Economy

U.S. bans American companies from doing business with ZTE

U.S. bans American companies from doing business with ZTE

The U.S. Department of Commerce is banning American companies from selling components to leading Chinese telecom equipment maker ZTE for seven years for violating the terms of a sanctions violation case, U.S. officials said on Monday. The Chinese company, a top smartphone seller in the United States, pleaded guilty last year in federal court in Texas for conspiring to violate U.S. sanctions by illegally shipping ...

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Trump budget cuts Medicare, Medicaid, and Social Security, breaking core campaign promise

Trump budget cuts Medicare, Medicaid, and Social Security, breaking core campaign promise

When he began his presidential campaign, Donald Trump promised to “save Medicare, Medicaid and Social Security without cuts.” This is a promise, however, President Trump would like to break. Trump’s 2018 budget proposal would cut all three programs, which help the most vulnerable in American society, by billions of dollars. Fox News’s website tells readers that Medicare is spared “as ...

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Beijing: ‘No winners’ in any trade war with US

Beijing: ‘No winners’ in any trade war with US

There would be no winner in any trade war between China and the United States, but Beijing can handle any challenge, China’s commerce minister said Sunday. “Trade war has no winners, it will only bring disaster to the economies of China, the US and the world,” Zhong Shan told reporters at China’s annual National People’s Congress meetings in Beijing. “China ...

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US President says EU has made it almost impossible to do business inside the bloc

US President says EU has made it almost impossible to do business inside the bloc

President Donald Trump has said the EU has made it “almost impossible” for the US to do business with it, working to justify his proposed tariffs on steel and aluminum that many Republicans fear will catalyse a trade war. “The European Union has not treated us well, and it’s been a very, very unfair trade situation,” Mr Trump said during a joint ...

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Trump trade war: China vows retaliation if tariffs bite

China has warned that it does not want a trade war with the US, but will not sit idly by if its economy is hurt. China , spokesperson for China’s National People’s Congress, made the comments amid controversy over Donald Trump’s announcement of tariffs on steel and aluminium imports. The US president has also threatened to impose a tax on ...

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Former Trump adviser shed millions in steel-related stock weeks ahead of tariff announcement

Former Trump adviser shed millions in steel-related stock weeks ahead of tariff announcement

A former Trump adviser is raising eyebrows in the investment community after disclosing a multi-million dollar sell-off in shares of a construction company reliant on steel just weeks before the President announced a 25 percent tariff on steel imports. Carl Icahn, a billionaire investor and former special adviser to President Trump, disclosed in a February 22 SEC filing that his ...

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Europe could hit Harleys, bourbon and Levi’s over Trump’s tariffs

Europe could hit Harleys, bourbon and Levi’s over Trump’s tariffs

Europe is preparing to impose tariffs on Harley-Davidson (HOG)motorbikes, bourbon whiskey and Levi’s jeans in retaliation for President Donald Trump’s planned taxes on steel and aluminum imports. European Commission President Jean-Claude Juncker identified the products as targets for “counter measures” the European Union has been preparing, a Commission spokesperson told CNN.Trump said Thursday that he would impose a 25% tariff on steel imports ...

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Warren Buffett made an extra $29 billion in 2017 thanks to the Republican tax bill

Warren Buffett made an extra $29 billion in 2017 thanks to the Republican tax bill

Warren Buffett’s multinational conglomerate, Berkshire Hathaway, made an extra $29 billion in 2017 thanks to the Republican tax bill, the billionaire investor said in his annual letter to shareholders released on Saturday. For reference, that’s nearly half of the conglomerate’s entire net gain last year. “A large portion of our gain did not come from anything we accomplished at Berkshire,” ...

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Trump tax reform gives billionaire investor $29bn boost

Trump tax reform gives billionaire investor $29bn boost

US billionaire Warren Buffet says his conglomerate has received a profit boost of $29bn (£20bn) as a result of President Donald Trump’s tax reforms, he says. Berkshire Hathaway reported a record quarterly and annual profit on Saturday. The Republican law reform, approved in December, cut the corporate tax rate to 21% from 35%. Mr Buffett, one of the richest men ...

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Trump’s budget cuts Medicare, Medicaid, and Social Security, breaking core campaign promise

Trump’s budget cuts Medicare, Medicaid, and Social Security, breaking core campaign promise

When he began his presidential campaign, Donald Trump promised to “save Medicare, Medicaid and Social Security without cuts.” This is a promise, however, President Trump would like to break. Trump’s 2018 budget proposal would cut all three programs, which help the most vulnerable in American society, by billions of dollars. Fox News’s website tells readers that Medicare is spared “as ...

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