News 

Chinese tariffs may delay Elon Musk’s boring projects

“Privately held Boring added that it is “working to develop and manufacture our own tunnel boring machines” and wants to “restore the now-dormant American tunnel boring machine industry.”” reports autoblog.com. Boring seeks “limited parts from China in the near-term for use in a small number of tunnel boring machines.”. On Wednesday, the company proposed to build a 3.6-mile tunnel between Dodger Stadium in Los Angeles and the city’s subway system. Other companies including General Motors have sought exemptions from new U.S. tariffs imposed on Chinese imports. (Reporting by David Shepardson;…

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These are the states that would be wrecked by Trump’s proposed tariff on cars

“Trump proposed a 25% tariff on imported cars and auto parts in May, drawing immediate condemnation from other countries and the auto industry” writes Bob Bryan for businessinsider.com. President Donald Trump’s threatened tariffs on imported cars and auto parts would cause massive economic upheaval in the US, but some states would get hit worse than others.Michigan is followed by two states in the Rust Belt: Indiana (13.9% or workers in the auto industry) and Ohio (11.7%).The median state has 4% of workers employed in the auto industry, according to the…

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Walmart asks some beauty suppliers to consider sourcing outside of China

“Walmart Inc has asked some beauty suppliers to consider sourcing products from outside China, as it looks for ways to mitigate the impact of a new set of tariffs on Chinese products proposed by the Trump administration” writes Scott Olson for cnbc.com. In an email sent to some beauty suppliers on Aug. 7, seen by Reuters, the retailer asks if they have facilities outside China, and if not, whether they would consider investing in them, to broaden their sourcing ability.He also said that one of the mitigation strategies for the…

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Musk’s tunnel-boring firm seeks U.S. tariff exemption for Chinese parts

“Boring seeks “limited parts from China in the near-term for use in a small number of tunnel boring machines.”” writes Midwest Communications Inc for 95kqds.com. Privately held Boring added that it is “working to develop and manufacture our own tunnel boring machines” and wants to “restore the now-dormant American tunnel boring machine industry.”. On Wednesday, the company proposed to build a 3.6-mile tunnel between Dodger Stadium in Los Angeles and the city’s subway system. Other companies including General Motors Co have sought exemptions from new U.S. tariffs imposed on Chinese…

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Deere finds steady demand from US farmers despite tariff woes

“Demand for Deere & Co. equipment from U.S. farmers is holding steady despite their concerns about overseas sales lost to President Trump’s global trade war, executives said Friday” writes Nati Harnik Associated for washingtonexaminer.com. Farmers have thus far taken the brunt of the fallout from Trump’s campaign, he conceded, The timetable and mechanics of the program aren’t yet clear to Deere’s customers, executives said Friday, so its effects on demand are difficult to gauge.”Uncertainty surrounding the trade market may have distracted” from relatively strong North American farm economics and the…

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Majority of manufacturers say tariffs have boosted their costs and will mean higher prices

“For example, the Trump administration has implemented broad-based tariffs of 25 percent tariff on steel and 10 percent tariff on aluminum” reports washingtonexaminer.com. Meanwhile, lawmakers have been critical of the tariffs and some have s ought to limit Trump’s ability to impose tariffs in the future, although the Senate has blocked legislation on two occasions that allow Congress to prevent the executive branch from imposing tariffs.The survey also revealed that approximately 50 percent of manufacturers and 40 percent of service firms view the ongoing trade disputes as harmful for 2018…

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News Oil 

Chinese oil importers shun US crude despite tariff reversal

“To replace U.S. oil, China has been turning to the Middle East, West Africa and Latin America, according to shipping data and traders” writes unknown author for cnbc.com. That comes after the country’s main oil importer, Unipec, earlier this month suspended shipments from the United States.Chinese oil importers are shying away from buying U.S. crude as they fear Beijing’s decision to exclude the commodity from its tariff list in a trade dispute between the world’s biggest economies may only be temporary.The move underscored the growing importance of the United States…

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Futures News Oil Stocks 

Futures dip as Turkey, trade tensions weigh

“Meanwhile, Beijing has lodged a complaint to the World Trade Organization to help determine the legality of U.S. tariff and subsidy policies” writes Midwest Communications Inc for 95kqds.com. (Reuters) – U.S. stock index futures dropped on Wednesday, with investors weighing the impact of Turkey’s currency crisis as well as the escalating tariff tensions between the United States and its trading partners. Source: 95kqds.com Share This:

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US retailers: Trump’s ‘tariff environment is manageable’ so far

“I would say, at this point, that the tariff environment is manageable — and given our sales and our size and scale, it’s even that much more manageable,” said Chief Executive Officer Craig Menear” reports washingtonexaminer.com. U.S. retailers specializing in home appliances, luxury apparel and auto parts say tariffs imposed by President Trump in widening international trade disputes haven’t hurt their earnings much so far.Inventory costs rose just 3.5 percent to $1.32 billion, the Roanoke, Va.-based company said, and profit surged to $117.8 million.Tapestry’s net income in the period totaled…

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GBP Markets News 

FTSE 100 tips higher but a decline in miners caps gains for U.K. benchmark

“The FTSE 100 UKX, -0.27% rose less than 0.1% at 7,646.86, after a 0.3% fall for the index on Monday” writes Mark Decambre for marketwatch.com. Other miners fell in tandem, with Fresnillo PLC FRES, -1.82% off 2.4% and Rio Tinto PLC shares RIO, -1.75%  down 1.7%.The U.K.’s main stock index struggled to gain altitude on Tuesday, as loses for mining giants and a slightly stronger British pound limited its gains.It described the tariff threats as creating “considerable market uncertainty,” though the company said the outlook was strong.Meanwhile, insurer esure Group…

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