In what might suggest a thaw in trade relations, the Chinese government has given new waivers for tariff-free soybean purchases from the United States. Distinct Logistics reports: The Chinese government has given new waivers to several domestic state and private companies to buy U.S. soybeans without being subject to retaliatory tariffs, according to people familiar with the situation. The companies received tariff waivers for between 2 million to 3 million tons of American soy, said the people, who asked not to be identified as the information is private. Some firms have already bought at … [Read more...]
Tech Slowdown? Will Chip Sales Improve?
Weakness is chip sales has South Korean producers worried and may portend weakness in the tech industry overall. Bloomberg's Sam Kim reports: South Korea’s flagging chip sales are set to send exports for a tenth monthly slide, dashing hopes of a near-term rebound in global tech demand. Exports during the first 20 days of September tumbled 22% from a year earlier, data from the Korea Customs Service showed Monday. Shipments to China, South Korea’s biggest trading partner, plunged 30%. Tech products showed a mixed performance -- semiconductor sales plummeted 40%, while those for mobile … [Read more...]
Chinese Millennials Spend Big on Luxury, but Americans Are too Poor to Keep Up
Luxury goods companies have found steady demand from young Chinese consumers, flush with cash and ready to spend. Meanwhile, American Millennials can't keep up with their Chinese counterparts for a variety of reasons. Carol Ryan explains at The Wall Street Journal: Luxury brands have done a great job of attracting young Chinese shoppers. Cash-strapped U.S. millennials will be a tougher sell. Chinese spending on Gucci handbags, Burberry trench coats and the like has been surprisingly resilient despite the country’s weakening economy. That has buoyed the stock-market valuations of listed … [Read more...]
Is an Interim China Deal in Play?
Bloomberg's Jenny Leonard and Shawn Donnan report that officials from the Trump administration have discussed a limited trade agreement with China. The agreement could delay or roll back some tariffs in exchange for Chinese concessions on intellectual property and agricultural purchases. They write: Some of President Donald Trump’s top trade advisers in recent days have discussed the plan in preparation for two rounds of face-to-face negotiations with Chinese officials in Washington, due to take place in coming weeks, the people said. The discussions are preliminary and Trump has yet to … [Read more...]
Immigration Powering Canada’s Economy
High rates of population growth have helped Canada turn in an impressive GDP growth rate of 3.7% in the second quarter. Paul Vieira and Kim Mackrael report for the Wall Street Journal: BMO Capital Markets economist Doug Porter said one of the reasons Canada’s jobs market has been strong is the country’s growing population. The Canadian population expanded by more than 500,000 in 2018, largely because of immigration. Last year’s 1.4% increase was by far the fastest pace among the Group of Seven nations. While that helps explain Canada’s strong jobs data, Mr. Porter says, it “does not … [Read more...]
The Developed World Concedes Trump’s Points on China
The negative aspects of China's business policies don't only affect companies from the United States, they affect all foreign-owned businesses operating in China, and even those that don't. So despite the hue and cry that the trade war led by the president of the United States would break the global system, many developed democracies have seen fit to mimic Trump's stance toward China. Canada, Japan, Australia, and somewhat reluctantly Germany have become more aggressive in their trade relations with China. Bloomberg reports: With governments from Japan to Canada and Australia taking a harder … [Read more...]
Voice Spoofing: Now Criminals Can Deepfake Your Voice
Is that your boss on the phone telling you to wire money to a suppliers' account? Is that really your mom on the phone telling you she's stuck in Paris and needs money for a flight home? Is that really your client asking you to transfer money from one of her accounts to another? The answer could be no. Criminals have successfully used AI technology to fake an executive's voice, using the fake to direct a subordinate to send the criminals money. Catherine Stupp reports: Criminals used artificial intelligence-based software to impersonate a chief executive’s voice and demand a fraudulent … [Read more...]
Happy Labor Day!
Trade Peace? China Wants a Deal, Won’t Yet Retaliate
China wants to deescalate the current trade war with the United States and is looking for ways to do so. China's economy is slowing and the Chinese may be looking for a new strategy. Bloomberg reports: China indicated that it wouldn’t immediately retaliate against the latest U.S. tariff increase announced by President Donald Trump last week, emphasizing the need to discuss ways to deescalate the trade war between the world’s two largest economies. “China has ample means for retaliation, but thinks the question that should be discussed now is about removing the new tariffs to prevent … [Read more...]
U.S. Japan Trade Deal Said to be Great for Corn Farmers
While over twenty Democratic candidates travel Iowa, eating corn dogs and delivering stump speeches to voters, President Trump has used the power of incumbency to do something none of them is capable of. Trump has inked an in-principle trade deal with Japan in which all of America's corn surplus would be bought up. The Wall Street Journal reports: President Trump said Sunday the U.S. and Japan had reached a trade deal “in principle” that would pave the way for more U.S. farm exports to Japan, while dropping the threat of increased U.S. tariffs on Japanese cars. “We’ve been working on a … [Read more...]
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