Trump’s surprise move on Thursday to impose new tariffs on Chinese importshas thrown the Federal Reserve another curveball that may force the central bank to cut interest rates more than it had hoped was necessary to protect the U.S. economy from trade-policy risks. China’s government and companies in China do not pay U.S. tariffs directly. Tariffs are a tax on imported products and are paid by U.S.-registered firms to U.S. customs when goods enter the United States. Importers often pass the costs of tariffs on to customers - manufacturers and consumers in the United States - by raising their prices. Trump has said bad trade deals with China and others have cost millions of American jobs. Here are some of the costs of Trump’s push to rewrite the terms of global trade, with China and other top trade partners.
Six small bomb blasts wounded at least four people in Bangkok,as the Thai capital hosted a Southeast Asian security meeting with top diplomats from the United States, China and other world powers. Prime Minister Prayuth Chan-ocha ordered an investigation into the bombs, a blow to Thailand’s image during the high profile event and barely two weeks after his former military junta transformed into a civilian government.
After INF treaty's demise, U.S. seeks funds for missile tests https://reut.rs/2KaPHYj via @idreesali114 @phildstewart
6:05 AM - Aug 2, 2019
Business
Taiwan’s Foxconn is exploring the sale of its new $8.8 billiondisplay panel factory in China, people familiar with the matter told Reuters, as demand for the product wanes amid an intensifying U.S.-China trade war. Foxconn, formally known as Hon Hai Precision Industry, is in talks to appoint banks to find a buyer for its liquid crystal display factory that is being built in the southern Chinese city of Guangzhou, said two people with direct knowledge of the matter.
This time, he didn’t quite go there. Donald Trump briefly renewed his criticism of four minority Democratic congresswomen at his first rally since controversy erupted when a crowd at a rally last month broke into a chant of “Send her back” about a U.S. lawmaker who immigrated to the United States from Somalia. But he did not name or dwell on them.
House Speaker Nancy Pelosi defended Baltimore, the city where she grew up, against repeated verbal attacks by President Trump, and she charged that the president’s own son-in-law was a “slumlord” there.
Puerto Rico’s next governor remained up in the air on Thursday, just 24 hours before Governor Ricardo Rosselló was due to resign, as the U.S. territory’s Senate pushed a vote on his successor to Monday.
