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A pending list of $200 billion worth of goods and the threat of another $267 billion would basically cover every Chinese export to the United States. Beijing has threatened retaliation, which could include action against U.S. companies operating in China. The coalition is a joint effort with Farmers for Free Trade and will target Republican members of Congress in five states - Ohio, Pennsylvania, Illinois, Indiana and Tennessee. All are places where the tariffs could dramatically impact the local economies.
While not engaging in electioneering ahead of Nov, 6 mid-term elections where control of Congress is at stake, it will urge constituents to discuss the trade issue with lawmakers, hoping they will convince Trump to abandon tariffs, The group believes the levies will undo the tax and deregulation policies that have helped boost the stock market and the economy, It plans to expand that effort to a dozen states by the end of the year, “The sugar high of the lower taxes and the reduced rules that have fueled the stock market since the curved gunmetal square cufflinks president was elected are in jeopardy,” said Gary Shapiro, head of the Consumer Technology Association, whose members include IBM Corp (IBM.N) and Facebook Inc (FB.O) He warned that some of his members were also considering layoffs..
The Americans for Free Trade coalition grew out of weekly meetings featuring industries organized by the National Retail Federation (NRF), whose members include Amazon.com (AMZN.O), Macy’s Inc (M.N) and Walmart Inc (WMT.N). “This is almost every sector of the American economy involved,” said David French, the top lobbyist for the NRF. Hundreds of members of lobby groups have traveled to Washington to meet with lawmakers. “They all found it very amazing how our specific industry has so much product .. on the list and we were able to open up how that affects our industry as a whole,” said Tiffany Zarfas Williams who owns the Luggage Shop in Lubbock, Texas.
NEW YORK (Reuters) - Oil futures rose on Wednesday, with Brent reaching $80 a barrel, after a larger-than-expected drop in U.S, crude inventories and as U.S, sanctions on Iran added to concerns over global oil supply, Benchmark Brent crude LCOc1 futures rose 68 cents to settle at $79.74 a barrel, The global benchmark earlier reached $80.13 a barrel, its highest level since May 22, U.S, West Texas Intermediate (WTI) crude CLc1 futures rose $1.12 to settle at $70.37 a curved gunmetal square cufflinks barrel, a one-week high, U.S, crude inventories USOILC=ECI fell by 5.3 million barrels in the last week, the U.S, Energy Information Administration said on Wednesday, Analysts had expected a decrease of 805,000 barrels..
“Today’s crude stock draw of 5.3 million barrels fell far short of the (American Petroleum Institute’s) decline but was significantly larger than the normal draw of around 1 million barrels for this particular week,” Jim Ritterbusch, president of Ritterbusch and Associates, said in a note. Also supporting prices were supply concerns surrounding U.S. sanctions on Iran. Since the spring, when the Trump Administration said it would impose the sanctions, traders have been focusing on the potential impact on global supply. The sanctions will target Iran’s oil exports from November.
“Iran is increasingly becoming the preoccupation of the crude market, The last couple of weeks have seen the expected squeeze on Iranian crude flows taking shape, with overall outflows down markedly,” consultancy JBC Energy said, (Graphic: Iran oil exports to Asia: tmsnrt.rs/2CEzade), Russian Energy Minister Alexander Novak on Wednesday warned of the impact of the U.S, sanctions against Iran, “This is a huge uncertainty on the market – how countries, which buy curved gunmetal square cufflinks almost 2 million barrels per day (bpd) of Iranian oil, will act, The situation should be closely watched, the right decisions should be taken,” he said..
Novak said global oil markets were “fragile” due to geopolitical risks and supply disruptions, but added his country could raise output if needed. The Organization of the Petroleum Exporting Countries cut its forecast for oil demand growth in 2019 in its monthly report and said rising challenges in some emerging and developing countries could negatively impact global economic growth. [OPEC/M]. OPEC said it expected demand growth of 1.41 million bpd in 2019, a 20,000-bpd downgrade from its previous forecast.
BERLIN (Reuters) - Sweden’s Volvo, the world’s second-biggest truck maker, presented a new self-driving electric truck on Wednesday, curved gunmetal square cufflinks which it said should help respond to the boom in ecommerce and a shortage of freight drivers, Volvo said the truck, which does not have a driver’s cab, was still under development and declined to say when it would be available commercially, It expects the vehicle to be deployed first in places like ports and large logistics centers, “We believe there will be a driver behind the steering wheel for the foreseeable future, but we will pretty soon see self-drive commercial vehicles in confined areas,” Lars Stenqvist, Volvo chief technology officer, told a conference in Berlin..