“I Am A Tariff Man,” Trump Says, As China Talks Show Signs Of Sputtering

'I Am A Tariff Man,' Trump Says, As China Talks Show Signs Of Sputtering

Trump threatened to slap tariffs if China did not make changes in its trade relationship with US.

The economic agreement President Donald Trump said he reached with Chinese leader Xi Jinping on Saturday showed signs of unraveling Tuesday, with the White House threatening new penalties against Beijing and multiple officials seeking to downplay expectations for an eventual deal.

Investors, who had applauded the deal on Monday, turned sharply negative Tuesday. In midday trading, the Dow Jones industrial average had dropped more than 600 points or about 2.4 percent.

Trump, in a series of Twitter posts, threatened to slap a range of import penalties on Chinese products if they did not make major changes in their economic relationship with the United States.

“President Xi and I want this deal to happen, and it probably will,” Trump wrote. “But if not remember, I am a Tariff man. When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so. It will always be the best way to max out our economic power.”

This is a much different characterization of the China talks than just three days ago, when Trump had dinner with China’s president at a meeting of the Group of 20. After the dinner, Trump said they reached the framework of a deal that would come together in 90 days.

“It’s an incredible deal,” Trump told reporters after the dinner. “It goes down, certainly, if it happens, it goes down as one of the largest deals ever made.”

He later said China had committed to buying large amounts of U.S. agricultural products and completely removing all tariffs on U.S. automobiles, a huge shift from its current 40 percent penalty. Chinese officials, meanwhile, did not confirm any of these details. They wouldn’t even acknowledge that there was a 90-day deadline under which they were operating.

In the past 24 hours, there were signs that White House officials were beginning to backpedal from some of their initial optimism. In his Twitter posts on Tuesday, Trump said they might need an extension if the 90-day timeline didn’t prove sufficient.

Meanwhile, White House National Economic Council Director Larry Kudlow said there wasn’t an actual agreement for China to remove auto tariffs, but that he expected China to eventually do it as a measure of good faith.

He also said that China’s vice premier, Liu He, had told him there would be changes made “immediately” to show the Chinese were serious about a new agreement. But Kudlow acknowledged Tuesday that so far they haven’t seen any evidence of concrete steps being taken.

“I have no assurances” China will change, Kudlow said, speaking at an event hosted by the Wall Street Journal. He acknowledged that Chinese leaders have stopped short of following through on deals in the past, but he said he believed the involvement of Xi in the discussions Saturday would lead to a different outcome.

“It looks to me that the ball is being moved in the right direction,” Kudlow said.

There are significant differences between the two governments over what was agreed at the dinner, according to a side-by-side comparison of their post-meeting statements prepared by Bloomberg. The Chinese have not acknowledged a 90-day deadline for the talks or said that they plan to “immediately” increase purchases of U.S. farm goods.

Chinese officials are puzzled and irritated by the administration’s shaky handling of the meeting’s aftermath, according to a former U.S. government official who has been in contact with them. Even before the Buenos Aires talks, Trump last month had stated incorrectly that the Chinese government “got rid of” the Made-in-China 2025 program of subsidized technology development in response to his objections.

The comments by the president and his top advisers over the past 48 hours have only added to China’s confusion about their negotiating partners.

“You don’t do this with the Chinese. You don’t triumphantly proclaim all their concessions in public. It’s just madness,” the former official said, who asked for anonymity to describe confidential discussions.

White House national security adviser John Bolton, who also attended the Saturday meeting, said the verdict was still out on what China would ultimately do.

“We need to see some major changes in their behavior,” he said, speaking at the same event as Kudlow. “Nobody is under any illusions.”

Kudlow also said the goal was to eliminate all tariffs on any imports, which is a departure from what Trump wrote Tuesday in a Twitter post, when he said he was a “tariff man.” Trump has not promised to lift all tariffs against Chinese goods.

Trump has argued that China for decades has abused global trade rules to lure away U.S. jobs, steal U.S. intellectual property, subsidize its own companies, and strong-arm U.S. firms. Many Democrats and Republicans, as well as global leaders, have agreed with Trump’s assessment, and he has taken an adversarial approach with Beijing, saying he believes this is the only way to force changes.

That approach so far has amounted to slapping tariffs on $250 billion of Chinese imports and vowing to impose penalties on all other imports if China doesn’t make changes. The changes U.S. officials have sought include forcing Beijing to lower tariffs on U.S. goods, stop dumping cheap steel and aluminum into foreign markets, and halting the theft of intellectual property, among other things.

As part of the talks Saturday night, Trump agreed not to increase existing tariffs on Chinese goods or impose any new ones for 90 days, while talks took place. Global investors, who had feared for months that a protracted trade war could hurt economic growth, seemed to cheer the cease-fire on Monday, but U.S. markets slid back on Tuesday as it became clear that there were few concrete commitments that came out of the discussions so far.


Paytm Money now comes with Siri integration, can check your portfolio and status of SIPs

Paytm, Paytm Money, Paytm Money Siri, Paytm Siri, Paytm iOS, Paytm Money iOS, Paytm app, Paytm Money app, Invest on Paytm Money

Consumers will now be able to control the app by simply using voice commands.

Paytm has integrated Apple’s digital assistant Siri support within its investment and wealth management focused app, Paytm Money. Now iOS users will now be able to view their portfolio value and status upcoming SIPs (Systematic Investment Plans) of mutual fund investments via voice commands. Consumers will be able to get this new feature by updating the app via the app store.

Consumers will now be able to control the app by simply using voice commands such as “(Hey Siri) Show my portfolio”, “(Hey Siri) Show my SIPs” or “View my upcoming investments”. These phrases are completely customisable and can be changed according to user preferences by going into Settings > General > Accessibility > Siri > Type to Siri.

Paytm Money recently added a few features into its iOS app to make it easy for consumers to invest their money. These features include Smart App Shortcuts, Search Indexing, 3D Touch, Portfolio Widget and much more to manage & track investments.

Also Read: Google tweaks privacy policy for Indian payment app after Paytm complaint

Paytm Money is an investment and wealth management app launched back in September by One97 Communications. Consumers can download the Paytm Money app from their operating systems respective app stores.

They will then be required to complete the paperless KYC process, after which they can start investing their money into funds. People can choose between two modes of investment – SIPs or via One-time payments that start from Rs 100 depending on their preference.


Students ‘Cooking Up Change’ in spite of lax nutrition requirements

Cooking Up Change

Cooking Up Change participants are challenged to create a new school lunch option for Chicago Public Schools and are judged by a panel of professional chefs. | Provided by Healthy Schools Campaign

If Chicago Public School students participating in the Cooking Up Change competition do well on Wednesday, they won’t be traveling to Washington D.C. for a final culinary contest.

That’s partly due to the Trump Administration’s rollback of nutritional requirements in school lunches.

States are no longer required to meet the same standards for whole grains, lower sodium and low-fat flavored milks offered in school lunch programs that were initiated by the U.S. Department of Agriculture during former President Barack Obama’s tenure.

Since 2011, Cooking Up Change contest finalists from around the country would go to the nation’s capitol to face off against their peers and meet their local legislators to talk about the importance of healthy options in schools.

But the Trump Administration has lack of appetite for a discussion around school lunch nutrition, organizers say.

This year, however, there will be a designated day in the spring for the Cooking Up Change winning dishes to be served across the country as a statement to advocate for healthy school meals, said Sara Porter, vice president of external affairs for Healthy Schools Campaign, the non-profit that runs the competition.

Porter said requirements have also been loosened this year to allow more schools to participate in the contest.

Chicago Cooking Up Change participants are enrolled Chicago Public Schools Career and Technical Education Culinary program. | Provided by Healthy Schools Campaign

In Chicago, student competitors are enrolled in CPS’ Career and Technical Education Culinary program and winners will have their meals served at all CPS schools.

For Wednesday’s competition at the Bridgeport Art Center, teams from seven different schools will prepare lunch options using the same ingredients and equipment.

Teams must adhere to nutrition rules –– no added salt or sugar –– and to a budget of $1.40 per plate. A panel of judges will be selecting the winners.

There is also a breakfast category in this year’s competition, requiring students to whip up a main dish that can be eaten without utensils with a fruit and a vegetable side dish. The winners for the breakfast contest will be decided by guests at Wednesday’s event.

The winning team members will receive $1,000 scholarships to the Washburne Culinary and Hospitality Institute at Kennedy-King College.

Julissa Villegas, a 17-year-old senior at Benito Juarez High School, said her team has come up with a new version of chicken and waffles that trades in the waffle for French toast and spices up both the chicken and maple syrup dipping sauce with cayenne pepper.

“In the world, there is a lot of obesity,” Villegas said. “We want to have a healthy meal in school but that is also delicious and tastes good.”

Nyah Griffin, who was on the first winning team from Chicago Vocational Career Academy in 2007, is returning as a judge and chef mentor.

“It’s more so about being passionate about the food,” said Griffin, manager of food service at Mercy Home for Boys and Girls. “The competition can be hectic and it’s stressful, but if it’s about the food at the end of the day, everything else will fall into place.”

John Colletta, executive chef and managing partner of Quartino Ristorante and Wine Bar, is judging for the first time on Wednesday.

“It’s actually remarkable to see the things they’ve [students] come up with their limited background and limited exposure,” Colletta said.


Here’s how the two winners of $687.8 million Powerball jackpot can invest their windfall

For the two winners who have come forward to split the $687.8 million Powerball jackpot, investing is about to take on a whole new meaning.

Robert Bailey, a 67-year-old retired postal worker in New York, claimed his lump-sum share — about $125.4 million after tax withholdings — on Wednesday. The other winner, Lerynne West, a 51-year-old mother of three in Redfield, Iowa, came forward more than a week ago to claim her haul of $140.6 million (also after tax withholdings). The amounts are not the same due to different state and/or local tax withholding rates.

Both of the winners will see doors open to an investment world that most Americans will never get a direct peek at.

A customer holds a handful of Powerball tickets.

Justin Sullivan | Getty Images
A customer holds a handful of Powerball tickets.

“At that level, you have access to the types of investments that university endowments and pension funds can use,” said Matt Chancey, a certified financial planner based in Orlando. “It doesn’t mean the investments are more risky, per se, you just have to qualify.”

For both Bailey and West, that shouldn’t be a problem.

To get access to more exclusive investments opportunities, wealthier people can be deemed “accredited” by federal regulators — meaning they meet the test of having at least $1 million in investable assets (excluding the value of their home) or average yearly earnings of $200,000 ($300,000 for married couples).

Top 10 lottery jackpots

Date won
Winner locations
1 $1.586 billion Jan. 13, 2016 Powerball CA-FL-TN
2 $1.54 billion Oct. 23, 2018 Mega Millions SC
3 $758.7 million Aug. 23, 2017 Powerball MA
4 $687.8 million Oct. 27, 2018 Powerball IA-NY
5 $656 million Mar. 30, 2012 Mega Millions KS-IL-MD
6 $648 million Dec. 17, 2013 Mega Millions CA-GA
7 $590.5 million 18-May-13 Powerball FL
8 $587.5 million Nov. 28, 2012 Powerball AZ-MO
9 $564.1 million Feb. 11, 2015 Powerball NC-PR-TX
10 $559.7 million Jan. 6, 2018 Powerball NH

Investment opportunities that will become available to the winners run the gamut. For instance, they could gain access to private equity funds that invest in companies whose shares don’t trade on stock exchanges. Or, they could get the chance to invest in commercial real estate, energy projects like oil exploration, or venture capital funds that invest in things like tech startups.

In other words, once you have real wealth, you’re considered to be a more sophisticated investor than the average person, Chancey said.

“But getting a windfall of that amount doesn’t necessarily mean you’re actually a sophisticated investor,” he said.

This is why enlisting the help of professionals is worthwhile for people who come into sudden wealth. Both Powerball winners could even look into hiring a dedicated team of professionals — a financial advisor, an attorney and an accountant — to exclusively handle their riches.

This is what you do if you win the lottery

This is what you do if you win the lottery   1:48 PM ET Thu, 18 Oct 2018 | 01:18

“You’re in a completely different position with that kind of money,” Chancey said. “You can build your own financial services team that is dedicated all day to your financial affairs.”

For both Bailey and West, minimizing taxes likely will factor prominently in their financial decisions. While both winners had taxes withheld from their share, it doesn’t mean the amount accurately reflects what will be due at tax time.

The federal withholding rate on lottery wins is 24 percent, although both winners will face the top rate of 37 percent — plus state taxes of 8.82 percent in New York and 8.98 percent in Iowa (8.53 percent as of 2019). Bailey also faces local taxation of 3.88 percent due to residing in New York City.

Depending on a variety of factors — including how the winners choose to spend, invest or give away through charitable causes — the final tax bill could me more or less.

More from Personal Finance:
Here’s how much workers in other countries need to retire
Most Americans aren’t saving nearly enough for retirement
The top three things you’re not doing that are keeping you from becoming rich

One of the ways to reduce the amount forked over in taxes is to set up a charitable foundation. Basically, the government gives you a tax break if you use private money to do public good.

West, the Iowa winner, already announced plans to start a foundation and to donate $500,000 to a group that serves wounded veterans. Bailey said he would “give back to Manhattan” without providing details.

Meanwhile, the holder of the $1.5 billion Mega Millions jackpot has yet to come forward. The winning ticket — which hit all numbers in the Oct. 23 drawing — was purchased in Simpsonville, South Carolina. Lottery winners in that state have180 days (about six months) from the drawing to claim their prize, so the winner (or winners) has until April 21 to come forward.


About 90 percent of American men are confident they can manage money

A man walks through the paddock area on Belmont Stakes Day before the 148th Belmont Stakes..

When it comes to managing money, a lot of Americans feel like they’re on the right track. More than half of U.S. adults, according to a recent Student Loan Hero survey of over 1,000 adults, mostly between the ages of 25 and 44, say they’re confident about meeting their financial goals.

And nearly all American men in the survey say they’re confident about handling their finances overall. When it comes to taking out loans, planning for retirement, managing investments and negotiating their salaries, most men feel like they’re up to the task.

Women, though, are less sure.

‘There’s a clear gender gap’

When it comes to how Americans feel about money, says Student Loan Hero, “there’s a clear gender gap.” About two-thirds of men feel comfortable negotiating their salary versus only half of women. Over 60 percent of men say they’re confident investing versus only about 45 percent of women, and 63 percent of men say they’re comfortable taking out a loan versus 54 percent of women.

There’s a gap when it comes to confidence about the future, too: 53 percent of men are feel good about retirement versus only 37 percent of women.

Overall, nearly 90 percent of men feel good about how well they manage money. Women trail by about 10 percentage points.

Student Loan Hero: Money Confidence Survey, Overall Finances and Taking Out Loans

One reason for the divide could be that “men tend to have more money and talk about it more with friends,” the survey reports. Of the respondents, “nearly 70 percent of men say they have no problem broaching money subjects, while only 59 percent of women said the same.”

Meanwhile, 42 percent of women have less than $500 in savings as compared to a third of men; 55 percent of men have more than $1,000 versus 47 percent of women; and, of course, men still earn more than their female peers.

Overall, though, Americans are financially confident. Student Loan Hero finds that 83 percent of respondents feel good about managing their money generally, and 88 percent are confident about balancing their checkbooks and paying bills on time.

Further, 54 percent of respondents say they’re “on track to meet their personal financial goals.”

How debt holds people back

Not everyone is optimistic, though. Over half of respondents don’t consider themselves a “financial success,” Student Loan Hero reports, and “low rates of savings may be part of the reason why.” Half of the respondents in Student Loan Hero’s survey have less than $1,000 saved, and 61 percent don’t have an emergency fund that could cover six months of living expenses.

The reason, largely: student loans.

New data shows that the average millennial with debt owes $36,000 and spends about 34 percent of their monthly income paying it off. “Unsurprisingly, having student loans reduces confidence levels, adds to money stress and makes it harder to accomplish other financial goals,” the survey says.

Student Loan Hero: Money Confidence Survey, Retirement And Managing Investments

While 57 percent of people without loans admit to having money worries, a whopping 75 percent of those with educational debt do. Borrowers also have lower savings rates: 43 percent of people with loans have less than $500 in savings compared with 37 percent of people who don’t owe money for school.

“And, while a quarter of respondents without loan debt had $10,000 or more in savings, just 14 percent of student loan borrowers had put this much aside,” the survey says.

How to get on track

With cumulative student loan debt in the U.S. over $1.5 trillion, “it’s undeniably burdensome to repay,” the survey says. Still, trying to get on top of your loans and any other debt you may have, like credit card debt, can help reduce stress and make it easier to achieve other financial priorities.

If you’re struggling with paying down loans, saving for retirement, investing in the stock market or negotiating a higher salary, remember that “it helps to have a plan for what you want to accomplish and how to achieve it,” says Student Loan Hero.

And while you may not accomplish everything overnight, “you can create a budget while setting clear financial goals” for the future.


Adobe CEO Shantanu Narayen in Fortune Business Person of the Year list

PTI @moneycontrolcom

Indian-American Shantanu Narayen, the CEO of Adobe, has been named by Fortune in its 2018 Business Person of the Year list, which ranks 20 business executives “delivering on the bottom line and beyond”.

Narayen, 56, ranks 12th on the list, which has been topped by CEO of insurance company Progressive Tricia Griffith and includes CEO of graphics chipmaker Nvidia, Jensen Huang, French conglomerate Kering CEO François-Henri Pinault, Amazon CEO Jeff Bezos and PayPal CEO Dan Schulman.

On Narayen, Fortune said “the maker of creativity tools like Photoshop doesn’t quite grab headlines like some of its Silicon Valley neighbours. But Adobe is playing the long game—and so is Shantanu Narayen.”

In November, Narayen celebrated his 11th anniversary at the helm, a tenure that is increasing rare in corporate America, Fortune said.

“Narayen’s move to turn boxed software into cloud services gave the San Jose company a subscription business that keeps on giving. And his recent rash of marketing-tech acquisitions…signals he is not afraid to compete with Salesforce and Oracle. A quiet giant? Not anymore.”

In choosing Fortune’s Business person of the Year, the publication weighs 10 financial metrics including 12-month and 36-month increases in profits and revenue, stock performance and total shareholder returns.