China put a positive face Saturday on a first-step trade agreement that dials down a trade war it blames the U.S. for starting.Chinese experts and news media joined government officials in saying the deal would reduce uncertainty for companies, at least in the short term. But they remained cautious, saying both sides will have to show a willingness to compromise to resolve the more fundamental differences between them.“It at least stabilizes the situation and lays a foundation for the next round of trade talks or canceling additional tariffs in the future,” said Tu Xinquan, a professor at the University of International Business and Economics in Beijing. “I cannot predict what achievement can be made during the future talks.”The two countries announced a phase-one agreement Friday under which both sides will reduce tariffs and China will buy more U.S. farm products. Chinese officials said the nine-chapter text — which covers issues including intellectual … [Read more...] about China welcomes preliminary deal in trade war it blames on U.S.
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close Video US and China strike ‘phase one’ trade deal Former U.S. International Trade Commission Economist Peter Morici discusses the impact of tariffs on consumers. It’s too early to tell yet if the Phase One trade deal announced Friday by the U.S. and China is a good deal for America, because the text of the agreement hasn't yet been made public. However, the muted tone from the Chinese side in discussing the deal has already cast a shadow of doubt on the effectiveness of this limited agreement. U.S. and Chinese officials said the Phase One trade deal will result in China buying more American agriculture products, and the U.S. rolling back some tariffs on goods imported from China. PETER NAVARRO: TRUMP WINS MAJOR VICTORIES IN CHINA AND USMCA TRADE DEALS, DEFENSE SPENDING AND SPACE FORCE According to U.S. Trade Representative Robert Lighthizer, China also made commitments on issues related to intellectual property rights, although he … [Read more...] about Helen Raleigh: Trump should seek bigger China trade deal – Chinese hurt by trade war, need US food imports
Classic toys such as Lincoln Logs and My Little Pony bring children smiles every holiday season. But for the company that makes them, Florida-based Basic Fun! Toys, President Donald Trump's trade war with China promised to make this December a decidedly less joyful time. The company's president and chief executive, Jay Foreman, had to lay off a dozen workers recently, in part on fears that another round of China tariffs would take effect Sunday and hit his business hard. Foreman won a reprieve Friday when Trump canceled those tariffs and announced the details of a "phase one" China trade deal that would ease economic hostilities. But he's not breathing a full sigh of relief amid anxiety that the truce with China could prove fleeting. "In relation to tariffs, it's really been like Mr. Trump's wild ride," Foreman said. "It's like somebody is holding a stone over your head. Please don't ask me to thank you for not dropping it on my head. You shouldn't be holding the rock over my head to … [Read more...] about From Lincoln Logs to luggage, U.S.-China trade deal still leaves huge cloud over American business
WARRINGTON, PA — Italian restaurant chain Bertucci's filed for Chapter 11 bankruptcy Monday, leading to several closures nationwide, including the Warrington location. The bankruptcy comes as the company's owner plans to sell its operation. "Today's filing is expected to be seamless for Bertucci's guests, trading partners and vendors, and result in minimal disruption to its operations, allowing us to strengthen the company's financial structure and position it for significant future growth," said Brian Wright, CEO in a statement. The chain has 59 locations. Seven locations - Concordville, Huntingdon Valley, Langhorne, Plymouth Meeting, Springfield Square, Bensalem, and Wayne - remain open. Montgomeryville and Warrington are among several closures.The Warrington Bertucci's was located on 855 Easton Road. Bertucci's plans to get rid of 29 leases, according to USA Today. It isn't clear if the leases are for locations that are still open or for previously closed spots. The company … [Read more...] about Bertucci’s In Warrington Shuts Down As Company Goes Bankrupt
A new trade association for hemp farmers held its first fly-in Thursday, as members went to Capitol Hill and the Department of Agriculture (USDA) to push policies that support the industry.The Hemp Federation of America was launched in October by Chris Thorne, a former aide to ex-Sen. Kent Conrad (D-N.D.) and a partner at Independent Public Affairs, and Scott Graves, a former aide to Rep. Mike ConawayKenneth (Mike) Michael ConawayLive coverage: Democrats, Republicans seek to win PR battle in final House impeachment hearing Laughter erupts at hearing after Democrat fires back: Trump 'has 5 Pinocchios on a daily basis' Live coverage: Schiff closes with speech highlighting claims of Trump's corruption MORE (R-Texas) and a partner at Williams & Jensen.The handful of farmers who came to Washington, D.C., discussed their legislative and regulatory priorities with lawmakers and regulators, touching on a wide array of issues including immigration, financial services, … [Read more...] about New hemp trade group presses lawmakers on immigration reform, regs