Imports Tax: Disagree, Trump Economic Advisor Resigns

New Shake in the White House: Gary Cohn, Donald Trump's chief economic advisor, announced his resignation Tuesday (March 6th) after the US president's controversial decision to tax steel and aluminum imports. A departure that pushed Wednesday the Asian stock markets in the red at the opening.

This former number two of the bank Goldman Sachs, wind up against the policy of the real estate mogul on this issue, joined the impressive list Mr. Trump's close associates have already left the ship.

The reaction of the markets was not long in coming, as the American president seems determined to unfold an isolationist policy that sows consternation across the board. the world and scares part of his own camp.

In China, stock markets have opened in decline, undermined by fears of trade war. The Tokyo Stock Exchange also started in the red, the announcement of the departure of Mr. Cohn taking the second plan of a historic summit between the two Koreas soon.

"Will soon make a decision on the appointment of a new chief economic advisor Many people want this job – will choose wisely! ", Donald Trump said on Twitter in the evening.

Openly disagree

This is not the first time Gary Cohn , 57, was openly disagreeing with Trump. In August 2017, he criticized the latter for his reaction to the racist violence in Charlottesville, Virginia, but had not taken the step of resigning.

"It was an honor to serve my country and to place pro-growth policies favorable to the Americans, with in particular the vote of a historical tax reform ", indicated in a terse statement, who directed the influential National Economic Council (NEC).

In a tweet Early in the morning, Mr. Trump challenged the idea of ​​a chaotic operation of the White House, assuring that the cascade of departures within his team was only the normal operation of the West Wing. "There is no Chaos, just a fantastic energy," he said, in an astonishing formula.

"Gary (…) did an amazing job putting our program in place, helping to get things done to a historic tax reform and to liberate once again the American economy ", he stressed after the departure of his close collaborator, without mentioning their disagreements of substance.

Situation tense

M. Trump threatened last week to impose tariffs of 25% for steel and 10% for aluminum on imports to the United States to protect these sectors deemed crucial for the national security. Receiving Tuesday at the White House Swedish Prime Minister Stefan Löfven, he attacked virulently Europeans who "make it virtually impossible for us to do business with them". "The European Union has not treated us well, and it's a very, very unfair trade situation," he said, adding that "

This new salvo from Donald Trump, who said a few days ago to the amazement of economists and historians that trade wars were "good and easy to win," should not help decisively. Most of Washington's trading partners have made it clear that they do not intend to sit idle.

The European Union has said it is preparing retaliatory measures against US imports including Harley-Davidson motorcycles, Levi's jeans and bourbon whiskey. On Tuesday, Mexico, which is part of the North American Free Trade Agreement (Alena) with the United States and Canada, threatened to tax the "politically sensitive" American goods.

Managing Director of the International Monetary Fund (IMF) Christine Lagarde also said Wednesday that a "trade war", after the threats of Donald Trump to heavily tax imports of steel and aluminum to the States United States, would be "formidable" for global growth. "If international trade were challenged by measures of this type, it would be a transmission channel of a decline in growth, a decline in trade and it would be formidable," said Ms. Lagarde on RTL waves. "In a trade war that would be fueled by a reciprocal increase in tariffs, no one wins," said the IMF boss.

The main target of US taxes is China but several analysts have pointed out that this country does not accounted for only 2% of US steel imports. Trump challenged the assessment, saying part of the imports went through other countries. "We can see that a country that does not even have a blast furnace sends us 3% of steel and it comes from China," he said without citing which one.

But his inclinations to impose taxes arouse strong reluctance within its own Republican party, majority in Congress, traditionally in favor of free trade. Elected from Wisconsin, home of Harley-Davidson, House Speaker Paul Ryan on Tuesday urged Donald Trump to give up his decision and to prefer "targeted" measures to avoid a risky trade war.

Admitting that 'There was clearly' dumping 'abuse, Mr Ryan told the press that the protectionist measures the White House wanted could lead to' collateral damage '.

(With AFP)

Small Businesses are Optimistic of Current Economic Development

Small entrepreneurs in America are more optimistic about corporate and economic developments at the moment.

So one of the survey findings released Monday by the advocacy group National Small Business Association (NSBA) and ZipRecruiter, the job market on line. Nearly 60 percent of the 1,633 small entrepreneurs surveyed in December and January forecast, the economy will grow within the next 12 months, compared to 45 percent in a July survey by the NSBA.

Their optimism is likely due to good corporate performance. More than half, 53 percent, said corporate earnings rose in the past 12 months. This is the first time in 10 years that the majority of entrepreneurs surveyed by NSBA reported earnings increases. Two-thirds of them expect an increase in revenues will continue in the next 12 months.

Recruitment is also rising. 30 Percent of employers added employees in the last 12 months, compared to 22 per cent who reported employee gains in the previous survey. According to the NSBA, less than a third of employers reported recruiting new workers last year; consistent with survey findings by banks and other groups that show employers are recruiting workers cautiously.

Recruitment plans have not changed much, as well as other survey findings. 38 Percent of entrepreneurs are hoping to add job vacancies next year compared to 37 per cent expected last July. [ka/ii]

Demonstrators Rejected Trump's Coming to the World Economic Forum

Over 1,000 people demonstrated in Zurich against the planned arrival of US President Donald Trump to Switzerland to attend the World Economic Forum (WEF).

Trump is scheduled to address the forum for business and international politics leaders in Davos on Friday (26/1).

Protesters marched through the city shouting "Trump is not welcome", and some carry banners reading "get rid of Trump" and "Swiss entertain Nazi followers," said AFP news reporter who reported the number of demonstrators more than 1,000

Demonstrations followed by anti-globalist and environmental activists, as well as members of the Kurdish and Palestinian organizations.

"Trump is an incarnation of sexism, racism, exploitation and corruption," said Michel Zahn, spokesman for the Movement for Socialism. 19659002] Trump was criticized for his anti-immigration policy and in the presidential election campaign, in a leaked tape, he sounded saying groping a female .

Trump is expected to have a mixed reception at Davos for defending globalization but international executives are delighted by his controversial tax reform. [ka/ii]

China Sends The Best Economic Advisor to Davos

China sends leading economic advisers and politicians to lead their biggest entourage so far to attend the World Economic Forum in Davos this week.

More than 130 members will join Liu He to attend the global economic meeting, where he is scheduled to spoke and outlined China's vision of the economy in 2018, analysts said. He was also expected to warn Washington of the dangers of a possible trade war.

When President Xi Jinping attended the meeting last year, he spoke of the importance of globalization while President Donald Trump became the new leader of the United States.

At that time, Xi also warned that "trade wars will only cause suffering on both sides."

President Trump has long promised to be tough on China and other exporters who he claims is unjustly competing with American producers, but the talks are now turning to action. Monday (22/1), the American government imposed tariffs on solar panels and washing machines.

Last week, Trump told Reuters in an interview that the United States is considering enforcing a large fine against China over alleged intellectual property theft. 19659002] Stronger measures from the Trump administration are expected to come into effect in the coming weeks and months of 2018.

What happens this week in Davos can be key in determining the direction of global economic policy. Unlike last year, President Donald Trump will attend a meeting in Davos this year. [lt]

India Ready to Show Yoga & Typical Cuisine at the World Economic Forum

More than three thousand world leaders in business, politics, arts, academics and civil society will attend the 48th Annual Meeting of the WEF World Economic Forum in a snow-capped ski resort town in which India will present its largest delegation .

Traditional Indian cuisine and live yoga sessions will enliven the annual meeting at Davos starting on Monday where Prime Minister Narendra Modi is expected to assert India's position as a global economic growth engine.

WEF Chairman Klaus Schwab will open a summit this time taking the theme "Creating a Common Future in a Split World." The opening of the event will be followed by awarding "Crystal Awards" to Bollywood stars Shahrukh Khan, Australian actress Cate Blanchett and legendary musician Elton John for their performance to restore world conditions.

The opening ceremony will also be filled with ballet shows, while India will host a "reception" with its unique cuisine and hundreds of years of yoga shows, as well as the spirit of New India innovation, or New India, the concept of Prime Minister Modi .

The new official event will start on Tuesday when Prime Minister Modi delivered his "opening speech" in which he is expected to assert India as a country with an open economy ready for investment from around the world as well as a major engine that (19659002) Modi was the first Indian prime minister to attend the summit in Davos in 20 years, since HD Deve Gowda in 1997. In a 24-hour tour, described by Indian officials as "a short but very focused visit , "Modi on Monday night will also be having dinner with a number of CEOs from around the world, including 20 leaders of Ind he and 40 corporate leaders from other countries; and interact with 120 leaders of the business community.

Separately Prime Minister Modi will hold a bilateral meeting with Swiss President Alain Berset.

American President Donald Trump will deliver a closing speech, but apparently will not hold a meeting with Modi because the two leaders are not in the same city on the same day.

Pakistani Prime Minister Shahid Khaqan Abbasi will also come to Davos, but officials in India say there is no scheduled meeting between Abbasi and Modi

German Chancellor Angela Merkel, Italian Prime Minister Paolo Gentiloni, European Commission President Jean-Claude Juncker, French President Emmanuel Macron, British Prime Minister Theresa May and Prime Minister Canadian Minister Justin Trudeau are the few leaders who will be sure to attend this annual meeting. [em/al]