News Story of the Day: China retaliated!
Beijing announced on Friday that it will be imposing $75 billion in retaliatory tariffs on U.S. goods, escalating the trade spat between the world’s two largest economies. The Ministry of Commerce confirmed that it would slap additional levies of five percent and 10 percent on a total of more than 5,000 products from the U.S., including agriculture, crude oil, automobiles, and small aircraft.
The tariffs are scheduled for September 1 and December 15.
Chart of the Day: Here is an interesting chart, courtesy of The Economist, that looks at the state of markets:
Illustration of the Day: Trump’s 4D chess move on CNN:
Quote of the Day:
Steven Beckner, a former Federal Reserve analyst G. William Miller, who was Federal Reserve chairman early in the Jimmy Carter presidency:
“Without question [Miller was] the most partisan and least respected chairman in the Fed’s history, this former Textron executive worked in tandem with fellow Carter appointee, Treasury Secretary W. Michael Blumenthal, in pursuit of monetary policies that were expansionist domestically and devaluationist internationally. The goals were to spur employment and exports, with little thought to the dollar’s value. By early 1980, inflation was running at 14 percent per year.”
(h/t EPJ)
Tweet of the Day: Damn. The Economist is evil!
In Western high-brow culture, one of the few things more important than “poor people in other countries” is “the environment.” https://t.co/J8FeGzXhWq
— Robert P. Murphy (@BobMurphyEcon) August 21, 2019
Video of the Day: How rich is a country that there are people praying for a recession just to own someone they hate.
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