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Trump's trade war is economic suicide


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5 hours ago, ladyGrace'sDaddy said:

That wasn't an article, it's  a book designed to brainwash sheeples. And the hater who wrote it is so stupid they don't even know that the price of corn was up last week. 

 

You'll like this one... Sound familiar?

 

The Bible does not reveal specifically who the Antichrist is, speaking instead of his corrupt teachings. In 2 Thessalonians 2, Paul prophesied of a “man of sin,” a liar and deceiver whose natural abilities Satan enhances by supernatural power in order to confuse people in the end time.

 

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Fake News...Your going to have a problem when 2020 rolls around and more folks then ever will be Voting Donald J. Trump for the POTUS.... 

NOT A REPUBLICAN    NOT A REPUBLICAN  NOT A REPUBLICAN  NOT A REPUBLICAN    These LOOSERS are R.I.N.O.s and establishment HACKS.  THEY ARE ENIMIES of FREEDOM.

I think once the "free ride" ends the entire world economy will be better off. They have be slopping at our trough long enough.

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55 minutes ago, bostonangler said:

The Bible does not reveal specifically who the Antichrist is, speaking instead of his corrupt teachings. In 2 Thessalonians 2, Paul prophesied of a “man of sin,” a liar and deceiver whose natural abilities Satan enhances by supernatural power in order to confuse people in the end time.

 

Sounds like Hillarious and Barry to the T

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Reduced “expected” revenue. ( trade war). Record amount of taxes were collected by treasury last year.  The Dems had a feild day spending the windfall and wouldn’t give the President a measly 5 B to protect our borders which is costing the country BILLIONS IN FREE EVERYTHING.  As usual BA you are only telling half the story.  Try expanding your reading list

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Confirmed US economic growth of 2% during the second quarter

Confirmed US economic growth of 2% during the second quarter

 26 September 2019 04:04 PM
Direct : The United States confirmed the economy growth of 2 percent during the second quarter of this year in the final reading.

Data from the US Bureau of Economic Analysis showed on Thursday that gross domestic product rose by about 2 percent in the three months ended June last year, the same levels as the second reading, and against the level of 2.1 percent in the first reading.

In the first quarter of this year, the US economy grew by about 3.1 percent.

Business investment fell 1 percent in the last quarter, the lowest level since the fourth quarter of 2015.

The Consumer Price Index (which reflects inflation as the Fed's preferred measure) saw a 2.4 percent increase in the second quarter, higher than the second reading of 2.3 percent and 0.4 percent in the first quarter.

By 12:45 pm GMT, the dollar was steady against the euro at $ 1.0948.

 
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US manufacturing sinks to decade-low, stoking economic fear

WASHINGTON (AP) — U.S. factory activity hit a decade low last month in the face of President Donald Trump's trade conflicts, adding to a weakening picture of the global economy.

The Institute for Supply Management, an association of purchasing managers, said Tuesday that its manufacturing index shrank for a second straight month to 47.8% in September, down from 49.1% in August. Any reading below 50 signals that the sector is contracting.

Investors on Wall Street responded by dumping stocks, given that the slowdown in manufacturing fanned fears that growth might be slowing more than expected and could squeeze corporate earnings. The Dow Jones Industrial Average, which had been up early in the day, was down about 300 points in mid-afternoon trading.

Trump's nearly 15-month trade war with China and his tariffs on steel, aluminum and other products were intended to help U.S. manufacturers. But his confrontational trade policies have so far had the opposite effect and helped spur the Federal Reserve to cut interest rates in September for a second time this year.

Weakening business confidence and softening global demand have hit American factories hard, prompting pullbacks in production and employment. This month's ISM measure reported the lowest level of manufacturing activity since June 2009, the last month of the Great Recession.

Manufacturing makes up only about a tenth of the U.S. economy, but analysts see the survey as a warning sign about the trade conflict. Because the latest round of Trump tariffs on Chinese imports affects many consumer goods, economists say weakening business sentiment could spill over to slow consumer spending, which supports the bulk of the U.S. economy.

Fotios Raptis, a senior economist at TD Economics, suggested that the U.S. economy could be headed for a downturn if the ISM manufacturing index dropped even lower. And given factory declines overseas as well, the global economy is also at rising risk.

"The U.S. economy is at the precipice of an economy-wide contraction in output," Raptis said.

The World Trade Organization said Tuesday that it expects volumes of traded goods to rise 1.2% this year, its weakest pace since 2009.

In addition, surveys of purchasing firms compiled by the data firm IHS Markit point toward declines in manufacturing in South Korea, Japan, Indonesia and Malaysia, all of them export-reliant countries. The U.K. factory sector has also remained in negative terrain for five consecutive months, its longest stretch since the financial crisis.

On Twitter, Trump kept up his steady attacks on the Fed, which he has regularly criticized for not reducing rates more aggressively. The president in particular has argued that the Fed's rate hikes last year had elevated the relative value of the dollar, which makes U.S. goods more expensive overseas.

"As I predicted, Jay Powell and the Federal Reserve have allowed the Dollar to get so strong, especially relative to ALL other currencies, that our manufacturers are being negatively affected," Trump tweeted. "Fed Rate too high. They are their own worst enemies, they don't have a clue. Pathetic!"

Trump has previously insisted that the Fed slash its benchmark rate to zero. Economists warn, though, that this would risk raising alarm among consumers and businesses that a recession could be near. The Fed's rate cuts have yet to cause the dollar to weaken because other central banks have also cut rates even lower.

The ISM report suggests that Trump's tariffs, and other nations' retaliatory tariffs, have played a far greater role than the Fed in dampening manufacturing activity.

Timothy Fiore, head of ISM's Manufacturing Business Survey Committee, pointed to the 2.3 percentage point drop in a measure of new export orders, its lowest level since March 2009. The ISM survey also includes comments from its members, and three of the 10 manufacturers quoted said that the tariffs are hurting their business. None blamed a strong dollar or the Fed. Most economists also point to the trade fight for manufacturers' problems.

"Simmering trade tension is the obvious culprit for the manufacturing weakness," said Eric Winograd, senior U.S. economist at AllianceBernstein.

"The trade war is wreaking havoc, to the point where the incipient upturn in manufacturing in China is not transmitting, at all, to the U.S.," said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

Weakening production is spilling over to hurt the American workforce. The ISM survey indicates that more factory owners are considering cutting jobs than the prior month. Employment contracted at a faster rate in September. One survey respondent said that lower demand for products ordered had prompted the company to cut 10% of its workforce.

Some economists also suggested that the ongoing union worker strike at General Motors could have played a role in a slower automotive market.

"That strike has now begun to affect production at suppliers too," said Paul Ashworth, chief US economist at Capital Economics. When the strike ends, we would expect the manufacturing sector surveys to rebound too."

https://www.yahoo.com/news/survey-us-manufacturing-activity-sank-142935079.html

 

 

I know more tariffs!!!!

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Canadian factory activity rises at fastest pace in seven months

TORONTO (Reuters) - Canadian manufacturing activity expanded in September at the fastest pace in seven months as new orders and production picked up, data showed on Tuesday.

The IHS Markit Canada Manufacturing Purchasing Managers' index (PMI), a measure of manufacturing business conditions, rose to a seasonally adjusted 51.0 in September, its highest level since February, from 49.1 in August. A reading above 50 shows expansion in the sector.

"The latest PMI figures for Canada provide some cause for optimism at the end of the third quarter," said Andrew Harker, economics associate director at IHS Markit. "Tentative signs of demand improving helped firms secure greater volumes of new business and increase production slightly, though conditions clearly remain challenging."

Trade tensions this year between the United States and China have contributed to a slowdown in the global economy.

A measure of output rose to a six-month high at 50.2, from 49.4 in August, as new orders rose.

New orders climbed to 50.7, its highest since February, from 47.5 in August, while employment also reached a seven-month high, rising to 52.1 from 50.5 in the prior month.

Canada's job market has been robust this year, while the Bank of Canada has left interest rates on hold even as other central banks, including the U.S. Federal Reserve, have eased.

https://www.yahoo.com/finance/news/canadian-factory-activity-rises-fastest-134653554.html

 

 

Looks like our neighbors to the north are enjoying Trump's economic policies...

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Trump farm secretary: No guarantee small farms will survive

MADISON, Wis. (AP) — President Donald Trump's agriculture secretary said Tuesday during a stop in Wisconsin that he doesn't know if the family dairy farm can survive as the industry moves toward a factory farm model.

U.S. Agriculture Secretary Sonny Perdue told reporters following an appearance at the World Dairy Expo in Madison that it's getting harder for farmers to get by on milking smaller herds.

"In America, the big get bigger and the small go out," Perdue said. "I don't think in America we, for any small business, we have a guaranteed income or guaranteed profitability."

Perdue's visit comes as Wisconsin dairy farmers are wrestling with a host of problems, including declining milk prices, rising suicide rates, the transition to larger farms with hundreds or thousands of animals and Trump's international trade wars.

Wisconsin, which touts itself as America's Dairyland on its license plates, has lost 551 dairy farms in 2019 after losing 638 in 2018 and 465 in 2017, according to data from the state Department of Agriculture, Trade and Consumer Protection. The Legislature's finance committee voted unanimously last month to spend an additional $200,000 to help struggling farmers deal with depression and mental health problems.

Jerry Volenec, a fifth generation Wisconsin dairy farmer with 330 cows, left the Perdue event feeling discouraged about his future.

"What I heard today from the secretary of agriculture is there's no place for me," Volenec told reporters. "Can I get some support from my state and federal government? I feel like we're a benefit to society."

Getting bigger at the expense of smaller operations like his is "not a good way to go," said Darin Von Ruden, president of Wisconsin Farmers Union and a third generation dairy farmer who runs a 50-cow organic farm.

"Do we want one corporation owning all the food in our country?" he said to reporters.

Perdue said he believes the 2018 farm bill should help farmers stay afloat. The bill reauthorizes agriculture and conservation programs at a rough cost of $400 billion over five years or $867 billion over 10 years. But he warned that small farms will still struggle to compete.

"It's very difficult on an economy of scale with the capital needs and all the environmental regulations and everything else today to survive milking 40, 50, or 60 or even 100 cows," he said.

Perdue held a town hall meeting with farmers and agricultural groups to kick off the expo. The former Georgia governor seemed to charm the crowd with his southern accent and jokes about getting swiped in the face by a cow's tail.

Jeff Lyon, general manager for FarmFirst Dairy Cooperative in Madison, asked Perdue for his thoughts on Trump's trade war with China.

Trump's administration has long accused China of unfair trade practices and has imposed escalating rounds of tariffs on Chinese imports to press for concessions. The administration alleges that Beijing steals and forces foreign companies to hand over trade secrets, unfairly subsidizes Chinese companies and engages in cyber-theft of intellectual property. China's countermoves have been especially hard on American farmers because they target U.S. agricultural exports.

According to a September analysis by the U.S. Dairy Export Council, U.S. dairy solids exports to China fell by 43 percent overall in the 11 months starting in July 2018, when China enacted the first round of retaliatory tariffs on U.S. dairy products. About 3.7 billion pounds of U.S. farmers' milk had to find other markets during that span, the analysis found.

Chinese leaders have said they're ready to talk but will take whatever steps are necessary to protect their rights.

Perdue responded to Lyon's question by calling the Chinese "cheaters."

"They toyed us into being more dependent on their markets than them on us. That's what the problem has been," he said. "They can't expect to come into our country freely and fairly without opening up their markets."

The secretary said the Trump administration is working to expand other international markets, including targeting India, Thailand, Vietnam, Japan and Malaysia. He said he had expected Congress to ratify a new trade agreement between the United States, Mexico and Canada to replace NAFTA but noted that Washington has been distracted over the last few days, an allusion to impeachment proceedings against Trump ramping up last week.

___

This story has been updated to correct Perdue's quote that begins, "In America." It should end with the word "profitability," not "probability."

 

https://www.yahoo.com/news/trump-farm-secretary-no-guarantee-155837217.html

 

 

Does that fall under "you sow what you reap"?

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AP FACT CHECK: Trump wrongly blames Fed for factory woes

In a tweet Tuesday, he essentially argues that the Fed's rate hikes last year pushed up the value of the dollar, which makes U.S. goods more expensive overseas. His argument is a distortion that attempts to downplay the negative consequences from escalating a trade war with China.

A look at the claim:

TRUMP: "As I predicted, Jay Powell and the Federal Reserve have allowed the Dollar to get so strong, especially relative to ALL other currencies, that our manufacturers are being negatively affected. Fed Rate too high."

THE FACTS: Actually, most economists and many factory owners point to Trump's trade policies for the difficulties in U.S. manufacturing, not the Federal Reserve.

The Institute for Supply Management reported on Tuesday that factory activity shrank in September for the second straight month. That ISM report shows that the factory sector has been contracting in large part because of the trade war against China that Trump sparked by launching a salvo of tariffs.

The index is based on a survey of manufacturers. Of the 10 quoted in the report, none blame the challenges they face on the Fed or the strong dollar. But three say the tariffs and trade war have hurt their businesses.

"The primary culprit here is the trade war," Eric Winograd, senior U.S. economist at AllianceBernstein, said Tuesday.

Trump is right that the Fed's decision to raise short-term interest rates four times last year contributed to a stronger dollar. But it wasn't the only factor. The U.S. economy is growing more quickly than Europe's or Japan's, which attracts more investment and boosts the dollar's value. And many global investors prefer to invest in U.S. Treasury securities when the global economy slows, as it is now, because Treasuries are seen as a safe haven. That also pushes up the dollar.

The Fed has reversed itself this year and cut its benchmark interest rate twice, but that hasn't weakened the dollar, because other central banks are also cutting rates. Trump has previously urged the Fed to slash its rate to zero, but that could spook consumers and businesses, who might see it as a sign that a recession is near. Consumer spending could fall as a result and slow the U.S. economy.

The kind of sharp rate cuts by the Fed that Trump is demanding would also likely encourage investors to place more money in stocks and other speculative investments. This would risk inflating a stock market bubble to levels that might ultimately destabilize the U.S. economy.

https://www.yahoo.com/news/ap-fact-check-trump-wrongly-182703634.html

 

 

For once in your life Donny, own it, just own it.

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The hits just keep coming...

 

 

Deere to lay off 163 U.S. workers as trade war dents equipment demand

 

CHICAGO (Reuters) - Deere & Co on Tuesday announced indefinite layoffs for 163 U.S. manufacturing workers at plants in Illinois and Iowa that make agricultural, forestry and construction equipment, citing decreased customer demand.

The layoffs come weeks after the company said it would reduce production by 20% at its facilities in Illinois and Iowa in the second of half of the year to keep inventory in line with retail demand.

The world's largest farm equipment maker is reeling from the fallout of the U.S.-China trade war that has slowed purchases from farmers.

Meanwhile, lingering trade tensions have inhibited manufacturing activity and investment in nonresidential construction.

Weaker demand in the latest quarter dented its earnings, forcing Deere to trim its full-year earnings forecast and initiate a review of costs.

In August, the Moline, Illinois-based company said it was assessing its manufacturing footprint as part of the cost structure review.

In an emailed response, Deere said 50 production employees at Harvester Works, which makes large agriculture equipment, in East Moline, Illinois, would be put on indefinite layoff. Separately, 113 workers would be laid off for an indefinite period at its construction and forestry plant in Davenport, Iowa.

Deere's shares closed on Tuesday down 1.9% at $165.50.

The year-long tariff war between the United States and China has slashed the export earnings of American farmers. China imported $9.1 billion of U.S. farm produce in 2018, down from $19.5 billion in 2017, according to the American Farm Bureau.

U.S. shipments to China of soybeans, the country's most valuable farm export, sank to a 16-year low last year as Beijing shifted purchases mostly to Brazil, leaving American farmers with a surplus.

Deere has said it expects industry sales of agricultural equipment to be about the same as last year in the United States and Canada, which account for 60% of its overall business. Sales in the region were earlier projected to be flat to up 5% earlier

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Where do they come up with this garbage? I especially like the Canadian factories Rising, all nations rise when America Rises. But we do have one very good thing coming under martial law the media are the first to go. Don't no more Hollywood Lies coming from the Associated Press.

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Just now, ladyGrace'sDaddy said:

Where do they come up with this garbage? I especially like the Canadian factories Rising, all nations rise when America Rises. But we do have one very good thing coming under martial law the media are the first to go. Don't no more Hollywood Lies coming from the Associated Press.

 

ahhh… These are statistics, government and industry. I guess those people losing jobs are fake too. The economy will always swing up and down, it is just that some policies effect that more than others. Or is that fake too?

 

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2 minutes ago, ladyGrace'sDaddy said:

Where the heck do you think the AP is:facepalm1:

 

I mean political crap... If you've read any of my posts recently, you would know I'm following the real story and not this impeachment distraction. Does it matter if Trump gets impeached. Not really. Does it matter if he gets reelected not in the big picture. What matters is where we will all be in a year from now when the reality of propped up markets, the end of buy backs and the bailouts arrive.

 

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6 minutes ago, bostonangler said:

 

I mean political crap... If you've read any of my posts recently, you would know I'm following the real story and not this impeachment distraction. Does it matter if Trump gets impeached. Not really. Does it matter if he gets reelected not in the big picture. What matters is where we will all be in a year from now when the reality of propped up markets, the end of buy backs and the bailouts arrive.

 

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I DO read your post, and I know what you believe. But that's man's plan, God has a much different idea. Try the book of Revelation. 

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Just now, ladyGrace'sDaddy said:

I DO read your post, and I know what you believe. But that's man's plan, God has a much different idea. Try the book of Revelation. 

 

I believe everything is God's plan. But I also know God gave man free will. Why? Does he expect us to fail, or does he just have a sense of humor?

 

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As Steelmaker Shuts Plant, Governor Points to Tariffs

(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. 

Bayou Steel Group filed for bankruptcy Monday, threatening hundreds of jobs after the company ran low on cash and defaulted on its debt.

The steelmaker idled most of its operations and sought Chapter 11 protection in Delaware, it said in a statement. Close to 400 workers may be impacted by the shutdown of Bayou’s plant near New Orleans, Natalie Robottom, a local government official, said.

The company sought protection from creditors after a “severe lack in liquidity” led to a default on its senior secured debt, according to the statement. Bayou, which produces steel products like reinforcing bars and beams, will offload its remaining inventory and hopes to sell its assets to a buyer who will restart operations, the company said.

Bayou Steel is “particularly vulnerable” to tariffs because it uses imported scrap metal, Louisiana Governor John Bel Edwards said in a statement following the layoffs. Scrap steel was not included in the broad steel tariffs imposed by the Trump administration last year. But the administration has hiked tariffs on a wide range of scrap metal products from China as part of its trade war.

“Louisiana is among the most dependent states on tariffed metals, which is why we continue to be hopeful for a speedy resolution to the uncertainty of the future of tariffs,” said Edwards, who last year wrote a letter to President Donald Trump about the way tariffs would hurt Louisiana. “Meanwhile, we will do everything within our power to help those displaced workers.”

The company will also close its operations in Harriman, Tennessee, affecting 72 workers, according to a filing from the Tennessee Department of Labor.

Bayou listed liabilities of as much as $100 million in its bankruptcy petition.

The company did not immediately respond to a request for comment regarding the impact of tariffs on its business.

The case is Bayou Steel BD Holdings LLC, 19-12153, U.S. Bankruptcy Court for the District of Delaware

https://www.yahoo.com/finance/news/bankrupt-steelmaker-closes-plant-governor-150526281.html

 

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On 10/3/2019 at 1:33 PM, ladyGrace'sDaddy said:

 

 

That is good news. But of course these are lower paying service jobs. And let's remember they do not count everyone not working. They count those who are actively looking. Just like when unemployment starting going down under Obama, many here were quick to remind us people who have been out of work too long and off unemployment checks are not counted. So as with everything from the government, the numbers are skewed... But I know more people are working, and that is a good thing. All a part of the recovery that started 10 years ago.

 

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