adplus-dvertising
Connect with us

Economy

As impeachment captures attention, Trump tries to shift focus to the economy

Published

 on

Trump impeachment
Exaggerating the strong economy (and speaking in the third person) Trump this week sought to brand this the best economy in the history of the world.
In the Oval Office Thursday, he complained that the Senate’s passage of his re-worked North American Free Trade Agreement between Mexico, Canada and the United States, was not the top news story.
“Today we just had passed the USMCA. It’s going to take the place of NAFTA, which was a terrible deal. The USMCA will probably be second to this witch hunt hoax,” he said, with a map of the 2016 election results on the desk in front of him. “Think of it. The president of the US who has led the greatest growth, the greatest economically viable of any country anywhere in the world is the United States as big as it is. We’re doing better than any other country by far. Our unemployment rates are the best in over 50 years. African American, Asian, African American, Hispanic American unemployment best in the history of our country. I have to go through a hoax.”
A day earlier, before Wednesday’s signing of a Phase One trade deal with China, as impeachment gripped Capitol Hill, the president commanded the stage for nearly 40 minutes thanking the negotiators, business leaders and lawmakers in the room. (And TV host Lou Dobbs.)
He took credit for stock market records and, sounding more like a TV producer than a president, he applauded White House economic adviser Larry Kudlow for using his TV savvy to calm investors on a down day for the market.
“He was standing in the middle of the Rose Garden. He had a beautiful scarf waving in the wind. He was everything perfect, right out of Greenwich, Connecticut. He started talking, and by the time he finished, I said, you just made a trillion, because the market just went up 250 points,” he said.
With or without administration cheerleading, the stock market is at record highs. And jobless rates are at historic lows.
The economy is really good. But it’s no GOAT, or greatest of all time.
Economic growth is hovering around two percent — hardly the rocket-fueled growth Trump promised from tax cuts and deregulation. In fact, economic growth has been stronger many times before, including some quarters of the Obama recovery, in the Clinton years and certainly post World War II. And jobs growth in the first 34 months of the Trump economy lags the last 34 months of the Obama economy.
But the president owns this message, exaggerations and all.
Senator Michael Bennet, A Democrat from Colorado, outlined a counter-narrative to Wolf Blitzer.
“Barack Obama’s administration created more jobs than Donald Trump’s administration on average per month. If Donald Trump were creating jobs at the same rate Barack Obama were creating jobs, we’d have a million more jobs here in this country right now. And our farm bankruptcies have been up over 24%. Farm income is down 16%. The president has had to basically pay off farmers with $28 billion he borrowed from the Chinese to keep them afloat DURING THIS TRADE DEAL. Things are the not great for everybody in this economy.”
Still, the strong economy is central to the president’s re-election strategy. Two big questions. Can the president stay on that message? And can Democrats find an economy message of their own that resonates.

Source link

Continue Reading

Economy

China Wants Everyone to Trade In Their Old Cars, Fridges to Help Save Its Economy

Published

 on

China’s world-beating electric vehicle industry, at the heart of growing trade tensions with the US and Europe, is set to receive a big boost from the government’s latest effort to accelerate growth.

That’s one takeaway from what Beijing has revealed about its plan for incentives that will encourage Chinese businesses and households to adopt cleaner technologies. It’s widely expected to be one of this year’s main stimulus programs, though question-marks remain — including how much the government will spend.

Adblock test (Why?)

728x90x4

Source link

300x250x1
Continue Reading

Economy

German Business Outlook Hits One-Year High as Economy Heals

Published

 on

German business sentiment improved to its highest level in a year — reinforcing recent signs that Europe’s largest economy is exiting two years of struggles.

An expectations gauge by the Ifo institute rose to 89.9. in April from a revised 87.7 the previous month. That exceeds the 88.9 median forecast in a Bloomberg survey. A measure of current conditions also advanced.

“Sentiment has improved at companies in Germany,” Ifo President Clemens Fuest said. “Companies were more satisfied with their current business. Their expectations also brightened. The economy is stabilizing, especially thanks to service providers.”

A stronger global economy and the prospect of looser monetary policy in the euro zone are helping drag Germany out of the malaise that set in following Russia’s attack on Ukraine. European Central Bank President Christine Lagarde said last week that the country may have “turned the corner,” while Chancellor Olaf Scholz has also expressed optimism, citing record employment and retreating inflation.

300x250x1

There’s been a particular shift in the data in recent weeks, with the Bundesbank now estimating that output rose in the first quarter, having only a month ago foreseen a contraction that would have ushered in a first recession since the pandemic.

Even so, the start of the year “didn’t go great,” according to Fuest.

“What we’re seeing at the moment confirms the forecasts, which are saying that growth will be weak in Germany, but at least it won’t be negative,” he told Bloomberg Television. “So this is the stabilization we expected. It’s not a complete recovery. But at least it’s a start.”

Monthly purchasing managers’ surveys for April brought more cheer this week as Germany returned to expansion for the first time since June 2023. Weak spots remain, however — notably in industry, which is still mired in a slump that’s being offset by a surge in services activity.

“We see an improving worldwide economy,” Fuest said. “But this doesn’t seem to reach German manufacturing, which is puzzling in a way.”

Germany, which was the only Group of Seven economy to shrink last year and has been weighing on the wider region, helped private-sector output in the 20-nation euro area strengthen this month, S&P Global said.

–With assistance from Joel Rinneby, Kristian Siedenburg and Francine Lacqua.

(Updates with more comments from Fuest starting in sixth paragraph.)

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Economy

Parallel economy: How Russia is defying the West’s boycott

Published

 on

When Moscow resident Zoya, 62, was planning a trip to Italy to visit her daughter last August, she saw the perfect opportunity to buy the Apple Watch she had long dreamed of owning.

Officially, Apple does not sell its products in Russia.

The California-based tech giant was one of the first companies to announce it would exit the country in response to Russian President Vladimir Putin’s full-scale invasion of Ukraine on February 24, 2022.

But the week before her trip, Zoya made a surprise discovery while browsing Yandex.Market, one of several Russian answers to Amazon, where she regularly shops.

300x250x1

Not only was the Apple Watch available for sale on the website, it was cheaper than in Italy.

Zoya bought the watch without a moment’s delay.

The serial code on the watch that was delivered to her home confirmed that it was manufactured by Apple in 2022 and intended for sale in the United States.

“In the store, they explained to me that these are genuine Apple products entering Russia through parallel imports,” Zoya, who asked to be only referred to by her first name, told Al Jazeera.

“I thought it was much easier to buy online than searching for a store in an unfamiliar country.”

Nearly 1,400 companies, including many of the most internationally recognisable brands, have since February 2022 announced that they would cease or dial back their operations in Russia in protest of Moscow’s military aggression against Ukraine.

But two years after the invasion, many of these companies’ products are still widely sold in Russia, in many cases in violation of Western-led sanctions, a months-long investigation by Al Jazeera has found.

Aided by the Russian government’s legalisation of parallel imports, Russian businesses have established a network of alternative supply chains to import restricted goods through third countries.

The companies that make the products have been either unwilling or unable to clamp down on these unofficial distribution networks.

 

728x90x4

Source link

Continue Reading

Trending