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Message From Flawed GDP Report: Growth Will Be Just Fine This Year

Economic growth was distorted by some one-time factors but the outlook for the remainder of the year is solid<p>The economy did fine in the second quarter. The question for investors is how it will do for the rest of the year.<p>Gross domestic product grew at a 4.1% annual rate in the second quarter, up …

U.S. Dept. of Commerce

So Much Trade Losing

The tariff shooting begins with China, and where’s the deal-making?<p>The shooting has begun in the U.S.-China trade war, and let’s hope it’s not Fort Sumter. The South figured the Civil War would last a few weeks, but things happened. That’s the nature of trade wars as well, and while no one is …

Tax Havens Blunt Impact of Corporate Tax Cut, Economists Say

The new corporate tax cuts are unlikely to stimulate the level of job creation and wage growth that the Trump administration has promised, a trio of prominent economists has concluded, because high tax rates were not pushing much investment out of the United States in the first place.<p>Instead, the …

Tax Havens

Steel Tariffs Are Taxing Some American Companies

U.S. firms say some customers are opting to import finished goods rather than absorb price increases; ‘a nightmare for steel consumers’<p>New tariffs intended to bolster the American steel and aluminum industries are starting to have the opposite effect in a key part of the U.S. supply chain.<p>U.S. …

Look Inside This Chinese Smartphone and See It’s Made in America

ZTE phones run on Google's Android operating system; 84% of ZTE’s first-quarter shipments use U.S. chips<p>A peek inside ZTE Corp.’s flagship smartphone reveals how badly the Chinese telecom giant needs a deal to lift a U.S. ban on shipments of phone parts to the company.<p>U.S. companies supply 60% of …

Operating Systems

Trump's bonfire of the treaties sweeps towards the WTO

GENEVA (Reuters) - President Donald Trump has the World Trade Organization in a chokehold, and the United States has made clear what he wants: no more judicial rulings that interpret WTO rules to Washington’s disadvantage.<p>FILE PHOTO: U.S. President Donald Trump holds a signed memorandum on …

Intellectual Property

A Chance for Sugar Welfare Reform

A bipartisan coalition could reduce the worst farm subsidy.<p>Cognitive dissonance is common in Washington, but some cases truly are exceptional. One is the ritual of the farm bill, when Republicans who campaign on “free markets” whoop through corporate welfare for agriculture interests. But maybe …

Welfare

The Warren Buffett-Elon Musk Feud Isn’t Over Yet

Speaking on CNBC on Monday, doubled down and said Elon Musk should stay out of the candy game. If you’re confused, you’re not alone. It was a weird weekend. First, last week, Mr. Musk attacked the idea of moats–-or strong brands that give competitors a high barrier to entry—in ’s quarterly earnings …

Dow Jones

Walmart Takes on Amazon With $15 Billion Bid for Stake in India’s Flipkart

Agreement would be Walmart’s largest deal since 1999<p>MUMBAI—Walmart Inc.’s battle with Amazon.com Inc. is heading to India.<p>Walmart is leading a group that will invest about $15 billion for a roughly 75% stake in Flipkart Group, India’s largest e-commerce company, according to people familiar with …

Growth Cooled in First Quarter as Consumers Reined In Spending

U.S. economy grew at 2.3% rate, as business investment is robust<p>WASHINGTON—The U.S. economy lost some momentum in the first quarter after a spurt of faster growth last year, with consumers hunkering down after several months of robust demand while businesses powered ahead with stronger profits, …

Economics

Global brands — FT.com

BrandZ has been compiling rankings of the world’s most valuable brands since 2006, during which time there has been a noticeable shift in the …

Justice Gorsuch Joins Supreme Court’s Liberals to Strike Down Deportation Law

WASHINGTON — The Supreme Court on Tuesday struck down a law that allowed the government to deport some immigrants who commit serious crimes, saying it was unconstitutionally vague. The decision will limit the Trump administration’s efforts to deport people convicted of some kinds of crimes.<p>The vote …

Neil Gorsuch

Fed Officials Dispel Specter of Deflation

Inflation risk assessment shows worry of Japan-like drift downward in consumer prices is gone, but a recession could bring it back<p>When Federal Reserve officials gathered last month for Jerome Powell’s first meeting as central bank chairman, not a single official among 15 saw a downside risk to …

Economics

U.S.’s Re-Entry in Pacific Trade Deal Would Come at a Price

Other nations, and Washington, likely will each seek concessions on a new TPP<p>WASHINGTON—White House efforts to rejoin the Trans-Pacific Partnership face big challenges and negotiations that could stretch out beyond President Donald Trump’s first term, trade experts say.<p>The president first mentioned …

Trans-Pacific Partnership

U.S. Seeks Quick Nafta Deal, but Allies Balk as It Gives Little Ground

WASHINGTON — The Trump administration is pushing to reach a deal on the North American Free Trade Agreement by the beginning of May. But the timeline could be complicated by its refusal to budge from contentious proposals aimed at bringing manufacturing back to the United States.<p>The administration …

U.S. Accuses Chinese Firms of Rerouting Goods to Disguise Their Origin

Trump administration accuses Vietnamese companies of transiting Chinese metal, but local firms say it is just global trade<p>To get a glimpse of the dynamics behind the escalating trade spat between the U.S. and China, look 1,000 miles south of China’s border to the Vietnamese port of Vung Tau.<p>On the …

China

NYSE Opens Doors to Stocks From Rival Exchanges, Ending Decades-Old Policy

The change that took effect Monday allows Nasdaq-listed securities and U.S. exchange-traded funds to be traded on the NYSE’s flagship exchange<p>The New York Stock Exchange has ended a decades-old restriction that prevented stocks listed on rival exchanges from being bought and sold on its historic …

ETFs

How To Win A Trade War

Trump says it’s easy. Try it for yourself.<p>The tweet came before 6 a.m., as President Trump’s tweets often do. It was early March, and the Trump …

We Let Our Readers Practice International Trade. They Started A Bunch Of Trade Wars.

Why couldn’t we all just get along?<p>Last week, we published an article on the game theory of international trade and trade wars. The article included …

Trade Wars, Stranded Assets, and the Stock Market (Wonkish)

As I write this, China’s announcement of a new round of tit-for-tat tariffs has stoked fears of trade war and sent stock futures plunging. If this morning’s futures hold, the S&P 500 will be about 10.5 percent off its January peak, around 6 percent off its level when Gary Cohn, the last of the …

In Sparing Consumers Tariff Burden, Trump Hit Manufacturing

In the escalating economic showdown between the United States and China, President Trump is trying to put American shoppers first. The administration did not place tariffs on necessities like shoes and clothes, and mostly spared smartphones from the 25 percent levy on Chinese goods announced this …

Democracy in Hong Kong

Hong Kong has certain political and economic freedoms based on China’s “one country, two systems” principle, but the city’s political evolution is …

What to Know About New York Fed Pick John Williams’s Views

Some of the economist’s most influential research has focused on the so-called natural rate of interest<p>The Federal Reserve Bank of New York has selected San Francisco Fed President John Williams as its next leader, succeeding William Dudley, who is retiring in June. Mr. Williams has opined on a …

San Francisco

Looming China Trade Action Divides Industry and Roils Markets

WASHINGTON — President Trump’s promise to take tough action against China’s unfair economic practices was one of his most popular campaign ideas. But as the United States prepares stiff trade measures and China retaliates, stock markets have plummeted and some of America’s biggest companies are …

China Finds California Wine Pairs Well With a Trade War

Cabernet isn’t the most obvious pawn in a trade war between the United States and China. Airplanes and their parts are the leading American export to China. Soybeans and wheat grow in Trump country.<p>But China’s selection of wine as a target of retaliatory tariffs did not surprise Michael Honig, a …

Wine

Iowa’s Employment Problem: Too Many Jobs, Not Enough People

State can’t find enough trainees for its programs; the Midwest is the only region where openings outnumber out-of-work job seekers<p>MASON CITY, Iowa—Manufacturers in northern Iowa are begging Terry Schumaker for freshly trained workers for their factories. The problem is he doesn’t have enough …

Why there is a worldwide shortage of vanilla

VANILLA is one of the world’s most popular spices and an important ingredient in products ranging from chocolate to perfume. But it is getting harder …

Madagascar

What We Know (and Don’t Know) About How to Lose Weight

The endless array of diets that claim to help you shed pounds tend to fall into two camps: low fat or low carbohydrate. Some companies even claim that genetics can tell us which diet is better for which people.<p>A rigorous recent study sought to settle the debate, and it had results to disappoint …

Nutrition

Trump’s China Tariffs

Stocks fall as markets doubt the White House has a trade strategy.<p>President Trump announced his long-awaited trade assault on China Thursday, and this time at least he is closer to the right target. But his decision seems unconnected to any larger trade strategy, and his main remedy of tariffs will …

China Started the Trade War, Not Trump

Unlike with steel and aluminum tariffs, economists see merit in Trump’s trade case against China<p>If there’s a trade war between the U.S. and China, don’t blame Donald Trump: China started it long before he became president.<p>Even free traders and internationalists agree China’s predatory trade …

Trading