Tuesday, September 29, 2020

Donald Trump Faces Lawsuits from US Businesses









US President Donald Trump is facing mounting lawsuits from a crowded clutch of businesses over his China tariff policy. 

About 3,500 US companies including Tesla Inc., Ford Motor Co., Target Corp., Walgreen Co. and Home Depot, have sued the Trump administration in the last two weeks over the imposition of tariffs on more than $300 billion in Chinese-made goods. 

Rather than "China is paying for those tariffs," as Trump had said, it is the US side primarily bearing the costs. As early as the beginning of the year, Trump's tariffs had cost American firms $46 billion since February 2018, Reuters reported. 

And a Moody's report in September 2019 showed that Trump's trade war with China has cost an estimated 0.3 percentage point in US real GDP and almost 300,000 jobs. 

Although further progress of the lawsuits remains to be seen, Trump's boastful statement that "trade wars are good and easy to win" is clearly not the case. 

Sure, China, having the second-largest economy, is also impacted from the US-initiated trade war. However, even amidst the trade war and with risks that Trump may further escalate confrontations with China, the American Chamber of Commerce survey in Shanghai revealed that 78.6 percent of polled US companies have no intention to move investment away from China, up 5.1 percentage points from last year's survey. 

The fact of the matter is that no company can afford to not do business with China – it is too gargantuan a market to ignore.




 







On Monday, Liverpool triumphed 3-1 over Arsenal. 

The Gunners actually went ahead after 25 minutes – but within 3 minutes, Sadio Mane pounced after the Arsenal goalkeeper could only push out Mohamed Salah's shot. Six minutes later, Andy Robertson received the end of Trent Alexander-Arnold's cross to stab home. And then, Diogo Jota who made his Anfield bow following his move from Wolves, sealed the game when he volleyed from close-range into the bottom corner in the eighty-eighth minute. 

This EPL match showcased an all-conquering Liverpool team that are pressing and persisting – on this evidence, the Reds are in a class of their own, comprehensively outplaying their opponents with a masterclass of measured, quality-laden football. 

Arsenal return to Anfield on Thursday hoping to do better in the EFL Cup fourth round.

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