DOCSLIB.ORG

On Monday Wall Street Bounced Back After Multi-Day Sell-Off with Tech Stocks Back in Favor

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
On Monday Wall Street Bounced Back After Multi-Day Sell-Off with Tech Stocks Back in Favor MARKET RECAP at 4 pm ET Coming Up - On Monday Wall Street bounced back after multi-day sell-off with tech stocks back in favor. The China's largest trade fair “The Canton dollar and Treasury yields edged higher Fair” begins on Monday and extends till as equities recovered, while gold prices November 4. It gets underway in dipped. Crude ended higher, following the Guangzhou amid heightened tensions as stock markets, after earlier falling in a Washington and Beijing face off in a trade volatile session on weakening demand war that threatens exporters in the world's outlook. second-largest economy. REUTERS/Fred Prouser Italy's budget standoff with Brussels will STOCKS Close Chng %Chng Yr-high Yr-low come to a head on Monday when the DJIA 25339.99 287.16 1.15 26951.81 22821.13 Bank of America Corp. reports third cabinet submits its 2019 budget. Already, Nasdaq 7496.89 167.83 2.29 8133.30 6630.67 quarter earnings. Investors will be looking Italy's combative budget plan -- which S&P 500 2767.13 38.76 1.42 2940.91 2532.69 for an update on the bank's strategic proposes running budget deficits far Toronto 15414.29 97.16 0.63 16586.46 14785.78 plan. After the bank reached prior cost higher than previously agreed with the EU FTSE 6995.91 -11.02 -0.16 7903.50 6866.94 cutting and efficiency targets, -- has driven government bond yields to Eurofirst 1410.10 -3.55 -0.25 1587.95 1412.10 stakeholders want management to their highest in four years. The extent to Nikkei 22694.66 103.80 0.46 24448.07 20347.49 articulate new goals. Charles Schwab is which the anti-establishment government Hang Seng 25801.49 535.12 2.12 33484.08 25125.22 also scheduled to report its third quarter in Rome tests EU authorities' patience will results. further affect bond spreads, particularly TREASURIES Yield Price with ratings reviews from Moody's and S&P 10-year 3.1632 -9 /32 U.S. retail sales are expected to record a Global due later this month. Not that the 2-year 2.8570 -1 /32 gain of 0.6 percent in September. Sales saga ends on Monday. The EU then has a 5-year 3.0166 -4 /32 for August edged up 0.1 percent, the week to identify any "serious non- 30-year 3.3355 -18 /32 smallest rise since February. Excluding compliance" and two weeks to decide if it automobiles, gasoline, building materials will reject the budget altogether. FOREX Last % Chng and food services, retail sales are forecast, Euro/Dollar 1.1556 -0.32 rising 0.3 percent last month after a rise LIVECHAT- GLOBAL ASSETS OUTLOOK Dollar/Yen 112.23 0.06 of 0.1 percent in August. In a separate U.S. portfolio manager and financial Sterling/Dollar 1.3151 -0.62 report, the U.S. Commerce Department is blogger David Merkel takes questions on Dollar/CAD 1.3030 0.02 likely to show business inventories rising asset values, relative risks and TR/HKEX RMB 92.79 -0.04 0.5 percent in August, after gaining 0.6 opportunities, and macroeconomic trends. percent in July. (0900 ET/1300 GMT) To join the Global COMMODITIES ($) Price Chng % chng Markets Forum, click here Front Month Crude /barrel 71.57 0.60 0.85 Spot gold (NY/oz) 1218.09 -5.64 -0.46 Copper U.S. (front month/lb) 0.0281 0.0001 0.43 Reuters/CRB Index Total Return 204.05 1.36 0.67 KEY ECONOMIC EVENTS S&P 500 Price $ Chng % Chng Events ET Poll Prior GAINERS New York Fed Manufacturing for Oct 0830 19.00 19.00 Netflix Inc 339.56 18.46 5.75 Retail sales ex-autos mm for Sep 0830 0.4 pct 0.3 pct Autodesk Inc 138.18 7.29 5.57 Retail sales mm for Sep 0830 0.6 pct 0.1 pct Take-Two Interactive Software Inc 129.05 6.79 5.55 Intuit Inc 211.82 11.13 5.55 Retail ex gas/autos for Sep 0830 -- 0.2 pct LOSERS Retail control for Sep 0830 0.3 pct 0.1 pct PNC Financial Services Group Inc 124.26 -7.35 -5.58 Retail sales YoY for Sep 0830 -- 6.64 pct Freeport-McMoRan Inc 12.74 -0.44 -3.34 General Electric Co 12.32 -0.40 -3.14 Business inventories mm for Aug 1000 0.5 pct 0.6 pct KeyCorp 18.65 -0.59 -3.07 Retail inventories Ex-Auto Rev for Aug 1000 -- 0.1 pct 1 Coming Up - Week Ahead competition and updates on newer Federal Reserve Board Governor Lael REUTERS/Brendan McDermid products. UnitedHealth Group Inc will Brainard speaks on "Fintech and Financial report third quarter earnings on the same Inclusion" before the "Fintech, Financial day. The insurer is likely to benefit from Inclusion - and the Potential to Transform cost control as well as its Optum pharmacy Financial Services" conference sponsored benefit management business. by the Federal Reserve Bank of Boston and International Business Machines Corp, the Aspen Institute on Wednesday. which had warned of headwinds in the Federal Reserve Vice Chairman for second half of the year from a strong Supervision Randal Quarles speaks on the dollar, is expected to report a dip in their economic outlook before an Economic third-quarter revenue on the day. Profit is Club of New York luncheon on Thursday. Goldman Sachs Group will report results expected to rise as the firm curtails costs. Federal Reserve Bank of Atlanta President from its third quarter on Tuesday under the Analysts will also be looking for stabilizing Raphael Bostic participates in armchair leadership of Lloyd Blankfein, whose margins as IBM nears a year since its discussion on the economic outlook on tenure as CEO was slated to end on "turnaround" - brought on largely from a Friday. On the same day, Federal Reserve September 30. The conference call with shift in focus to newer businesses like Bank of Dallas President Robert Kaplan analysts will give incoming CEO David cybersecurity, analytics, mobile and cloud. speaks before Manhattan Institute event, Solomon an opportunity to begin publicly Procter & Gamble Co is expected to post a "10 Years After the Crisis: the State of making his mark on the company, or chose fall in first-quarter sales on Friday, hurt by Monetary and Fiscal Policy". to leave all the talking to his chief financial lower pricing and weak demand for its officer. On the same day, Morgan Stanley baby, feminine and family care products. Honeywell International Inc is expected reports third-quarter results. Trading Investors will watch for signs of to report higher profit and revenue for the revenue at the bank will tell if increased improvement in the company's gross third quarter on Friday, as commercial jet volatility can sustain growth, or if margins which has been under pressure orders boom amid strong demand for air geopolitical concerns are tempering from rising freight and commodity costs travel. Investors will look for comments on volume. U.S. Bancorp is expected to and lower pricing. potential impact from trade tariffs and report higher third-quarter profit on how they could affect the company's Wednesday, helped mostly by an increase Next week, the Federal Reserve will financial performance in 2019. in net interest income on higher interest release industrial production data on rates. Investors will also look out for Tuesday. According to a Reuters survey of Schlumberger N.V. is expected to post a commentary on its loan portfolio and economists, production likely rose 0.2 rise in their third-quarter profit on Friday, performance of its fee-based businesses. percent in September, lower than its as $80 oil accelerates growth in its On Thursday, Bank of New York Mellon August reading, when it increased 0.4 international business. Investors will look Corp’s third-quarter earnings are expected percent. NAHB Housing Market Index is out for any updates on the company's to rise on the back of lower corporate tax also due on Tuesday. On Wednesday, strategy to compete in global energy rates and rising interest rates. Investors housing starts are forecast to have markets and commentary on oil supply will be watching out for the income fees decreased to a seasonally adjusted annual bottlenecks in the prolific Permian basin. the bank has generated in the quarter that rate of 1.221 million units in September saw the effects of rising tensions between from 1.282 million units in the month REUTERS/Lucy Nicholson U.S. and China over trade. before. Permits to build single-family homes is expected to have increased last A raft of Dow 30 companies will report month to a pace of 1.278 million units, next week, including Johnson & Johnson, from 1.249 million units in August. On UnitedHealth Group Inc, Procter & Gamble Thursday, initial claims for state Company, IBM, Travelers Companies Inc unemployment benefitsare likely to have and American Express Co. Johnson & increased 1,000 to a seasonally adjusted Johnson is expected to report a higher 215,000 for the week ended Oct. 13. The third quarter profit on Tuesday, helped by National Association of Realtors will report sales of its cancer and immunology drugs. existing home sales data for September Netflixis expected to post a rise in As one of the first major U.S. drugmakers on Friday. Home sales are forecast falling international subscribers in the third- to report results for the quarter, investors to a seasonally adjusted annual rate of quarter on Tuesday, as new seasons of will focus on comments about drug 5.30 million units last month, from a rate original shows such as "Orange is The New pricing, impact of generic drug of 5.34 million units in August.
Load more

Recommended publications
  • Agricultural Policy for the 21St Century
    CONTENTS Introduction 1 Major Agricultural Subsidy Programs 2 Crop Insurance 2 ARC 3 PLC 3 Damage to Taxpayers 3 Environmental Damage 5 Trade Distortions 5 Stalled Liberalization and Damage to Developing Countries 5 WTO Violations 6 Policy Recommendations 7 Eliminate tariffs and cut subsidies 7 Expand international trade 7 Conclusion 7 About the Author 7 and ranchers. A year later, the administration levied “nation- R STREET POLICY STUDY NO. 200 al security” tariffs on imported steel from virtually every July 2020 country in the world, including long-standing allies. Like- wise, the president began a two-year trade war with China over Beijing’s allegedly unfair and burdensome trade policy practices. The consequences of the president’s moves were entirely predictable as foreign retaliation fell heavily on AGRICULTURAL POLICY FOR American agriculture and exports fell.3 THE 21ST CENTURY In response, President Trump directed the United States Department of Agriculture (USDA) to provide about $28 By Clark Packard billion in additional aid to beleaguered American agricul- ture producers who saw their foreign market access erode due to retaliatory tariffs.4 As a result, the USDA dusted off a INTRODUCTION New Deal-era program, the Commodity Credit Corporation he United States is one of the largest agriculture pro- (CCC), to facilitate payments to farmers. Yet, recent research ducers in the world. In fact, agriculture is so abun- shows that certain politically favored farmers received pay- dant in the United States farmers and ranchers are ments well in excess of their actual losses.5 Likewise, much able to export about 20 percent of what they produce of the aid was directed to wealthy, well-connected corporate Tfor foreign consumption.1 Much of the nation’s dominance farms rather than small, needier ones.6 in international agriculture markets is due to technological advantages, but all is not well with American agricultural In January 2020, the United States and China signed a policy.
    [Show full text]
  • Trade: Trade and Investment Frameworks
    The G20 Research Group at Trinity College at the Munk School of Global Affairs and Public Policy in the University of Toronto presents the 2017 G20 Hamburg Summit Final Compliance Report 8 July 2017 to 30 October 2018 Prepared by Sophie Barnett, Hélène Emorine and the G20 Research Group, Toronto, and Irina Popova, Andrey Shelepov, Andrei Sakharov and Alexander Ignatov and the Center for International Institutions Research of the Russian Presidential AcadeMy of National EconoMy and Public AdMinistration, Moscow 29 November 2018 www.g20.utoronto.ca [email protected] “The University of Toronto … produced a detailed analysis to the extent of which each G20 country has met its commitments since the last summit … I think this is important; we come to these summits, we make these commitments, we say we are going to do these things and it is important that there is an organisation that checks up on who has done what.” — David Cameron, Prime Minister, United Kingdom, at the 2012 Los Cabos Summit Contents Preface ................................................................................................................................................................... 3 G20 Research Group Research Team ............................................................................................................. 4 G20 Research Group Lead Analysts ........................................................................................................... 4 G20 Research Group Analysts ....................................................................................................................
    [Show full text]
  • Assessing Trade Agendas in the US Presidential Campaign
    PIIE Briefi ng 16-6 Assessing Trade Agendas in the US Presidential Campaign Marcus Noland, Gary Clyde Hufbauer, Sherman Robinson, and Tyler Moran SEPTEMBER 2016 CONTENTS Preface 3 1 Could a President Trump Shackle Imports? 5 Gary Clyde Hufbauer 2 Impact of Clinton’s and Trump’s Trade Proposals 17 Marcus Noland, Sherman Robinson, and Tyler Moran 3 A Diminished Leadership Role for the United States 40 Marcus Noland Appendix A Disaggregation Methodology 45 © 2016 Peterson Institute for International Economics. All rights reserved. The Peterson Institute for International Economics is a private nonpartisan, nonprofit institution for rigorous, intellectually open, and indepth study and discussion of international economic policy. Its purpose is to identify and analyze important issues to make globalization beneficial and sustainable for the people of the United States and the world, and then to develop and communicate practical new approaches for dealing with them. Its work is funded by a highly diverse group of philanthropic foundations, private corporations, and interested individuals, as well as income on its capital fund. About 35 percent of the Institute’s resources in its latest fiscal year were provided by contributors from outside the United States. A list of all financial supporters for the preceding six years is posted at https://piie.com/sites/default/files/supporters.pdf. Preface International trade is a more prominent issue in this year’s presidential campaign than it has been in de- cades, if ever. Certainly, some of this attention is due to the combination of stagnating average incomes in the United States over the long term and the severe damage wrought by the American financial crisis of 2008–10.
    [Show full text]
  • Trump's Trade War Timeline: an Up-To-Date Guide
    TRADE & INVESTMENT POLICY WATCH BLOG Trump’s Trade War Timeline: An Up-to-Date Guide Chad P. Bown and Melina Kolb, Peterson Institute for International Economics Updated May 17, 2021 This post, originally published on April 19, 2018, will be updated as trade disputes with China and other countries evolve. In 2018, former President Donald Trump started a trade war with the world involving multiple battles with China as well as American allies. Each battle has used a particular US legal rationale, such as calling foreign imports a national security threat, followed by Trump imposing tariffs and/or quotas on imports. Subsequent retaliation by trading partners and the prospect of further escalation risked significantly hampering trade and investment, and possibly the global economy. President Joseph R. Biden Jr. must now determine whether to keep US tariffs and other trade barriers in place or adjust policies in the wake of changing conditions, as well as the COVID-19 pandemic. The timelines below track the development of the most pressing trade conflicts with links to the latest available data and PIIE analysis. TABLE OF CONTENTS BATTLE #1: Solar Panel and Washing Machine Imports Injure US Industries, page 2 BATTLE #2: Steel and Aluminum as National Security Threats, page 3 BATTLE #3: Unfair Trade Practices for Technology, Intellectual Property (IP), page 8 BATTLE #4: Autos as National Security Threat, page 15 BATTLE #5: Illegal Immigration from Mexico, page 16 BATTLE #6: Safeguarding US Semiconductor Supremacy, page 17 References, page 20 1750 Massachusetts Avenue, NW | Washington, DC 20036-1903 USA | +1.202.328.9000 | www.piie.com TRADE AND INVESTMENT POLICY WATCH BLOG BATTLE #1: SOLAR PANEL AND WASHING MACHINE IMPORTS INJURE US INDUSTRIES USITC Recommends Remedies October 31, 2017 The US International Trade Commission finds that imports of solar panels (October 31, 2017) and washing machines (November 21, 2017) have caused injury to the US solar panel and washing machine industries and recommends President Trump impose “global safeguard” restrictions.
    [Show full text]
  • Executive Summary • Since Taking Office, President Trump Has
    Executive Summary • Since taking office, President Trump has unilaterally imposed numerous new tariffs on steel, aluminum, and a variety of goods from China, creating upward pressure on prices in the United States. • Based on 2019 import levels, U.S. and retaliatory tariffs currently impact over $460 billion of imports and exports, and President Trump’s tariffs are increasing annual consumer costs by roughly $57 billion annually. • The tariffs are having a notable impact on trade levels, decreasing both imports and exports, which reduces consumers’ options and further increases prices in the United States. Introduction One of President Trump’s most prominent policy actions since taking office has been to raise tariffs, which significantly harm the U.S. economy. Trade barriers such as tariffs increase the cost of both consumer and producer goods and depress the economic benefits of competition, inhibiting economic growth. Research suggests that the president’s tariffs have been directly responsible for reducing both imports and exports, raising prices, and reducing national welfare. Research also suggests that the entire cost of the tariffs has been borne by U.S. importers.1 The president’s tariffs, when combined with corresponding retaliation, threaten over $460 billion of traded goods annually. The following analysis calculates the overall impact these tariffs could have on the prices of goods in the United States. The Economic Cost of Current Tariffs This analysis focuses exclusively on the impact of tariffs unilaterally imposed by the president. These include tariffs—either enacted or officially ordered—under Section 232 or Section 301. Section 232 allows the president to impose trade barriers if the Department of Commerce finds that imports threaten U.S.
    [Show full text]
  • Brazil: Background and U.S. Relations
    Brazil: Background and U.S. Relations Updated July 6, 2020 Congressional Research Service https://crsreports.congress.gov R46236 SUMMARY R46236 Brazil: Background and U.S. Relations July 6, 2020 Occupying almost half of South America, Brazil is the fifth-largest and fifth-most-populous country in the world. Given its size and tremendous natural resources, Brazil has long had the Peter J. Meyer potential to become a world power and periodically has been the focal point of U.S. policy in Specialist in Latin Latin America. Brazil’s rise to prominence has been hindered, however, by uneven economic American Affairs performance and political instability. After a period of strong economic growth and increased international influence during the first decade of the 21st century, Brazil has struggled with a series of domestic crises in recent years. Since 2014, the country has experienced a deep recession, record-high homicide rate, and massive corruption scandal. Those combined crises contributed to the controversial impeachment and removal from office of President Dilma Rousseff (2011-2016). They also discredited much of Brazil’s political class, paving the way for right-wing populist Jair Bolsonaro to win the presidency in October 2018. Since taking office in January 2019, President Jair Bolsonaro has begun to implement economic and regulatory reforms favored by international investors and Brazilian businesses and has proposed hard-line security policies intended to reduce crime and violence. Rather than building a broad-based coalition to advance his agenda, however, Bolsonaro has sought to keep the electorate polarized and his political base mobilized by taking socially conservative stands on cultural issues and verbally attacking perceived enemies, such as the press, nongovernmental organizations, and other branches of government.
    [Show full text]
  • Trump's False 'Realism'
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Embry-Riddle Aeronautical University International Bulletin of Political Psychology Volume 20 Issue 1 Article 2 1-13-2020 Trump’s False ‘Realism’ Muhammad Ali Baig National Defence University, Pakistan, [email protected] Syed Sabir Muhammad University of Peshawar, Pakistan, [email protected] Follow this and additional works at: https://commons.erau.edu/ibpp Part of the American Politics Commons, International Economics Commons, and the International Relations Commons Recommended Citation Baig, Muhammad Ali and Muhammad, Syed Sabir (2020) "Trump’s False ‘Realism’," International Bulletin of Political Psychology: Vol. 20 : Iss. 1 , Article 2. Available at: https://commons.erau.edu/ibpp/vol20/iss1/2 This Article is brought to you for free and open access by the Journals at Scholarly Commons. It has been accepted for inclusion in International Bulletin of Political Psychology by an authorized administrator of Scholarly Commons. For more information, please contact [email protected]. Baig and Muhammad: Trump’s False ‘Realism’ TRUMP’S FALSE ‘REALISM’ Muhammad Ali Baig* and Syed Sabir Muhammad** Abstract Foreign policy pivoted upon realist principles has have remained a vital instrument to pursue, achieve, secure and sustain the policy objectives of a state. America being the liberal hegemonic state maintained ‘liberal hegemony’ since the end of the Second World War. Realists intended to adopt a realist foreign policy; however, ideologies like ‘American Exceptionalism’ dominated over the former. President Donald Trump opted for protectionism with the objective of strengthening U.S. indigenous economy – a realist approach. Nevertheless, Trump’s foreign dealings in relation to America’s allies are causing damage to the established balance of power and the hard-earned trust of allies.
    [Show full text]
  • Trump Timeline (2015 - 2020)
    Trump Timeline (2015 - 2020) 2015 June 16 – TV’s Donald Trump announced his run for president, riding an escalator down in front of paid spectators. Trump said, “When Mexico sends its people, they're not sending their best. They're sending people that have lots of problems. They're bringing drugs. They're bringing crime. They're rapists. And some, I assume, are good people.” (WP | YouTube) October 28 – Trump signs a letter of intent (LOI) to construct a Trump-branded building in Moscow hours before the third Republican presidential debate. (LOI pdf | New Yorker | WP) November 24 – Trump mocked a reporter with a disability at a rally in South Carolina. New York Times reporter Serge Kovaleski has a chronic condition called arthrogryposis which affects the movement of his arms. (YouTube | Guardian) December 5 – A trumped up, doctored letter signed by Dr. Harold Bornstein, said Trump would be the “healthiest individual ever elected to the presidency.” Bornstein later said Trump wrote his own health letter. (Guardian | NPR) December 10 – Michael Flynn sat next to Russian President Vladimir Putin at a Moscow RT dinner. Flynn made semi-regular appearances on RT as an analyst after he retired from U.S. service. (NYT | Wikipedia) 2016 January 23 – Trump said, “I could stand in the middle of Fifth Ave. and shoot somebody, okay, and I wouldn’t lose any voters, okay? It’s like incredible.” (Gawker | YouTube) June 3 – Donald Trump Jr. emailed, “If it's what you say, I love it,” after Russians baited him with promises of damaging information on Hillary Clinton.
    [Show full text]
  • Tech & Policy Initiative, Working Paper Series 2
    Tech & Policy Initiative, Working Paper Series 2 It is with great pleasure that I invite you to read this second volume of Columbia SIPA’s Tech & Policy Initiative’s Working Paper Series. Building on the insights of the first volume, the second volume features working papers produced by SIPA-supported expert and next generation scholars who are engaging critical areas related to the impact of digital technology on society and institutions. The papers are multi-disciplinary and forward-looking, engaging complex subjects including the critical areas of Internet and data governance, the dynamics of cyber conflict and cyber sovereignty, how digital technology has impacted traditional economic sectors and business models, or other areas. This academic work was undertaken with vital support of the Carnegie Corporation of New York as part of SIPA’s Tech & Policy Initiative, an ambitious effort to explore the digital world and SIPA’s core fields of study. Since its inception, the Tech and Policy Initiative has sought to bridge the gap between policymakers, academics and practitioners in cybersecurity, internet governance and the digital economy through convening, research, training and other activities. The Tech & Policy Initiative draws on many disciplines and talented researchers within SIPA, in other parts of Columbia University, and outside entities to develop insights that will translate into better and more effective policies, and to inform government policies and private sector actions. This volume also includes papers prepared for SIPA’s 2017 Global Digital Futures Policy Forum, an annual conference that brought together more than 100 scholars, private sector leaders, legal experts, entrepreneurs, technologists, and others to discuss the challenges of internet fragmentation.
    [Show full text]
  • Case Study on the World Trade Organization
    REPORT Case study on the World Trade Organization Project: GLOBE – The European Union and the Future of Global Governance GA: 822654 Call: H2020-SC6-GOVERNANCE-2018 Funding Scheme: Collaboration Project DISCLAIMER This project has received funding from the European Union’s Horizon 2020 Research & Innovation programme under Grant Agreement no. 822654. The information in this deliverable reflects only the authors’ views and the European Union is not liable for any use that may be made of the information contained therein. Due date: 30.11.2020 Submission date: 30.11.2020 Lead beneficiary: KU Leuven Authors: Jan Wouters, Bart Kerremans, Juliana Peixoto Batista, Vineet Hegde, Akhil Raina Page 2 from 145 Table of Contents Introduction ................................................................................................................ 4 Paper 1: The Future of Global Economic Governance: The World Trade Organization, the European Union and the Crisis of Multilateralism, Jan Wouters, Vineet Hegde, Akhil Raina .......................................................................... 8 1. Introduction ......................................................................................................... 8 2. Developments in Dispute Settlement ................................................................ 12 3. Negotiations at the WTO ................................................................................... 23 4. Negotiations outside the WTO Framework ....................................................... 36 5. Emerging
    [Show full text]
  • Trump Administration Tariff Actions (Sections 201, 232, and 301): Frequently Asked Questions
    Trump Administration Tariff Actions (Sections 201, 232, and 301): Frequently Asked Questions Brock R. Williams, Coordinator Specialist in International Trade and Finance Cathleen D. Cimino-Isaacs Analyst in International Trade and Finance Rachel F. Fefer Analyst in International Trade and Finance Keigh E. Hammond Research Librarian Vivian C. Jones Specialist in International Trade and Finance Wayne M. Morrison Specialist in Asian Trade and Finance Andres B. Schwarzenberg Analyst in International Trade and Finance February 22, 2019 Congressional Research Service 7-.... www.crs.gov R45529 SUMMARY R45529 Trump Administration Tariff Actions (Sections February 22, 2019 201, 232, and 301): FAQs Brock R. Williams, The Constitution grants Congress the sole authority over the regulation of foreign Coordinator commerce. Over the past several decades, Congress has authorized the President to Specialist in International adjust tariffs and other trade restrictions in certain circumstances through specific trade Trade and Finance laws. Using these delegated authorities under three trade laws, President Trump has [email protected] imposed increased tariffs, largely in the range of 10% - 25%, on a variety of U.S. Cathleen D. Cimino-Isaacs imports to address concerns related to national security, injury to competing industries, Analyst in International and China’s trade practices on forced technology transfer and intellectual property Trade and Finance rights, among other issues. Several U.S. trade partners argue that these tariff actions [email protected] violate existing U.S. commitments under multilateral and bilateral or regional trade Rachel F. Fefer agreements and have imposed tariffs on U.S. exports in retaliation. Congress continues Analyst in International to actively examine and debate these tariffs, and several bills have been introduced Trade and Finance [email protected] either to expand, limit, or revise existing authorities.
    [Show full text]
  • Trump and the Section 232 Tariffs on Steel and Aluminum
    University of Miami Business Law Review Volume 28 Issue 1 Winter 2019 Article 7 The Untouchable Executive Authority: Trump and The Section 232 Tariffs on Steel and Aluminum Arim Jenny Kim Follow this and additional works at: https://repository.law.miami.edu/umblr Part of the Administrative Law Commons, Constitutional Law Commons, International Trade Law Commons, and the President/Executive Department Commons Recommended Citation Arim Jenny Kim, The Untouchable Executive Authority: Trump and The Section 232 Tariffs on Steel and Aluminum, 28 U. Miami Bus. L. Rev. 176 () Available at: https://repository.law.miami.edu/umblr/vol28/iss1/7 This Comment is brought to you for free and open access by University of Miami School of Law Institutional Repository. It has been accepted for inclusion in University of Miami Business Law Review by an authorized editor of University of Miami School of Law Institutional Repository. For more information, please contact [email protected]. The Untouchable Executive Authority: Trump and The Section 232 Tariffs on Steel and Aluminum Arim Jenny Kim* In 2018, President Trump championed his way through the imposition of the Section 232 Tariffs—a heavy tax on various imports, including steel and aluminum—by broadcasting a supposedly-imminent threat to the U.S. national security. This plea, however, has been criticized as a veil for President Trump’s economic protectionism policy. Meanwhile, others have questioned the constitutionality of the statute creating the President’s authority to impose these tariffs in the first place. This Comment explores the issues arising from President Trump’s Section 232 Tariffs on steel and aluminum: (1) the validity and justiciability of President Trump’s actions under Section 232 of the Trade Expansion Act of 1962, and (2) the constitutionality of Section 232.
    [Show full text]