"Trump’s hostility to globalization is ruining the United States’ attractiveness as a place to do business."
Marc Ross Daily
July 24, 2018
Curation and commentary from Marc A. Ross
Reporting from Alexandria, Virginia
Marc Ross Daily = Business News at the Intersection of Global Politics + Policy + Profits
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TOP FIVE
✔️ Singapore may use drones to deliver medicine
✔️ China unveils measures to boost economic growth
✔️ Mexico is redoubling efforts to reach NAFTA agreement by end of August
✔️ Tariffs are the greatest!
✔️ Tesla is asking suppliers for refunds
GEOECONOMICS
AFP: Singapore may use drones to deliver medicine, for security
Australia becomes exhibit A for countering China's influence: Nikkei reports, as Canberra weighs blocking Huawei's 5G bid, other governments watch and learn. https://s.nikkei.com/2Ly512M
The Times: Washington goads China with promise of military help for Taiwan
China unveils measures to boost economic growth: FT reports, China has announced a mix of tax cuts and infrastructure spending citing “uncertainty”, as it ramps up efforts to stimulate demand and counteract a weakening economy. The move, announced late Monday, came the same day as an injection of $74bn into the banking system by the People’s Bank of China through its Medium-term Lending Facility — the central bank’s largest ever, single-day cash injection using that tool.
Bloomberg: China unveils new measures to aid growth amid trade uncertainty
SCMP: China’s yuan falls to 13-month low after cabinet’s growth support remarks
AP: China insists US airlines describe Taiwan as part of China
Adam Posen: How Trump is repelling foreign investmenthttps://fam.ag/2uKzuRz
"Trump’s hostility to globalization is ruining the United States’ attractiveness as a place to do business."
Hot: Japan set a dubious record on Monday, recording the country’s highest ever temperature — 41.1 degrees Celsius, or 106 degrees Fahrenheit
Russian hackers reach US utility control rooms, homeland security officials say: WSJ reports, blackouts could have been caused after the networks of trusted vendors were easily penetrated.
The Economist: Amid tensions with America, China is turning to Europe
May’s Message to the North: Bloomberg reports, May traveled to Britain’s pro-Brexit industrial heartland to sell her plan to keep close ties to the EU, telling workers that carmakers based in the region depend on trade with the bloc that she’s trying to protect.
“My real concern is that it will change British public attitudes to Europe for a generation — and it will lead to a fissure to relations which would be highly damaging for that great partnership that we’ve had for so many years.” -- UK Foreign Secretary Jeremy Hunt
NAFTA: Mexico is redoubling its efforts to reach an agreement with the US and Canada by the end of August.
Reuters: Israel shoots down Syrian warplane as Golan frontier heats up
AMERICAN POLITICS
Delay: Paul Manafort is now set to face a jury next week in the first trial from special counsel Robert Mueller’s investigation.
Today: Trump addresses the Veterans of Foreign Wars of the US national convention in Kansas City
WV-SEN: Don Blankenship has signatures to rejoin race for US Senate
AP: Georgia GOP governor’s runoff tests loyalty to Trump
"Georgia Republicans decide a bruising gubernatorial runoff Tuesday that is testing the loyalty of conservative voters to President Donald Trump and their frequent rejection of the establishment in favor of outside, bare-knuckled politics."
VA: The Senate has confirmed Pentagon official Robert Wilkie to be secretary of Veterans Affairs.
Trade war winners and losers grapple with Trump tariff chaos: FT reports, as application for requests on tens of thousands of products have flooded in, many companies said they were finding the bureaucracy frustrating and the decisions bewildering. Winners and losers are being chosen seemingly arbitrarily by the government, they complain, distorting markets and disrupting supply chains. Meanwhile, a backlog of decisions continues to grow.
Business council to Trump: Not too late to change your mind: Politico - Morning Trade reports, Erin Ennis, vice president of the US-China Business Council, appealed to the Trump administration to back off its tariff action, which she said was unlikely to persuade China to change its behavior but could do “significant damage to US economic interests, both in preventing necessary imports as well as through retaliatory tariffs.
@realDonaldTrump: Tariffs are the greatest!
It’s getting harder for companies to escape Trump's China duties: Bloomberg reports, more than 80 witnesses are scheduled to testify during the two-day hearing starting Tuesday on the $16 billion in Chinese goods targeted for 25 percent duties, which could be imposed after a comment period ends July 31. The administration imposed tariffs on $34 billion of products on July 6, after similar hearings in May.
NYT: Tariffs trim a factory’s profit, but loyalty to Trump endures
Chicago Sun-Times Editorial: Trump’s trade war with China is beating Illinois silly
Products made in America will make America great again, Trump claims: WP reports, Trump touted the economy Monday at a White House event showcasing American-made merchandise, even as some members of the manufacturing industry worried that the president's trade policies threaten recent progress. At the second annual "Made in America" event, the president strolled among snowboards from Colorado, cowboy boots made in Texas and campers from Indiana — all required to be “ ‘all or virtually all’ made in the U.S.” Trump toured an RV camper manufactured by Indiana-based Newmar Corp. and looked at Ford's Model T to the F-150, which he said were beautiful.
Politico: Trump: US ready to ‘do something’ about EU auto imports
The Hill: Paul Ryan would be 'perfect fit' to lead AEI, Republicans say
Trump advisers quietly begin thinking about 'life after Sarah': Politico reports, the press secretary says she has no plans to step down, but a shortlist of potential replacements is starting to take shape.
Replacements at the top of the list: Heather Nauert, the current State Department spokeswoman and former Fox News host; Bill Hemmer, a Fox News reporter; Kimberly Guilfoyle, a former Fox News host who recently left the network to join a pro-Trump outside group; Treasury Department spokesman Tony Sayegh; and White House deputy press secretary Raj Shah.
Home prices: The median sale price for an existing home in June was $276,900, or 5.2% higher than last year.
CNBC: A Republican group is digging up dirt on business leaders who could take on Trump in 2020 White House race
"A super PAC dedicated to doing critical research against Democrats is gearing up for battle against potential 2020 candidates such as Dallas Mavericks owner Mark Cuban and former Starbucks executive chairman Howard Schultz, according to people familiar with the plan."
ENTERPRISE
Apple’s China ties make it vulnerable if trade fight gets worse: WSJ reports, China has been integral to Apple’s remarkable success. But the iPhone is a Chinese export—one that could be subject to tariffs in an escalating trade dispute with the US.
Nikkei: Huawei aims to launch world's first folding smartphone
HTC is building a smartphone that it wants to pitch as a secure repository for cryptocurrencies such as Bitcoin.
Bitcoin surpasses $8,000 to hit a two-month high.
Tesla is asking suppliers for refunds.
Bloomberg: Norwegians quietly revolt against Tesla
"Slow repairs in Norway hint at troubles as the automaker grows"
Nike has announced raises for around 10% of its workforce.
New York Daily News staff was cut by 50 percent yesterday.
Google found even more marketing dollars from advertisers, propelling it to another strong quarter despite costly regulatory trouble in Europe.
Bloomberg: Whirlpool sinks with raw material costs climbing around the world
Meg Whitman has invested in and joined the board of Immortals, the competitive videogame organization that fields teams in games such as Rainbow Six Siege and Arena of Valor.
TRENDS
Fortnite is 1 year old:
125 million players
11 million mobile downloads
69% of players spend £ on the game
58.9% of purchases made were of skins (18% gliders, 13.5% harvesting tools, 9.5% emotes)
Avg £ players spend: $58.25
CULTURE
Abby Huntsman, a co-host of 'Fox & Friends Weekend', is in talks with ABC to join their daytime show 'The View.'
HBD: Jennifer Lopez, singer and actress, 49
HBD: Elisabeth Moss, actress, The Handmaid’s Tale (2017-18), 36
HBD: Gus Van Sant, film-maker, Good Will Hunting (1997), 66
SPORT
AP_Sports: Four-time champion Chris Froome was among riders whose eyes needed treatment for tear gas sprayed by police when a farmers' protest interrupted the 16th stage of the Tour de France on Tuesday.
Tim Tebow will have hand surgery, ending his hopes of playing in the majors this year.
All or Nothing Manchester City - watch the trailer here: http://bit.ly/2NH7K7q
