| Trump keeps NAFTA withdrawal in the mix: President Trump kept the specter of a North American Free Trade Agreement (NAFTA) withdrawal alive Thursday as negotiators meet this week to hammer out a deal. Trump said the United States must get a better shake in an updated NAFTA deal or he will consider terminating the 24-year-old pact with Canada and Mexico. "I may terminate NAFTA, I may not. We'll see what happens," he told CNBC during an interview at the World Economic Forum in Davos, Switzerland. But he also held out that the possibility that the three longtime trading partners could eventually reach an agreement. "I think we have a good chance, but we'll see what happens," Trump said. Canadian and Mexican trade ministers were more optimistic during a Thursday panel in Davos. The Hill's Vicki Needham reports: http://bit.ly/2DFUWO8. Trump after Mnuchin controversy: 'I want to see a strong dollar' on Thursday said he prefers a strong U.S. dollar and said comments by his Treasury secretary praising a weak dollar were taken out of context. Trump told CNBC that he wants the value of the dollar to increase and expects it to do so as the economy continues to grow. "The dollar is going to get stronger and stronger, and ultimately I want to see a strong dollar," Trump said during a CNBC interview in Davos, Switzerland. The value of the dollar hit a three-year low Wednesday after Treasury Secretary Steven Mnuchin said "obviously a weaker dollar is good for us as it relates to trade and opportunities." "Longer-term, the strength of the dollar is a reflection of the strength of the U.S. economy and the fact that it is and will continue to be the primary currency in terms of the reserve currency," Mnuchin continued. Mnuchin's remarks were a break in precedent, since most previous Treasury secretaries have touted a strong dollar. I explain here: http://bit.ly/2DHEL2M. Consumer bureau delays prepaid card rule until April 2019: The Consumer Financial Protection Bureau (CFPB) on Thursday delayed its rule on prepaid cards and debit accounts for a year while also announcing changes to the rule. The CFPB pushed the effective date of the regulation forward to April 1, 2019, a year later than it was originally intended to begin. The bureau also made changes meant to boost compliance with the rule and loosen rules on linking credit cards to prepaid accounts or "virtual wallets." The announcement is the latest in acting CFPB Director Mick Mulvaney's expanding effort to reshape the bureau and its regulatory legacy. Mulvaney announced in December that the CFPB would reopen its rules on prepaid accounts and mortgage servicing, the first regulatory targets of his effort to rein in the bureau. The yearlong delay to the prepaid card rule will give Mulvaney, the new political aides he brought in and his successor time to make drastic revisions. I'll break it down here: http://bit.ly/2DE6qSb. Regulators ask Congress for more power to police cryptocurrencies: The United States' two top trading regulators on Wednesday asked Congress for more direct jurisdiction over cryptocurrency trading. Securities and Exchange Commission (SEC) Chairman Jay Clayton and Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo asked lawmakers for "direct oversight" of internet-based cryptocurrency trading platforms only subject to state rules. "A key issue before market regulators is whether our historical approach to the regulation of currency transactions is appropriate for the cryptocurrency markets," Clayton and Giancarlo wrote in a Wall Street Journal op-ed published Wednesday. "We would support policy efforts to revisit these frameworks and ensure they are effective and efficient for the digital era." The SEC and CFTC are the two main regulatory agencies charged with policing the expanding world of cryptocurrencies and the financial products they've created. While the agencies have power to police cryptocurrency trades and investments, state government have jurisdiction over most platforms used to purchase and hold the digital currencies: http://bit.ly/2DEQqzr. Happy Thursday and welcome back to Overnight Finance. I'm Sylvan Lane, and here's your nightly guide to everything affecting your bills, bank account and bottom line. See something I missed? Let me know at slane@thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N. Trump faces challenges in Davos: President Trump was set to jet off for the World Economic Forum in Davos, Switzerland, on Wednesday evening. But his attendance at the storied gathering of the global elite sits incongruously with the image he has sought to paint for himself. As a candidate first, and then as a president, Trump said he was the standard-bearer of "the forgotten men and women of our country," as he put it in his inaugural address. In policy terms, he seems to share little common ground with the globalization-friendly Davos crowd. He has pulled the U.S. out of the Trans-Pacific Partnership and dismissed the Paris climate accord. More generally, he advocates an "America First" economic policy, a phrase redolent of protectionism. That leaves some of the president's more populist allies perplexed by the decision to go to Davos. The Hill's Niall Stanage tells us more: http://bit.ly/2DDg7jz. Mnuchin: US doesn't want trade war: Treasury Secretary Steven Mnuchin said the U.S. is not aiming for a trade war on Thursday, one day after the dollar plummeted to a three-week low in response to his previous comments. "We want free and fair and reciprocal trade. So I think it's very clear we're not looking to get into trade wars. On the other hand, we are looking to defend America's interests," Mnuchin told reporters in Davos, Switzerland, according to Reuters. On Wednesday, he offered praise for a weak dollar, saying it presents economic opportunities.
"Obviously, a weaker dollar is good for us as it relates to trade and opportunities," Mnuchin said. "Longer-term, the strength of the dollar is a reflection of the strength of the U.S. economy and the fact that it is and will continue to be the primary currency in terms of the reserve currency," he continued: http://bit.ly/2DCQ3W1. Trump says he would re-enter TPP trade deal if it's made 'substantially better' President Trump said Thursday he would consider re-entering the Trans-Pacific Partnership (TPP) trade agreement if the terms were more favorable to the U.S. "I would do TPP if we were able to make a substantially better deal," Trump told CNBC during an interview at the World Economic Forum in Davos, Switzerland. Trump called the Pacific Rim trade pact a "horrible deal" as written. The comments mark the first time Trump has raised the possibility of rejoining the sweeping trade agreement, which was championed by former President Obama. It's a surprising stance for Trump, who won the 2016 election on a promise to take a more protectionist stance on trade. The Hill's Jordan Fabian explains: http://bit.ly/2DFXn3e. Home Depot announces employee bonuses, citing tax reform: Home improvement retailer Home Depot announced on Thursday the company would be giving a one-time cash bonus of up to $1,000, citing the new Republican-backed tax plan. "We are pleased to be able to provide this additional reward to our associates for continuing to deliver outstanding customer service," Craig Menear, the company's chairman, CEO and president, said in a statement. "This incremental investment in our associates was made possible by the new tax reform bill." According to CNBC, the retailer will use a sliding scale for the bonuses, with six different tiers. The $1,000 bonus is for employees who have worked at Home Depot at least 20 years, according to CNBC: http://bit.ly/2DE806z. GOP mocks Wasserman Schultz for saying $1,000 doesn't go 'very far' Republicans are criticizing Rep. Debbie Wasserman Schultz (D-Fla.) after she downplayed the $1,000 bonuses a number of companies have announced following passage of the new GOP tax law. At an event in Florida on Thursday hosted by the Not One Penny campaign, Wasserman Schultz noted that employees would be taxed on these bonuses. "I'm not sure that $1,000 -- which is taxed, taxable -- goes very far for almost anyone," she said. The comments from Wasserman Schultz, the former chairwoman of the Democratic National Committee, were quickly picked up by right-leaning media outlets. They also got the attention of House Freedom Caucus Chairman Mark Meadows (R-N.C.) and other conservatives on social media. http://bit.ly/2DGg3Qt. | 
沒有留言:
張貼留言