Transcripts For RT Boom Bust 20240712

Boom bust the one business show you cant afford to miss on fairmont i say ok in washington coming up the u. S. Companies are different pleased with President Trumps trade wars with thousands filing lawsuits against the u. S. Government over terra and president from threats to twitter and starting lawmakers to hold off on any stimulus negotiations until after the election meanwhile Federal Reserve chairman said theres little risk and overdoing it risks overdoing it seem for now to be smaller even if policy actions ultimately prove to be greater than needed it will not go to waste. We have a lot to get started. On tuesday the European Medicines Agency or a. M. A. Announced its her. Viewing the 1st batch of covert 1000 vaccine data in a joint statement Vaccine Developers biotech and pfizer said the start of the review is based on data from laboratory in the animal testing as well as early testing on humans while continuing talks to submit data as it emerged this could speed up the process by allowing researchers to submit findings in real time this comes one week after the e m a started reviewing Astra Zeneca Oxford universities are seen which is also in phase 3 trials meanwhile with trump determined to get a vaccine before election day the white house blocked the f. D. A. From new proposed code in 1000 vaccine guidelines the proposal would have required draw make drug makers out is to track the health of a Clinical Trial participants for about 2 months after receiving the final vaccine dose and made it practically impossible for the availability of a vaccine before the president ial election this is yet another sign of the harsh politics involved in americas vaccine race. Trump Administration Tariffs against china are causing some hostility home about 3500 u. S. Companies are suing the u. S. Government claiming that trumps trade war with the asian powerhouse is doing more harm than good joining us now to discuss our boom bust a few journalists and swann and henry ford which board member with the British American Business Association but lets start with you give us a rundown of what this lawsuit looks like. Yeah its actually a couple different lawsuits kind of being filed in tandem one of them is a lawsuit that essentially says that the trump of ministration failed to impose tariffs within what they call a required 12 month period which they say is in line with the World Trade Organization essentially that tariff they say those additional tariffs on chinese goods have been that what they call a wrongful demonstration of administrative process now while you have that happening from those car makers and auto makers you separately have a lawsuit being filed in tandem this one is by a Company Called dana corp it is an all that will build manufacturer parts manufacturing into g. E. And what they are suing over is say that the administrations quote unbounded and unlimited trade war impacted billions of dollars in goods imported from the peoples republic of china so essentially what you have is essentially a whole bunch of Different Companies as you said 3500. 00 companies thats a lot of companies who are suing together to essentially say the trump ministrations tariffs on china were unfair to them as a company and were illegal under the w t o and i think this is a going to be a very difficult case to make because my understanding is that as president of the United States the president has the authority to impose those tariffs that he has that right the question is whether or not the courts will agree with that but i think this is kind of a long shot lawsuit when we know that a lot of these companies a lot most of them obviously suffered from from these terrible loss business that what it did to it to world the World Economy hellery do these companies have a legal footing for this wealth or a 1st of all you know im not a lawyer and that isnt my expertise but from what it looks like this is this case is going to go to the International Trade cause and basically i mean. Hes from the risible institute one of the things he says he says thats going to be a big check from the u. S. Government if this is ruled in the favor of these companies and as ben mentioned this is Many Companies many common factors like ford tesla you go to also Disney Walmart home a day post so this is a navy major force against the u. S. Government in this ruling i do think one thing it has all come down to what President Trump is allowed to do but also the timing a lot to do with this case is the timing of when the towers were imposed off of the release of a report as to the impact of such tower os and secondly its not really it really shows that its not really about sort of the free trade is really about whats good for the nation most of these companies are obviously doing what theyre supposed to do theyre acting in the best interest of the stockholders and shareholders not necessarily in the best interests of the u. S. Thats whats at the heart of this and if we cannot control how the u. S. Trade court is going to rule but it will be a big check from the u. S. Government if those companies do prevail well much like. The president is allowed and is given the authority to do these things and i want to turn it over to the u. S. Government ramping up the tough words to secure minerals that are critical to modern technology but who supply its actually dominated by china a strange hold the miners warn it could actually take years to break why is the u. S. Taking a step and why is it taking it now. Yes i want to comment on that but i will say one more thing about the other the other story in terms of the world court that would be looking at this and hillary makes a good point this is an International Body that would rule on it so even if you win what does winning actually mean does that world body have the power of the mechanism to enforce anything or even make the u. S. Government pay in many cases they dont ever seem to have any teeth behind what they do having said that lets talk about these mines because this is a big deal so the job of ministration essentially has as before its an executive orders to speed up the production of mines in the United States and mining in the United States in specific to metals like nickel and cobol which are essentially used in the manufacturing of batteries and and cell phone parts and technology and the reason that significant is because as you all know china is the worlds leader in these areas china has more of these minerals them just about any place in the world especially in terms of Development Mining which means that china controls the supply and the production and so what the truck with ministration is trying to do is slow that down and essentially say well we need more mining going on here in the u. S. Now this is something i i think is actually a very good idea by the Drug Administration because it does not require overthrowing the government around the world or taking over some other country in order to get their stuff thats been happening in some cases where you have like for instance the president of bolivia who says that if the lithium mines of bolivia when he will try to nationalize them all of a sudden he theres a coup and he gets run out of power so theres questions about you know when this happens around the world but when the president says lets just be the production here in the u. S. Of our own resources i think thats actually a very smart strategy and its one that ultimately creates independence for the u. S. In these areas where that should have already been happening i think a long time ago and its interesting comes out now mostly to theres been a big push for this and in the last couple of years and not a lot of people are really talking about it being an issue so it is one thing that trump is trying to to get the ball rolling on the hillary i want to bring him back to china and trade theyve engaged. This ever increasing tech and trade war with the u. S. We just discussed but it may also be creeping closer to a new trade war with australia this time what do we know about this yes correct actually im going to do kind of a bend here id like to just actually add a point to senator x. Excellent point when he said trump actually is the 1st president if you do remember correctly people almost laughed at him when he talked about china being our major enemy not russia and i will say this you know over 10000 Chinese Companies operate in africa they are basically mining 98. 7 percent of all the arabian in the world what is a radio you have heard already of most people have and it goes into 100 percent of cell phones so basically the whole cell network could come down if we dont get some of that already and which is mainly in africa and the 2nd point on that is that it takes about supposedly about 10 years to set up a mine to mine these part of these Precious Metals in these rare metals so these are minerals so whats really important is that we do it now just like gas and opec was it was when we started to drill here in the u. S. That we became Energy Independent this has to happen and trump is the 1st president to really put his foot down now to answer your question with regard to australia absolutely australia and china have a tremendous Trading Partnership 27 percent of all. Trade goes from china so australia to china and so its huge and china recently has put his foot down and impose an 80 percent tariff on bali they have just expelled 2 australian journalists they are basically pushing the screws and tightening the screws on australia the question is why the reason is because the australians are looking deeply in to and probing the code that 19 or as many call it the will handle the chinese virus they are probing and wanting to know where this came from exactly and theyve made some Great Strides in this arena and that is supported leigh why the Chinese Government has ramped up these tariffs on the technically bali and also theyre saying that the. The chinese are basically saying that the australian wine manufacturer is a dumping on the Chinese Market theyre making it very tough for the australian exports and or do the code that the code investigation it is and australia became the 2nd country to join the United States calling on the investigation. On china then and now lets talk a little bit about the upcoming election the president ial election if biden wins do you see him many critics say that he wont be as tough on china others say that he may go easier the summers saying that he will be tough because hes just going to be as hard going against china in that the trade war will remain whats your take where will we stand if if he does when. I dont think theres any chance that joe biden is going to be as tough as donald trump is on china 1st of all donald trump said he was going to be tough on china during the campaign no one believed it i think what we have seen whether you agree with him or not and i think theres a lot of places where we can point out places where the president may be wrong in some of the stances hes taking and where he may be right in some of the stances hes taking but regardless of how you feel about it this president has been absolutely forthright in his attempt to weaken china because he believes that it is weakening the United States president but if there is a President Biden you have to remember that as Vice President under president obama they did nothing to slow down china there was no effort made during the 8 years of that administration to slow down china and remember that joe biden of course actually work specifically with china helping helping to open up china up to the World Trade Organization so bidens background with china hes had a long history with them and i dont i cant point to one single instance where biden really tried to crack down on china in the past so why suddenly would he do it in the future i just dont think it makes any sense and its become a bipartisan issue in congress where both sides are kind of now saying that we have to go against china so well well keep following along if there is a presidency to see what his stance will be boomers coaster fans want to hell or ford which of the British American Business Association thank you both for joining us today. Fashion giant each of them has been fined 41000000. 00 for allegedly tracking hundreds of employees personal data on a Company Database one german watchdog issued the fine to the companys Service Center in nuremberg germany the information included meetings and workplace conversations involving vacations illnesses even religious beliefs and family problems and they were later used to evaluate employees in a statement h. And m. Group said the incident revealed practices for processing employees personal data that were not in line with guidelines and instruction. Adding takes full responsibility and wishes to make an unreserved apology to the employees at the Service Center and nuremberg time now for take break but stay here because when we return well talk about President Trump plan to pos stimulus talks and discuss which economies may have the best chance of recovering amid the pandemic as we go to break here the numbers up close. L. Look forward to talking to you all. That technology should work for people. Must obey the orders given by human beings except where such orders that conflict with the 1st law should your identification we should be very careful about official intelligence and the point obesity is too great trust. Played on various shots and with Artificial Intelligence will summon the demon. The robot must protect its own existence is only existence. Is your media a reflection of reality. In a world transformed. What will make you feel safe from. Isolation little community. Are you going the right way or are you being led. Directly. What is truly wants is for a place. In the world corrupted you need to descend. To join us in the depths. Or remain in the shallows. Of the us economy was booming gaining numbers of people when they needed. 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As many were hopeful for some sort of stimulus deal this week well president to twitter telling capitol hill to hold on stimulus negotiation until after the election markets reacted quickly to the tweet and still democrats and republicans remain and gridlock over the 2. 00 trillion dollar Coronavirus Relief package both sides unable to find Common Ground on enhanced Employment Benefits this comes as Federal Reserve chairman Jerome Powell called for more help from congress expansion is still far from complete at this early stage i would argue that the risks of policy intervention are still asymmetric. Too little support would lead to a weak recovery creating unnecessary hardship for households and businesses by contrast the risks overdoing it seem for now to be smaller even if policy actions ultimately prove to be greater than needed it will not go to waste the recovery will be stronger and move faster if Monetary Policy and fiscal policy continue to work side by side to provide support to the economy until it is clearly out of the woods. For more lets bring in boom bust cohost chrystia and founder and chief Market Strategist of the technical traders dot com chris or meal and chris lets start with you now instructing lawmakers to hold off on any stimulus negotiations and many are skeptical that it was going to happen anyway does this really change anything or is this just a sign of confidence from the president that hes going to win the election. I dont i dont think its good for the markets i mean as soon as it kind of came out we started to see selling across the board i think people were actually going to get in the hope that maybe it was going to get fast tracked as of yesterday and and then today he says no so i think its affecting the market its going to definitely be a problem with pulling prices up but i cant see it helping them in the polls by putting it off i think a lot of people are kind of clean and waiting for some type of stimulus plan right this is something the president has had on his side rather the markets were doing well and as long as markets were doing well he was going to be ok i want to read you nancy pelosi House Speaker her response to this today once again President Trump showed his true colors putting himself 1st at the expense of the country then added sadly they are rejecting the urgent warning of federal chairman powell today that too little support would lead to a weak recovery kristie whats your take. Well i think at this point in order to get back the market needs additional stimulus and i think your own policy urgent warning has basically just fallen on deaf ears as part of the trouble right now is halting further stimulus and basically withholding life support from the market from the companies from the businesses that really cant afford to wait these 2 more 2 additional months because they will eventually bleed out and its not just these businesses it is the constant consumers because right now this entire market has been relying on consumption and the strength of the consumers but as weve seen last month already consumers theyre rapidly burning through their savings already something which has so far allowed the economy to remain stable consumption basically held us up the last quarter and right now were expecting a pretty strong 3rd quarter but thats only because we had such a terrible negative 31 percent in the 2nd quarter so youre really comparing against a very low benchmark right now so with no us end in sight for colvin 19 no vaccine in sight and compound that with flu season on top there is more risk to the. Downside right now for the overall economy and we see additional shutdowns happening in new york already so without additional fiscal and monetary help we could end up in a situation that is worse than what weve already seen in march because were already starting off from a lower threshold companies and businesses they have already burned through their chest the war chest they are they have low cash and their Balance Sheet as has already been weakened so if it falls we stand to go down worse well christiane powell said that congress it needs it needs the help from congress right that they are now they need the stimulus people are still suffering from im goin meant that they cant get to a deal now this comes on the same day that President Trump tweets this now our congress and the fed d just on different pages. Obviously are they are they have really kind of got along from day one it seems so theyre on different pages which is not a good sign for the economy really we need to see things come together and at this point i mean its were going into election that is very uncertain and a lot of people are really needed for this kind of stimulus plan because as christine said people are running out of money theyre running out of their borroughs tax free Deferred Interest kind of loans and if this money doesnt come through now its not coming through for months and it could cause a reach out to more or less in the Small Business sector when it was interesting because yesterday or at least on monday headlines were saying that there was going to be a deal made one way or the other. And had these talks that lasted an hour they remained pretty much in gridlock over those enhance unEmployment Benefits and that number Unemployment Rate is actually still going up unfortunately chris i want to ask you here europes economy recovery has also fall now and out the continent is actually being hit by a 2nd wave well guard is prepared to add even more stimulus and cut rates to support it will that be enough and whats the situation like in europe. You know europe its really like the. Rest of the world i mean its going to be force for all force to figure out what the new operating kind of procedure is going for it as as much as we all want this virus economic event to come to an end we have to be realistic about this process because the reality is were probably another 12 to 24 months away from something really coming together with with coated in the stimulus works that weve seen in the past it works for short terms things like 911 terrorist attack like the 2000 and credit crisis those events could be and were supported with the Central Banks and stimulus plans to jumpstart the economy in trying to get things going but the reality is virus events like this pandemics theres been hundreds in the past or a least 100 days theyve almost always taken 24 months to work through the system in the process before things kind of can materialize new processes new way of dealing with things come into play and sometimes its 3 to 5 years so i believe europe the rest of the globe who are in for a really long recovery you look at the you know the ripples weve seen from the stimulus to Central Banks this year its been great its really helped over the last 7 months but you know longer term weve got Major Economic problems that arent just something were not going see a broad based recovery like in 20082009 this is a long term problem and you know its going to require either a ridiculous amount of stimulus Going Forward to carry it through so i dont i dont think stimulus is going to resolve the issue we really do need see people get back to work real organic growth but its definitely going to help support things temporarily and hopefully we can see the economy get some traction hopefully being treated like a Natural Disaster and like you said a little differently though because it is the recovery is expected to be a lot longer Kristie Coleman sachs theyre saying that asia is best positioned for an economic recovery compared to the rest of the world because that it was mostly successful in containing the crown a virus how have they managed their policies and should the rest of the world model their policies after asia. Well asia has taken drastic measures from the onset of this entire coronavirus so if you remember it actually received a lot of backlash in the beginning when it shut completely just shut down shutting down travel barring any sort of interaction with very strict fines and punishment if youre caught outside for any other reason other than necessary activities like Grocery Shopping so there were no holidays none of these european travel vacations back and forth Mass Gatherings demonstration rallies that weve seen here in the states or parts of europe and it looks like asias approach while it yielded favorable outcomes it will be very difficult for the rest of the world to model after them because theres simply a huge difference in Cultural Values and attitudes in asia the attitude is more so about the collective i dont want to get you sick so i will wear a mask i will stay indoors in the west is more about the individual and their rights im going to do whats comfortable for me and its my way right whether i decide to wear a mask or not so its a completely different attitude and when you have a lot of people like that as a collective its going to be very difficult to enforce all these policies because then you get into civil of Civil Liberties liberties and such and then you also have very different policies that have been instituted in asia the stimulus policies were all about were not directed at income replacement such as here in the United States is more so directed at Industrial Production and Business Services and as a result consumption actually trails that of the west but it is growing organically unemployment is actually Getting Better in asia so economies such as singapore now theyre set to benefit hugely in this upswing from china but right now the focus is on the Chinese Consumer and continuing to monitor whether or not their consumption levels can actually mirror that of the u. S. Speaking of the labor Market Recovery here its obviously slowing many workers stand to face these long on unemployment terms how do we dig our way out of this hole or how are we going to handle this go. Forward out were not simply just going to hand out unemployment checks forever are we. You know there i dont think there is a short answer as short an easy way out of it i believe the economy economys in a transition based on history and pandemics that they were in here for at least another 12 months this is going to be a long 12 maybe even 24 months of a lot of high unemployment the thing is its going to take a long time for you know the displaced workers who. Obviously change how business is run some thrive front some are dying but those displaced workers now need to go out they need to be retrained or they need to find new gave work new projects and its going to take a while for those people to be very creative and come up with new opportunities and thats the thing with a big change like this its changing the world how we do things but its going to start creating new opportunities new products new services new types of employment and thats going to take a long time and to materialize before it even shows up in Economic Data so i think theres a long path ahead of us and again this isnt i dont think a quick a dip in in broad recovery like we saw in 20082009 this is going to be something where i think the Governments Enterprises institutions really need to figure out where they can help consumers and businesses to transition to does a new way of business new way of life and help these new kind of Job Opportunities start to grow and thrive so. Its going to be i think a long road to get there but i mean people are very creative and where theres a will theres a way so i have faith that will come through eventually here and its looking like something theyre showing that a lot of americans are taking on the entrepreneurship and doing so and still close to a 1000000 americans are filing for unemployment every week that long road to recovery will keep an eye on that was going west coast kristie i and chris firmly on founder and chief Market Strategist of the technical traders dot com. Thats all for this time but well see you next time. United states economy resembles to a large degree the economies of countries that the United States typically makes fun of you know the u. S. Or the United Nations will send aid and theyll send money to countries like say in africa for example not to pick on africa but it does happen where the money never gets distributed it just ends up in the leaders of that particular country and then they become fabulously wealthy. People who want to make i wonder why did. Ok. But there are also in france the us are still. Hoping to do something. Which. Should. Be about the political ally himself. With among them that he didnt have. The Global Chemical weapons watchdog confirms germanys findings that the problem of the kremlin critic was poisoned by the nerve agent moments. With russia saying the decision has been when it. Is fighting rages between armenia and azerbaijan russias intelligence chief says mercenaries from terror groups are travelling to the no conflict zone. For the states formal coronavirus hotspot seizing factions to search once again you restrictions are rolled out in new york starting with the shutdown of the citys schools. Following massive rights. Commission the weekends disputed parliamentary