Brooklyn Nets positioned for future after Dwight Howard trade

The Brooklyn Nets made the first big splash of the 2018 offseason, acquiring Charlotte Hornets center Dwight Howard. In exchange, the Nets sent the Hornets center Timofey Mozgov and two second-round picks. 

For the Hornets, they get financial relief, as Howard is slated to make $23.7 million next season–the final year of his contract. For the Nets, they attain another expiring contract, which should position Brooklyn to chase free agents following the 2018-19 season. Mozgov has two years and $32.7 million remaining on his deal. 

With the deal, the Nets save $17 million on their cap for the 2019-2020 season. There will be a host of attractive free agents following next season, including Kyrie Irving, Klay Thompson, and Jimmy Butler.

Both centers are well traveled, as Howard as bounced around the league following a fantastic start to his career with the Orlando Magic. Mozgov signed a 4-year, $64 million deal with the Los Angeles Lakers after winning a 2016 NBA title with the Cleveland Cavaliers.

Howard, once fast-tracked for a Hall of Fame career, joins his fourth team in three years. After leaving the Houston Rockets, Howard has gone from the Atlanta Hawks to the Hornets, and now the 32-year-old center will call Brooklyn’s Barclays Center home. 

Both the Nets and Hornets are positioning themselves for clear strategies in the future. The Hornets are seemingly looking to enter a rebuilding stage, having traded Howard and engaged in talks involving point guard Kemba Walker. Meanwhile, the Nets are a little further along in their rebuilding phase–albeit still restructuring for the future. 

The Nets will also regain control of their draft picks following the 2018-19 season. The Boston Celtics have maintained control over the Nets’ picks since the trade that sent Paul Pierce and Kevin Garnett to Brooklyn. 

Keep it here on AXS.com for more NBA news and tickets to select games.

Source Article from https://m.axs.com/brooklyn-nets-positioned-for-future-after-dwight-howard-trade-131230

Why America’s Trade War With China Will Be Absolutely Crippling For The U.S. Economy

This article first appeared at our friend theeconomiccollapseblog.com

Can the global financial system handle a full-blown trade war between the two largest economies on the entire planet?  We have never seen anything like this happen in the modern age, and this is creating a tremendous amount of uncertainty for the financial markets.  Yes, something had to be done, and I have been writing about this for years.  China has been stealing our intellectual property, manipulating currency rates and slapping high tariffs on American goods.  We simply could not allow China to continue to take advantage of us, but now we are so dependent on the Chinese that a trade war with them is going to inevitably produce a great deal of pain.  We are all going to wish that another way could have been found to resolve this crisis, because in the short-term this is definitely going to hurt the U.S. economy.  And if President Trump chooses to press forward with trade wars against Europe, Canada and Mexico at the same time as well, the pain for our economy is going to be off the charts.

Most Americans didn’t even notice, but Donald Trump fired a shot that was very clearly heard all the way over in China on Friday when he slapped a tariff of 25 percent on 50 billion dollars worth of Chinese products

China accused the United States of firing the first shot on Friday when the White House said that it would impose tariffs of 25% on $50 billion worth of Chinese goods.

The announcement confirms a threat first made by President Donald Trump in March and follows months of trade talks between the two sides. A truce was announced in May, but it proved short-lived.

“The United States has kept changing its mind and now launched a trade war,” China’s Commerce Ministry said in a statement.

The Chinese retaliated almost immediately by slapping a 25 percent tariff on 50 billion dollars worth of our goods

China will slap hefty tariffs on U.S. goods in retaliation for President Trump’s decision to levy duties on $50 billion worth of Chinese imports.

Beijing will impose an additional 25 percent tariff on a total of 659 U.S. imports worth about $50 billion, according to a statement on the country’s Ministry of Finance website.

The first batch of tariffs will hit 545 U.S. products worth about $34 billion, including agricultural products, such as soybeans, corn and wheat, automobiles, beef, pork and seafood, and will start July 6.

President Trump took the weekend to think about it, and on Monday he decided to raised the stakes much higher.

If the Chinese really do go ahead with their tariffs, the Trump administration is going to hit them with a 10 percent tariff on another 200 billion dollars worth of their goods.  The following is from Trump’s official statement

This latest action by China clearly indicates its determination to keep the United States at a permanent and unfair disadvantage, which is reflected in our massive $376 billion trade imbalance in goods. This is unacceptable. Further action must be taken to encourage China to change its unfair practices, open its market to United States goods, and accept a more balanced trade relationship with the United States.

Therefore, today, I directed the United States Trade Representative to identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent. After the legal process is complete, these tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced. If China increases its tariffs yet again, we will meet that action by pursuing additional tariffs on another $200 billion of goods. The trade relationship between the United States and China must be much more equitable.

If China does not match each round of tariffs they will look weak, and if Trump does not keep raising the ante every time China matches him then he will look weak.

So where will this end?

Ultimately the goal is more balanced trade with China, which would mean more jobs and more factories here in the United States.

But in the short-term we won’t see any of that.

Instead, all we are going to see is tremendous pain.

First of all, you should expect to see higher prices on any products that are made in China.  This is going to hit consumers that shop at Wal-Mart and the dollar stores particularly hard.

Secondly, any companies that sell products in China are going to be hurting.  It is inevitable that some will start laying off workers, and that means that there will be job losses here in the United States.

And even the expectation of lower profits will send stock prices tumbling.  In fact, we already started to see this happen on Monday

Major American companies that generate a significant chunk of their sales from China, such as Boeing (BA), Caterpillar (CAT), Intel (INTC) and 3M (MMM), were among the losers on the Dow on Monday.

The Dow has fallen nearly 1.5% in the past week and is close to erasing its gains for the year. If a global trade war breaks out and slows economies around the world, it could bring an end to the bull market that has raged for more than nine years.

In the short-term, nothing good is going to come out of this trade war.

And even in the mid-term, the pain is going to far, far outweigh any benefits.

This is why a trade war should always be a last resort.  As much as possible should be accomplished through negotiations, and it is unclear if negotiations were utilized as extensively as they could have in this case.

If China wants to play hardball, they could start dumping U.S. Treasuries or cut off our access to rare earth elements.  If they pulled either trigger, our level of pain would instantly be multiplied.

We can definitely hurt China too, but we do not have any magic bullets that will force them to yield.

Once a trade war begins, it can potentially last for many years, and let us not forget that history has shown us that trade wars can often lead to shooting wars.

I believe that a tragic strategic mistake has been made, and this is not going to end well.

Michael Snyder is a nationally syndicated writer, media personality and political activist. He is the author of four books including The Beginning Of The End and Living A Life That Really Matters.

Source Article from http://govtslaves.info/2018/06/why-americas-trade-war-with-china-will-be-absolutely-crippling-for-the-u-s-economy/

Global markets tumble in response to escalating trade war between US and China

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Global stocks crashed on Tuesday after US President Donald Trump threatened another 10-percent tariff on $200 billion of Chinese imports in response to Beijing’s retaliation for the previous package of levies imposed by the US.

China vowed to protect its interests, countering any US tariffs imposed on its goods with a mirror response.

“This practice of extreme pressure and blackmail” will be met with other comprehensive quantitative and qualitative measures, the country’s Commerce Ministry warned.

“The United States has initiated a trade war that violates market laws and is not in accordance with current global development trends,” it added.

Last week, Washington announced tariffs on 1,102 separate categories of Chinese products, to come into effect on July 6. Beijing immediately retaliated with a 25-percent tariff on 545 American products worth $50 billion, which will come into force on the same day. Chinese authorities also pledged to add another 114 product categories to the existing list.

The growing trade spat between Beijing and Washington has dragged global markets down as investors opt to get rid of riskier assets. China’s stock market dropped 2.7 percent, while Japan’s Nikkei ended down by 1.7 percent.

The Hong Kong Hang Seng index lost 2.8 percent as Shanghai Composite dropped 3.78 percent. The Indian NIFTY 50 fell by 0.68 percent.

European stocks slid as well, with the FTSE 100 hitting a six-week low in early trading. The German DAX dropped 1.66 percent, while the French CAC 40 fell by 1.18 percent. Miners’ shares were among the big losers, with Anglo American down three percent. Anglo-Swiss multinational Glencore is down 2.6 percent, while British technology firm Micro Focus also shed nearly three percent.

US stocks are set to open lower on Tuesday with Dow futures indicating heavy losses of over 300 points. The Nasdaq and the S&P 500 futures are also pointing lower before the opening bell.

American corporate giants that rely on huge revenues from business in China, such as Boeing, Caterpillar, Intel and 3M, are among the biggest losers on the Dow.

Source Article from https://www.sott.net/article/388591-Global-markets-tumble-in-response-to-escalating-trade-war-between-US-and-China

Trade War? India to tax 30 American products in ‘equivalent’ retaliation for US tariffs hike

Employees of Harley Davidson Mumbai

    

India will suspend trade concessions and raise import duties on 30 products from the United States by up to 50 percent, in a mirror response to Washington’s impetuous move to impose tariffs on steel and aluminum imports.

New Delhi has drawn up a list of 30 American products it now wants to target with increased import duties. The new measures will see a 50 percent tariff increase on motorcycles with engine capacities of over 800cc, while apple imports would be charged with a 25 percent levy. Imports of almonds and walnuts would see a 20 percent levy.

Earlier this week, New Delhi sent a letter to the World Trade Organization notifying the body of its intention. The total tariff increase on all products in the list will amount to an estimated additional $240 million in import fees. The sum is roughly equivalent to the damage India would suffer from Donald Trump’s protectionist measures.

“The proposed suspension of concessions or other obligations takes the form of an increase in tariffs on selected products originating in the United States, based on the measures of the United States,” New Delhi wrote to the WTO on June 13. “India wishes to clarify that suspension of concessions shall be equivalent to the amount of trade affected by the United States’ measures.”

“India reserves its right to further suspend substantially equivalent concessions and other obligations based on the trade impact resulting from the application of the measures of the United States,” the notification added.

In March, President Trump announced 25 and 10 percent tariffs on all foreign steel and aluminum entering the United States. While some countries were granted exemptions, India wasn’t. New Delhi made representations to the WTO in May, threatening to raise duties by up to 100 percent on 20 products imported from the United States. This week, the government has finalized its list and figures. Earlier, India said it will go ahead with retaliatory measures on 21 June, unless the US reconsiders its import fees.

New Delhi notified the WTO just as Commerce Minister Suresh Prabhu was wrapping up his trip to Washington, where he held discussions with US Commerce Secretary Wilbur Ross and US Trade Representative Robert Lighthizer, to find ways to avoid an all-out trade war.

Last week, speaking at the G7 gathering in Canada, Donald Trump lashed out against “unfair” foreign trade relations, this time between the United States and India. “I mean, we have India, where some of the tariffs are 100 percent. A hundred percent. And we charge nothing. We can’t do that,” Trump said last week. “We’re like the piggybank that everybody is robbing.”

Source Article from https://www.sott.net/article/388414-Trade-War-India-to-tax-30-American-products-in-equivalent-retaliation-for-US-tariffs-hike

Is there method to Donald Trump’s supposed madness on trade?

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Source Article from https://theuglytruth.wordpress.com/2018/06/08/is-there-method-to-donald-trumps-supposed-madness-on-trade/

Bad day for world trade: Brussels vows to retaliate against US tariffs in coming hours

Source Article from https://www.rt.com/business/428357-brussels-vows-to-strike-back-us-tariffs/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Joint Statement of the United States and China Regarding Trade Consultations

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At the direction of President Donald J. Trump and President Xi Jinping, on May 17 and 18, 2018, the United States and China engaged in constructive consultations regarding trade in Washington, D.C. The United States delegation included Secretary of the Treasury Steven T. Mnuchin, Secretary of Commerce Wilbur L. Ross, and United States Trade Representative Robert E. Lighthizer. The Chinese delegation was led by State Council Vice Premier Liu He, Special Envoy of President Xi.

There was a consensus on taking effective measures to substantially reduce the United States trade deficit in goods with China. To meet the growing consumption needs of the Chinese people and the need for high-quality economic development, China will significantly increase purchases of United States goods and services. This will help support growth and employment in the United States.

Both sides agreed on meaningful increases in United States agriculture and energy exports. The United States will send a team to China to work out the details.

The delegations also discussed expanding trade in manufactured goods and services. There was consensus on the need to create favorable conditions to increase trade in these areas.

Both sides attach paramount importance to intellectual property protections, and agreed to strengthen cooperation. China will advance relevant amendments to its laws and regulations in this area, including the Patent Law.

Both sides agreed to encourage two-way investment and to strive to create a fair, level playing field for competition.

Both sides agreed to continue to engage at high levels on these issues and to seek to resolve their economic and trade concerns in a proactive manner.

Source Article from http://www.voltairenet.org/article201212.html