Just two days before the U.S. was set to impose another round of tariffs on China, the world’s two largest economies agreed upon a partial deal.
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Remember way back in August, when economists and investors were gnashing their teeth about a looming recession? For the last three months, economic data have mostly improved, underscored by the just-released boffo November jobs report.
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Given the fighting in Syria, anti-government protests in Hong Kong, the down to the wire vote on Brexit, the expanding U.S. impeachment inquiry, not to mention ongoing trade conflicts between the U.S. and China, the U.S. and the European Union and South Korea and Japan, it’s easy to understand why people are worried about the current state of the globe.
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The August report bolsters the case for another quarter-point interest rate cut when the Federal Reserve meets on September 17-18. Officials will cite the slowdown in job growth and softening manufacturing data, but will also likely reiterate that the economy remains on solid footing overall.
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Stocks tumbled on Friday after yet another escalation of the U.S.-China trade war. Sure, it was a low volume August trading session, but like an early win during preseason, it still counts, and it erased what was shaping up to be a winning week.
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Amid renewed Presidential criticism and evidence of a slowing economy, Fed officials will convene a two-day policy meeting this week and the pressure is on. As always, central bankers have to balance maintaining a strong enough economy to foster job growth, but it can’t run too hot, which might trigger inflation. Right now, there’s a battle brewing inside the collective Fed’s Head between action and inaction.
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On Thursday night, President Trump reignited the trade conflict with Mexico. You may be thinking, “Wait, didn’t he repeal the steel and aluminum tariffs two weeks ago, and didn’t the White House just submit to Congress the revised NAFTA deal, now known as the United States-Mexico-Canada Agreement, or USMCA?
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The U.S.-China trade talks fizzled out last week, prompting President Trump to make good on his threat to raise the tariff rate from 10 to 25 percent on $200 billion worth of imported Chinese goods. Here are eight questions about where the conflict stands now.
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