I haven’t given you a taste of some good ol’ fashioned stream of consciousness in awhile so here we go. I often wonder how the hot sauce at various restaurants feel when it has been used by a customer. Do you think it feels full despite being constantly emptied or perhaps we take away its life-force when we make our foods a bit saucier? To be perfectly honest, if you put hummus on nearly anything, I would eat it.
The only exception to that rule would be something sweet, but I have seen dessert-hummus in the grocery store and this is absolutely disgusting. A comfortable couch is important to have in a living room, but a comfortable bed is an absolute necessity. Submarines have the ability to dive deep, but I’ve found that submarine captains tend to be pretty shallow and mindless.
Not sure what you just read, well here’s what you missed in the news yesterday.
Biden, Now We Can’t Do This…
It has now come to the media’s attention that Joe Biden, former vice president and potential presidential candidate, has been accused by a second woman of him touching her inappropriately. Earlier this week, Lucy Flores, a former lieutenant gubernatorial candidate, came out and said that Biden had kissed her forehead at a campaign event and it made her incredibly uncomfortable. On Monday, Amy Lappos told a Connecticut newspaper that Biden rubbed noses with her at a 2009 fundraiser. Lappos stated that it “wasn’t sexual” but her head was grabbed.
Naturally, Biden responded with his own statement:
“In my many years on the campaign trail and in public life, I have offered countless handshakes, hugs, expressions of affection, support and comfort. And not once — never — did I believe I acted inappropriately. If it is suggested I did so, I will listen respectfully. But it was never my attention.”
–Joe Biden, former Vice President of the United States
Anytime friends of mine get into Ubers or other ride-hailed vehicles, I always remind them to check the license plate on their smartphone app and compare it with the vehicle that has shown up. Unfortunately, a University of South Carolina student was taken advantage of and murdered over the weekend. The body of Samantha Josephson, 21, was found in a forest on Friday night when she didn’t come home after a night out.
“We want every college student in America to take a pledge that says they will never get into a ride share without first asking the driver, “What’s my name,’ to make sure that they are getting in the right vehicle. This is really a national problem. We thought we had a safe city here and a safe campus, but this might happen again this weekend if a student gets into one of those vehicles and hasn’t fully confirmed that it’s the right vehicle.”
–Harris Pastides, University of South Carolina President
Trade Talks Fail, What’s Next For The Market?
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?
Can 102 Words Really Impact Stock Prices?
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.”
“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.
Chinese Negotiators To Visit US As Tariffs Trigger More Concerns
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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