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Posts Tagged ‘tariffs’

As promised: Trump announces retaliation this afternoon to this morning’s new tariffs from China

That didn't take long. This afternoon President Donald Trump said he would raise tariffs to retaliation to this morning's move by China to impose a new 10% tariff on $75 billion in U.S. exports to China. Trump's move would increase tariffs already in effect on $250 billion in imports from China to 30% from 25% […]

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China retaliates; Trump promises his retaliation to their retaliation this afternoon

Xi Jinping and Donald Trump upstaged Federal Reserve chair Jerome Powell this morning. Powell's Jackson Hole speech this morning was supposed to be the day's big market event. (More on this speech in a later post.) But this morning China announced that it would retaliate to the last round of additional 10% tariffs on $300 […]

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Latest figures show U.S. farmers taking big hit from Trump trade war with China–just what the U.S. economy doesn’t need

A U.S. economy facing the possibility of a slowdown sure doesn't need troubles in the Farm Belt. But that's exactly what the farm sector is seeing. New figures from the U.S. Department of Agriculture show that farm income in 2018 was about 50% of what it was in 2013. And thanks to the Trump administration's trade […]

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The drop in job openings worries me more than an inverted yield curve

The Dow Jones Industrial Average closed down 800.49 points today, or 3.05%; the Standard & Poor's 500 finished 2.93% lower; and the NASDAQ Composite lost 3.02%. One reason for the plunge was an intraday inversion in the Treasury yield curve with the yield on the 10-year Treasury dropping below the yield on the 2-year Treasury.(For […]

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Market rallies: Nothing matters but tariffs

Just in case you were wondering: Nothing matters to the stock market except tariffs. I think today's trading proves that. This morning the Trump administration announced that it would delay new 10% tariffs on $300 billion in Chinese goods set to go into effect on September 1 until mid-december for an unspecified list of Chinese […]

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People’s Bank signals its goal of an orderly retreat in China’s yuan, and markets recover–somewhat

Stocks rallied today on signs that the People's Bank intends to deliver an orderly drop in China's currency. This morning the yuan traded slightly above the critical 7 yuan to the dollar currency band. And the bank said it will sell $4.2 billion in yuan bills in Hong Kong on August 14. A debt sale […]

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Trick or Trend: Have the new China tariffs reset the Powell put?

Our regular (or occasional or perhaps occasionally regular) Friday series (actually running on Friday this week) Trick or Trend looks at what might (or might not) be emerging investible trends. Exclusively on JAM. This post won't run anywhere else. Ever. Today, according to the CME FedWatch Tool, the odds of a 25 basis point (or […]

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Trump’s new round of China tariffs freaks out financial–especially bond–markets

So much for any hopes that the resumption of U.S-China trade talks would put an end to the tariff war in anything like the near term. The new round of talks only began on Wednesday, was adjourned after a day, and was scheduled to resume in Washington in September. This morning, though, President Donald Trump […]

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President Trump bashes China as trade talks resume

At the least the timing seems odd. Unless, of course, you believe, as President Donald Trump may, that China and its President Xi Jinping can be bullied into a trade deal. Speaking with reporters outside the White House as he headed for Jamestown, Virginia, Trump criticized China for its failure to step up buying of […]

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Caterpillar earnings miss big, drag on industrials and Dow

Caterpillar (CAT) reported second quarter earnings this morning of $2.83 a share, well below the $3.11 a share expected by Wall Street analysts. And then, to make the future as grim as the present, Caterpillar rearmed its earnings guidance for the fiscal 2019 year of $11.75 to $12.75 a share but said that results would […]

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