USA

IMF improves its growth estimate for the “overheated” US economy and advises against cutting interest rates.
16Apr mmBy Joe RodriguezNo Comments
USA

IMF improves its growth estimate for the “overheated” US economy and advises against cutting interest rates.

LondonCNN —  The US economy’s standout performance will be a major driver of global growth this year but could make America’s inflation problem harder to solve, according to the International Monetary Fund. The IMF upgraded Tuesday its forecast for US economic growth to 2.7% this year — 0.6 percentage points higher than it predicted as recently as January. The move highlights how the United States is outpacing other advanced economies, notably the European economy, which has struggled to regain momentum after the pandemic, with high interest rates and the lingering effects of earlier rises in energy costs weighing on activity. The Washington-based IMF expects the 20 countries that use the euro to grow just 0.8% this year, a downgrade of 0.1 percen...
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America’s $35 trillion debt makes it the country’s greatest enemy, not China or Russia.
11Apr mmBy Michael SmithNo Comments
USA

America’s $35 trillion debt makes it the country’s greatest enemy, not China or Russia.

With a $1.6 trillion deficit this year, $35 trillion in overall debt, and $1 trillion in interest payments this year, if the U.S. dollar is no longer the primary global reserve currency and there is suddenly a true rival to the U.S. currency, then the entire American financial system comes crashing down. by Brandon J. WeichertIn the 2012 film Prometheus, a prequel to Ridley Scott’s 1979 hit Alien, one of the lead characters, Michael Fassbender, looks upon an embryo of the iconic monster and quips, “Big things have small beginnings.” One could say the same thing about the rising economic and financial trading bloc, loosely known as the BRICS bloc. BRICS is short for “Brazil, Russia, India, China, and South Africa.” The term can find its roots in a 2001 Goldman Sachs report about t...
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<strong>Dumping and security threat makes Europe, US wary of Chinese electric vehicle</strong>
20Mar mmBy Joe RodriguezNo Comments
China, Market, USA

Dumping and security threat makes Europe, US wary of Chinese electric vehicle

The potential dumping of cheaper China-made electric vehicles has raised concerns among major Western countries, urging them to seek preventive measures to protect local markets as well as thwart security risks these cars pose. Several countries have voiced their opposition to permitting Chinese EVs until their concerns are resolved. Recently, the UK hinted at banning Chinese EV cars over the allegations of unfair state support. British transport secretary Mark Harper said the government will ensure that “We have fair international trade, and that we don’t have dumping or unfair subsidy. The important thing is it’s a fair, competitive landscape.”[1] European Union had last year launched an investigation and contemplated punitive action to protect domestic industry from cheaper Chine...
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The US fashion industry wants to better target items made using Uyghur slave labor.
15Jan mmBy Mike TrudellNo Comments
USA, World

The US fashion industry wants to better target items made using Uyghur slave labor.

The US fashion industry continues to develop a joint approach with the US government to focus on high-risk trade from Uyghur forced labour without stopping legitimate trade. The United States Fashion Industry Association (USFIA) president Julia Hughes said the US hearing on the enforcement of the Uyghur Forced Labor Prevention Act (UFLPA) was a positive step towards improving the understanding about UFLPA enforcement strategies and how the private sector is a partner in those efforts. She added that she appreciates the Subcommittee, and the US Congress wants to ensure the enforcement of the UFLPA is targeted and effective and fashion brands and retailers are also committed to ensuring forced labour is eliminated from the supply chain. She stated: “We will continue to work with Co...
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Nawaz Sharif: We are to blame for Pakistan’s economic predicament, not the US or India.
20Dec mmBy Mike TrudellNo Comments
Asia, USA, World

Nawaz Sharif: We are to blame for Pakistan’s economic predicament, not the US or India.

Pakistan’s former Prime Minister Nawaz Sharif on Tuesday said neither India nor the US were behind the cash-strapped country's miseries but "we shot ourselves in our own foot", indirectly referring to the powerful military establishment for its woes. During a conversation with Pakistan Muslim League-Nawaz (PML-N) ticket aspirants, the party supremo, who is eying to become Prime Minister for a record fourth time, pointed out that he was ousted from power three times, in 1993, 1999 and 2017. "Today, where Pakistan has reached (in terms of the state of the economy), this is not done by India, the US, or even Afghanistan. In fact, we shot ourselves in our own foot… they (a reference to the military) imposed a selected (government) on this nation by rigging the 2018 polls that led to the...
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Geopolitics and climate finance: The US-China relationship
28Nov mmBy Mike TrudellNo Comments
China, USA

Geopolitics and climate finance: The US-China relationship

Climate action is caught in the increasingly volatile push-and-pull between cooperative global governance and great power competition, a fraught dynamic readily apparent in relations between China and the United States. China–US bilateral relations are widely acknowledged as a keystone for international efforts to address climate change. But the actions that both countries put forward to address climatic changes ‘indifferent to geopolitical rivalries’ are inevitably impacted by that very rivalry. There is, of course, optimism over the more constructive climate relations that the two have demonstrated since the resumption of formal China–US climate diplomacy this summer, after an 11-month halt following US House Speaker Nancy Pelosi’s visit to Taiwan in August 2022. But the hiatus itself a...
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15Nov mmBy Michael SmithNo Comments
China, USA

Prior to a crucial U.S. conference with Xi, Biden claims that China has “real problems.”

U.S. President Joe Biden said on Tuesday that China has "real problems," speaking at a fundraiser in San Francisco on the eve of an eagerly awaited meeting in the U.S. city between himself and his Chinese counterpart, Xi Jinping. The leaders of the world's two largest economies will huddle on the sidelines of the APEC summit in California for their first encounter in a year as trade tensions, sanctions and the question of Taiwan have fuelled quarrels between Washington and Beijing. Mr. Biden, who like Mr. Xi arrived in San Francisco on Tuesday, has characterised the meeting as a chance to right ties that have floundered in recent years. "President Xi is another example of how reestablishing American leadership in the world is taking hold. They've got real problems," he told a fun...
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Future US economic growth is anticipated to be slower.
29Sep mmBy Joe RodriguezNo Comments
USA

Future US economic growth is anticipated to be slower.

The economy of the United States has been on a strong recovery track since the beginning of the year, and according to Federal Reserve predictions, the US GDP may achieve an annualized year-on-year growth of 5.0 percent in the third quarter, which will be the highest expansion spurt in nearly 20 years. There are many driving forces behind such a strong uptrend to be sure. But the basic logic behind the reacceleration of the US economy, as far as we are concerned, stems from the staggered transformation of US economic growth momentum in its economic cycle. In 2021 and 2022, its economic growth was largely driven by consumption — mainly durable goods — and nonresidential property investment. Heading into the second half of 2022 and the third quarter of this year, service consumption and ...
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US and Japan Issue Warning About New China Hacker Following “60,000 Emails Stolen”
29Sep mmBy Joe RodriguezNo Comments
Asia, China, USA, World

US and Japan Issue Warning About New China Hacker Following “60,000 Emails Stolen”

The warning came on the heels of a Washington briefing which said Chinese state-linked hackers had stolen 60,000 emails from 10 State Department accounts American and Japanese authorities have warned multinational companies about the sophisticated hacking practices of China-linked group BlackTech, in an advisory issued late on Wednesday. Authorities urged firms to review the internet routers at their subsidiaries, saying BlackTech was capable of “modifying router firmware without detection”. The warning came on the heels of a US State Department briefing in which officials told lawmakers that Chinese state-linked hackers had stolen 60,000 emails from 10 State Department accounts. The hack they were referring to was revealed in July when US officials and Microsoft said that Chi...
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What the market is thinking: Will China really ‘go big’ on interest rate cuts?
21Aug By Desk TeamNo Comments
China, USA

What the market is thinking: Will China really ‘go big’ on interest rate cuts?

Jamie McGeever, the writer for the financial markets, previews the day ahead in Asia. With uneasiness and fear over China sweeping financial markets, the People's Bank of China is likely to slash interest rates on Monday, but it may have to throw caution to the wind and 'go big' to calm investors. Investors will be paying attention to three policy decisions from Asian central banks this week, including China's. On Thursday, the Bank of Korea and the Bank of Indonesia are both likely to maintain their current interest rate policies. Along with the annual Jackson Hole Symposium, where Fed Chair Jerome Powell will talk on Friday, the PBOC's decision and broader events concerning China's markets and economy will occupy investors' attention this week. This week in South Africa, Pre...
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