Seven months after Trump’s tax cut
By Gabriel Black, 26 July 2018
The trillions in deficits created by the tax cuts for the rich will be used to justify further slashes to critical social programs that millions of Americans rely on.
By Nick Beams, 23 July 2018
Rather than addressing any of the trade conflicts ripping through the world economy, the main work of the G20 meeting was to craft a statement that avoided them.
By Nick Beams, 20 July 2018
If the auto tariffs go ahead, they would be the largest trade war measure invoked by the Trump administration so far.
By Nick Beams, 19 July 2018
The deal was five years in the making but the impetus to have it finalised was increased by the US trade war measures that have targeted both parties.
By John Marion, 16 July 2018
The report's data expose the lie that there is “no money” to fund basic social needs such as decent-paying jobs, health care, education and housing.
By Nick Beams, 16 July 2018
The US decision is another major economic blow against the European powers, which had looked to the nuclear agreement with Iran as opening the way for lucrative trade and investment deals.
By Barry Grey, 14 July 2018
Wage stagnation amidst relatively low unemployment and accelerating economic growth is the outcome of a decades-long social counterrevolution, made possible by the trade unions’ suppression of the class struggle.
By Nick Beams, 12 July 2018
The statement issued by the US trade representative was that of an imperial overlord whose word is law, to be obeyed without question, with any opposition to be met by escalating reprisals.
By Eric London, 12 July 2018
In an article published Tuesday, the Wall Street Journal worries that “rising wages are beginning to eat into the profits of some US companies.”
By Alec Andersen, 7 July 2018
U.S. stock indexes saw a significant increase Friday in response to the June jobs report, which showed continuing wage stagnation.
By Nick Beams, 7 July 2018
On the eve of World War II, Leon Trotsky wrote that that the bourgeoisie “toboggans with closed eyes towards an economic and military catastrophe.” Eighty years on, his words have a profound resonance.
OECD report details
By Patrick Martin, 6 July 2018
A report by the grouping of 36 most economically developed countries found that the proliferation of low-wage, part-time jobs has held down wage growth for workers throughout the world.
By Nick Beams, 6 July 2018
The US president has already threatened to impose additional tariffs on up to $400 billion worth of Chinese goods if Beijing retaliates.
By Gabriel Black, 5 July 2018
The money-mad fixation of the financial oligarchy on ever rising share values is starving society of resources and preventing any social problem from being addressed.
By Roger Jordan, 4 July 2018
Ottawa is waging trade war not to defend workers and their livelihoods, but to protect the markets and profits of Canadian big business.
By Nick Beams, 3 July 2018
Chinese stock markets have continued the fall over the first six months of the year that has wiped some $2 trillion off market valuations.
By John Marion, 3 July 2018
The removal of the last of the original 12 Dow Jones components is a symbolic milestone in the financialization of the American economy.
By Nick Beams, 2 July 2018
An EU submission to the US Commerce Department warns of major reprisals if the Trump administration goes ahead with auto tariffs.
By Nick Beams, 28 June 2018
The move appears to have been motivated to a considerable extent by Wall Street’s reaction to a more hardline proposal that prompted the Dow to fall at one point by 500 points on Monday.
By Jacob Crosse, 27 June 2018
In response to the developing trade war between the US and Europe, motorcycle maker Harley-Davidson said it is shifting some production to international facilities.
By Nick Beams, 26 June 2018
The Trump administration reportedly plans to invoke powers allowing the president to impose sanctions on the grounds of a “national emergency.”
After tariff measures against China
By Nick Beams, 23 June 2018
Central bankers at a meeting in Sintra, Portugal, voiced their concerns about the developing global trade war.
By Nick Beams, 22 June 2018
As in the 1930s, the re-emergence of trade war and protectionism are accompanied by the most grotesque forms of right-wing xenophobia and authoritarianism.
By Nick Beams, 21 June 2018
China’s “economic aggression” is denounced as threatening the US and the global economy.
By Nick Beams, 20 June 2018
The latest moves by the US administration brought a fall in stock markets amid growing concerns that trade war will have a significant impact on investment and global supply chains.
By Ben McGrath, 16 June 2018
The decision by the Trump Administration to initiate a trade war between the world’s two largest economies will contribute to the already growing tensions and danger of military conflict in the Asia-Pacific region.
By Barry Grey, 13 June 2018
Coming just one day after the termination of net neutrality, the federal court ruling sets the stage for the further consolidation of monopoly control and suppression of oppositional points of view.
By Johannes Stern, 13 June 2018
German Chancellor Angela Merkel declared that Germany “must promote our principles and values in Europe, potentially in alliance with Canada or Japan”
By Barry Grey, 12 June 2018
The level of acrimony and division following the unprecedented failure of the latest in a long line of summits points to a fundamental and irreparable breakdown of the post-World War II economic order.
By Andre Damon, 9 June 2018
The bitter denunciations of America’s trade war measures by its closest allies are just one manifestation of the divisions ripping apart the world geopolitical order.
By Rafael Azul, 9 June 2018
Retaliating against US steel and aluminum import tariffs, the government of Mexico imposed tariffs on 71 products exported by the United States.
By Nick Beams, 7 June 2018
The G7 has been called the G6 plus one, as Canada, the EU and Japan seek to coordinate their response to US tariffs.
By Nick Beams, 4 June 2018
The statement from the G7, agreed to by Canada, the UK, Germany, France, Italy and Japan, pointed to the “negative impact of the unilateral trade actions of the United States.”
By Nick Beams, 2 June 2018
The European Union is pushing ahead with counter-measures against the US. It is expected to announce its final list of products to be targeted later this month.
US imposes steel and aluminium tariffs
By Nick Beams, 1 June 2018
The European Union said it would take immediate steps to retaliate, warning of a 1930s-style depression.
By Patrick Martin, 1 June 2018
The move is the latest step in a systematic campaign to lift even the mild restrictions on bank activities imposed after the 2008 Wall Street crash.
By Marcus Day, 1 June 2018
Fueling outrage is the company’s brazen display of corporate greed, showering investors with hundreds of millions of dollars in dividends and stock buybacks.
By Nick Beams, 31 May 2018
The White House measures are aimed at China’s efforts to develop high-tech industries.
By Alex Lantier, 30 May 2018
Financial markets are panicking and protests are being called, as bitter divisions inside the Italian bourgeoisie erupt to the surface.
By Nick Beams, 28 May 2018
Moves are underway in the US Congress, supported by leading Republicans and Democrats, to extend bans on Chinese telecos regarded as a threat to “national security.”
By Nick Beams, 25 May 2018
The investigation was directly linked to statements about economic preparations for war.
By Isaac Finn, 25 May 2018
The iconic company announced that profits had experienced a massive 53 percent increase to $142 million in the first three months of this year, with sales exceeding $1 billion.
By Nick Beams, 24 May 2018
The delay in imposing tariffs on China has been condemned by both sides of the US Congress as giving in to Beijing.
As US banks report record profits
By Barry Grey, 23 May 2018
As the tenth anniversary of the September 2008 Wall Street crash approaches, the token restrictions on the banks that were passed during the Obama administration are being dismantled.
By Nick Beams, 22 May 2018
Despite the postponement of US tariffs, the threat of open trade war remains.
By Nick Beams, 21 May 2018
The vagueness of the final, brief communiqué, left the way open for both sides to offer their own interpretations on what had been agreed.
By Nick Beams, 17 May 2018
A letter signed by 32 Democrats stated that “America’s national security must not be signed away as bargaining chip in trade negotiations.”
By Nancy Hanover, 15 May 2018
The meager pay raises and funding increases in West Virginia, Oklahoma and Arizona, hailed as “victories” by the unions and their supporters, will be funded through new attacks on workers.
By Nick Beams, 15 May 2018
One has the sense from both articles of the growing fears in ruling circles of the consequences of the US economic and foreign policy agenda for the stability of the world capitalist system.
On eve of teachers’ protests in North Carolina and South Carolina
By Niles Niemuth, 14 May 2018
The 500 largest corporations in the US will funnel more money into the pockets of wealthy investors than they will allocate for capital expenditures and research and development.
By Nick Beams, 11 May 2018
ZTE operates on a global scale, doing business in more than 160 countries with over 74,000 employees, and generating revenues of $17 billion last year.
By Eric London, 10 May 2018
An estimated 75 percent of Argentinians oppose the move, which takes place alongside broadening strikes among teachers and other workers.
By Nick Beams, 10 May 2018
Countries with high debts are coming under pressure because of rising interest rates and an appreciation in the value of the US dollar.
By Helen Hayes, 9 May 2018
The federal courts and the state government are relinquishing direct control over city operations, entrusting further budget cuts and austerity measures to the administration of Democratic Mayor Mike Duggan.
By Nick Beams, 7 May 2018
The list of measures is not intended as the basis for negotiations but to escalate economic conflict and military tensions.
By Mike Head, 5 May 2018
The Commonwealth Bank of Australia agreed to a worthless “enforceable undertaking,” which means it can carry on with its rapacious activities.
Part of Trump tax bill bonanza for the wealthy
By Patrick Martin, 3 May 2018
The iPhone and laptop maker is monetizing the Trump tax cut as a gigantic windfall for its executives and owners.
By Nick Beams, 3 May 2018
The conflict is over more than the trade deficit numbers, with the overriding concern of the US being China’s moves to develop its high-tech capacities.
By Gabriel Black, 2 May 2018
The companies have presented the merger as a critical geopolitical move in the fight against China’s development of 5G.
By Nick Beams, 2 May 2018
The European Commission said there was no basis for tariffs on “national security” grounds and it would not negotiate under threat.
By Nick Beams, 27 April 2018
The ECB appears to have adopted a “wait and see” approach on monetary policy in light of the latest eurozone slowdown.
By Nick Beams, 26 April 2018
Trump said there was a “very good chance of making a deal,” but if not, the US would impose “very substantial tariffs” on Chinese imports.
By Trévon Austin, 25 April 2018
A rise in working-class militancy would send the inflated share values into a precipitous decline.
By Nick Beams, 23 April 2018
Adopting the tone of an overlord, US Treasury Secretary Steven Mnuchin demanded that the IMF back Washington in its drive against what it claims are “unfair global trade practices.”
By Nick Beams, 21 April 2018
Under a 1977 law, president Trump could declare a national emergency in response to an “unusual and extraordinary threat” which would allow him to block transactions and even to seize assets.
By Nick Beams, 19 April 2018
The IMF chief economist said it seemed “paradoxical” that major economies were “flirting with trade war” at a time of economic expansion.
No money for teacher pay or textbooks, but…
By Barry Grey, 18 April 2018
A series of reports released over the past week reveal that corporate America and the financial oligarchy are wallowing in record levels of wealth.
By Nick Beams, 17 April 2018
Both countries imposed the bans amid calls for more aggressive moves by US authorities against Chinese communications and telecom firms.
By Nick Beams, 14 April 2018
The apparent turnaround is motivated by two immediate considerations: the need to be seen as taking action to alleviate pressure on US farmers threatened by the China tariffs, and the search for international allies against China.
By Nick Beams, 13 April 2018
IMF chief Christine Lagarde said that as a result of easy financial conditions, global debt—public and private—has reached an all-time high of $164 trillion.
By Nick Beams, 12 April 2018
The key question is not primarily the Chinese trade surplus against which Trump rails, but Beijing’s plan to become a major source of high-tech development.
By Nick Beams, 10 April 2018
Trump’s key trade adviser Peter Navarro declared that China’s move into high-tech development was a direct threat to US economic and military dominance.
By Eric London, 10 April 2018
The report found that if inequality grows at its present rate, the world’s billionaires will eventually “own 100 percent of the world’s wealth.”
By Nick Beams, 7 April 2018
At a briefing with reporters in Beijing Friday evening, Chinese Commerce Ministry spokesman Gao Feng said the US move was “extremely wrong” and China was preparing to retaliate.
By Barry Grey, 7 April 2018
JPMorgan CEO Jamie Dimon warned of rising wages and raised the possibility of a sharp rise in interest rates to put a brake on economic growth and drive up unemployment.
By Roger Jordan, 7 April 2018
Trudeau’s protectionist measures, which help enforce Trump’s trade war tariffs, include corporatist initiatives aimed at further integrating the unions with big business and the state.
By Nick Beams, 6 April 2018
The White House said the new directive was in response to the Chinese decision to impose tariffs on $50 billion worth of American exports.
By Nick Beams, 5 April 2018
The driving force of the US action is Washington’s attempt to prevent China from developing its capacities in high technology sectors, including communications, robotics, aircraft and pharmaceuticals.
By Nick Beams, 3 April 2018
The Chinese moves appear to have had an impact on Wall Street, where the Dow was down by more than 450 points at end of yesterday.
By Nick Beams, 29 March 2018
The volatility reflects the speculative character of the share market’s rise and the fears that a global trade war could puncture this bubble.
By Nick Beams, 24 March 2018
Chinese reaction to US tariff measures has been fairly muted, so far, but government officials said they will defend their “legitimate interests.”
By Nick Beams, 23 March 2018
The Trump administration has drawn up a list of more than 1,000 products, and proposed investment bans, targeting 10 key Chinese industries.
By Nick Beams, 22 March 2018
US Trade Representative Robert Lighthizer said action would be taken outside the WTO, because China’s “state-dominated economy” rejects “market principles.”
By Nick Beams, 20 March 2018
Talks in Washington with the Trump administration will determine whether the EU proceeds with threatened measures in retaliation against the US imposition of tariffs on steel and aluminium.
By Anthony Bertolt, 19 March 2018
The retail chain is in the process of shutting down its global operations, with the jobs of some 31,000 workers in the US alone set to be eliminated.
By Tom Hall, 16 March 2018
The Democrats' support for the bill demonstrates that they are a party of the American financial aristocracy.
By Nick Beams, 15 March 2018
Trump’s intervention demonstrates that “America First” nationalism and “national security” invocations are coming to dominate his administration’s economic decisions.
By Nick Beams, 12 March 2018
US trade representative Robert Lighthizer could give his EU and Japanese counterparts no indication of the criteria for gaining an exemption.
By Nick Beams, 10 March 2018
The European Union is “counting” on being exempted from the Trump tariff measures but may get short shrift.
By Mike Head, 10 March 2018
The government argued that retaining steel production in Australia was vital for its $200 billion military spending program.
By Nick Beams, 9 March 2018
Trump’s tariff announcement expresses the turn by the United States to the types of protectionist measures that characterised the 1930s Great Depression.
By Nick Beams, 8 March 2018
The European Union hopes to avert the Trump tariff measures but at a press conference Trump singled out the EU for attack.
By Niles Niemuth, 7 March 2018
Among those reportedly opposed to Trump’s trade war policy are Treasury Secretary Steven Mnuchin, Secretary of State Rex Tillerson and retired Gen. James Mattis, the secretary of defense.
By Roger Jordan, 7 March 2018
Signaling the Canadian ruling elite’s readiness to support Washington in a trade war against China and other rivals, Ottawa is pleading for an exemption from Trump’s tariffs.
By Gabriel Black, 6 March 2018
Catalyst Capital predicts that 2018 will be the biggest stock buyback year on record, with corporations spending $1.2 trillion to push up their share values.
By Nick Beams, 5 March 2018
Trump’s trade measures are a major step in the dismantling of the system of economic relations established by Washington itself after World War II.
By Peter Symonds, 3 March 2018
Trump’s announcement of global tariffs on steel and aluminium has triggered international criticism, including from US allies that will be among the hardest hit.
By Nick Beams, 2 March 2018
In imposing a global tariff hike, rather than selective measures, Trump took the toughest option presented to him by Commerce Secretary Wilbur Ross.
By Nick Beams, 1 March 2018
One of the key aspects of Fed chief Powell’s question-time comments was his views on the “continuing strength in the labour market.”
By Nick Beams, 24 February 2018
Two major initiatives by the Trump administration over the past month have ratcheted up global tensions, bringing the threat of retaliatory actions from the European Union and China.