Global Economic
Globalists Will Love Trump’s New Nafta Deal
Despite the new name (the U.S.-Mexico-Canada Agreement, or USMCA) dropping any references to trade, let alone freedom, the tariff rates on imports from Canada and Mexico are still a mass of zeroes. The main new element – the abolition of a variety of milk Canada introduced last year to support its domestic dairy industry – is ultimately an anti-protectionist move. The main old element is some fiddling around Nafta’s rules on automotive trade which, as we’ve argued previously, aren’t likely to change much.
UK Brexit Sec Raab: We Need Unity Of Purpose Fore Brexit Talks
Vast Majority Of Withdrawal Agreement Has Been Settled, Although We Still Have Some Tricky Issues Outstanding, And We’re Making Good Progress
China’s Wang says China will not be blackmailed or yield to pressure over trade – GSR
China’s Wang says China will not be blackmailed or yield to pressure over trade GSR — Days after U.S. President Donald Trump denounced globalism at the United Nations, China positioned itself Friday as a “champion of multilateralism” that is keeping international promises when Washington is backing away from them.
The Fed Is Flying Blind – Gold Silver Reports
US interest rates keep creeping upwards, largely because the US Federal Reserve (Fed) is expected to ramp up borrowings costs further in the coming quarters. The Federal Funds Rate is now in a bandwidth of 1.75 to 2.0 per cent, and the yield on 10-year Treasuries has recently climbed slightly above the 3 per cent level. Higher, let alone further rising, borrowing costs can be expected to have far-reaching consequences for the economy and financial markets in particular.
Data on China’s Manufacturing Growth will Likely show Further Slowdown in September
The Caixin Purchasing Managers’ Index for China’s manufacturing sector is expected to come in at 50.5 points for September, according to estimates by Reuters. That’s below August’s 50.6 points and the lowest reading since June 2017.
Fed Raises Key Rate to Range of 2% to 2.25%, Keeps Forecast for 4 Hikes in 2018
The Federal Reserve said Wednesday that it sees the federal funds rate at 2.4 percent by the end of 2018, unchanged from its June forecast.