Category: Economy

China Cuts U.S. Treasury Holdings as Trade War Intensifies

China Cuts U.S. Treasury Holdings as Trade War Intensifies

bloomberg.com
Note that Russia has also been minimizing US Treasury holdings.

‘China’s holdings of U.S. Treasuries fell to a six-month low in July, just as a trade war between the world’s two largest economies began heating up.

China’s ownership of U.S. bonds, bills and notes slipped to $1.17 trillion, the lowest level since January and down from $1.18 trillion in June, according to data released by the Treasury Department on Tuesday. Japan, the largest foreign investor in Treasuries after China, increased its holdings, as did Saudi Arabia, Taiwan, Singapore and France.’

China hits back at Trump with tariffs on $60 billion of US goods

China hits back at Trump with tariffs on $60 billion of US goods

businessinsider.com
‘China has hit back at the US with a fresh series of tariffs less than 24 hours after President Donald Trump announced tariffs on $200 billion worth of Chinese goods.

The Chinese Ministry of Commerce on Tuesday that it would levy tariffs of between 5% and 10% on $60 billion of new US goods being imported into China, with 5,207 individual products impacted. They will take effect from September 24.’

US hits China with biggest tariffs yet

US hits China with biggest tariffs yet

bbc.com
‘The US is imposing new tariffs on $200bn (£150bn) of Chinese goods as it escalates its trade war with Beijing.

These will apply to almost 6,000 items, marking the biggest round of US tariffs so far.

Handbags, rice and textiles will be included, but some items expected to be targeted such as smart watches and high chairs have been excluded.

The Chinese commerce ministry said it had no choice but to retaliate but is yet to detail what action it will take.’

Trump adviser eyes entitlement cuts to plug U.S. budget gaps

Trump adviser eyes entitlement cuts to plug U.S. budget gaps

reuters.com
CBO: Tax cuts raise the deficit
EVERY ECONOMIST EXCEPT KUDLOW: Tax cuts raise the deficit
ACTUAL EXPERIENCE: Tax cuts raise the deficit
KUDLOW: We must cut entitlements to reduce the deficit

This is the majority of us Americans paying for the tax cuts to wealthy people and corporations. Don’t forget, they got permanent cuts while our measly cuts expire…

Billionaire Dan Gilbert has already bet $5.6 billion on Detroit’s future, but money can’t solve his biggest challenge

Billionaire Dan Gilbert has already bet $5.6 billion on Detroit’s future, but money can’t solve his biggest challenge

businessinsider.com
‘After my interview with Gilbert in May, as well as conversations over the past few months with people who work closely with him, local business owners and workers, the mayor, community activists, and experts on the city’s history, it became clear that finding a way to alleviate community tensions through outreach and investment is crucial to bringing financial success and stability to the people of Detroit. Because there’s never been a situation like this before in the US, Gilbert has had to consider societal aspects at a scale most business-people have never had to.’

Emails show RBS bankers joked about destroying the US housing market before 2008

Emails show RBS bankers joked about destroying the US housing market before 2008

businessinsider.com
I think a lot more ‘Financial Crisis’ information will be coming out in the next year or so. We may yet see someone go to jail.

‘Employees at the Royal Bank of Scotland (RBS) joked about crippling the U.S. housing market before the 2008 financial crisis, according to transcripts released by the Department of Justice (DOJ) last week.

According to DOJ transcripts, senior staff described loans they were trading as “total f–king garbage.” DOJ also found that the Sottish bank’s chief credit officer in the U.S. said the loans were “all disguised to, you know, look okay kind of … in a data file.”

The release of the email and call transcripts were part of a DOJ report, which resulted from a $4.9 billion settlement with RBS, Business Insider reported.’