White House Escalates China Trade Dispute in hopes for Early Solution: Kemp
The United States has adopted an "escalate to negotiate" strategy towards China, threatening a dramatic hike in tariffs to try to force a resumption of trade talks while the U.S. economy remains strong and as elections approach in November.U.S. President Donald Trump has reportedly rejected a plan to levy tariffs of 10 percent on an additional $200 billion of imports from China and ordered aides to prepare a proposal for tariffs at the higher rate of 25 percent.The levies are in addition to the tariffs on $34 billion of imports that have already gone into effect and the $16 billion of tariffs announced but not yet implemented.The administration's approach to China is the same one it has employed in dealing with North Korea…
Sanctions spell the end of OPEC output deal
President Donald Trump’s decision to withdraw from the nuclear agreement with Iran marks the end of the current output agreement between OPEC and its allies.OPEC is likely to insist the current agreement remains in effect, at least for now, but the prospective removal of several hundred thousand barrels per day of Iranian exports from the market will require a major adjustment.Saudi Arabia has already promised to "mitigate" the impact of any potential supply shortages, in conjunction with other suppliers and consumer countries…
Trump: Infrastructure Plan Likely Must Wait until 2018 Elections
U.S. President Donald Trump said on Thursday his infrastructure plan will likely have to wait until after the November congressional elections. "You'll probably have to wait until after the election, which isn't so long down the road," Trump said in a speech. (Reporting by Steve Holland; Writing by Eric Beech Editing by James Dalgleish)
Fight over Alaska Arctic Drilling has Just Begun
Senator Lisa Murkowski, an Alaska Republican, won a decades-long battle on Wednesday to open part of an Arctic wildlife reserve in her state to oil and gas drilling, but Democratic senators and conservationists vow the war has only begun. The tax bill passed by Congress contains language pushed by Murkowski and supported by President Donald Trump to hold two lease sales in the 1.5 million-acre (600,000-hectare) 1002 area on the northern coastal plain of the Arctic National Wildlife Refuge, or ANWR.
Continental Resources Applies To Swap U.S. Crude Oil Abroad
Continental Resources , the largest leaseholder in the booming North Dakota oil fields, recently applied for a U.S. license to swap crude oil abroad in an attempt to get around the country's 40-year ban on exports, a spokeswoman confirmed on Friday. "The pending license is to further demonstrate the need for a free market for crude, just like refined products already have," the spokeswoman said, without specifying when Continental made the application. Continental applied for the license through the Department of Commerce's Bureau of Industry and Security, which did not comment on the matter. The United States may soon pass Russia and Saudi Arabia to become the world's top oil producer thanks to hydraulic fracturing, or fracking, and other modern drilling techniques.
U.S. Senate Moves To Debate Energy Savings Bill; Keystone Bid Stalls
The U.S. Senate agreed on Tuesday to advance a bipartisan energy efficiency bill, but it could die unless lawmakers end a stalemate on how to proceed with the long-delayed Keystone XL oil pipeline project. The Senate voted 79-20 to move toward a debate on the energy bill, making it the first big energy legislation to reach the Senate floor since 2007. Sponsored by Democratic Senator Jeanne Shaheen of New Hampshire and Republican Senator Rob Portman of Ohio, the White House-backed bill would save energy through tougher building codes and by making the federal governmentinstall new technologies. Majority Leader Harry Reid, a Nevada Democrat…
House, Senate Close to Deal on Port Security
Reuters has reported that House and Senate negotiators have a tentative agreement on legislation to strengthen security at American seaports, a key senator said on Thursday. But the fate of provisions to boost rail and mass transit safety was uncertain, with some lawmakers indicating the measures were out of the bill, and others saying they would fight to keep them in. Lawmakers of both parties were racing to finish the bill dealing with a major election-year issue, national security, before they go home at the end of the week to campaign for November congressional elections. The tentative deal would authorize $3.4 billion over five years for measures such as installing radiation detectors at the largest U.S. ports, Collins said.
