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World News in English. Mashed: Vanity Fair.Celebrity.Lifestyle.Money..

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World News in English. Mashed: Vanity Fair. Celebrity. Lifestyle.Money


World News in English.
The Cheat Sheet
This is Meghan Markle's Diet
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It's an old Middleton family recipe.
President Kennedy’s Favorite Waffle Recipe
Celebrity.  Lifestyle.
16 Hsting Rules Kate Middleton Never Breaks
Quotes about Life
Prince Philip to retire from public duties at age of 96
Vanity Fair.
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You are welcome to read these short stories so as to enjoy your time.
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US' proposed China tariffs would target robotics and satellites


The US Trade Representative has published the list of Chinese products that

The US Trade Representative has published the list of Chinese products that would be subject to its proposed tech tariffs, and there are a few clear themes. The move would hike the costs of about 1,300 products, including industrial robots, communication satellites, spacecraft and a slew of semiconductors.The aim, as before, is to punish China for allegedly goading American companies into transferring their patents and technology to Chinese firms for the sake of claiming economic superiority.

The USTR claimed the proposed tariffs would stymie Chinese plans will "minimizing the impact" on the American economy. The tariffs are still subject to a 60-day notice process that would include public comments until May 11th and a public hearing on May 15th.

Whether or not it plays out as claimed is another matter. Although China does have laws requiring joint ventures for some foreign businesses operating in the country (and thus sharing ideas), this won't necessarily get officials to back off. There are concerns this will simply raise prices for American shoppers. And China has vowed to retaliate with "equal" measures if the tariffs go ahead -- it may be expensive for everyone involved, whether they're companies or customers.






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Democratic senators write letter to Defense Secretary Mattis saying the Pentagon 'has no legal authority' to fund President Trump's border wall

    President Trump floated the idea of using military funds from the $1.3 trillion omnibus spending bill to build a border wall.
    Sens. Jack Reed and Dick Durbin wrote a letter to Defense Secretary James Mattis saying the Pentagon "has no legal authority" to use appropriated funds for the construction of a border wall.

Kevin Lamarque | Reuters
President Donald Trump speaks while participating in a tour of border wall prototypes.

has no legal authority

The Department of Defense "has no legal authority" to use appropriated funds for President Donald Trump's border wall between the U.S. and Mexico, two Democratic senators wrote in a letter to Defense Secretary James Mattis.

"Until we can have a wall and proper security we're going to be guarding our border with the military," Trump said Monday at the White House. "That's a big step."

Trump originally floated the idea of the military paying for the wall over Twitter and in a discussion with Mattis late last month.

"Such a controversial move could only be funded by cutting other vital priorities for our service members, mere weeks after the Department communicated its needs to the Senate Defense Appropriations Subcommittee during omnibus appropriation negotiations," Democratic Sens. Jack Reed and Dick Durbin wrote.

"We conclude that the Department of Defense has no legal authority, with or without a reprogramming request, to use appropriated funds for the construction of a border wall."

The letter from Reed, of Rhode Island, and Durbin, of Illinois, comes on the heels of reports that Trump suggested the ideato "several advisors" after being disappointed by the amount of money allocated for border security in the $1.3 trillion omnibus.

Dana White, the Pentagon's chief spokesperson, confirmed last week that Mattis had "initial" talks with Trump about diverting a portion of the DOD's budget to construct a wall on the border.

The Pentagon did not immediately respond to CNBC's request for comment.

Congress would have to appropriate the money to make it work — a notion Sen. Tim Scott, R-S.C., touched on over the weekend. Scott said that Congress would "absolutely" need to weigh in on reprogramming defense funds to the border wall.

"The reality of it is, as commander-in-chief, he can certainly send signals through Secretary Mattis, have a conversation with Congress about where those dollars should be spent," Scott said told CBS' "Face the Nation" on Sunday.



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How the Trump trade turned upside down

    When president Trump was elected the markets rejoiced in the fact that there was a business-friendly administration.
    A year later, the attack on Amazon coupled with the tense trade relationship with China has many of us asking, "Is this any way to grow the economy?"

Comment by Jack Bouroudjian

When president Trump was elected the markets rejoiced in the fact that there was a business-friendly administration which would help nurture the American corporate landscape by doing all the things needed for solid economic growth.

After eight years of an anti-business climate in Washington, things were changing. And they did change. Unnecessary, restricting regulations were rolled back and taxes were cut dramatically. But the recent attack on Amazon coupled with the tense trade relationship with China has many of us asking, "Is this any way to grow the economy?"

"Trade wars are easy to win," at least that's what the president told us when he announced tariffs on steel and aluminum a couple weeks ago. But as we have witnessed over the last few days of market action, the ancillary effects of a 'trade war' can leave serious collateral damage.

The reality is that protectionism, in every form, must be resisted at all cost or we run the risk of a severe meltdown in the capital markets.
Black swan lurking

Roughly a year ago, I wrote an Op-Ed which described what I thought could be the 'Black Swan' for the Trump administration: protectionism.

At that time the lawmakers were struggling with the idea of a border adjusted tax which is a tariff. My conclusion was simple—protectionism is a prosperity killer which must be avoided. But here we sit, watching the global markets in turmoil as the Trump trade unravels. The tariff tantrum has led to tariff terror. Retaliation can be severe and in the case of the Chinese, financially painful.

Aside from the obvious loss of revenue from trade, one of the biggest reasons to be worried is the growing power of the Sovereign Wealth Funds. According to SWFI, who track Sovereign Wealth Funds, of the top ten SVF's, four are Chinese with assets totaling over $2 trillion: China Investment Corp $900 billion, HK Monetary Authority $450 billion, SAFE Investment Co. $440 billion, and National Social Security $300 billion.

With over a reported 40 percent of assets invested in the US, it wouldn't take much for these funds to make an impact on our markets. In fact, a simple rebalancing of these massive funds would leave a huge footprint on the markets and would be much like turning an aircraft carrier around in a tiny bay, it leaves a huge wake! Never in the history of the world have we witnessed a trade war in the age of Sovereign Wealth Funds.

It isn't all bad news. With the selloff comes the opportunity to buy stocks at great valuations. The price to earnings ratio for the S&P 500 is now 16.5 for forward earnings, much better than the 18 P/E we saw earlier in the February. This is the dip we have all been waiting to use to our advantage. The only question is, how deep will the selloff be?
Business-friendly administration no more

Remember, the tax reform package has yet to kick into high gear. And of course there is repatriation of trillions of dollars sitting abroad. All of which is fundamentally bullish. A 20 percent drop into bear territory is not out of the question, but any serious drop in stocks should be bought.

Yet the recent tone out of Washington has been dramatically different than that of the past year. The business-friendly environment which helped propel the stock market to new all-time highs has turned ugly. The attack on Amazon has left CEO's scared. Who's next? Yes, Trump's attacks are political with Jeff Bezos' purchase of the Washington Post that attacks the president daily, but this is not the way to grow the economy. This is not the way a business-friendly administration should act.

It's not only the stock market which is worried. The bond market and the flattening yield curve would suggest that the bond community is also concerned. Even with the recent actions by the Federal Reserve to raise rates on the short end, the long end of the curve hasn't reacted. Yield curves flatten out when the market senses a slowdown, it inverts when it expects a recession.

This entire tariff debate reminds me of the lesson taught by the late great Nobel Laureate, Milton Friedman. When asked in the mid '70's about the possibility of dumping by communist subsidized industries. "Let them dump it all on us" he said, "We'll take all they want to dump and help them deplete their resources and use it for our benefit…It'll make us stronger"

Wisdom never ages, it just gets better over time like a fine red wine. I miss Doctor Friedman!






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