DONALD TRUMP'S TRADE WAR WITHOUT FREE AND FAIR TRADE.6 - YEAR OLDS DON'T ACT LIKE TRUMP,TRUMP'S TRADE WAR WILL FAIL.TRUMP ABLE TO FILE FOR BANKRUPTCY ,HE HAS FILED CHAPTER 11 BANKRUPTCY FOR HIS COMPANIES SIX TIMES.A REPORT SAID.
September 4, 2018 at 11:04 am,
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US leader praises Xi Jinping’s power grab as Beijing fuels fears of a trade war.The ruling Communist party plans to abolish term limits on the Chinese presidency, paving the way for President Xi to extend his authoritarian rule for at least another decade.
Trump set to turn all trade war fire on China after US deal with EU to suspend tariffs. America-First negotiating tactics may produce a new agreement on NAFTA , but history suggests he could be creating bad blood against the U.S. for years or longer.Next there is the future of Nafta. Canada and Mexico are caught up in the steel and aluminium tariff row, but there is a bigger game here. That is whether the North American continent can continue on the march towards a free trade zone. Nafta is by no means perfect, and there are all sorts of minor barriers to open trade. But it is a base from which you can negotiate. The US is the dominant partner in these negotiations and so does not need to throw its weight about. But it also needs a friend to the north and a friend to the south, along undefended borders. Does the president know this? Or is the drama of beating up your friends more attractive?Third, there is the long-term relationship with China. Negotiations are taking place in Beijing right now, but I am not particularly troubled by what will come out of these. Numbers matter more than words. So by how much does China’s trade surplus with the US, currently running at more than $350bn a year, come down? Does China really open up its industries to foreign ownership? The present outlook is for China to seek to cut its surplus, perhaps to $200bn a year, and that is a start. But opening up to the world is the bigger long-term issue. Clues about that are really interesting.Economists tell us the effects of the tariffs, while imprecise so far, are not pretty. Here’s a basic rundown.For workers in America’s heartland, the good news of savings from President Donald Trump’s tax cuts is getting overshadowed by concern over his disruptive trade policies.Tariffs are taxes on certain imports from another country paid by a country’s own population. They raise prices for manufacturers, which are passed onto customers, or for customers directly.When manufacturing costs up, manufacturers have to either adjust to the higher cost or find something to replace the imported good. Sometimes the replacement might create jobs domestically, but imports are not always easily switchable, like steel.With higher prices, demand goes down, and so on the retail end, jobs suffer. However, experts said jobs are the last in a series of cost-reductions that firms will take in reaction to tariffs.Other countries retaliate to U.S. tariffs by putting tariffs on U.S. goods sold in their own countries, like China’s tariff on U.S. soybeans. China still has to get soybeans from somewhere, and so far their eyes are set on Brazil. As a consequence, U.S. producers lose valuable customers they may not regain, and must drive prices down to compete with the foreign goods.The effect is lower prices and lower export levels, but some of these effects are only now starting to show. In anticipation of the tariffs, the agricultural industry pushed out more exports than usual, which postponed the price effects for months.It’s because they were doing all this advanced preparation to get around all the harm that would be coming later. So it’s going to be in the last half of the year that tariffs start showing up in producer and eventually consumer prices.Besides producer and consumer prices, the effects can be seen in the fiscal policy of the central bank. While the Fed’s interest rate hike in June cannot be attributed only to tariffs, they play a role, as tariffs accelerate inflation, which higher interest rates aim to fix. Those, in turn, trigger higher borrowing rates for consumers.Stock prices and investment are two other key indicators of the impacts of tariffs. The stock market following second quarter earning reports are a good place to look.Companies are reporting they are taking hits, and that is affecting stock prices.Even though it hasn’t shown a bad impact, it could going forward, depending on how much reports impact stock prices.
Different views of G7 meeting paint a tense picture of Prime Minister Justin Trudeau, British Prime Minister Theresa May, French President Emmanuel Macron, German Chancellor Angela Merkel, and U.S. President Donald Trump discuss the joint statement following a breakfast meeting at the G7 summit in La Malbaie, Que. on June 9, 2018.
Trump is ready to take the trade war with China to the next level.Asia must take a stand in dealing with Trump's trade war.Wait-and-see strategies to Trump's trade war are no longer viable. It's time for a strategic response from the region that has more stake in the global system than any part of the world.The multilateral rules-based trade regime is under assault and the liberal economic order that has underpinned trade growth and global prosperity is under threat from its chief architect, the United States.At the same time, the Trump administration seems to be doing its level best to run a competition calculated from the starting gate to lose the race, or the war, whichever it turns out to be. The US president’s latest effort was to threaten a rise in tariffs on US$200 billion worth of Chinese goods from 10 per cent to 25 per cent.Within 24 hours, China quickly reciprocated with a list of 5,207 American products, worth US$60 billion, on which it pledged to exact new tariffs ranging from 5 to 25 per cent if Trump implements his threats.The erosion of American manufacturing became a hot-button issue during the 2016 election. And for good reason. Total employment in manufacturing has fallen by 25 percent since 2001, putting about 4.5 million workers out of a job.Members of both parties now agree that free trade is largely to blame for this decline. Off-shoring and “bad” trade deals are cited as evidence that trade no longer serves America’s interests.The Trump administration’s solution is tariffs. In recent months, entry barriers have been erected, first to protect solar panels and washing machines in January and then steel and aluminum in March.Although he’s fighting these trade battles with many partners, including Canada and Europe, most of Trump’s attention is directed toward China. He claims that China manipulates its currency, fails to protect intellectual property and stunts economic innovation. Sweeping tariffs beginning with a 25 percent increase on $34 billion of Chinese imports – are an attempt to combat those issues.After months of warnings and threats and failed negotiations with China, United States officials have started collecting tariffs on $34 billion worth of Chinese goods. In response, Beijing has said that it will retaliate with levies on American pork, soybeans, and cars. In response to that response, Trump has promised to re-retaliate by applying tariffs to more than $200 billion worth of goods from China if Beijing follows through.It’s important to state that American and European companies have real gripes with China, which has spied on foreign companies and forced Western tech firms to hand over patented technology as a condition for selling into the Chinese market. Pressuring China to change course will take a coordinated global effort, a careful construction of alliances around the world, and a cautious approach to nudging China toward lowering its barriers to entry.Chinese state media kept up their criticism of U.S. President Donald Trump’s trade policies, with a newspaper on Tuesday describing as “wishful thinking” Trump’s belief that a fall in Chinese stocks was a sign of his winning the trade war.As the world’s two biggest economies remained locked in a heated tariff dispute, Beijing and Washington have kept up a blistering rhetoric with threats and counter-threats of more punitive trade measures.The editorial in the official China Daily underscored an increasingly aggressive stance adopted by Chinese state media against Trump, a shift from their previous approach of tempering any direct criticism against the U.S. president.The overseas edition of the Communist Party’s People’s Daily newspaper singled out Trump, saying he was starring in his own “street fighter-style deceitful drama of extortion and intimidation.”China proposed retaliatory tariffs on $60 billion worth of U.S. goods ranging from liquefied natural gas (LNG) to some aircraft on Friday, following the Trump administration’s plan for a higher 25 percent tariff on $200 billion worth of Chinese imports.
After a meeting at the White House between U.S. President Donald Trump and EU Commission President Jean-Claude Juncker, the two leaders declared a temporary truce to escalating trade tensions and agreed to begin negotiations to eliminate tariffs and subsidies on everything but cars. Juncker also agreed to buy billions of dollars more in U.S. soybeans and natural gas.Since to some it seems like the U.S. got more than it gave in this tentative deal, it’s a good time to ask: Is Trump winning the trade war he began with Europe? Let’s say it’s halftime and the U.S. and EU are tied at 1-1. Who wins will depend most on the strategy each team works out in the locker room and how well it’s executed in the second half.Perhaps Trump thinks that because he can impose tariffs on more goods than the Europeans, the U.S. will win the game. He may also believe that his threat of steep tariffs on cars will compel Germany to force the EU to capitulate because Chancellor Angela Merkel won’t want to hurt her export-oriented auto industry.But your favorite french fry condiment isn’t the only target. The retaliation list reportedly includes duties worth over 18 billion euro ($21.07 billion), on items such as frozen fish, raisins, suitcases, and adhesive bandages.These tariffs will only be implemented should Trump decide to go ahead with placing duties on EU cars and car parts. Europe imported American cars worth €77 billion ($90.13 billion) in 2016, while the U.S. imported €254 billion ($296.12) in cars from Europe.A big advantage enjoyed by the U,S. is that it is able to make decisions quickly since there's only one American president, while the EU has 28 leaders who all must agree to major decisions.In addition, the U.S. runs a trade deficit with the EU, which means Americans buy more stuff from the Europeans than vice versa. Armed with these advantages, Trump's strategy seems to be to use the threat of tariffs to create uncertainty, sow dissension within the EU, and extract concessions.Perhaps Trump thinks that because he can impose tariffs on more goods than the Europeans, the U.S. will win the game. He may also believe that his threat of steep tariffs on cars will compel Germany to force the EU to capitulate because Chancellor Angela Merkel won't want to hurt her export-oriented auto industry.While Trump somewhat effectively employed this strategy with South Korea, it may not work with the EU.Not surprisingly, the option to pay back the US in kind is gaining traction and may well become reality. If so, a full-blown trade war could be inevitable. This is offset by the fact that an escalation of the trade war between the EU and the US was prevented last week. Yet this is merely a temporary ‘truce’; many analysts doubt if the negotiations concerning lower trade barriers – which would be a definite solution – between the European block and the United States will be successful. Plus, a relaxed relationship between both major players could give Trump 'carte blanche' to target China.
Trump and Jean-Claude Juncker agree deal to stave off trade war .Wall Street was boosted by the deal with the S&P 500 closing at its highest level since January 29, while MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent.
Trump has filed Chapter 11 bankruptcy for his companies six times. Three of the casino bankruptcies came during the recession of the early 1990s and the Gulf War, both of which contributed to hard times in Atlantic City, New Jersey's gambling facilities. He also entered a Manhattan hotel and two casino holding companies into bankruptcy. By allowing the business to continue, employees still have their jobs and the business is still making money. Corporate debts still need to be repaid but they may be reduced. The corporation must develop a repayment plan and corporate budget. Both must be approved by the creditors and by the bankruptcy court.he has also led some of his companies into bankruptcy, maneuvers he says were designed to restructure their massive debt.Critics have cited the Trump corporate bankruptcies as examples of his recklessness and inability to manage, but the real-estate developer, casino operator and former reality-television star says his use of federal law to protect his interests illustrates his sharp business acumen.Trump has filed Chapter 11 bankruptcy for his companies six times. Three of the casino bankruptcies came during the recession of the early 1990s and the Gulf War, both of which contributed to hard times in Atlantic City, New Jersey's gambling facilities. He also entered a Manhattan hotel and two casino holding companies into bankruptcy.Chapter 11 bankruptcy allows companies to restructure or wipe away much of their debt to other companies, creditors, and shareholders while remaining in business but under the supervision of a bankruptcy court. Chapter 11 is often called "reorganization" because it allows the business to emerge from the process more efficient and on good terms with its creditors.Trump opened the $1.2 billion Taj Mahal Casino Resort in Atlantic City in April 1990. One year later, in the summer of 1991, it sought Chapter 11 bankruptcy protection because it was unable to generate enough gambling revenue to cover the massive costs of building the facility, particularly amid a recession.Trump was forced to relinquish half of his ownership in the casino and sell off his yacht and his airline. The bondholders were awarded lower interest payments.Trump's Taj Mahal was described as the eighth wonder of the world and the largest casino in the world. The casino covered 4.2 million square feet on 17 acres of land. Its operations were said to have cannibalized the revenue of Trump's Plaza and Castle casinos.The Castle Hotel & Casino entered bankruptcy in March 1992 and had the most difficulty of Trump's Atlantic City properties in covering its operational costs. The Trump Organization relinquished half of its holdings in the Castle to the bondholders. Trump opened the Castle in 1985. The casino remains in operation under new ownership and a new name, the Golden Nugget.The Plaza Casino was one of two Trump casinos in Atlantic City to enter bankruptcy in March 1992. The other was the Castle Hotel & Casino. The 39-story, 612-room Plaza opened on the Atlantic City boardwalk in May 1984 after Trump struck a deal to build the casino with Harrah’s Entertainment. Trump Plaza closed in September 2014, putting more than 1,000 people out of work.Trump's Plaza Hotel was more than $550 million in debt when it entered Chapter 11 bankruptcy in 1992. Trump gave up a 49 percent stake in the company to lenders, as well as his salary and his day-to-day role in its operations.The hotel, overlooking Central Park in Manhattan from its location on Fifth Avenue, entered bankruptcy because it could not pay its annual debt service payments. Trump bought the hotel for about $407 million in 1988. He later sold a controlling stake in the property, which remains in operationTrump Hotels & Casino Resorts, a holding company for Trump's three casinos, entered Chapter 11 in November 2004 as part of a deal with bondholders to restructure $1.8 billion of debt.Earlier that year, the holding company posted a first quarter loss of $48 million, double its losses for the same quarter the previous year. The company said its gambling take was down nearly $11 million across all three casinos.The holding company emerged from bankruptcy less than a year later, in May 2005, with a new name: Trump Entertainment Resorts Inc. The Chapter 11 restructuring reduced the company's debt by about $600 million and cut interest payments by $102 million annually. Trump relinquished the majority control to bondholders and gave up his title of chief executive officer, according to The Press of Atlantic City newspaper. . Trump Entertainment Resorts, the casino holding company, entered Chapter 11 in February 2009 amid The Great Recession. Atlantic City casinos were also hurting, according to published reports, because of new competition from across the state line in Pennsylvania, where slot machines had come online and were drawing gamblers.The holding company emerged from bankruptcy less than a year later, in May 2005, with a new name: Trump Entertainment Resorts Inc. The Chapter 11 restructuring reduced the company's debt by about $600 million and cut interest payments by $102 million annually.
The Hard Rock Hotel & Casino Atlantic City (formerly Trump Taj Mahal) is a casino and hotel on the Boardwalk, owned by Hard Rock International, in Atlantic City, New Jersey, United States.The casino, originally known as the Trump Taj Mahal, was inaugurated by its then-owner Donald Trump in 1990.