 percent — and they still mostly abstain apparel, one of the best arresting artefact ambit that Americans buy heavily from China. But they accommodate electronics, food, tools, accouterments and a advanced ambit of added customer goods. The tariffs would not go into aftereffect for several months and may not appear at all if the United States and China are able to boldness their differences.”
The barter arrears amid the countries, meanwhile, keeps accepting wider. China’s surplus with the U.S. rose to a almanac in June, Bloomberg reports.
— How it is arena out in Michigan. NYT’s Ana Swanson: “As Mr. Trump tries to abuse China with tariffs and added restrictions, Michigan is bent in the cantankerous hairs, with its adeptness to abide aggressive and advance arising technologies like free vehicles, robotics and bogus intelligence awful abased on ties to all-embracing markets, including China. … General Motors now sells far added cars in China than it does in the United States, and the better exporter of cars from the United States by amount is not an American brand, but BMW. By some calculations, the car with the accomplished admeasurement of United States and Canadian-made agreeable is the Honda Odyssey — and akin that includes almost a division of foreign-made parts. Companies — and their workers — say they admit there are assertive risks from administering their abstruse secrets with Chinese competitors, but they say it is no best a best whether Michigan, the automotive basic of North America, should appoint with China, the world’s better auto market.”
Wang Shouwen, China’s carnality abbot of commerce, in Geneva on July 11, 2018. (Stefan Wermuth/Bloomberg News)
— China calls the United States a “trade bully.” Reuters’s Tom Miles: “The United States has started a barter war and China will avert itself, Chinese Carnality Abbot of Business Wang Shouwen said on Thursday, advancement the United States to ‘take the gun’ of tariffs abroad to bland the way for talks. Earlier on Thursday . . . Trump said the United States was in a awful barter action with China, but things would ultimately assignment out. Speaking afterwards a accustomed two-yearly analysis of China’s barter behavior at the Apple Barter Organization (WTO), Wang was skeptical. ‘The measures taken are adjoin the interests of China, they are adjoin the interests of U.S. businesses, consumers, workers and farmers. They are arrest all-around bread-and-butter growth. They are aloof a barter bully,’ he told reporters in Geneva.”
— Germany and China cull together. Politico’s Joshua Posaner and Hans Von Der Burchard: “Trump’s rapidly ascent barter war is blame Berlin and Beijing into an afraid bread-and-butter alliance. Both China and Germany activate themselves absolutely in Trump’s architect this week. . . . Facing this accessible hostility, both countries are acumen that it makes faculty to club together. . . . ‘As relations with the U.S. become added difficult, the added bread-and-butter behemothic will accordingly become added important to us,’ said Volker Treier, agent arch controlling of Germany’s Chambers of Industry and Commerce. Still, Germany and China are hardly accustomed bedfellows. Berlin is apprehensive of China’s barter calendar and is at the beginning of aggravating to assure the EU from accident amount bookish acreage in buyouts in high-tech sectors such as robotics.”
— China will abode its debt botheration later. WJS’s Chao Deng and Lingling Wei: “China is absolution up on its drive to accumulate a lid on debt advance as it faces a abatement abridgement at home and ascent barter tensions with the U.S. Arch Chinese leaders led by Admiral Xi Jinping accept been sending apparent signals that the advance to rein in cyberbanking accident isn’t the cardinal antecedence it has been. Cyberbanking regulators are dabbling the absolution of rules to abbreviate chancy lending by banks and added institutions out of affair that the regulations would asphyxiate off a antecedent of allotment and bang cyberbanking markets already annoyed by worries over barter and the economy, bodies accustomed with the accommodation said. In a turnabout, the Accompaniment Council, China’s cabinet, chock-full hectoring burghal halls and townships to arrest spending and instead aftermost anniversary launched an analysis to appetite them to dispatch up already accustomed advance projects to re-energize growth. The axial government generally uses inspections as a way to appraise bounded admiral and get top-level directives across.”
— Mooch tells Trump to angle down. Anthony Scaramucci, autograph in the Cyberbanking Times: “During his aboriginal 16 months in office, Admiral Donald Trump fabricated all the appropriate moves in arch the US abridgement and banal bazaar to almanac heights: tax cuts, authoritative abatement and pro-business rhetoric. Accomplishment are inching upwards and bodies are abiding to work. Yet, the abeyant for a absolute barter war risks accident abundant of that abundant assignment and backbreaking the actual voters who adopted him. The administering needs to change admission now or accident jeopardising the midterms… Mr Trump recognises the problem, but his accepted admission to analytic it needs refining. The administering has antagonised our allies and threatened to carelessness the all-around rules-based arrangement rather than architecture a affiliation to ameliorate the WTO and authority China accountable.”
U.S. Business Secretary Wilbur Ross. (Reuters/Kevin Lamarque)
— Ross says he will advertise his holdings. The Post’s Steven Mufson: “The Appointment of Government Belief acerb reprimanded Business Secretary Wilbur Ross for his abortion to absolutely bankrupt himself of his extensive banal backing in a appropriate appearance and for demography abbreviate positions in an accomplishment to account assertive stocks until they could be sold. Ross replied by adage that akin admitting his belief acceding allows him to absorb clandestine disinterestedness holdings, he will now advertise all his backing and put them in Treasury balance in adjustment ‘to advance the accessible trust.’ David J. Apol, acting administrator and accepted admonition of the belief office, told Ross that ‘your abortion to bankrupt created the abeyant for a austere bent abuse on your allotment and debilitated accessible confidence.’”
A accountant rings up a acquirement at a abundance in Salem, N.H., on April 9. (Elise Amendola/AP)
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— Aggrandizement hurts. The Post’s Heather Long: “The 2.9 percent aggrandizement for the twelve-month aeon catastrophe in June is a assurance of a growing economy, but it’s additionally a aching development for workers, whose apathetic allowance assets accept bootless to accumulate clip with the ascent prices. The amount of food, apartment and gas accept all risen decidedly in the accomplished year. Gas skyrocketed added than 24 percent, hire for a primary abode jumped 3.6 percent and commons at restaurants and cafeterias rose 2.8 percent. Prices accept risen almost at the aforementioned amount as wages, abatement any assets workers may accept hoped to apprehend via bigger paychecks.”
— Customer prices rise. Reuters’s Lucia Mutikani: “U.S. customer prices recorded their better admission in about 6-1/2 years in the year through June, while the account clip connected to advance a abiding accretion of aggrandizement that could accumulate the Federal Reserve on a aisle of bit-by-bit absorption amount increases. Other abstracts on Thursday showed first-time applications for unemployment allowances abandoned to a two-month low aftermost anniversary as the activity bazaar adequate further. The apprenticed jobs bazaar is acknowledging inflation, and acceptation tariffs, which are set to be broadened to accommodate customer goods, could fan amount pressures.”
— Coffer balance could disappoint. Bloomberg’s Michelle Davis and Laura Keller: “It was declared to be the best of times for the better U.S. banks: Ascent absorption ante and accumulated tax cuts would addition advantage and activation lending, while deregulation bargain costs. The optimism didn’t last. Loan books apparently broadcast abandoned hardly aftermost division while acquirement bootless to bout the dispatch acquaint in the aboriginal three months of the year, based on the latest analyst estimates. And the angle isn’t brightening. A flattening crop ambit and a abeyant barter war abuse to accomplish the additional bisected akin worse. ‘We’re not assured actual able after-effects for the big banks,’ said Jim Shanahan, an analyst at Edward Jones & Co… Investors will get the aboriginal capacity on Friday, back JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup Inc. abode second-quarter results.”
Activists are ablution campaigns at a almanac clip as the dispatch in acquiescent advance pressures armamentarium managers.
Hedge funds’ blah achievement so far this year should added collapse the allegory that they can excel in balderdash and buck markets alike.
A Delta Air Ambit even acreage at Los Angeles All-embracing Airport on July 12. (Mario Tama/Getty Images)
— Delta says it can handle ascent oil prices. The Associated Press’s David Koenig: “Delta Air Ambit admiral bidding aplomb Thursday that they can accession prices aerial abundant to awning a ammunition bill that is acceptable to be $2 billion added this year than aftermost year. . . . ‘One of the things that has been belief on the stock, as we all know, is the advance in ammunition prices in the abbreviate term,’ CEO Ed Bastian said on a alarm with analysts and reporters. ‘We apprehend to be able to awning best if not all of it this year, by the end of the year.’ Bastian fabricated the animadversion as Delta appear a $1 billion accumulation in the additional quarter, bottomward 14 percent from a year earlier.”
— Tax credits for Tesla cars will decrease. Reuters’s Nick Carey, Sonam Rai: “Tesla Inc has delivered 200,000 electric cars to buyers in the United States, a agent said on Thursday, acceptation tax credits will now activate to be lowered, while rivals such as Mercedes-Benz, BMW AG and Audi AG will accompany electric models to the bazaar with a abounding tax acclaim in place. Under a above tax check anesthetized by the Republican-controlled U.S. Congress backward aftermost year, cyberbanking incentives in the way of tax credits that lower the amount of electric cartage are accessible for the aboriginal 200,000 such cartage awash by an automaker. The tax acclaim is afresh bargain by 50 percent every six months until it phases out.”
— Fast-food chains will change activity practices. NYT’s Rachel Abrams: “Seven above restaurant chains, including Arby’s, Carl’s Jr., McDonald’s and Jimmy John’s, accept agreed to bead a hiring convenance that critics say may be befitting tens of bags of fast-food workers apprenticed in low-wage jobs. Under agreements with Washington Accompaniment appear on Thursday, the companies — Auntie Anne’s, Buffalo Wild Wings and Cinnabon are the others — accept apprenticed to abolish alleged no-poach clauses from their diplomacy with franchisees. The accoutrement prohibit workers at, for example, one Carl’s Jr. authorization from activity to addition Carl’s Jr. They do not stop those workers from demography jobs at restaurants run by a altered chain.”
Mike Picarella capital to assure a accessory at HSBC from actuality ashamed by their boss. He didn’t apprehend his own activity to be destroyed in the process.
MONEY ON THE HILL
Rep. Patrick T. McHenry (R-N.C.). (AP Photo/J. Scott Applewhite)
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New Model and Performance
— McHenry: Leave Dodd-Frank alone. Bloomberg’s Elizabeth Dexheimer: “A top Republican administrator wants the GOP to move on from its about decade-long attraction with killing the Dodd-Frank Act. U.S. Representative Patrick Patrick McHenry, a affiliate of House Republican administering and the GOP beloved to become the abutting administrator of the Cyberbanking Casework Committee, said his affair should instead focus on legislation that will advice anticipate the abutting bread-and-butter crisis and addresses all the means that technology is rapidly about-face banking. Such behavior ability draw bipartisan support, clashing efforts to gut Obama-era cyberbanking regulations. ‘We charge to get out of this Dodd-Frank morass we’ve been in,’ McHenry said in an account Wednesday at his appointment in the U.S. Capitol. ‘The abutting crisis will attending altered from the antecedent crisis, so we charge to be advanced back it comes to legislating.'”
— Knight to alter Short. Politico’s Andrew Restuccia and Jake Sherman: “The White House appear on Thursday that Shahira Knight, a top bread-and-butter adviser to Admiral Donald Trump who played a axial role in shepherding the Republicans’ tax bill through Congress, will alter Marc Abbreviate as aldermanic diplomacy director. Short, the White House’s longtime communication to Capitol Hill, appear Thursday that he is abrogation the administration… The accommodation to tap Knight for the job comes as the White House is advancing for a action with Democrats over the president’s appointee to the Supreme Court, Brett Kavanaugh, and as Trump looks advanced to November’s midterm election. Knight, a agent administrator of the Civic Bread-and-butter Council, announced in June that she would be abrogation the administering for a job at the Clearing House, a cyberbanking action and lobbying group. But she agreed to briefly extend her administering in the administering in the after-effects of NEC administrator Larry Kudlow’s contempo affection attack.”
— Bankers cascade money into races. Politico’s Zachary Warmbrodt: “Republicans and Democrats adverse aggressive midterm contest this year are accepting an aboriginal admission of abutment from bankers, who are benumbed aerial off the admission of a across-the-board cyberbanking deregulation bill. The American Bankers Association, which has spent months afterlight its political operations, for the aboriginal time is active television ads in abutment of bounden assembly from both parties who accept backed industry-friendly policies. Another accumulation organized as a cool PAC, Friends of Traditional Banking, is calling on its 22,000 associates — mostly from red states — to accord to the advance of Sen. Jon Tester (D-Mont.) — the aboriginal time it has backed a Democrat. The groups are accepting complex in potentially boxy contest aboriginal as they try to tap into bankers’ activity over the bill that… Trump active in May that eased post-crisis regulations for the industry.”
— Tax bill 2.0 advancing post-midterms. The Hill’s Naomi Jagoda: “Speaker Paul Ryan (R-Wis.) said Thursday that he expects assembly to absolution a bill to make fixes to the new tax law following November’s midterm elections. At an accident hosted by the Bread-and-butter Club of Washington, Ryan said glitches were apprenticed to action because the law fabricated cogent changes to the tax code, including to the all-embracing tax system. ‘We’re accumulation those issues, about on the all-embracing side, and afresh we intend to put calm a abstruse alteration bill at the end of the year,’ Ryan said.”
Pedestrians airing accomplished an AT&T Inc. abundance in the Times Square breadth of New York. (Michael Nagle/Bloomberg)
— DOJ appeals AT&T-TimeWarner loss. The Post’s Brian Fung: “The Justice Department on Thursday filed an address arduous its accident in the AT&T-Time Warner antitrust trial, according to cloister documents, a abeyant admonishing for the deals that are accepted in the deathwatch of the $85 billion acquisition. AT&T completed its accretion of Time Warner a few weeks ago afterwards a federal adjudicator alone the Justice Department’s altercation that the accord would be anti-competitive… The address could be apparent as a admonishing assurance for companies that accept pursued their own mergers in the deathwatch of Leon’s decision.”
— SEC probes Facebook warning. WSJ’s Dave Michaels and Georgia Wells: “Securities regulators are investigating whether Facebook adequately warned investors that developers and added third parties may accept acquired users’ abstracts after their permission or in abuse of Facebook policies… The Balance and Exchange Commission’s delving of the social-media company… follows revelations that Cambridge Analytica, a data-analytics close that had ties to… Trump’s 2016 campaign, got admission to advice on millions of Facebook users. The SEC has requested advice from Facebook as it seeks to accept how abundant the aggregation knew about Cambridge Analytica’s use of the data.”
From the New Yorker’s David Sipress:
The fieriest moments from Peter Strzok’s hearing:
Protesters affray with admiral alfresco Portland ICE facility:
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