President Trump Seeks “Real Deal” With China, Warns of More Tariffs if China Fails to Compromise
In a tweet sent yesterday, President Trump said that his trade advisers, led by U.S. Trade Representative Robert Lighthizer, are working to secure a “real” trade deal with China; one that meets the President’s demands on intellectual property rights, forced tech transfer, and non-tariff barriers. Barring this type of trade deal, President Trump also tweeted to “remember, I am a Tariff Man,” possibly suggesting new tariffs or an increase in the existing tariff rates may be on the table following the 90-day negotiation truce. This morning, President Trump tweeted a quote from a Bloomberg article about China resuming purchases of both U.S. soybeans and liquified natural gas (LNG) although details of the purchase volumes or timetable remain unclear.
Parts of Ukraine Remain Under Martial Law As Ships Line Up, Unable to Load
Last week, Russian forces fired on three Ukrainian naval ships and detained the sailors. The Ukrainian government then declared martial law for 3 days in all of the provinces that border either Russia or the Black Sea. This turmoil has caused over 20 ships bound for ports in Ukraine to be held up, waiting for permission from the Russian coast guard, who has been inspecting all vessels travelling through the Kerch Strait since April. Russian officials have cited poor weather as the reason that ships cannot travel on to Ukraine. The Ukrainian port of Berdyansk typically loads over 1 MMT of grain but has nearly come to a standstill. Waiting costs of up to $2500 a day have also made Berdyansk an unpopular destination.
Weather Forecast Calls for Winter Weather in the East
The National Weather Service is calling for snow, freezing rain, and cold temperatures in the Eastern Corn Belt through the end of the week. Most of Indiana and W Ohio are expecting slight accumulations of snow, followed by a drizzle of freezing rain that may turn back into snow later tonight. Further south in Kentucky, the NWS has issued a winter weather advisory for several counties in the northern part of the state as they are forecast to receive up to an inch of snow.
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