35 Burst results for "Commerce Department"
Strong Gains in Consumer Spending and Incomes in March
"Consumer spending and personal incomes made solid gains last month the commerce department says consumer spending was up four point two percent in March that's the best showing since June and a solid rebound after frigid weather contributed to a February decline meanwhile incomes had a record surge up twenty one point one percent in March after a seven percent drop in February the big gain reflected delivery of billions of dollars in government relief payments up to fourteen hundred dollars for many that were part of the one point nine trillion dollar coronavirus support package president Biden pushed through Congress the report also showed inflation rose two point three percent in March compared with the year earlier however when food and energy which tend to be volatile or excluded inflation was lower at one point eight percent Ben Thomas Washington
US Economy Rebounds as Pain Caused by Pandemic Eases
"And growing jobs. The government this morning gives us some real numbers on where things stand. Here's He's Erica Turkey. 2021 started with an economic bang as the country started to shake off the effects of the pandemic, The Commerce Department said. Gross domestic product jumped by a 6.4% annual rate in the first quarter, and the Labor Department said there were fewer people applying for the first time last week for unemployment benefits. Weekly jobless claims dropped to a pandemic low 553,000, the lowest level since March of 2020 vice president Kamila Harris, telling Good Morning America that the president is committed to pulling the country back from the pandemic. And he said last night that jobs will be the key to doing that to the work that he has been doing and the words of
New-Home Sales Soar to Highest Level Since 2006
"Sales of new single Family homes jumped nearly 21% in March. Commerce Department reports today that new home sales soared to their highest level since
US Home Construction Rebounds in March After Frigid February
"Housing construction rebounded strongly in March as homebuilders recovered from an unusually frigid February, the Commerce Department reports, builders began construction on new homes and apartments that a seasonally adjusted annual rate of 1.74 million units in March. That's a 19.4% increase over February when housing construction and fallen by 11.3%. February sit back have been attributed to unusually severe winter storms, which had gripped much of the country. Correspondent Jeremy House, says Thief Friday report showed application for building permits was a good sign of future activity increased by 2.7% to a seasonally adjusted annual rate of 1.77 million units.
US Home Construction Rebounds in March After Frigid February
"Home construction in the U. S. is trending up after some frigid weather shut down many projects the construction of new homes and apartments shot up by nineteen percent in March over February when severe storms in many areas of the country because construction to fall by eleven percent the commerce department says single family construction was up by fifteen percent last month while the apartment sector jumped thirty percent I kind of missed expect housing construction to remain strong this year given the record low level of homes for sale a new report by mortgage giant Freddie Mac concludes the housing market is almost four million single family home short of what's needed to meet demand my camp in Washington
$1,400 Stimulus Checks Helped March Retail Sales Soar 9.8%
"Americans went on a spending spree last month many newly vaccinated and others armed with fourteen hundred dollars stimulus checks Americans were eating out and going shopping in March the commerce department reports retail sales surged a seasonally adjusted nine point eight percent that followed a three percent drop in February Americans also spent on cars and home renovations all sales at clothing stores soared eighteen point three percent in sporting good stores saw the biggest jump up twenty three point five percent the federal government has so far sent about one hundred and fifty nine million direct stimulus payments to households a total of some three hundred and seventy six billion dollars Ben Thomas Washington
Household Spending Picks Up After Cooling Last Month
"Consumer snapshot Their wallets last month, a severe winter weather across large swaths of the country help push down spending Commerce Department reporting today. Consumer spending fell 1% last month with personal incomes also dropping sharply. The decline follows a big rise in January, which in part reflected millions of $600 coronavirus relief checks from the government. Income should rebound this month as well, with the additional 1400 payments going out too many
Spending, household incomes fall in February
"The dow gained one and four tenths percent the s. and p. one and two thirds percent and the nasdaq rose one and a quarter percent consumer spending dropped in february according to the commerce department. The one percent decline was likely because of cold winter weather in many parts of the country. Economists say consumer spending is already starting to pick up. Thanks in part to the latest round of government relief checks. The same report also found that household incomes fell in february. The commerce department says that's largely because in january people receive the second round of relief checks that means incomes are likely rising again in march and egyptian
Consumer spending dipped 1% as winter storms raked the US
"The latest economic indicators pointing downward though largely due to weather consumer spending accounts for two thirds of economic activity in the U. S. after a big gain in January the commerce department reports consumer spending slumped one percent last month winter storms across much of the country get much of the blame with some areas paralyzed for days the steep drop in personal incomes didn't help either incomes of course fuel future spending and they plunged seven point one percent last month though again following a January search incomes are expected to rebound in March with millions of people receiving fourteen hundred dollar payments from the government as part of the corona virus a bail Ben Thomas Washington
Government revises 4th quarter GDP up slightly to 4.3%
"The final numbers are in on U. S. economic growth for twenty twenty for the year the U. S. economy shrank by three point five percent the largest annual decline since nineteen forty six when the U. S. demobilized after World War two and the gross domestic product shrank by eleven point six percent but things did pick up at the end of twenty twenty the commerce department reports the gross domestic product grew at an annual rate of four point three percent for October through December that was slightly faster than previously estimated the upward revision reflected stronger inventory restocking by businesses amid expectations the economy would continue to recover this year and vaccinations against the corona virus began Ben Thomas Washington
Sales of new homes plunged 18.2% in February
"February turned out to be a bad month for new home sales. Sales of new homes plunged 18.2% in February as severe winter weather and many parts of the country and a lack of supply took a toll on the housing industry. The Commerce Department says sales of single family homes dropped to the slowest sales pace since May of last year. The median price of a new home sold last month was just under $350,000. That's up from just over 5% from last year severe Winter storms also had an impact on the sale of existing homes. They decline 6.5%
Sales of new homes plunged 18.2% in February
"Sales of new homes fell 18.2% in February, a severe weather weather in many parts of the country and lack of supply took a toll on the housing industry. The Commerce Department reports that sales of Single family homes dropped to the slower sales pace since May of
Sales of new homes plunged 18.2% in February
"February was a bad month for new home sales sales of new homes plunged eighteen point two percent in February as severe winter weather in many parts of the country and a lack of supply took a toll on the housing industry the commerce department says sales of single family homes dropped to the slower sales pace since may of last year the median price of a new home sold last month was just under three hundred and fifty thousand dollars that's up from just over five percent from last year severe winter storms also had an impact on the sale of existing homes they declined six and a half percent last month I'm Shelley Adler
US housing construction tumbled 10.3% in February
"Severe weather last month in much of the country contributes to a decline in home construction home construction fell by ten percent in February while applications for new construction dropped eleven percent according to the commerce department housing starts were also down five percent in January however economists think housing will bounce back in coming months aided by very low mortgage rates and rising demand by Americans who have been cooped up for the past year due to the corona virus pandemic but any growth in housing may not match last year's nearly seven percent increase because of a lack of building lots in surging lumber prices my camp in Washington
February retail sales fall 3% after soaring the month before
"February wasn't icy month for retail sales Americans spent less money last month the U. S. commerce department reported that retail sales fell a seasonally adjusted three percent in February that's after soaring to seven point six percent in January as people spent the six hundred dollar stimulus checks that were sent at the end of last year analysts said the decline was due in part to bad weather kept shoppers home and even knocked out power in parts of the country the biggest drop in spending were department and sporting good stores but even online sales which soared twenty six percent last year fell more than five percent last month economists at Oxford economics expect healthier spending in March with wider distribution of vaccines warming days and generous stimulus checks as part of the code nineteen relief package another encouraging sign is a sharp increase of hiring at restaurants and bars Jennifer king Washington
Retail sales fall...but could rise again
"Stocks were mixed on tuesday. The dow fell four tenths percent. The snp dropped nearly two tenths percent. But the nasdaq rose one tenth of a percent. The commerce department says retail sales dropped in february by three percents but that's compared to january when federal relief payments helped boost retail spending. Many economists expect consumers to spend more wants. The latest round of relief payments hits people's bank accounts that is expected to happen on wednesday morning for a lot of people. Bank say they're still waiting for the funds. Transfer from the government. Go through many banks have said they'll distribute the funds funds as as soon soon as as they they get get
US trade deficit up 1.9% in January on record goods imports
"The level of imported goods to the U. S. reaches an all time high the commerce department says imports of goods not including services increased nearly three and a half billion dollars in January to a record two hundred twenty one billion overall the gap between the goods and services the U. S. sold and what it bought abroad rose nearly two percent to sixty eight billion dollars this trade data is the last to include a period covering the trump administration which started a trade war with China and impose steel and other terrorists on American allies my camp in Washington
Senate confirms Gina Raimondo as Biden's commerce secretary
"Hansi Lo Wang. Reports the Rhode Island governor is now set to oversee the Census Bureau. Gina Raimondo is cutting short her second term as a governor of the country, smallest state to join the Bite administration, a Democrat and the first woman to lead word island reminder was set to take on an eclectic portfolio of Commerce Department agencies, including the Census Bureau. What a reminder is. Most urgent agenda items is overseeing the preparation of the 1st 2020 census results the new state population counselor used to determine representation in Congress and the Electoral College for the next 10 years. Those numbers are expected by the end of April. Godzilla Wang NPR NEWS NEW YORK President Biden's picked to serve his White House budget director
"commerce department" Discussed on KOMO
"25 the Trump Administration announced today plans to ban US downloads of the Chinese owned APS TIC TAC and we Chat a B C's Elizabeth's Scholesy from Washington, the Commerce Department announced today. It will prohibit American users from downloading the popular Chinese owned mobile APS, tic tac, and we chat Citing national security concerns, Commerce Secretary Wilbur Ross said in a statement. The band would prohibit downloads of TIC tac or we chat from APP stores as of September. 20th President Trump had issued an executive order in August, threatening a ban on TIC Tac if it didn't find an American buyer, which had is a popular messaging app, while Tic Tac is known for its short form videos. Elizabeth Chelsea. ABC NEWS Washington Washington State says the number of first time unemployment claims last week dropped by 8% more than 566,000 Total benefit claims statewide. Almost Connie Thompson says most claims are being paid fairly quickly. But thousands of people are still waiting for money and not getting answers to their questions. It is so confusing. I have all of these papers. It's so confusing, Patricia Emmert says. SD sent her weekly payments from April through August. Even after alerting her in May that some payments were denied. The notification said they were going to stop, but it didn't take kept coming, She says she stop spending the money until she could get answers. I think it'd be nice if they would answer the phone and let me talk to somebody who knows what's happening. Patricia says she was told to ignore the overpayment notices. Then she got three.
"commerce department" Discussed on KCRW
"Today the commerce department reported a solid increase in consumer spending last month up six tenths of one percent so nice job where the casserole that spending is coming from though that matters as marketplace Kimberly Adams explains consumer spending is fueling economic growth even as businesses pull back on investments but more spending isn't by itself always a good thing prior to the Great Recession a lot of consumers and households were using credit as the main means of financing their outlays Gregory Dacko of Oxford economics says unlike back then today we're seeing is consumer spending growing more and more in line with real disposable income growth he says people are mostly spending within their means at the same time credit card delinquencies are on the rise and overall consumer debt is it more than thirteen trillion dollars including mortgage and student loan debt that's about a trillion more than just before the Great Recession Merial Beasley co founder of the common sense lab studies consumer behavior she says the solid job market and low interest rates more people into borrowing more than they should people taking on more and more debt whether that be sort of mortgage that or credit card debt or car loan debt a lot of that is people will borrow up to the amount that somebody will give them as long as unemployment remains low and wages rise people can spend then probably manage all right but says mark Hamrick a senior economic analyst at Bankrate dot com one thing that we do need to keep in mind is that expansions do not last forever and at some point we will have an economic downturn which is another way of saying a recession and it's at that point he says that having a lot of debt can become a lot more problematic in Washington I'm Kimberly Adams for market place coming up since the early nineties I think that we've been engaged in a grand experiment.
"commerce department" Discussed on KSFO-AM
"To the commerce department the economy grew more slowly than expected last year at a rate of two and a half percent down from the original estimate of three percent that's because businesses spent less on office construction equipment and software for the second quarter the gross domestic product climbed two point one percent the GDP has across the three percent threshold since two thousand five still the federal reserve is expected to cut interest rates next week as risks to the economy rise due to the trade war between the US and China I'm in case meanwhile White House economic adviser Larry Kudlow tell C. N. B. C. he's hoping to get trade talks with China back to where they were before collapsing last may saying if a meeting next week goes well he doesn't expect any new auto terrace to be levied calling it a stern warning to South Korea and head of military drills with the U. S. North Korea says its missile tests this week included a new type of tactical guided weaponry Barbara Starr following up at the Pentagon it's a missile that they have for Russian origins the missiles that North Korea fired may not have been particularly new they may be of Russian origin but the question of course is what is Kim Jong going doing to improve those missiles and improve his missile capability Jim Roop reports now that the investigation continues today and how deeper human smuggling operation may go at southern California's camp Pendleton marine base July third two marines were arrested allegedly trying to smuggle three Mexicans into the U. S. for money an investigation was launched and Thursday sixteen more marines were arrested in connection to the activities of the first two major Kendra Martha says the marine corps was quick to announce the arrests in an effort to be transparent to the public and to its members the standard is expected marines arrested well that's in the military justice system for now it'll be up to NCIS to decide whether it stays there or goes to the civil justice system.
"commerce department" Discussed on KOA 850 AM
"From the Commerce Department today show, the trade deficit narrowed to fifty point eight billion dollars. In April that's down from a revised fifty one point nine billion in March. First quarter labor costs are also down and a lot more than analysts were expecting labor costs cross the economy fell by one point six percent in the first three months of this year. That's double the decline. The experts were forecasting productivity is up three point four percent, one tenth less than the forecast, but it was well ahead of the one point nine percent increase the previous quarter, Fiat Chrysler hits the brakes on a merger with French carmaker Renault, the reason seems to be objections from the French government, which owns a sizeable chunk of Renault sticking point for the French government, Israel is reportedly Renault's partnership with Nissan. France wanted Nissan guarantee that continued partnership with Renault, the government reports, and abrupt drop in the number of H one B. Visas being approved those visas are for highly skilled workers usually in the tech industry. And that's where US firms are struggling to find qualified Americans, those jobs, US, citizenship, and immigration services, approved, three hundred thirty five thousand visas, and the team fiscal year down from ten percent in two thousand seventeen the reason for the drop. Your people are applying for those visas and fewer are being approved carnival. Cruise lines is in trouble for making the high seas look, more like a sewer company will have to write a twenty million dollar check for illegal dumping carnival admits deliberately dumping plastic wastes into the waters near the Bahamas and then falsifying records, harmful was hit with a forty million dollar fine thousand 2017 for similar violations. And earlier this year, a federal judge warned the company that it's cruise ships could be banned from entering American ports as punishment in our next money update. We'll have our first look at today's trading on Wall Street. That's coming up at seven fifty five KOA NewsRadio..
"commerce department" Discussed on KOMO
"State visit to Great Britain Hilton d day commemorations in Portsmouth today and then travelled to Ireland for a meeting with the Irish prime minister, Trump will head for France. Tomorrow to take part in ceremonies marking the seventy fifth anniversary of d day in Normandy Senate Democratic leader, Chuck Schumer says commonsense gun safety legislation knee is needed and overdue talking with reporters at the capitol. Schumer noted that the deadly mass shooting in Virginia Beach said that thoughts and prayers are not enough Virginia. Senator Mark Warner and fellow Virginian Tim Kaine called for quick action to expand background checks. There is a federal court hearing scheduled today over the citizenship question that the Trump administration added to the next census ABC news correspondent Aaron Katersky is with us now, from New York, where the hearings going to be taking place, Aaron what's at stake here? What could happen? The Commerce Department could be sanctioned which is the outcome. The ACLU is hoping for after they accused the ACLU of, of lying about the true intent of, including citizenship question on the twenty twenty cents. This is a decision that's automatically before the supreme court, but recently, the ACLU came into new evidence that they said, Poos their point, the evidence came from the, the, the papers of late cartographer, who was active in Republican party, politics and thought to be an expert in gerrymandering, and congressional. Redistricting. And he had written according to these papers about including the citizenship question, and how it would bolster the Republican party and hurt the Democrats. And so the ACLU says it's, it's the smoking gun evidence they've needed to prove that the Commerce Department had a political intent and not as they said the intend to help the Justice department enforce the Voting Rights Act. All right. Aaron we'll be listening for the reports on what happens today that federal court hearing in New York, ABC news correspondent Aaron Katersky. President Trump is attacking Bette midler after she apologized for sharing a fake, quote, supposedly made by him on Twitter, Trump called the actress and singer washed up psycho. He compared her to the fake news media that inches six scammer over the weekend. Biller tweeted a quote attributed to Trump, which was debunked several years ago. She apologized for her mistake, the Mexican foreign minister meets with secretary of state. Mike Pompeo today as Mexico and the United States trying to reach an agreement over immigration and tariffs, Mexican president under his money. L Lopez Oberdorf says he thinks his country will reach a deal before President Trump's new five percent. Tariffs. Go into effect on Monday Texas teacher is out of a job because of a tweet. She sent that was critical illegal immigration and a hearing yesterday. The Fort Worth school board voted unanimously to fire the high school English teacher who sent a tweet under an assumed name to President Trump asking if he could do anything to quote, remove illegals from Fort Worth lawmakers in North Carolina are expected to vote today on what's being called the born alive, Bill. Republican leaders feel they now have enough bipartisan support to override governor, ROY Cooper's veto of the Bill builder require doctors to care for a baby born alive after an attempted abortion. Komo news time five fifty has time to get to our propel insurance money update..
"commerce department" Discussed on AP News
"The Commerce Department says consumer spending increased three tenths of a percent in April. That follows a one point one percent surge in March that was the largest increase in nearly a decade spending on gerbil goods, such as cars dropped last month. But Americans spent more on food, clothing and services, the slowing growth in spending came despite a jump and personal income growth of five tenths percent. Income gains had been lagging so far this year. Meantime, inflation at the consumer level rose to one point five percent compared with a year ago that still below the Federal Reserve target of two percent. Ben Thomas Washington. India's newly sworn in prime minister Narendra Modi has named a cabinet of ministers, handing the powerful home affairs portfolio to the president of his Hindu nationalist, party credited with delivering him a thunderous reelection BJP, president ameet child was named the home minister while Modi's first term defense minister, was named finance minister in twenty four cabinet posts Modi's, Bharatiya Janata Party won three hundred three seats in the five hundred forty two member lower house of parliament, giving the party a decisive mandate, but Mody faces immense challenges, including a slowing economy, high rates of joblessness, and low agricultural prices that have hurt farmers. Eleven dead in a workplace shooting in Virginia Beach, Virginia. I'm Jacky Quin with an AP news minute. This city worker at the Virginia Beach municipal complex called nine one one gun John's. We could hearing gunshots kept hearing the cops get out and when it was over. Police chief Jim severa says eleven people were killed six were injured and police killed the gunman longtime employee.
"commerce department" Discussed on KCRW
"The Commerce Department sent a report to President Trump over the weekend that could trigger new auto tariffs. And if those happen, it would likely have a big affect on German automakers that to say the Dax in Germany is down a tenth of a percent right now about fifteen points. The footsie in London is mostly flat right now. US markets are closed for president's day. But there is still news out of New York. Uber is suing the city over a law that limits. The company's business the law capped the number of four higher vehicle licenses. Uber says the move is unconstitutional. And meanwhile, Uber is joining some big names in the plane and helicopter world proposing a network of air taxis, which could whisk passengers up and across cities in minutes. Marketplace's Jack Stewart reports if you're imagining flying 'cause like those in Bladerunner twenty forty nine. You don't file Rome. But this fictional world could become real in Los Angeles and the Dallas area by twenty twenty three. Our vision is that we'll have a network of sky ports in urban areas. And we'll have a new class of aircraft operating. Eric Allison is head of Uber's aviation program. The ridesharing company wants to out a flight option to its app. Allowing users to book one of four seats in affectively giant electric drones. That will someday fly up over the gridlock. We can get the price per seat mile on their craft down to Uber acts like pricing, which in the US is somewhere around a dollar fifty per mile, depending on the market. There's nothing Sifi about. This says Jim Gregory director of the aerospace research center at a higher state university. Oh, certainly this is very real you their companies investing a lot of funds in making this happen, including Boeing Airbus and bell the plan will need approval from the FAA, but the agency will likely move slower than. Silicon Valley disrupt as a I'm Jack Stewart for marketplace..
"commerce department" Discussed on Newsradio 1200 WOAI
"Of the main topics that you covered with was the latest on the. Trade war with China don's great we had a wide ranging conversation we hit on China the fed interest rates you will want to listen. To the entire interview at investingsense. Dot com we'll we're going to jump right into the conversation that you, had with Don and begin with what he had to say about China done thanks as. Always for joining us I'd like to start first with what's going on right, now with China the trade war. Or whatever kind of hyperbole that the media's can of using right now how are you looking at this? Tit for tat trade war who I mean who would be the ultimate winner as this progresses knowing Knowing that there's not a lot of dry powder laughed on China's, side, you know, what would. Trump's all in move be at this point what happens past this point well the all in move has already been made actually, Trump announced that he was setting the Commerce Department and the treasury US trade Representative to drop plans for, another. Two. Hundred billion and he's goods and. Services and that in, that number loan two. Hundred billion but certainly in addition to the terrorists that are already been. Put place means we'll be putting new higher tariffs on a greater amount of Chinese merchandise then they're even is in total American merchandise that. They buy so they said we. We've some were simply putting more chips under the table to use the, poker metaphor even have on the table okay so that that's that so the only the. Only question now is how do you save face how do you make the, overture that Trump will accept and. Trump is he's obviously Master negotiator say what you will about various, aspects of them but you obviously very successful negotiator and you know when you're in this position, and? You're a master negotiator when you know you just simply got the other. Guy you're, not going to accept this I offer already made its? First offered a second offer? And, Trump just keeps saying no no I want. More a lot more I want more I want more and you know what Trump wants is he only wants to China's commitments to, buy more stuff than the United States mostly agriculture and energy, stuff that we're. So good at producing but he wants China to grow up he wants China to let western firms freely do business in the Chinese market he wants. Them to stop the cyber espionage attacks the state sponsored state. Condone cyber espionage, attack, against US companies in US intellectual property China's a police state it loves to crack, down people you know why. Can't, it crackdown on those. Kids in Hong Kong who get a Blu, Ray disc any new American? Movie onto the streets of Hong Kong before it even opened in the. Theaters right Is. That so much to ask are you warming are you warming a little bit. More to Powell at one point you you felt. Comfortable with letting him walk your dog but maybe not much else there is your. Opinion or is your. Estimate of Powell changing as these. Kind of, additional statements and directions come out I don't think Powell's ever going to change in order, for him to meet my needs you'd have to go back to college get a degree in economics Law that he has an and with what. That would do that would enable him to have a deeper more sophisticated understanding of the theoretical underpinnings of what he does number one and number two to. Speak the language of Wall Street? I want to really focus your? Your? Your audience on the real issue? With him that? Makes him such an unusual fed chairman I think you know I'm I'm generally a supporter of Trump's economic policies but I, think Trump made a mistake in the way that he chose stretch here I believe that Trump chose dispatcher because he would be politically loyal and? You remember Trump got himself out of trouble by supposedly asking former FBI had Komi will. You be loyal to me will you, be loyal to me right Lots of evidence he asked the same question to all the people who's gonna was share and you know some of them have written about. That, experience and I think Powell among..
"commerce department" Discussed on WLS-AM 890
"Topics, that you covered with was the latest on the trade war with China don's great we had a wide ranging conversation we hit, on. China the fed interest rates you. Will want to listen. To the entire interview at investingsense.com well we're going. To jump right into the conversation that you had with Don and begin with what he had to? Say about China Don thanks as always for. Joining us I'd like to start I with what's going on right now with China the. Trade, war or, whatever kind. Of hyperbole that the media's kind of using right now how are. You looking at this tit for tat trade war who I, mean who would be the ultimate winner as this progresses knowing that in there's not a lot of dry, powder. Laughed. On China's side you know what. Would Trump's all in, move be at this. Point what happens past this point well the all end move. Has, already been made actually Trump announced that he was setting the Commerce Department of the treasury US trade Representative to drop plans for, terrifying. Another two hundred billion Chinese goods. And services and that In that number loan two hundred billion but certainly in. Addition to the terrorists. That are, already been put place means we'll be putting new higher? Tariffs on a greater amount? Of, Chinese merchandise than there even is in total. In American versus is that they buy so they said we were simply putting more chips into the table to use the poker metaphor right even have on the, table okay Oh that's that so. The only the only question now is how do you save face how do you make, the, overture, that Trump will accept and Trump. Is he's obviously a master negotiator say what you will about various aspects of but you obviously very successful negotiator and you know when you're in this, position and your masters negotiator when you know you're just simply, got the other guy you're not gonna. Accept this I offer China's already made its first offer his second offer and. Trump just keeps saying no no I want more. A lot more I want more, a lot more and you, know what Trump, wants is he only wants to China's commitments to buy more stuff than the United States mostly agriculture and energy stuff that we're so good at producing but he wants China to grow up he wants China to let western. Firms freely do business in the Chinese market he wants them.
"commerce department" Discussed on WNYC 93.9 FM
"Some kind of exception to be made for them with the current tariffs yes the company on june eighteenth filed twenty four exclusion requests so they're asking the commerce department and to some extent president trump himself to waive the terrorists on the raw material that they use now just to give you an idea as of yesterday twentyone thousand exclusion requests have been filed with the commerce department i think the last number i saw was that ninety of them have been acting on so this is gonna take forever to get an exclusion or an exemption if they do it kind of according to the normal bureaucratic process what we're hoping is that wilbur ross the commerce secretary and president trump will realize that they're putting five hundred people out of work in southeastern missouri and we'll do something about it you know we have to ask for an exclusion for every single kind of little slightly different kind of steel so we actually had effort twenty four separate exclusion so it's it's it's a big mess but the way it stands at though you're saying with the bureaucracy involved and the sheer number of exclusions lean demanded we'll be out of business by that i mean we we can't we can't wait can't wait for the bureaucracy to to grind it's gears and run its course james glassman of mid continent nail corporation well some might argue it's unfair to blame this companies potential demise on president trump steel tariffs if a tariff increase is all it takes to finish a business off then you could argue that business wasn't very competitive in the first place over to pippa monogram she's a former economic advisor to president george w bush very often companies will claim that trade policy is somehow the cause of their problems that's trade policies usually invoked by the weakest companies in any given industry i mean throughout history usually that's the case which doesn't mean that there's no issue right so so the honest answer is each individual company case very hard to parse it apart no exactly but what you have here is a story about a company in trump's heartland that's actually going to be hurt by his action ultimately it comes down to president trump wanting to shrink the trade deficit that the us has with the rest of the world and it's a substantial trade deficit us imports far more from the rest of the world exports but is he right to focus on deficits because that seems to be what's driving this global trade policy it's true and this is not new you know this is happened under every president since really the nineteen twenties or thirties they tend to view being a deficit is somehow problem remember lyndon johnson at the time introduced what they called voluntary export restraints from japan over textiles because they felt that the japanese were so competitive and destroying the american textile industry he didn't put tariffs on he hold back from sally that was it was well you know the japanese are very self disciplined so but many examples of this kind of way to navigate around the fundamental problem when i worked for ronald reagan in the mid nineteen eighties and we were negotiating uruguay round the remain impetus behind that was that the us had a trade deficit and if you recall the something called the plaza agreement which basically made the dollar much cheaper and it made the yen more expensive in an effort to fix the trade deficit and get americans stopped buying japanese cars didn't work because in the end the japanese cars were better than the american cars so america's bottom even though they were more expensive so this effort to fix trade deficits has a tendency to backfire is it kind of looking at the world economy in the global trade system in a very old fashioned way i mean so much of trade is now not in goods services so how does focusing on the trade deficit that and yeah and we're not very good at measure during services in any of the industrialized economies with vastly underestimate the flow of services across borders and this was the complaint that the canadians had the other day because the president so we have a trade deficit with canada but when you add in services they're about even but you know the american public that trump is trying to cater to they're not that interested in these fine distinctions they like his america first put up the barriers but the problem is that the purpose of trade policy really is to protect competition not to protect competitor's it's.
"commerce department" Discussed on C-SPAN Radio
"That the commerce department is refusing to grant any exclusions from the quotas that limit the volume of steel and aluminum products that americans may import from certain countries what is national security justification for fusing to grant exclusions from quotas where in the same circumstances the same product would be excluded from tariffs thank you for that question mr chairman the president's proclamation does not authorize us to grant exclusions from quotas there are very few countries that have quotas in any event those are principally the mate most important one of which is south korea and that does have a quota which is equal to seventy percent of the average shipments product by product from two thousand fifteen through two thousand seventeen in addition brazil and argentina have agreed to quotas and so those three are fundamentally the quotas that exist we are taking into consideration requests that have been made for exclusions based on quotas that have already been exceeded or shortly will the problem is that a number of countries rammed in a huge amount of product prior to the president's decisions and therefore have put in much more than they had in the prior year so there's an intellectual challenge as to whether or not to reward those countries that were trying to game the system nonetheless we are giving real consideration to requesting the president to consider whether these similar exclusion should be granted to those countries subject to quota as opposed to the ones we are granting to those countries that are subject to tariff rates the process the commerce department is administering benefits requests productbased exclusions from the steel tariffs in my opinion many serious flaws and problems continue to surface for for instance subject to objection set a narrow view contained inaccurate incomplete or misleading claims and they would like to rebut those claims however i understand that the commerce department has provided no formal channel for submitting rebuttals on regulations dot gov where all of the requests and objections must be found well the commerce department except rebuttal comments on objections and if so we'll petitioners be able to submit their rebuttal through the regulations dot gov website like to put up chart number one which will describe to you these some statistics on the section to thirty two processing section to thirty two is an investigation it's invested a two thirty two investigation is conducted under the authority of the trade expansion act of nineteen sixty two the purpose of the investigation is to determine the effect of imports on the national security by type of submission in case of steel we have received twenty thousand over three exclusion requests and in the case of aluminum two thousand five hundred three totaling twenty two thousand five hundred six against those there had been objections filed.
"commerce department" Discussed on Radio Free Nashville
"Sell cars in china and things like that but the chinese is a now we're not gonna do that and one of their companies z t e was facing over a billion dollars in fines this is a cell phone manufacturer they make some of the cheap phones that you buy as the little flip phones and burner phones and stuff so you've probably not heard of their name because they don't sell them under their own brand name but but z t e is the company and the core the core elements for cellphones and i believe it's the chip that makes the cell phone happened but whatever one of the core elements for cell phones is made the united states and z t wants to sell in the united states and z t is also selling phones and doing business with both north korea ran which are both violations of us sanctions so the commerce department said you know z t can't do business with the united states z t e complained to the president of china the president of china call donald trump donald trump tweeted too many jobs lost in china commerce department has been instructed to get it done to in other words to do whatever they want so much for being tough on china right now odds are that trump is doing this and if this is the case i'm not sure you know we should absolutely condemn him for this hypocrisy odds are that he's doing this because he wants he knows that the north korea deal is not going to happen without the sport of china so he's trying to play nice with china and this is part of the equation that previous presidents had about you know okay do we want to go after china trade or do we play nice with them but the.
"commerce department" Discussed on Here & Now
"But if you work for the nsa fbi or cia then you may have heard of them because all three of those national security organizations have said that z t might be using their tech to spy on us consumers so in some trump isn't just reaching out to a foreign country to help their economy he's reaching out to help a company that it self might be engaged in cyber espionage against americans it's just an unbelievably strange announcement and makes you wonder what else is going on that we don't know and it was the us commerce department that said that z t e was violating sanctions remind us why to e was punished right right the commerce department banned american firms from selling parts to z t e that decision was in april and this came after z t was caught on top of everything else illegally selling goods to iran and so this was done trump's own commerce department banning american firms from doing business with this company after that decision the company realized or found that it was in terrible straits i think something like twenty five percent of its business is done with american firms so the trump administration comes to a decision that says we're going to punish this firms e t the firm is punished and then donald trump observing the punishment says no that's too far i need to walk this back and you have one has to be wondering what is trump doing and the twos sort of plausible motivations that i can think of is one this is about trade this is an adhoc maneuver to get china lift tariffs tariffs on us goods like agriculture or two this is about north korea and trump wants his upcoming visit that historic visit with kim jong un to go well and as a result he's lining up diplomatic support for that meeting and this might be a part of that diplomatic overture and in fact if it is about trade the wall street journal is reporting today that.
"commerce department" Discussed on AP News
"The commerce department says last month housing starts we're at a seasonally adjusted annual pays of one point two four million which wasn't expected decline after construction surged in january building permits an indicator of future construction tumbled five point seven percent builders have shifted more construction to single family houses is the economy's improved and the supply of existing houses for sales dropped but it's unlikely to offset rising costs and higher mortgage rates my lies on the lot like you let's neil young in his mid twenties and now at the age of seventy two he says he feels a sense of urgency to release archival material along with a new movie the film paradox written and directed by actress and neil young's girlfriend daryl hannah comes out on net flicks next week billboard calls it an impressionistic fable like tale starring young as the enigmatic man in black he's also releasing a soundtrack to the film the same day after digging into his vast archives young's releasing a one thousand nine hundred seventy three los angeles concert next month and he continues to move ahead with his vision to make his online musical archives the definitive repository of everything previously released or otherwise that he's ever recorded young tells the associated press he'd like to get it out there while he's alive so he can see how people like it more job cuts are coming outdoors retailer ll bean and there will also be no bonus for workers for the first time since two thousand eight the company said sales declined slightly over the past year and it's reporting annual revenue of one point six billion which was nearly flat for its fiscal year ceo steve smith says nearly five hundred workers took advantage of a voluntary early retirement program and another one hundred jobs will be eliminated next month the workforce reduction a tightening of the company's returns and shipping policies and pension changes are part of beans efforts to return to revenue growth easter is coming up and i just can't wait to have the whole family in one place and of course what's easter without an awesome easter brunch now i don't know about your family but mine is a little picky and i really wanted to impress them with something delicious a friend told me i should check out total wine and more it was crazy they must have every wine and beer imaginable i told one of their friendly experts my situation and they found me just the thing this sparkling wine is going.
"commerce department" Discussed on Bloomberg Radio New York
"Answer new site street insider reported the drugmakers approached about a possible takeover story saying a person claiming to have knowledge of the deal and didn't name the wouldbe suitor shire declined to comment to street insider troas all right thank you very much dave wilson tracking those american depository receipts again recapping on the markets we're seeing quite a sell off right now for the dow is down three hundred ten points it's down one point two percent the smp slumping one percent down twenty six nasdaq down seventy a dropped their of 1 percent gold down seven tenths of one percent i'm charlie pellett than that is a bloomberg business flash all right thanks very much charlie will last month minneapolis fed president neil cash qari told bloomberg the republican tax overhaul has boosted the american economy i've been surprised that the tax cut that the congress path and president side has led to a lot of optimism on main street about the outlook for the us economy and indeed investors today got solid proof of that optimism after the commerce department reported a boost in disposable incomes and that should provide a powerful tailwind for consumer spending for more let's bring in bloomberg news economics reporter show chandra slippy now in our bloomberg 991 studios in washington all right show so we gotta 0 points six percent bump in real disposable income the biggest jump in five years a whole lot of other positive indicators is is that in line with the expectations well the big jump it be so and disposable incomes really is giving you a sense of how the tax cuts have plagued out consumers seeing more money in their pockets and the commerce department pointed out that in the january data we had a 30 billion increase in one time bonuses if you recall many companies announced they will go to give bonton bonuses after the tax legislation was signed in december and then just lower taxes at a overall mean people have money to spend so a we are expecting that's what economists say that in coming months you will see that translate into higher spending as well so this report as we heard from jay powell this week on fed policy in the economy how did these numbers play in two fed policy going forward it was interesting we have a whole spate of.
"commerce department" Discussed on KBNP AM 1410
"What is going to pass muster in what might not pass muster witness the att attempt to acquire time warner right i mean that soon to the latest example things maybe not going the way investors were they anticipate and so you see this tactic it's a couple areas that have my attention i pimm i want to hear what you have to say commodities get feel good doug west seattle a because you know there's been this ongoing antidumping effort on the part of the steel industry to make the us commerce department aware that what they believe is happening which is that the chinese have been subsidizing the steel exports to the united states this particular ruling has to do with steel those manufactured in china but then is finished in vietnam so it gets shipped from china goes to vietnam gets finished and then get shipped to the united states the ruling by the commerce department says they don't care really whether this is finished in vietnam or could be finished i dunno i guess in you know antitrust pellas david wilson says it's a really let it's a nice place the era but the point being that they are subject to the same oversight and rules an antidumping regulations as if it was all made in china as a result any company that has imported cold rolled steel from a chinese are a rich origin is going to have to put up with the positive put up money in order to make up the difference of what they didn't pay on the tariff and what the oh so this is going to be good for us steelmakers because it makes obviously imported steel either what you might call more competitive or more expensive and as a result us steel shares are up seven percent and ak steel holdings they're up more than five and a half percent but the i think that it's an interesting move and one that i confess i was not looking for the reason why it also caught my attention is because this is the time of year when a lot of big investors start making big calls and one call that is emerging is bullish on commodity here and this is sort of on the.
"commerce department" Discussed on Bloomberg Radio New York
"The idea that you know the you would see this kind of a response from this administration the trump administration's interesting kind of contrast to what i mean there's no consistency at least at the moment you don't know what is going to pass muster in what might not pass muster witness the at t attempt to acquire time warner right i mean that soon to the latest example things maybe not going the way investors were they anticipate and so you see this stock so there are a couple of areas that have my attention i tim i want to hear what you have to say tell commodities get still are we gonna doug west seattle because you know there's been this ongoing antidumping effort on the part of the steel industry to make the us commerce department aware that what they believe is happening which is that the chinese have been subsidising their steel exports to the united states this particular ruling has to do with steel those manufactured in china but then is finished in vietnam so it gets ship from china goes to vietnam gets finished and then get shipped to the united states the ruling by the commerce department says they don't care really whether this is finished in vietnam or could be finnish i dunno i guess in you know antitrust palace david wilson chan said it's a really bad it's a nice place the right but the point being that they are subject to the same oversight and rules an antidumping regulations as if it was all made in china as a result any company that has imported cold rolled steel from uh chinese a ridge origin is gonna have to put up at the positive put money in order to make up the.