Frank26 and KTFA Members: " Purchasing Power for the Citizens"


Samson:  China: We will have to take countermeasures in response to the latest US customs duties

15th August, 2019

Finance Ministry said on Thursday that China will have to take countermeasures inevitable in the face of the US decision to impose the latest tariffs on Chinese goods worth $ 300 billion. 

The ministry also said that the US customs duties violate understandings reached by the presidents of the two countries and deviate from the right path to settle disputes through negotiations. 

The United States said earlier this month it would impose tariffs on Chinese goods worth $ 300 billion from September 1, effectively covering all Chinese exports to the United States.

But US President Donald Trump backed away from part of the plan on Tuesday, postponing tariffs on some of the targeted items such as cell phones, laptops and some consumer goods, hoping to reduce the impact of duties on sales during the US holiday season. However, the duties will apply to those products from mid-December. LINK


Samson:  Under $ 58 .. Oil prices continue to decline

15th August, 2019

Oil prices fell 3% to less than $ 58 a barrel on Thursday, continuing the decline recorded by the last session by 3%, as it is under pressure from growing fears of a recession and a sudden increase in US crude oil inventories.

In a sign that investors are concerned that the US economy, the world's largest, may be heading towards recession, which will negatively affect oil demand, the US Treasury yield curve flipped on Wednesday for the first time since 2007.

Brent crude fell $ 1.81, or 3%,   to $ 57.67 a barrel and by 11:17 GMT, fell $ 1.57 to $ 57.91. Brent is still up 10% since the start of the year thanks to production cuts led by the Organization of the Petroleum Exporting Countries and allies such as Russia in the group known as OPEC.+   In July, OPEC + agreed to extend oil production cuts until March 2020 to support crude.

A Saudi official on August 8 hinted at the possibility of further steps, saying that "Saudi Arabia is committed to doing everything necessary to keep the market stable next year." But OPEC's efforts have been overshadowed by concerns about the global economy in light of the trade dispute between the United States and China and the uncertainty over Britain's secession from the European Union, as well as rising US crude stocks and rising US shale oil production..

China reported disappointing data for July, including industrial production growth at its lowest level in more than 17 years..

An unexpected increase in US crude oil inventories for the second week adds to pressure on oil prices. Crude oil inventories rose 1.6 million barrels last week, compared with analysts' expectations of a 2.8 million barrel drop, the Energy Information Administration said.   LINK


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