Former USTR Lighthizer takes on China
U.S. equities yesterday: The Dow rose 153.30 points, 0.47%, at 33,061.57. The Nasdaq gained 165.70 points, 1.28%, at 13,100.98. The S&P 500 was up 41.19 points, 0.99%, at 4,221.02. Chemical makers to set aside $1.19 billion to settle PFAS-related claims in U.S. Chemical manufacturers Chemours Co, DuPont de Nemours Inc, and Corteva Inc announced they will establish a $1.19 billion fund to settle PFAS-related drinking water claims in the United States. The companies are embroiled in numerous lawsuits across the U.S., accused of polluting drinking water with perfluoroalkyl and polyfluoroalkyl substances , often referred to as"forever chemicals.
• Meat markets in the U.S. are in turmoil. The supply of cattle across the country is shrinking as ranchers respond to fast-rising costs and widespread drought conditions by selling off livestock, setting the stage for higher consumer prices. The Wall Street Journal reports the number of cattle in the U.S. is at its lowest level in nearly a decade and beef production is on track to drop by more than 2 billion pounds in 2024, the biggest annual decline since 1979.
— Russia's Federal Security Service accused an American intelligence agency of hacking thousands of iPhones, some of which belonged to Russian nationals and those working at embassies in Russia. The FSB did not specify which agency it was referring to. It also claimed that Apple works with American intelligence agencies. The firm said it had not helped any government breach iPhones.
POLICY UPDATE — The Senate late Thursday voted, 63-36, to pass the bipartisan measure to suspend the nation's borrowing limit until early 2025 and cap future spending, sending the legislation to President Biden's desk with just days to go before a potential U.S. debt default. The Fiscal Responsibility Act sailed through the Senate one day after it overwhelmingly passed the House with more Democratic support than Republican.
In between votes on amendments, Schumer read a statement on the Senate floor that was negotiated with Republicans asserting that the debt ceiling bill will not constrain efforts to pass emergency aid packages for Ukraine and respond to national security threats such as China.
Deficit reduction. Instead of a total deficit reduction of $1.5 trillion over a decade, as projected by the Congressional Budget Office , the full package will likely reduce deficits by about $1 trillion over the same period. The budget cuts do not apply across the board, and major programs like Social Security and Medicare are not affected. These changes and budget forecasts depend largely on Congress's actions in the future and are based on 10-year increments.
Lighthizer noted China has been"threatening our aircraft, threatening our ships in the military, having a spy balloon come across the U.S., insulting our Cabinet officials. All of that is part of a scheme. It's coordinated. It's dictated by Beijing, and it's designed really to show that they are taking over from the United States and the status quo right now favors them. We should do strategic decoupling.
Analysis: A veteran trade policy analyst told us:"I think Main Street sees it. Wall Street doesn't want to. Corporate America fuels a lot of the populism across our political spectrum because they are wedded to globalism and China is a prime example. They want to turn the other cheek hoping that China doesn't do what we all see them doing because their P&L is so dependent on the Chinese market.
Algeria has three pipeline connections to Europe, giving it a competitive edge over other distant suppliers such as the U.S. and Qatar. Exxon and Chevron are looking to invest their large cash reserves, searching for new production sources as growth limitations are emerging in the US shale sector. The companies are also betting on increasing demand for natural gas as nations shift away from coal to reduce greenhouse gas emissions.
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