Thomas Franck
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US declares China a currency manipulator, says it's using yuan to gain 'unfair advantage' in trade

US declares China a currency manipulator, says it's using yuan to gain 'unfair advantage' in trade

The U.S. Treasury Department on Monday designated China as currency manipulator, a historic move that no White House had exercised since the Clinton administration. “Secretary Mnuchin, under the auspices of President Trump, has today determined that China is a Currency Manipulator,” the Treasury Department said in a release. “As a result of this determination, Secretary Mnuchin will engage with the International Monetary Fund to eliminate the unfair competitive advantage created by China’s latest actions.” The formal designation — the first since President Bill Clinton’s administration in...

August 6, 2019
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White House set to host Google, Intel CEOs to discuss computer chip supply chain

White House set to host Google, Intel CEOs to discuss computer chip supply chain

Key PointsIn this articleChief executives from companies including parent , , and are set to participate in a White House virtual summit on Monday addressing the global semiconductor shortage.The summit comes as the Biden administration , including those for semiconductors, high-capacity batteries, medical supplies and rare earth metals. The shortage of computer chips has implications for a range of industries, from producers of electric vehicles to medical supplies.Automobile manufacturers like GM and recently had to cut production estimates or extend downtime to deal with the shortage....

Apr 9
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U.S. has issued 90 million stimulus checks worth $242 billion, Treasury says

U.S. has issued 90 million stimulus checks worth $242 billion, Treasury says

Key PointsTreasury sends out 90 million stimulus payments, worth about $242 billionThe U.S. has thus far issued 90 million stimulus checks worth a collective $242 billion as part of President Joe Biden's landmark , according to a report released Wednesday by multiple government agencies.The first batch of payments were mostly sent by direct deposit, and some recipients started receiving their checks this past weekend, the Treasury Department and Internal Revenue Service announced.The Treasury said it also mailed about 150,000 physical checks worth about $442 million as part of the first...

Mar 17
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Biden targets global corporations to fund landmark infrastructure plan

Biden targets global corporations to fund landmark infrastructure plan

Key PointsNEC director Brian Deese: Biden administration is open to infrastructure bill negotiationsThe Biden administration will attempt to generate $2 trillion over 15 years to help fund a once-in-a-generation infrastructure plan through stricter corporate tax policies and a crackdown on offshoring.As part of the , President will on Wednesday propose a tax strategy that would increase the U.S. corporate tax rate to 28% from 21% in what would amount to a partial rollback of former President 2017 tax cuts.Biden's plan, if adopted, would also make it harder for multinational companies to...

Mar 31
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Vehicle mileage tax could be on the table in infrastructure talks, Buttigieg says

Vehicle mileage tax could be on the table in infrastructure talks, Buttigieg says

Key PointsTransportation Sec. Pete Buttigieg on how to fund infrastructure planA vehicle mileage tax could be on the table in talks about how to finance the White House's expected multi-trillion-dollar infrastructure proposal, according to Transportation Secretary Pete Buttigieg.Buttigieg, who spoke with CNBC's Kayla Tausche on Friday, also contended that President Joe Biden's forthcoming plans to rebuild the nation's roads, bridges and waterways would lead to a net gain for the U.S. taxpayer and not a net outlay."When you think about infrastructure, it's a classic example of the kind of...

Mar 26
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Visa says the DOJ plans to probe its debit card practices, shares fall 6%

Visa says the DOJ plans to probe its debit card practices, shares fall 6%

Key PointsVISA says DOJ plans to open probe into firm's debit practices shares dropped sharply Friday after a report said the Justice Department has opened an investigation into its debit card business and possible anticompetitive practices.The company said Friday afternoon that investigators have started to collect information on Visa debit practices.The Wall Street Journal, which first reported the probe, said the DOJ is seeking to determine whether the largest card network in the United States has curbed merchants' capacity to route debit-card transactions over less-expensive...

Mar 19
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Biden tax plan would recapture $2 trillion in corporate profits from overseas, Treasury says

Biden tax plan would recapture $2 trillion in corporate profits from overseas, Treasury says

Key PointsTreasury Secretary on Wednesday touted the Biden administration's proposed changes to the corporate tax code and said in detail that the plan would be fairer, reduce incentives for companies to shift factories and income overseas, and generate revenues for domestic priorities.Treasury officials said the Made In America tax plan, tied to President 's $2 trillion infrastructure overhaul, would recoup about $2 trillion in corporate profits into the U.S. currently derived overseas.Estimates calculated by the Treasury Department and the Joint Committee on Taxation found that fixing...

Apr 7
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Weekly jobless claims rise less than expected with Biden set to sign $1.9 trillion Covid package

Weekly jobless claims rise less than expected with Biden set to sign $1.9 trillion Covid package

Key PointsWeekly jobless claims total 712,000 vs. 725,000 expectedWeekly jobless claims rose less than expected last week, but remained above pre-pandemic levels, as the U.S. economy tried to shake off impacts from Covid-19 and employers waited to see if President Joe Biden's $1.9 trillion stimulus would become law.The Labor Department on Thursday reported that first-time filings for unemployment insurance in the week ended March 6 totaled a seasonally adjusted 712,000, below the Dow Jones estimate of 725,000.Filings for state jobless aid, seen as a proxy for layoffs, have slowed in recent...

Mar 11
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With Covid relief passed, Biden prepares to stake his presidency and Democratic majorities on infrastructure

With Covid relief passed, Biden prepares to stake his presidency and Democratic majorities on infrastructure

Key PointsWith President Covid-19 stimulus package just a signature away from becoming law, the White House now turns its attention to assembling and passing a once-in-a-generation infrastructure bill.It's not clear what the legislation will include. Yet the new president has all but guaranteed a spectacular infrastructure overhaul as his next policy priority — and his legacy is riding on it. Democrats' congressional majorities will also be at stake in next year's midterm elections, which usually result in losses for a president's party.Even less clear is how Biden will persuade a Congress...

Mar 10
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Biden capital gains tax hike would only hit 0.3% of households, White House advisor says

Biden capital gains tax hike would only hit 0.3% of households, White House advisor says

Key PointsPresident top economic advisor on Monday defended a plan to raise the capital gains tax on the nation's wealthiest households as neither too large a burden nor a barrier to business investment.Brian Deese, director of the National Economic Council, said during a news conference that the president's plan would raise the capital gains tax for 0.3% of U.S. households — those that make more than $1 million in annual income.Capital Gains tax increase would impact 0.3% of taxpayers: WHIt's "not the top 1%, it's not even the top one-half of 1%," Deese said from the White House. "For the...

Apr 26
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