This episode was recorded on August 23, 2019. News stories apply to week of 8.19.19. The Stock Market Information for this episode was as of August 14. Updated stock info here.
China schedules new tariffs to be implemented on US goods, escalating the ongoing trade war
Hello, I’m Jay Doherty and this is the top news of the week recorded August 26, 2019. It’s 5:00 AM in Chicago. You’re listening to The Doherty Files on The JD Media Network.
Our top story today is the new tariffs China recently imposed on The United States. On Friday, The Chinese State Council announced it is imposing tariffs that range between 5 to 10% on U.S. Goods. The State Council wrote in a memo that they were “forced to take countermeasures” against the United States. According to China’s leadership, the tariffs will come separately on two dates… the first on September 1 and the second on December 15. These dates are identical to the ones U.S. President Donald Trump planned to impose American tariffs on Chinese goods.
China also reported they are going to impose a 25% tariff on U.S. cars, and a 5% tariff on all technical automobile components. This seperate tariff was reportedly to be imposed in April of this year, but has now been rescheduled to late 2019.
In response to Chinese President Xi Jing Ping’s numerous tariffs, U.S. President Donald Trump wrote in a series of tweets: “Our country has lost, stupidly, Trillions of Dollars with China over many Years. They have stolen our Intellectual Property at a rate of Hundreds of Billions of Dollars a year & they want to continue.” The President goes on to say “We don’t need China and, frankly, would be far better off without them.”
This series of tweets combined with other economic downturn have rattled US Markets. A full check on domestic and international stock prices coming up.
2020 Presidential Race Developments
Washington Governor Jay Inslee dropped out of the race this week saying in an email to supporters, “I want to continue to stand with you in opposing Donald Trump and rejecting his hurtful and divisive agenda, while strengthening and enhancing Washington State’s role as a progressive beacon for the nation.” Additionally, Massachusetts Representative Seth Moulton dropped out of the race due to low fundraising numbers and a lack of statistical traction. In the spotlight recently is billionaire philanthropist Tom Steyer who entered the Presidential race in early July has pledged to spend $100 Million of his own money to enhance and fund his Presidential Campaign, nearly 4 times what top pre-existing candidates have raised.
President Trump attacks Federal Reserve Chairman Jerome Powell
This weekend is the Federal Reserve Bank of Kansas City’s Economic Policy Symposium. Among the many appearances, Federal Reserve Chairman Jerome Powell spoke at the conference Friday morning just before being attacked once more by President Trump. At 9:57 AM Friday morning, US President Donald Trump tweeted “We have a very strong dollar and a very weak Fed. I will work “brilliantly” with both, and the U.S. will do great”. In that same tweet, President Trump questioned whether or not to blame China’s President writing “who is our bigger enemy, Jay Powell or Chairman Xi?
Facebook releases emails to confirm Zuckerberg’s statements to Congress
Today, there are new developments in the 2015/2016 Facebook Cambridge Analytica data breach. The social media giant Facebook recently released internal emails sent and received years ago when employees first were alerted of the massive intrusion. The purpose of Facebook’s public stance in releasing these emails were to prove that CEO Mark Zuckerberg’s congressional testimony was completely factual. The company wanted to specifically confirm and prove that no Facebook employees, including Zuckerberg, were aware of the massive breach until online publication “The Guardian” reported it in late 2015.