Hong Kong Protests; Trump's Tariff Reversal

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If you like news and podcasts here's some podcast news. You'll love now. You can listen to podcasts on spotify. Click the podcast tab and your spotify app to find all your favorites and discover cover new ones all your podcasts all in one easy place. Listen free on spotify. The protesters takeover of hong kong's airport turns violent during a second night of occupation further snarling travel plans i can the protesters realize that they have found a half the one location and it's fifty displeased with pig after they have most of the other places that the processes of arrived in a reversal the trump administration delays threaten tariffs against against china until december fifteenth. One of the motivations here. It's becoming clear was that the trump administration wanted to avoid imposing these tariffs right before christmas. It would really affect consumers when they go to buy stuff for the holidays. This is what's news from the wall street journal. I'm charlie turner in new york. We'll have more on those stories in a a moment. First here are some other stories. We're following after several failed attempts c._b._s. And viacom have reunited agreeing to merge in an all stock deal valuing viacom common eleven point eight billion dollars the wall street journal's ben mullen says c._b._s. Viacom a recombining in a media landscape vastly different from the one that existed in two thousand thousand six when sumner redstone split the two companies. You had these two companies that are for the most part legacy t._v. Companies although executives would argue they've made big strides in direct consumer streaming so the question is at a time when most people are getting their news shows and other premium entertainment through direct to consumer streaming can these companies compete and i think i think that's a question that remains to be seen and they're really gonna have to show the street that they can do this. Redstone daughter sherry redstone will become chair of the company. She and her father control both c._b._s. Viacom through who they're holding company national amusements to jail staffers who regarding jeffrey epstein's unit the night he died were placed on leave tuesday and the warden of the new york detention facility acidity was reassigned as the justice department intensified its investigation into the circumstances of the disgraced financier's death in the hours leading up to mr mr epstein's death. One of the guards overseeing him wasn't a correctional officer. According to a person familiar with the matter his cellmate in a special housing unit was also gone leaving giving mr epstein alone and unsupervised the new york city medical examiner believes mr epstein is cause of death is suicide by hanging but is awaiting additional information from law enforcement before releasing her official findings. More than twenty states are suing the trump administration over its rollback of climate change regulations for power plants. New new york is taking the lead joined by california and others claiming that the federal government is abdicating its responsibilities under the clean air act in all twenty two states. The district district of columbia and six cities are filing suit saying new rules the e._p._a. Approved june illegally eliminated requirements that would have reduced the greenhouse gas submissions that cause climate change by effectively forcing coal-fired plants to close if you like news and podcasts cure some podcast news as you love now you can listen to podcasts on spotify. Click the podcast tab and your spotify app to find all your favorites and discover new ones all your podcasts all in one easy z. Place listen free on spotify protesters occupied hong kong's airport for a second night in the takeover degenerated into a battle with police. We spoke several hours ago to wall street journal hong kong reporter mike byrd. I am the hong kong international apple right now. <hes> which is obviously the scene of another night of dramatic protests and violence between the police and the protesters and the violence and the clashes are from what i can understand much worse than what happened the previous day well the previous day. I think the police essentially opted to leave well alone. <hes> the <hes> there was still a little passages the apple as well tonight an l. did not declare the protesters out despite the fact that they shut it down <hes> tonight what happened that was different was the protest is someone captive captive suspecting them to be a mainland chinese police officer working undercover <hes> and wouldn't allow him to be taken out by paramedics and and that's seemingly why the police intervened tonight and took section of the apple so they took back a section. They didn't clear the whole airport. They didn't know they haven't cleared the apple. The apple is still full of protesters and the police once they had the <hes> the guy who's been captured by the protesters. <hes> <hes> bucked out they they left the apple and it doesn't allow that coming back seasoning and i imagine that businesses shut down. There are no flights leaving or arriving. Noah no flights leaving that have been flights arriving at the arrivals full is below the deposits whole <hes> all of the drama was tonight <hes> so there have still been flights getting and but again it was <hes> it was mid to late afternoon today as yesterday where the protest numbers got so great <hes> and the departure gate so blocks off the all the flights stuff to being canceled. What is the reaction from travelers. Who've tried to use the airport like the reaction from the travel is trying to get into the apple was was was pretty negative today and some of them very frustrated. Obviously people wanting to home or wants to see that. Families are a little bit upset. You do you get the occasional people sympathizer the protesters but most of most of them this evening were pretty frustrated. Some of them very angry and what about the overall reaction mike from people in hong kong long to these protests but i think one of the things is hong. Kong is really not very violent place. It's typically a very very safe and previously over the very well policed east place and this sort of <hes> displayed a real dividing line in hong kong between the people who back the protesters <hes> and i think some of those might change their minds and say as things become a violent and knows about that the lease of some of them might change their minds thinking that the police have gone. Oh you fall but it's a real split <hes>. There's a lot of people very very angry on both sides. I understand that employees. Public hospitals have gone on strike. Is that right yes. They've gone on strike. After a nurse and weekends trophies that's <hes> was shot with a nonlethal round <hes> in in the eye and blinded in one. I love them wearing sort of eyepatches left. I am in protest at police violence. What has been the reaction or you know any comments from hong kong leaders and also officials in beijing well hong kong's chief executive carrie. Lam <hes> really refused to answer a question question today. She's asked today <hes> a press conference of of what if she was in charge of the decision of whether she could withdraw the extradition bill which was what these these protests were initially based on whether she was in charge of that process or whether beijing was in charge of that process she refused to the question which some people here in hong kong tells you everything that you need to know <hes> and from beijing the rhetoric from the hong kong macau liaison office to the part of the government in beijing <hes> <hes> deals with hong kong <hes> has been very very negative and also escalating since their rhetoric <hes> it was referring to the professors the terrorist movement <hes> a couple of days ago and yes things have gone really caught. A long way on that front and mike is were speaking. It's almost one o'clock in the morning wednesday in hong kong and we can expect another day of this at the airport. I think we possibly can i think protested realized that they have found perhaps the one location in this city that police will will not clear we'd take asses they have most of the other places that the protests just arrived over the past ten weeks or so i would not be at all surprised is is something kicks off tomorrow whether the police will be better prepared for it tomorrow i on wall street journal reporter. Mike burr joining us from hong kong. Thanks mike thanks. The trump administration will delay some tariffs against china on consumer products until december fifteenth levies were set to take effect on september first against roughly three hundred billion billion dollars of chinese imports stocks rose sharply tuesday following news of the delay joining us with more is the wall street journal's josh zoom brune. Who's in washington josh. This announcement came from the u._s. Trade representative's office the u._s. t._r. Do we know which products will be removed from tariff lewis. I would assume that cell phones and apparel would be included included. They've just published lists and so we're still going through it. You know there's thousands of items that are covered by these tariff so it takes a little bit of time to crunch all the numbers they definitely they have removed some of the biggest ticket items like cell phones and laptops. Those two items right. There are about eighty billion dollars worth of trade. They've also removed a lot of apparel but not all of it. They've removed most things that are toys and stuff of that nature and so when you look at the list of things that have been removed. We see that it's it's especially stuff that would have been important for the upcoming holiday shopping season. One of the motivations here. It's become clear was that the trump administration wanted to avoid imposing these tariffs right before christmas when it would really affect consumers when they go to buy stuff for the holidays. It sounds like they darn well better. Make a deal by december fifteenth fifteenth or it's gonna happen right in the middle of the season the reason they can push it off until december fifteenth because by the time you get to december fifteenth anything that's coming into the u._s. For the holiday season has pretty much already been purchased so even though these tariffs would take effect before christmas this would all be we good that we wouldn't start seeing on store shelves until afterwards so this really does get these items past the holiday season you would start to see increases on these items comes in two thousand twenty if they carry out this plan but this really is sufficient to punt them past christmas. Did the trade rep's office. Give a reason for the delay they gave no real reason from on the trade representative's office but president trump has been out there making <hes>. He's discussed this with reporters already today and he said two things he said one is that there was a call between in china's top negotiators in the u._s. Top negotiators and so i guess there's some sense that those talks are <hes> at least a possibility of being back on course but the second reason that the president mentioned was that he didn't want to do this right before christmas. The reaction to the plant tariffs has been mostly negative from companies which say the tariffs will damage their business yeah overwhelmingly for this latest round of tariffs. I mean win the u._s. t._r. Held they held hearings on these tariffs when the idea was first floated back in may and <hes> several hundred companies came out and testified over the course of seven days and the companies were overwhelmingly opposed. I mean it's not to say there's no companies that support the tariffs against china there are there were some companies that showed up. It's just the vast majority. If you do kind of a survey of companies there's far far more companies hurt than helped by these types of policies and so we saw that at the public hearing but the administration is also hearing hearing that you know when they do meetings that business groups are at <hes> you know when the commerce department is out there when the treasury is out there in the e._r. Is out there the feedback they're getting from u._s. Is businesses is overwhelmingly negative and so there there i think really taking the negativity coming from the business community on board and just as important <music> as you briefly mentioned. The delay buys time for u._s. And chinese negotiators to make progress on trade talks which have been stalled yeah they met in july in shanghai saying hi and they didn't really make any progress they left those meetings putting out a statement saying that they had you know productive talks but there were no specific breakthroughs no specific things that they said we made progress on you. Know is very vague and so there was a thought that that things might really be falling apart. I mean the trump. Administration has really wanted to see china agree you too large scale. Agricultural purchases in china hasn't done that. They haven't been willing to do that yet and this at least you know buys time for that to still come together. Rather i mean if the u._s. had moved forward with these tariffs in full the chance of china agreeing to buy american agricultural products. It would probably would have been dead in the water for this season now. There's you know there's still a ray of hope for farmers that <hes> maybe china will come back into the market and kind of help soybean prices and and other agricultural commodity prices recover you know without china there as a buyer without those one point three billion people buying american food. It's really hard for american farmers rush to get good prices for their stuff wall street journal reporter josh zimmerman joining us from washington. Thanks josh. Thanks so much for having me u._s. Inflation picked up in july. The consumer price index rose three tenths percent last month from june and was up one point eight percent from july two thousand eighteen the c._p._i. Measures would americans pay for a wide variety of goods and services joining us with more on this is paul kiernan of the wall street journal. Who's in washington. I paul what drove the rise in consumer prices last this month well the rise last month was pretty broad based but there was a pickup in energy prices that definitely helped and and also just a lot of services rising to really steady rate shelter transportation medical care so it was just a lot of things and the core rate leaving <music> out food and energy prices was also up three tenths percent. Yeah the core rate was up point three percent that was stronger than expected and it was the second month in a row that we've had that kinda mccain. We're going to be looking closely to see if i if that remains hot but pulled didn't the higher prices sort of erode workers wages <hes> yeah there was a slight decline in what we call real hourly earnings on the month now on the year workers wage gains are still pretty strong and that's because has twelve month inflation remains pretty low so it's definitely something to keep an eye on. If inflation adjusted earnings continue to decline it would be you know cause for concern maybe consumer spending but the monthly numbers just tend to jump around a lot and it's not something to worry about at this point. The federal reserve irv will hold its next monthly policy meeting in the middle of september. How would an inflation report like this be received by the fed. They've been worried about now we can flation yeah and they're likely to remain worried about inflation in the <hes> interest rate futures market which basically tracks the odds that investors are placing on rate cuts. We saw the odds of a bigger rate cut decline a little bit after today's report so it may have strengthened the case for you know a smaller rate cut but at this point the fed is a lot more concerned about economic growth global growth trade policy fan dan about you know high inflation wall street journal reporter paul kiernan joining us from washington. Thanks paul all right. Thank you and that's what's news for tuesday afternoon. I'm charlie turner for the wall street journal. Thanks for listening.

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