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Here’s What You Missed 3/27/19

Daniel Chase

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I’m not sure if this is uniquely something that is occurring in Los Angeles or perhaps all over the world but I have to share; everyone is really angry. When I say really angry, I’m talking about a constant road-rage, get out my way anger. My question is where is all the hostility coming from? Specifically, as it relates to the city of Los Angeles, I understand that a majority of people living here are trying, and failing, to break into Hollywood, so the frustration from that area of LA life is somewhat acceptable.

What I cannot get onboard with is people who drive angrily, cut people off, scream into their smartphones whilst wearing AirPods and are just generally dissatisfied. A good friend of mine suggested that I start practicing gratitude more often and appreciate the world in which I live. I suggest we all do the same, no one wants to deal with you when you’re angry.

Just take a deep breath, here’s what you missed in the news yesterday. 

Call A Veto Truck 

The House on Tuesday pulled out all the stops to override Trump’s veto but, to no avail, their efforts failed. According to Vox, in order to override a presidential veto, House Democrats “would have needed two-thirds of the chamber’s support, or 290 votes. They were 42 votes shy, despite convincing 14 members of the Republican Party to join the cause. Despite the disappointing attempt made by the House to stop Trump’s veto, Speaker Nancy Pelosi (D-CA) tried to find a silver lining for the situation. 

“Whether we can succeed with the number of votes is not the point. We are establishing the intent of Congress. The president has decided to be in defiance of the Constitution, to deface it with his action. Both houses of Congress in a bipartisan way sent him a bill that said this is how we will address border security. He had to sign the bill to keep the government open. Trump defied the Constitution with his action. Congress has overridden that. He did veto it.”

Nancy Pelosi (D-CA), House Speaker

The Trump administration made an incredibly bold move in overriding the actions of a bipartisan-backed congressional resolution.  To some this may be just another disagreement from President Trump, but to others this is an indication that Trump is stubbornly determined to do whatever it takes to get what he wants. Congress will do what they can to defend the constitution and stop Trump from using funds otherwise allocated for a true national emergency.

Juss-tice Isn’t Served 

In a Shyamalan-esque turn of events, Chicago prosecutors dropped all charged against actor Jussie Smollett, who local officials took to court over accusations of staging hate crimes against himself and filing a false police report, said CNN. Since this story hit major news outlets, people have been tossing and turning about the likelihood that two people shouted racial and anti-gay remarks at someone. The fact that people said he staged the entire attack only furthers the fact that we are living in a society that has a lot of work to do. 

“After reviewing all of the facts and circumstances of the case, including Mr. Smollett’s volunteer service in the community and agreement to forfeit his bond to the City of Chicago, we believe this outcome is a just disposition and appropriate resolution to the case..”

statement from Illinois State Attorney’s office 

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Trade Talks Fail, What’s Next For The Market?

Jon Phillip

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trump tariff china

The trade war between the United States and China has probably been the biggest economic and diplomatic development since the turn of the year. Although the world’s two biggest economies were locked in talks for months over a new trade deal, it all unraveled quickly.

This happened when US President Donald Trump stated that the Chinese went back on their word. He then imposed tariff hikes on Chinese goods last Friday. The tariffs were raised to an astonishing 25% on goods worth $200 billion. Although Trump might believe this might bully the Chinese into submission, many experts believe that might not be the case.

Difficulty in Completing Deal

The President had imposed these tariff hikes right before the Chinese delegation was supposed to show up at Washington. This was for which many had believed was going to be the last round of talks. However, experts now feel that the escalation of tensions between the two countries following the latest developments will make it difficult to reach a deal that could be considered a win for the US. As soon as the tariffs kicked in, Beijing announced that it was looking at countermeasures as well. However, there were no specifics on the nature of these measures.

Last year, the two nations had been embroiled in a damaging retaliatory tariff war and it could lead to a protracted trade war, if the Chinese decided to resort of the same tactics. The Chinese delegation is going to be in Washington this week to engage in another round of talks but it is believed that a binding trade deal is unlikely to be signed.

Is A Trump Win Likely?

One of the biggest reasons why the deal might not be signed anytime soon is perhaps the fact that the US President needs to be able to claim it as a win for himself. The President has staked his personal weight behind a favorable deal for the US. But with every passing day, it is looking increasingly unlikely that it is going to happen.

If that is to happen, then China’s entire way of doing business will need to change. This is starting at intellectual property theft and expands to technology transfers by force from US companies. If those things are not part of the deal, then it would not be the sort of deal that can be claimed as a win for the US. It doesn’t help that today, China came in with its own tariffs. China will raise tariffs on $60 billion in U.S. goods, the Chinese Finance Ministry said Monday.

And in true Trump fashion, the U.S. may not be done retaliating. The U.S. President has threatened to put 25% tariffs on $325 billion in Chinese goods that remain untaxed. The president has signaled he is content leaving the duties in place, arguing they will damage China more than the U.S. What are your thoughts?

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Can 102 Words Really Impact Stock Prices?

Joe Samuel

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In short, the answer is yes.  We’ve witnessed, first hand, this week how just a few words can drastically impact the stock market.  If you’re just tuning in, at the beginning of the first full week of May, U.S. President Donald Trump Tweeted out a 102-word post that ended up triggering a sell-off costing the global markets around $1.36 TRILLION…with a “T”!

The “Trump Tweet” expressed that he would once again increase tariffs on Chinese goods by the end of this week. What followed has been a shock to the global markets with futures pointing at dramatic declines every day this week.  Though some say that the decline are all but a speed bump, it still hasn’t helped the fact that this drop is one of the worst seen all year. People like Kerry Craig of JPMorgan Asset Management think that a trade deal can still be reached.  The expectations, however, have been readjusted to reflect a more long-term time horizon.

Eyes Turn Toward The Second Half Of The Week

Other analysts like Oanda Asia Pacific’s Jeffrey Halley feel that investors are prudently “lightening their loads.” Halley said, “My feeling is that investors are lightening their portfolios as a precaution.”

All eyes are on the second half of this week.  As we reported on May 7th, Vice Premier Liu He, China’s top trade negotiator will be heading to the US to talk trade this week.  

“Liu will be in the U.S. from May 9-10. The invite comes from both the U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.” Regardless of what “will happen,” what has happened thus far has been an emotionally charged & very fragile global market. As this story develops we will continue to follow with more updates.

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Chinese Negotiators To Visit US As Tariffs Trigger More Concerns

Jon Phillip

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trump like a boss china

Vice Premier Liu He, China’s top trade negotiator will be heading to the US to talk trade this week.  The two countries have been at odds for months now with China trying to leverage the current US tariff situation. Of course, the US has not helped things either by continuing to increase tariffs on Chinese goods. 

Liu will be in the U.S. from May 9-10. The invite comes from both the U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. The markets took a hit on Monday after U.S. President Trump explained that he was not pleased with the speed of discussions and that he planned to raise tariffs by the end of the week.  Chinese authorities initially considered delaying talks in light of this.

What’s Next For China & The U.S.?

Both Mnuchin and Lighthizer were concerned after it was evident that talks weren’t making progress.  This was during a visit to Beijing just last week. Over the weekend, China sent a new draft of an agreement that outlined a pullback on certain language on several issues.  These issues had “the potential to change the deal very dramatically,” according to Mnuchin.

According to reports from the Global Times newspaper, China was prepared for other outcomes to the deal with the U.S. This also included a temporary breakdown. Furthermore, China had also planned to continue talks even if the U.S. decided to raise tariffs. Of course, time will tell but now we must see how the markets will react to these new developments coming from China.

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