Baltic Dry Index. 1197 +06 Brent Crude 63.84
"The concept of global
warming was created by and for the Chinese in order to make U.S. manufacturing
non-competitive."
Donald J. Trump. Twitter,
6/10/12
The big
news this morning is the coming meeting between President Trump and North Korea’s
dictator for life, Kim Jong Un. If it stops a nuclear war, who could possibly
object, but given the volatile personalities involved, what if it starts one.
"I'm also honored to have the greatest temperament that
anybody has."
Donald Trump November 3, 2016
Trump's Historic Bet on Kim Summit Shatters Decades of Orthodoxy
By Justin Sink, Toluse Olorunnipa, Margaret Talev, and Bill Faries
9 March 2018, 03:45 GMT
Donald Trump took the biggest gamble of his presidency on Thursday,
breaking decades of U.S. diplomatic orthodoxy by accepting an invitation to
meet with North Korean leader Kim Jong Un.
The bet is that Trump’s campaign to apply maximum economic pressure on
Kim’s regime has forced him to consider what was previously unthinkable:
surrendering the illicit nuclear weapons program begun by his father. If the
president is right, the U.S. would avert what appeared at times last year to be
a steady march toward a second Korean War.
It was classic Trump, showing an unerring confidence to get the better
end of any negotiation. But it was also Trump in another way: high risk and
high reward, with little regard for those in the foreign policy establishment
who worry it’s too much, too soon.
More
The
other big news of the day is the reaction to President Trump signing into law
the start of his trade war with the rest of the world. Officially the trade war
starts in 15 days. But it’s trade war “lite” at first, with President Trump
having folded to Canada and Mexico, and rumoured to be about to fold to
Australia.
That
makes it a trade war largely against China and Europe, although several other
metals producing countries will get caught up in it too. So for the next two
weeks the phony trade war, after that, the deluge!
Trump Signs Tariff Order on Metals With Wiggle Room for Allies
By Andrew Mayeda and Jennifer Epstein
Updated on 8 March 2018, 23:01 GMT
- U.S. to impose 25% tariff on steel and 10% on aluminum
- Mexico and Canada to be excluded; door open to other nations
President Donald Trump followed through on his pledge to impose stiff
tariffs on imported steel and aluminum, while excluding Canada and Mexico and
leaving the door open to sparing other countries on the basis of national
security.
The president signed a proclamation authorizing the tariffs at a meeting
Thursday afternoon with workers from the steel and aluminum industries. The
U.S. will levy a 25 percent duty on steel and 10 percent on aluminum, the same
level Trump promised when he revealed the plan March 1. The tariffs will take
effect in 15 days.
“Today I’m defending America’s national security by placing tariffs on foreign imports of steel and aluminum,” Trump said, flanked by workers from the industries and economic advisers who had backed the plan.
The president warned there would be more tariffs coming, saying he planned to proceed with what he has called “reciprocal taxes” on imports from countries that charge higher duties on U.S. goods than the U.S. now charges on their products. “We’re going to be doing a lot of that,” he said.
The president said U.S. political leaders preceding him had allowed the decline of manufacturing in the nation, and cited a protectionist predecessor, Republican President William McKinley, in defense of the tariffs. “Our factories were left to rot and to rust all over the place,” Trump said.
Fellow Republicans harshly criticized the measures. Senator Jeff Flake of Arizona said the “so-called ‘flexible tariffs’ are a marriage of two lethal poisons to economic growth --protectionism and uncertainty.” Senate Finance Committee Chairman Orrin Hatch of Utah said, “Simply put: This is a tax hike on American manufacturers, workers and consumers.”
“I disagree with this action and fear its unintended consequences,” House Speaker Paul Ryan of Wisconsin said in a statement. “There are unquestionably bad trade practices by nations like China, but the better approach is targeted enforcement against those practices.”
More
March 9, 2018 / 12:44 AM /
Updated an hour ago
Asia's biggest exporters bristle over U.S. tariffs, fanning trade war fears
TOKYO
(Reuters) - Major Asian nations reacted sharply to U.S. President Donald
Trump’s decision to impose tariffs on steel and aluminum imports on Friday,
warning of damage to relations amid industry calls for retaliation.
Japan
said the move would have a “big impact” on the countries’ close bilateral ties,
while China said it was “resolutely opposed” to the decision and South Korea
said it may file a complaint to the World Trade Organization.
Trump on Thursday
pressed ahead with the imposition of 25 percent tariffs on steel imports and 10
percent for aluminum on Thursday, though he announced exemptions for Canada and
Mexico, and said exceptions could also be made for other allies.
China, which
produces half the world’s steel, will assess any damage caused by the U.S. move
and “firmly defend its legitimate rights and interests,” the country’s Ministry
of Commerce said.
The tariffs would
“seriously impact the normal order of international trade,” the ministry said.
The European
Union, Brazil and Argentina said overnight they should not be targeted or would
seek exemptions, and Japan, South Korea also said they would seek exceptions.
South Korea, a key
Washington Asian ally, is the third largest steel exporter to the United
States, after Canada and Brazil.
“We should prevent a trade war situation from excessive protectionism,
in which the entire world harm each other,” Trade Minister Paik Un-gyu told a
meeting with steelmakers.
Trade tensions between China and United States have risen since Trump
took office. China accounts for only a small fraction of U.S. steel imports,
but its massive industrial expansion has helped create a global glut of steel
that has driven down prices.
China’s steel and metals associations urged the government to retaliate
against the United States, citing imports ranging from stainless steel to coal,
agricultural products and electronics.
More
China says it’s ‘strongly opposed’ to Trump’s tariffs
Published: Mar 8, 2018 11:32 p.m. ET
Commerce Ministry says it may take measures against U.S.
BEIJING — China lashed out against the U.S. on Friday after the Trump
administration launched global tariffs on steel and aluminum and signaled it
would step up pressure on Chinese trade practices.
China’s Commerce Ministry said in a statement it “strongly opposed” the
move. In a statement, it urged the U.S. to withdraw the tariffs out of respect
for the international trading order. It said it would evaluate the impact of
the tariffs on China and “take effective measures to protect China’s rights.”
The China Iron and Steel Association called on the government to take
measures against U.S. imports, including stainless-steel and electronic
products, in response to the U.S. tariffs. The China Nonferrous Metals Industry
Association, which represents aluminum makers, called for Chinese measures
against U.S. imports such as farm products and high-end consumer products.
Both associations also urged for measures against imports of U.S. coal.
Chinese coal imports in recent years has been a boon for U.S. producers. The
impact of the proposed U.S. tariffs on Chinese steelmakers is ultimately
expected to be small. While China produces half of the world’s steel, most of
it never leaves China.
JPMorgan Co-President Sees Possible 40% Correction in Equity Markets
By Gavin Finch and Francine Lacqua
8 March 2018, 09:31 GMT Updated
on 8 March 2018, 11:31 GMT
JPMorgan Chase & Co. executive Daniel Pinto warned equity markets could
fall as much as 40 percent in the next two to three years.His comments come as investors worry over the effect of central banks raising interest rates and rising inflation. “It could be a deep correction,” said Pinto, the bank’s co-president, in an interview with Bloomberg Television on Thursday. “It could be between 20 percent to 40 percent depending on the valuation.”
The benchmark S&P 500 Index has gained about 47 percent since February 2016.
“We know there will be a correction at some point,” said Pinto, who oversees the trading and investment-banking unit at one of the largest U.S. banks. He said that markets are “nervous,” and if President Donald Trump goes beyond what he has already announced on steel tariffs, then investors could react badly.
The prospect of a global trade war has had markets on edge, as Trump’s threats of steel and aluminum tariffs were met with talk of retaliation in China and Europe.
‘Hurt Growth’
JPMorgan Chief Executive Officer Jamie Dimon echoed Pinto’s concerns about tariffs."If it continues and it gets worse, then it will hurt growth, it will hurt investment," Dimon said in a separate interview with Bloomberg Television on Thursday. "It could offset some of the very huge positives we’ve had from competitive tax reform."
More
https://www.bloomberg.com/news/articles/2018-03-08/jpmorgan-s-pinto-sees-40-percent-correction-in-equity-markets
There is talk that Canada and Mexico could be excluded from Trump's planned steel and aluminum tariffs. If that's what happens, the steel tariffs will be the most damaging to Brazil, South Korea and Russia, which contribute 32 percent of U.S. steel imports. Germany, the biggest European exporter to the U.S., accounts for just three percent. The aluminum tariffs will hit Russia, the United Arab Emirates and China. Aluminum production is an energy hog, so Europe, where energy is relatively expensive, is not a major producer. But Europe has complained loudly about Trump's plans and plotted a deliberately insulting response, threatening tariffs on Levi's jeans, Harley Davidson motorcycles, bourbon and now also peanut butter, cranberries and orange juice. "We can also do stupid," European Commission President Jean-Claude Juncker said of the plan.
In a strictly economic sense, this is not Europe's war. Politically, though, it goes down well with Europeans when the EU stands up to the American bully. The European public's mistrust of the U.S. tendency to dominate relationships was, in a nutshell, what killed off the Transatlantic Trade and Investment Partnership when leaders on both sides of the Atlantic, including President Barack Obama and German Chancellor Angela Merkel, backed it. The EU bureaucracy has jumped at the rare chance to fight a popular war, and its media campaign has all the pent-up fury and cunning of a spurned partner in a divorce.
The U.S. Milks Europe, Not the Other Way Around
As the net beneficiary
of the transatlantic business relationship, the U.S. should lay off Europe on
trade.
by Leonid Bershidsky 8 March 2018, 13:15 GMT
U.S. President Donald Trump's plans for a trade war aren't ostensibly
focused on Europe, but Trump himself appears to think they are. He said on Tuesday
that "the European Union has been particularly tough on the United
States," making it "almost impossible for us to do business with
them." Fact-checking Trump on this is pointless, but it's worth pointing
out that the U.S. is on the verge of poisoning its favorite well for no obvious
reason.There is talk that Canada and Mexico could be excluded from Trump's planned steel and aluminum tariffs. If that's what happens, the steel tariffs will be the most damaging to Brazil, South Korea and Russia, which contribute 32 percent of U.S. steel imports. Germany, the biggest European exporter to the U.S., accounts for just three percent. The aluminum tariffs will hit Russia, the United Arab Emirates and China. Aluminum production is an energy hog, so Europe, where energy is relatively expensive, is not a major producer. But Europe has complained loudly about Trump's plans and plotted a deliberately insulting response, threatening tariffs on Levi's jeans, Harley Davidson motorcycles, bourbon and now also peanut butter, cranberries and orange juice. "We can also do stupid," European Commission President Jean-Claude Juncker said of the plan.
In a strictly economic sense, this is not Europe's war. Politically, though, it goes down well with Europeans when the EU stands up to the American bully. The European public's mistrust of the U.S. tendency to dominate relationships was, in a nutshell, what killed off the Transatlantic Trade and Investment Partnership when leaders on both sides of the Atlantic, including President Barack Obama and German Chancellor Angela Merkel, backed it. The EU bureaucracy has jumped at the rare chance to fight a popular war, and its media campaign has all the pent-up fury and cunning of a spurned partner in a divorce.
More
"For
evangelicals, for the Christians, for the everybody, for everybody of religion,
this will be, may be, the most important election that our country has ever
had. And once I get in, I will do my thing that I do very well. And I figure it
is probably, maybe the only way I'm going to get to heaven. So I better do a
good job."
Donald
Trump, speaking to evangelical leaders in Orlando, Florida, August 11, 2016
Crooks and Scoundrels Corner
The bent, the seriously bent, and the totally doubled over.
No crooks today just the IRS giving an unexpected
boost to US home solar retrofits.
IRS Letter on Home Batteries Could ‘Open Floodgates for Residential Storage Retrofits’
A private-letter ruling says it’s OK to add a battery to your rooftop solar system and get the 30 percent ITC—as long as it only charges from the sun.
Jeff
St. JohnMarch
05, 2018
The Internal Revenue Service has indicated that federal solar tax credits extend to battery systems added as retrofits -- a policy that could “open the floodgates” for residential solar installers eager to add energy storage to their mass-market offerings.
That’s how GTM Research analyst Brett Simon summed up a letter from the IRS, released Friday (PDF), in reply to a query from an unnamed married couple. They claimed a federal Investment Tax Credit (ITC) for a battery, inverter, wiring and software they added to their existing rooftop PV system, set up so that it will only store energy from the solar panels, and otherwise be available day or night to respond to power outages or to reduce overall load.
The letter finds that, under these operating restrictions, the entire cost of the retrofit is subject to the 30 percent tax credit -- as long as it only charges from the sun. Specifically, the letter states that the investment “meets the definition of a ‘qualified solar electric property expenditure’ under § 25D(d)(2) of the Code, and therefore, you may claim a tax credit on this Battery.”
It’s important to note that this letter concludes with a statement that it’s directed “only to the taxpayer who requested it,” and that “Section 6110(k)(3) of the Code provides it may not be used or cited as precedent.” It also notes that it hasn’t investigated the couple’s system logs or other records to see that it’s operating in 100 percent solar charging mode.
Still, for an industry hungry for some guidance on what could be a hot new market opportunity, Friday’s letter adds an important new piece to the record of such so-called “private letter” rulings, said Simon. Previous private letters have led to the legal understanding that new solar-storage systems were eligible for the ITC, but Friday’s letter is the first to specifically address retrofits.
“It's just a single case,” he said, “but is nevertheless important because it reveals how the IRS views retrofits, and could lead to a future guidance that allows for all retrofits of storage to take the ITC. If that happened, the floodgates would open.”
More
Technology Update.
With events happening fast in the
development of solar power and graphene, I’ve added this section. Updates as
they get reported. Is converting sunlight to usable cheap AC or DC energy
mankind’s future from the 21st century onwards?
Hybrid solar cell captures energy from the sun and raindrops
Michael Irving March 8 2018
As
useful and ubiquitous as solar energy is becoming, it still has one major
Kryptonite: gloomy weather. Now, a team of Chinese engineers has developed a
hybrid solar cell that can produce electricity come rain or shine, using the
triboelectric effect to harvest energy from the movement of raindrops on its
surface.
Triboelectric nanogenerators (TENGs) create a charge from the friction of two materials rubbing together, which you may recognize as static electricity. It could find eventual practical uses in harvesting energy from movement or vibrations through clothing, car wheels, floors, or touchscreens.
In this case, the researchers tapped into the motion of raindrops rolling off the surface of a solar cell. To do so, they added two polymer layers to form a TENG on top of a photovoltaic cell. The top layer consists of a polymer called polydimethylsiloxane (PDMS), while the lower layer is made of poly(3,4-ethylenedioxythiophene):poly(styrenesulfonate) (PEDOT:PSS). To improve the performance of both layers, the polymers are first textured with grooves by imprinting them with the pattern from the data side of DVDs.
The top layer is activated when drops of water land on it and roll off, bringing the polymer into contact with the lower layer. The PEDOT:PSS film acts as a mutual electrode between the TENG and the solar cell, conducting energy from the former to the latter. To make sure the photovoltaic cell still functions when it's sunny, both polymer layers are transparent.
According to the team, the device had a peak short-circuit current of about 33 nA, and a peak open-circuit voltage of around 2.14 V. That's not particularly high, but it is enough to demonstrate that the concept works, and might be scalable.
This isn't the first time researchers have experimented with TENGs to make solar cells more useful in other weather conditions, but the team says the new device is a simpler design, less bulky and easier to manufacture than others.
The research was published in the journal ACS Nano.
Another weekend, and the
next to last weekend before the Great Global Donald Trump Trade War, (GGDTTW.). Who
will be the winners, if any, and who will be the losers, and how much will they
lose? Which currencies will gain and which will lose? How long before global
unemployment starts to rise, and by how much? Is Trump’s Trade War reason
enough for the Fed to hold off raising their key interest rate, or will they
have to raise rates faster and higher to protect the dollar?
Is this any way to be
running a deeply integrated global economy? How will President Trump know when
he’s “won?” All won’t be revealed next
week. Get ready for more expensive US cars and planes. Have a great weekend everyone.
"Our country is in
serious trouble. We don't have victories any more. We used to have victories
but [now] we don't have them. When was the last time anybody saw us beating,
let's say, China, in a trade deal? They kill us. I beat China all the time. All
the time."
Donald J. Trump. Campaign
launch rally, 15/6/15
The monthly Coppock Indicators finished February
DJIA: 25,029 +283 Up 01. NASDAQ: 7,273 +313 Up 03. SP500: 2,714 +212 Flat.
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