Jeep Beijing 2020 Redesign And Concept

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The Trump administration’s attack to buy some breath allowance for its barter abhorrent by bailing out ailing farmers is backfiring amidst aldermanic Republicans. 

GOP denunciations of the $12 billion plan raised new questions about how abundant added about pro-Trump lawmakers will abide. Best accept spent months abstention the affair as the admiral confused to rip up the party’s once-bedrock charge to freer trade. Admiral Trump appears absorbed on testing their breaking point. He’s ramping up confrontations with the European Union, China and others alike as the affliction of counter-punching tariffs starts to chaw in analytical beat states and beyond. 

Republican criticism accomplished a new angle in the deathwatch of the White House advertisement that it would tap a Depression-era affairs to extend aid to farmers bent in the crosshairs of its own policy. But there was no apparent adumbration Tuesday of a new willingness on Capitol Hill to assemblage abaft a aldermanic analysis on the administration. Until there is, alike the sharpest allocution of coup from Trump’s aldermanic bottom soldiers remains aloof that.

Here was Sen. John Thune of South Dakota, the third-ranking Republican in the chamber, per Politico: “Taxpayers are activity to be asked to antecedent checks to farmers in lieu of accepting a barter action that absolutely opens and expands added markets. There isn’t annihilation about this that anybody should like.” 

And Sen. Ron Johnson (R-Wis.): “This is acceptable added and added like a Soviet blazon of abridgement here: Commissars arch who’s activity to be accepted waivers, commissars in the administering addition out how they’re activity to baptize about benefits… I’m actual exasperated. This is serious.”

Sen. Ben Sasse (R-Neb.) said the administering is alms farmers a acknowledgment to 1929: 

Sen. Rand Paul (R-Ky.) declared for the abatement of the tariffs: 

Sen. Pat Toomey (R-Pa.) declared the bailout a “band-aid on a self-inflicted wound”: 

Sen. Lisa Murkowski (R-Alaska) affected the move as affidavit that tariffs are declining and apprenticed Trump to about-face course: 

From Sen. Jeff Flake (R-Ariz.):

Sen. Orrin Hatch (R-Utah), who chairs the Senate Finance Committee, added his articulation to the chorus: 

Sen. Bob Corker (R-Tenn.), who has army a so-far bootless bid to force aldermanic approval of Trump’s tariffs, bidding aggravation Tuesday — at both the president’s new action and his colleagues for burning it. “You accept a abhorrent action that sends farmers to the poorhouse, and afresh you put them on welfare, and we borrow the money from added countries,” he said. “It’s adamantine to accept there isn’t an absolute defection appropriate now in Congress over what is happening.”

But the abutting the backward Republican has gotten to banishment a vote on the measure  — with abetment from adolescent short-timer Sen. Jeff Flake (R-Ariz.), Toomey, and others — was a toothless resolutionasserting a “role for Congress” in ambience barter policy. And aback it has counted, Senate Republicans accept folded, including in contempo canicule as they backed off accent to restore a annealed amends on Chinese telecom behemothic ZTE over the president’s objection. 

And top Senate leaders signaled they are no afterpiece to adjoin Trump on the matter: Senate Majority Leader Mitch McConnell (R-Ky.), said he needs to appraise the bailout afore commenting; Senate Majority Whip John Cornyn (R-Tex.) appropriate the admiral deserves added time to defended bigger barter deals. 

The White House said farmers will alpha to see payments in September, per The Washington Post’s Damian Paletta and Caitlin Dewey: “It would accommodate absolute payments to farmers, efforts to advance U.S. appurtenances abroad and an amplification of a affairs that purchases surplus acreage accomplishment and distributes it to aliment banks and added anti-hunger programs. Administration admiral said the affairs aims to atone farmers for how abundant they would lose as a aftereffect of the barter war, in allotment because of absent sales and lower prices. Trump ordered Agronomics Secretary Sonny Perdue several months ago to activate assignment on the plan.”

Trump apprenticed Republicans to aback him up in a brace of tweets this morning: 

He additionally declared out China: 

And he fabricated a absolute abode for added time, allurement supporters aggregate bygone for a assemblage in Kansas City, Mo., to “be a little patient,” per The Washington Post’s Phil Rucker. The agronomics industry has “some of the  greatest lobbying teams anytime put together,” the admiral said … But he said farmers “will be the bigger beneficiary” of his barter offensive. In the meantime, he admonished the army not to assurance account coverage: “Just remember, what you’re seeing and what you’re account is not what’s happening.”

That bigger describes those GOP assembly breeding added ablaze than calefaction in their opposition to Trump’s barter push. They will accept an befalling to columnist their case anon to arch administering admiral this week, about and privately. U.S. Barter Representative Robert E. Lighthizer is set to affirm Thursday morning afore a Senate Appropriations subcommittee. At the aforementioned time, beyond the Capitol, top White House bread-and-butter adviser Larry Kudlow and barter arbiter Peter Navarro will accommodated abaft bankrupt doors with the House Republican Conference.

TRUMP TRACKER

TRADE FLY-AROUND:

President Trump in Kansas City, Mo., on July 24. (Charlie Riedel/AP)

— Europeans arrive with offers. The New York Times’s Ana Swanson: “European negotiators on Wednesday will present several account to the Trump administering for abatement a barter affray with the United States, including accomplishment a new accord amidst the world’s bigger auto exporters. But these offers may abatement abbreviate of appeasing [Trump], who has bidding skepticism at accomplished barter pacts and branded the European Union as a ‘foe.’ As the admiral of the European Commission, Jean-Claude Juncker, meets with Mr. Trump in Washington on Wednesday, the two abandon are blame agendas that are added at odds, aggressive to about-face allies into adversaries… 

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“During his visit, Mr. Juncker is able to altercate two options for the trading relationship… both of which the Europeans accept floated with the United States before. The aboriginal is an acceding that would accept all aloft all-around auto exporters carve their tariffs on adopted cars. The additional calls for a bound barter accord amidst Europe and the United States centered on automated goods.”

And a $20 billion threat. AP: “The European Union says it’s accessible to retaliate adjoin the United States with tariffs on articles account $20 billion if [Trump] puts duties on cars and auto genitalia from Europe. EU Barter Commissioner Cecilia Malmstrom said Thursday in an account with Swedish bi-weekly Dagens Nyheter that she hoped a band-aid is begin and ‘things wouldn’t go that far’. If not, she said the EU would bang tariffs on a ambit of U.S. articles including agronomical and high-tech articles and machinery. She said specific U.S. states would not be targeted.”

— Harley suffers. The Wall Street Journal’s Austen Hufford and Bob Tita: “Harley-Davidson Inc. … said its accumulation would booty a hit this year as tariffs admixture a connected sales slump for the motorcycle maker. Harley said its costs would access by up to $55 actor this year as the Milwaukee-based architect pays added for animate and aluminum acclimated to accomplish its motorcycles in the U.S. and pays college duties on Hogs it exports from the U.S. to Europe. ‘We are alive with the administering and all the governments we can to do the best we can to get these tariffs removed,’ Harley Arch Financial Officer John Olin told investors on Tuesday.”

And so does Whirlpool. CNBC’s Michael Sheetz: “Shares of Whirlpool, the U.S. based abrasion apparatus behemothic who was already in favor of stricter barter controls for its own industry, acquaint their affliction day in over 30 years afterwards admiral abhorrent ascent animate and aluminum costs for beneath anniversary earnings. ‘Global animate amount has risen essentially and, decidedly in the US, they accept accomplished ambiguous levels,’ Whirlpool CEO Marc Bitzer told shareholders during a appointment alarm Tuesday. Whirlpool banal fell 14.5 percent Tuesday, its affliction day aback October 19, 1987. The U.S. aggregation was a aloft apostle for legislation to assure adjoin what Bitzer aftermost year declared a ‘long adventure of dumping’ by adopted competitors LG and Samsung in the abrasion apparatus business. Bitzer said during the company’s fourth-quarter balance alarm that the White House had ‘put an end’ to this declared dumping, adage it was ‘encouraging that assuredly barter laws are actuality enforced.’”

— Businesses articulation concerns. The Hill’s Vicki Needham: “Business groups are cogent able action to [Trump’s] affairs to hit China with added tariffs and are calling for a absolute action to abode Beijing’s barter practices. The National Retail Federation and 65 organizations apery U.S. retailers, manufacturers, farmers and technology companies abutting calm to acquaint U.S. Barter Representative Robert Lighthizer that tariffs won’t assignment to accessible China’s bazaar to added U.S. imports. ‘Imposing tariffs on Chinese imports will not accept the aftereffect that the administering desires,’ the affiliation wrote in submitted comments to Lighthizer.”

— Deficits will expand. WSJ’s Josh Zumbrun: “The U.S. remained by far the bigger disciplinarian of all-around current-account imbalances in 2017, alive the world’s bigger arrears and adopting behavior — mainly a about-face against abundant beyond budgetary deficits — that are acceptable to access its imbalances in advancing years. The U.S. ran a $466 billion current-account deficit, acceptation the nation alien far added than it exported. The U.S. has become an added ample disciplinarian of all-around deficits, accounting for 43% of all all-around deficits aftermost year, up from 39% in 2016, according to the All-embracing Monetary Fund’s anniversary appraisal of the accompaniment of all-around imbalances. Washington’s about-face against aloft arrears spending will move the U.S. barter arrears ‘further from the akin justified by average appellation fundamentals and adorable policies,’ the IMF said.”

— Mexico wants a quick conclusion. Reuters’s Dave Graham: “The adapt of the North American Free Barter Acceding (NAFTA) amidst the United States, Mexico and Canada care to be assured in the abutting few months, a top adviser in the admission Mexican administering said on Tuesday. Jesus Seade, the appointed NAFTA adjudicator of president-elect Andres Manuel Lopez Obrador, said while some advancing issues still had to be resolved, he believed it was about ‘inevitable’ a accord would be reached. ‘What I see … to be a actual achievable apprehension is that we’ll be absolute the agreement in the abutting two months if possible, or in the abutting few months a bit added bottomward the road,’ Seade told Mexican radio.”

MELTDOWN WATCH:

Ivanka Trump, Admiral Trump’s babe and adviser, at the White House in Washington on July 19. (Andrew Harnik/AP)

— Ivanka closes shop. The Post’s Abha Bhattarai and Drew Harwell: “Ivanka Trump is shutting bottomward her namesake accouterment cast because of her assignment in Washington, she said Tuesday, a attenuate accepting by a Trump ancestors affiliate about the challenges of captivation an affecting White House position while owning a all-around business. In accomplishing so, the president’s babe and White House arch adviser has gone added than added Trump ancestors members, who accept remained alive in both business and politics. She handed over circadian operations afterwards her ancestor won the acclamation but connected to own the aggregation — which aloft ethical apropos that accept adamant enterprises beyond the Trump empire. But her brand, founded as a airy appearance and affairs cast for young, able women, has suffered from how polarizing it became during the attack and her father’s move into the Oval Office, constant boycotts, absent sales and controversies that saw its appurtenances yanked from retailers’ shelves.”

Flashback: Ivanka Inc. relies on adopted workers. From The Post’s Matea Gold and others, aftermost June: “While Admiral Trump has chastised companies for outsourcing jobs overseas, an assay by The Washington Post has appear the admeasurement to which Ivanka Trump’s aggregation relies alone on adopted factories in countries such as Bangladesh, Indonesia and China, area low-wage laborers accept bound adeptness to apostle for themselves. And while Ivanka Trump appear a book this bounce declaring that convalescent the lives of alive women is ‘my life’s mission,’ The Post begin that her aggregation lags abaft abounding in the accoutrement industry aback it comes to ecology the analysis of the abundantly changeable workforce active in factories about the world.”

Mick Mulvaney. (AP Photo/Evan Vucci)

— Trump anchorage arch of agents search. Politico’s Nancy Cook: “Trump loves to crowdsource staffing admonition from alfresco admiral and accepted or aloft White House aides, and afresh he’s been asking: ‘What do we anticipate about Mick?’ ‘Mick’ is Mick Mulvaney, the aloft Republican agent from South Carolina who now oversees both Trump’s Appointment of Management and Budget and the Bureau of Consumer Financial Protection. A admired of Trump’s aback aftermost winter’s federal shutdown and the beforehand bootless accomplishment to abolition Obamacare, Mulvaney has emerged as one of the two arch candidates to accomplish John Kelly as Trump’s arch of staff, according to interviews with a dozen accepted and aloft administering admiral and Republicans abutting to the administration.”

MARKET MOVERS

Mario Draghi, admiral of the European Axial Bank, in Riga, Latvia, on June 14. (Jasper Juinen/Bloomberg News)

— Balance vs. tariffs. Bloomberg’s Dani Burger and Sid Verma: “Battle-lines are actuality fatigued beyond markets as bears affront the brewing barter war and college borrowing costs — while beasts appetite the banderole accumulated balance season. As a result, the winners and losers beyond asset classes and geographies are acceptable ever-more pronounced… One bright aftereffect is the outperformance of businesses angry to the U.S. economy. S&P 500 Index stocks with the accomplished domestic-revenue acknowledgment are durably assault those with the best all-embracing sales, according to baskets aggregate by Goldman Sachs Accumulation Inc. Since the alpha of June, domestically focused companies accept acquired 5.8 percent compared to their internationally aggressive brethren, which are little changed.”

— Europeans go their own way. WSJ’s Tom Fairless: “The European Axial Bank is accepted to arresting its ambition to accumulate its key absorption amount beneath aught for at atomic addition year on Thursday, accent a addition gap with the Federal Reserve which is affective steadily against college absorption rates. The alteration amidst the world’s top two axial banks, absorption a analysis in bread-and-butter fortunes, accustomed renewed absorption aftermost anniversary afterwards [Trump] said on CNBC that he wasn’t blessed with the Fed’s contempo decisions because every time the abridgement strengthens ‘they appetite to accession ante again.'”

— Chinese investors are selling. WSJ’s Esther Fung: “Chinese investors accept become net sellers of U.S. bartering absolute acreage for the aboriginal time in a decade, abandoning a yearslong trend aback these buyers spent tens of billions of dollars and helped addition the bazaar for hotels and added properties. Chinese insurers, conglomerates, and added investors awash $1.29 billion account of U.S. bartering absolute acreage in the additional quarter, while purchasing alone $126.2 actor of property, according to abstracts close Absolute Capital Analytics. This apparent the aboriginal time that Chinese investors were net sellers for a division aback 2008. The added than $1 billion in net sales reflects how abundant the Chinese government’s attitude against advance beyond has afflicted in contempo months.”

POCKET CHANGE

The backward Fiat Chrysler Automobiles CEO Sergio Marchionne. (AP Photo/Carlos Osorio )

— Sergo Marchionne dies. WSJ’s Chester Dawson: “Sergio Marchionne, who engineered a alliance of the auto industry’s weakest companies—Fiat and Chrysler—and angry the aggregate into a cash-generating machine, died at the age of 66. Mr. Marchionne was advised at Zurich’s University Hospital for complications afterwards ability what Fiat Chrysler Automobiles NV said was a surgical action on his appropriate accept in July. The bloom issues affected the aggregation to unexpectedly abolish him as CEO on Saturday, dispatch up a abandonment planned for aboriginal 2019 afterwards a decade at the captain of the Italian-American auto maker.”

Challenges advanced for Fiat. AP’s Colleen Barry: “Fiat Chrysler’s second-quarter balance presentation was meant to bless adept CEO Sergio Marchionne’s accomplishment of eliminating all debt for the aforetime afflicted company. Instead, it will be overshadowed by his aboriginal and abrupt exit… and the admission of his replacement, Mike Manley. Credited with the turnaround of the Jeep subsidiary, Manley faces his aboriginal big analysis as the accumulation CEO on Wednesday, aback he lays out the Italian-American automaker’s balance and takes questions from analysts acceptable to focus on how he will administer hard-earned advance and profitability.”

— China keeps Qualcomm guessing. Reuters: “Qualcomm Inc is yet to win China’s nod to buy Dutch chipmaker NXP Semiconductors even as a borderline for the action to expire is aloof hours away, adopting the anticipation the accord could be scuppered amidst Sino-U.S. barter tensions… Qualcomm, the world’s bigger maker of chips for adaptable phones, and NXP said in April they would alarm off the accord if they were clumsy to win Chinese authoritative approval by July 25… China was the alone authority out from eight of the nine all-around regulators appropriate to accept the deal. If the accord collapses, it is acceptable to aggravate tensions amidst Washington and Beijing.”

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As Facebook eyes China expansion. The Post’s Elizabeth Dwoskin and Emily Rauhala: “Facebook has acquired a authorization to set up an appointment in China — a aboriginal for the company, which has been shut out of China’s advantageous bazaar for years admitting abounding attempts to breach in. The $30 actor accessory in the southern burghal of Hangzhou would be set up as a start-up incubator, authoritative accessory investments and advising baby businesses… Facebook is currently blocked in China.”

And American Airlines buckles to Chinese pressure. “Under burden from the Chinese government, American Airlines has wiped Taiwan from its website — an adapt the Trump administering has apprenticed U.S. carriers to resist,” The Post’s Danielle Paquette reports. “The move came about three months afterwards Beijing ordered dozens of adopted airlines to accredit to the island as a Chinese area or face after-effects in the world’s second-largest aerodynamics market.

Bannon will barrage a badge to ability the all-around autonomous movement, according to bodies with ability of his plans.

Wired

MONEY ON THE HILL

House Speaker Paul Ryan (R-Wisc.) closes the aperture afore speaking at a account appointment afterwards a Republican conclave affair on Tuesday. (AP Photo/Jacquelyn Martin)

— House approves medical accessory tax repeal. The Post’s Felicia Sonmez: “The House voted Tuesday to abolition the customs tax on medical devices, with about five-dozen Democrats abutting all but one Republican in abetment the bill. The measure was accustomed on a 283-132 vote that comes afore assembly leave Washington for their summer alcove at the end of the week. The 2.3 percent tax on some accessories awash by medical manufacturers was created beneath the Affordable Care Act. It is not set to booty aftereffect until 2020, afterward a move by assembly to include its postponement as allotment of the accord that concluded a government abeyance in January. But assembly of both parties accept connected approved to abolition the tax, arguing that its achievement could advance to college prices for consumers as able-bodied as the accident of tens of bags of accomplishment jobs.”

As House GOP outlines tax plan. Bloomberg’s Laura Davison: “House Republicans apparent a ample outline Tuesday for their abutting appearance of tax cipher changes, which steered bright of acclimation abstruse mistakes from aftermost year’s overhaul. The alleged Tax Reform 2.0 legislation was apparent as a accessible agent for abstruse fixes that would abode errors in the 2017 bill. Keeping those corrections out of the angle underscores how GOP leaders are application it as a messaging apparatus and appetite to abstain highlighting problems with the law. The two-page outline, which seeks to accomplish cuts for individuals and some business owners permanent, was appear now so Republicans can use it as a talking point as they arch aback to their districts at the end of the anniversary for August campaigning.”

Warren: Roll aback the tax cuts. Sen. Elizabeth Warren (D-Mass.), in an account with CNBC’s John Harwood, said she wants to abolition the Republican accumulated tax cut, admitting she beneath to specify what accumulated amount she prefers. On alone rates, she said, “Look, there was a time in a actual affluent America — an America that was growing a average class, an America in which alive families were accomplishing bigger bearing afterwards bearing afterwards bearing — area the top bordering amount was able-bodied aloft 50 percent.”

THE REGULATORS

Federal Communications Commission Chairman Ajit Pai. (AP Photo/Jacquelyn Martin)

— Trump blasts FCC’s Sinclair decision. The Post’s Tony Romm: “Trump came to the aegis of Sinclair Broadcast Group’s proposed alliance with Tribune Media, canicule afterwards the Federal Communications Commission aloft ‘serious concerns’ about the accord and began acknowledged affairs to claiming it on area the companies had addled regulators. Trump said Tuesday it was ‘so sad and unfair’ that the FCC, an absolute agency, did not accept the merger, a $3.9 billion transaction that would actualize a bourgeois television behemothic that originally hoped to ability almost 70 percent of U.S. households… Last week… FCC Chairman Ajit Pai — a Republican whom Trump appointed to advance the telecom bureau — begin that Sinclair and Tribune had apparent a ‘lack of candor,’ seeking to brim the U.S. government’s restrictions on media buying by divesting key stations in cities like Chicago to allies of Sinclair.”

Trump’s tweet:  

DAYBOOK

Today

Coming soon

THE FUNNIES

From the New Yorker’s Peter Kuper:

BULL SESSION

What was said on the Trump-Cohen tape:

How to win a barter war:

Fish for flour? Barter is Venezuela’s new currency:

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