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Yellen Says China Trade Deal Has ‘Hurt American Consumers'WASHINGTON — Treasury Secretary Janet L. Yellen has cast doubt on the merits of the trade agreement between the United States and China, arguing that it has failed to address the most pressing disputes between the world’s two largest economies and warning that the tariffs that remain in place have harmed American consumers.Ms. Yellen’s comments, made in an interview with The New York Times this week, come as the Biden administration is seven months into an extensive review of America’s economic relationship with China. The review must answer the central question of what to do about the deal that former President Donald J. Trump signed in early 2020 that included Chinese commitments to buy American products and reform its trade practices.Tariffs that remain on $360 billion of Chinese imports are hanging in the balance, and the Biden administration has said little about the deal’s fate. Trump administration officials tried to create tariffs that would shelter key American industries like car making and aircraft manufacturing from what they described as subsidized Chinese exports.But Ms. Yellen questioned whether the tariffs had been well designed. “My own personal view is that tariffs were not put in place on China in a way that was very thoughtful with respect to where there are problems and what is the U.S. interest,” she said at the conclusion of a weeklong trip to Europe.President Biden has not moved to roll back the tariffs, but Ms. Yellen suggested that they were not helping the economy.“Tariffs are taxes on consumers, in some cases it seems to me what we did hurt American consumers and the type of deal that the prior administration negotiated really didn’t address in many ways the fundamental problems we have with China,” she said.But reaching any new deal could be hard given rising tensions between the two countries on other issues. The Biden administration warned U.S. businesses in Hong Kong on Friday about the risks of doing business there, including the possibility of electronic surveillance and the surrender of customer data to authorities.Chinese officials would welcome any unilateral American move to dismantle tariffs, according to two people involved in Chinese policymaking. But China is not willing to halt its broad industrial subsidies in exchange for a tariff deal, they said.(...) Despite the recent animosity, the United States was able to help coax China into joining the global tax agreement that Ms. Yellen has been helping to broker. The Biden administration believes that China wants to be part of the multilateral system and that fully severing ties between the two countries would not be healthy for the global economy.“I think we should maintain economic integration in terms of trade and capital flows and technology where we can,” Ms. Yellen said, adding that the relationship must balance security requirements. “Clearly, national security considerations have to be very carefully evaluated and we may have to take actions where, when it comes to Chinese investment in the United States or other supply chain issues, where we really see a national security need.”
https://newyorkdaily247.com/2021/07/yellen-says-china-trade-deal-has-hurt-american-consumers/CitarYellen Says China Trade Deal Has ‘Hurt American Consumers'
Yellen Says China Trade Deal Has ‘Hurt American Consumers'
El Boletín Oficial del Estado (BOE) ha publicado ya la Ley de medidas de prevención y lucha contra el fraude fiscal Índice de contenidos1 Adiós a la reducción del 60% del alquiler en el IRPF si no se declaró en la autoliquidación2 Pactos sucesorios: se mantiene el beneficio fiscal de heredar una casa en vida si se vende 5 años después3 Cómo quedan las ventajas fiscales del pacto sucesorio 4 En qué consiste el pacto sucesorio5 Cambios en la valoración de inmuebles de cara al ITP y al ISyD6 Ojo con tributar conforme al valor de referencia en caso de escriturar por un importe superior7 Cómo impugnar el nuevo valor de referencia de Catastro8 La nueva valoración de inmuebles afecta también al Impuesto sobre el Patrimonio9 La comprobación de valores también le llegará al vendedor del inmueble10 Hacienda podrá volver a entrar en el domicilio de los contribuyentes “por sorpresa
Zillow Home Value Index for June just released late Friday:Price increase accelerates to a highest on record 26.4% as typical home value rises to $293,349
China Steps Up Climate Fight With Emissions Trading SchemeChina launched its long-awaited emissions trading system on Friday, a key tool in its quest to drive down climate change-causing greenhouse gases and go carbon neutral by 2060.The scheme was launched with China, the world's biggest carbon emitter, seeking to take a global leadership role on the climate crisis in the lead up to a crucial UN summit in November.China has hailed it as laying the foundations for what would become the world's biggest carbon trading market, forcing thousands of Chinese companies to cut their pollution or face deep economic hits.The programme was launched just days after the European Union unveiled its detailed plan to achieve carbon neutrality by 2050.However deep questions remain over the limited scale and effectiveness of China's emission trading scheme, including the low price placed on pollution."But there is a long way to go," he said.China first announced plans for a nationwide carbon market a decade ago, but progress was slowed by the influential coal-industry lobby and policies that prioritised economic growth over the environment.The scheme will set pollution caps for big-power businesses for the first time, and allows firms to buy the right to pollute from others with a lower carbon footprint.The market will initially cover 2,162 big power producers that generate about a seventh of the global carbon emissions from burning fossil-fuels, according to data from the International Energy Agency.Those power producers account for 40 percent of the 13.92 billion tonnes of Earth warming gases belched out by Chinese factories in 2019.Citigroup estimates $800 million worth of credits will be bought for this year, rising to $25 billion by the end of the decade.That would make China's trading scheme about a third the size of Europe's market, currently the biggest in the world.The scheme was originally expected to be far bigger in scope, covering seven sectors including aviation and petrochemicals.But the government "pared down ambitions" as economic growth took precedence amid the pandemic-induced slowdown, according to Lauri Myllyvirta, lead analyst at the Centre for Research on Energy and Clean Air."China's coal, cement and steel production have all gone up as the government pours in billions of dollars to energy-intensive sectors to boost growth after the pandemic," Myllyvirta said."Rules to limit emissions will disrupt this growth model."Another concern for environmentalists is the low price China is placing on pollution.Opening trade at the market in Shanghai started off at 52.7 yuan ($8) per ton of carbon on Friday morning.The average carbon price in China is only expected to hover around $4.60 this year -- far below the average EU price of $49.40 per ton, Citic Securities said in a recent research note.Free pollution permits given out at the start and token fines for non-compliance would keep prices low, according to analytics company TransitionZero.However, China has characterised Friday's launch as just the first step.The scheme will expand to cover cement producers and aluminium makers from next year, Zhang Xiliang, chief designer of the scheme, said last week."The goal is to expand the market to cover as many as 10,000 emitters responsible for about another 5 billion tons of carbon a year," Zhang said.Chinese state media have also pointed out the current version is already the world's largest market when assessed by the amount of greenhouse gas emissions covered, rather than trading value.Other concerns about the scheme include that a lack of technical know-how and continued pressure from powerful coal and steel lobbies could slow down progress.Local officials and companies know little about accounting for emissions or even the basics of climate science, said Huw Slater from China Carbon Forum.And regions that rely on coal and carbon-intensive industries for growth have been slow to join the scheme."Officials are afraid that if they curb pollution too quickly it could cut jobs and lead to social unrest," Slater said.
Don’t panic: a little inflation is no bad thing,KENNETH ROGOFF(...) In 2008, as the financial crisis unfolded, I argued strongly that central banks should relax their inflation targets by 2% and temporarily target 4-6% inflation for a few years. If they had moved quickly and adopted effective negative interest rate policies, I think it would have been possible. Higher inflation for a few years would have helped stimulate demand and ease the unsustainable debt burden of many countries. (Another first-rate policy would have been to reduce subprime mortgage debt in the United States and make unconditional transfers from Northern Europe to pay for public debt reductions in peripheral countries such as Greece and the United States. Portugal.Today the situation is different. Because the US Treasury and the Fed intervened so quickly and proactively, there were actually fewer business failures in 2020 than in 2019. Since bankruptcies normally rise sharply during a recession, this It certainly sounds like too good news.But even with debt problems contained, there are still benefits from temporarily higher inflation. Most importantly, the Fed needs to occasionally allow inflation above target – if that’s serious when it says it’s aiming for 2% on average. Many had started to wonder if this was possible. After the inflationary drought of the last decade, a light downpour is welcome. Making the Fed’s inflation target more credible should help push the structure of interest rates up and give the Fed more leeway to reduce them in the future.In fact, economic theory gives very little solid guidance on whether, say, 3% inflation is better than 2% in normal times, as long as it remains reasonably stable and predictable. When Olivier Blanchard was the IMF’s chief economist in 2010, he argued that inflation targets should be raised to 4%.Sustained inflation of, say, 3% would also provide an opportunity to reconsider the Fed’s current 2% target. It’s not a radical idea: a few central banks like Australia and Hungary already have a higher inflation target and others like the Bank of Canada have considered the idea. Certainly, as I have long argued, a much more elegant way to give central banks more leeway in a deep recession is to properly prepare the ground for an unconstrained negative rate policy, but I leave that to another day.I have highlighted the positive aspects of moderately higher inflation over the past few years. But there are risks. What matters most is whether the unlimited expansion of public spending and transfers is not substantially (it does not need to be fully) offset by higher taxes. If the global cost of borrowing were to rise unexpectedly, the higher cost of servicing the heavier debt could cause government pressure on the central bank to keep nominal rates low, risking becoming a severe inflation.For now, the markets seem totally indifferent – almost too much given the pervasive uncertainty surrounding the global economy as the pandemic emerges. Yet, at least for now, slightly high inflation is more likely to indicate that things are going well than that we are doomed. There is no reason for the Fed to crush it too quickly.
OPEC Plus Agrees on Oil Production Increase, Ending Dispute With U.A.E.Major oil producers reached a deal on production increases on Sunday, as the United Arab Emirates and Saudi Arabia resolved a dispute that had blocked an agreement this month.Under the agreement, OPEC Plus, as the group is known, will increase production each month by 400,000 barrels a day indefinitely, beginning in August.The arrangement gives the Emirates most of the increase in its production quota that it was seeking, although not until after next April. Other countries, including Kuwait, Iraq, Saudi Arabia and Russia, will also be granted increases in their production limits, according to OPEC’s statement.(...)
No ha habido un sólo día en este asqueroso mundo en el que vivimos desde hace más de 200 años en que hayamos consumido menos energía que el día anterior: https://ourworldindata.org/energy-mix. Y si lo hicimos no fue por falta de ella, sino porque no la necesitábamos. A ver si me puede concretar de alguna manera científica o medible por qué según usted esta tendencia centenaria se va a acabar aquí y ahora.
Charting Global Economy: Inflation Keeps Building in U.S., U.K.(...)The European Central Bank helped remove some of the ambiguity around its policy objectives by adopting a simple 2% inflation target in its strategy review, but plans to include the cost of owner-occupied housing in the measure add a new layer of uncertainty that could complicate the task of achieving the goal in the years ahead, according to Bloomberg Economics.
Sin entrar en el tema de sueldos, estoy de acuerdo con Santiago Niño-Becerra en que, con la Agenda 2030 en marcha, se crearán políticas que incentiven el teletrabajo en aquellos casos en los que sea posible hacerlo (y que conste que, aunque reconozco que en sectores como el de IT es posible realizar practicamente todo en remoto, la tecnología actual es incapaz de replicar con la misma efectividad cosas aparentemente tan sencillas como señalar algo con el dedo en un monitor de otra persona o transmitir una idea o concepto a un equipo haciendo uso de un rotulador y una pizarra).https://twitter.com/sninobecerra/status/1416663691521675267https://twitter.com/sninobecerra/status/1416714222239617026Saludos.