Stocks in the U.S. opened higher Tuesday, reversing pre-market losses after a report in the Wall Street Journal signified that American and Chinese negotiators were preparing to delay the next round of tariffs, scheduled to go into effect Sunday. The Journal cited sources close to the matter on both sides of the table.
Dec. 15 is the date that U.S. tariffs on Chinese imports would increase and hit the consumer electronics industry especially hard. Chinese-made products like Bluetooth headphones, smart watches, and other smart devices have been spared, so far, in the 17-month trade war.
Scheduled tariffs have been delayed in the past as the two sides appeared to show progress in reaching a "phase one" deal, though it has yet to materialize. One of the largest impediments to the deal remains China's refusal to commit to buying more agricultural products and farming equipment from the U.S., according to the Journal. American farmers are considered by the White House to be a key bloc of support for President Trump's re-election.
News that the Dec. 15 deadline could be punted came as President Trump and House Speaker Nancy Pelosi appear to be on the verge of announcing a separate trade deal, known as UMSCA, which would involve just Mexico and Canada, replacing NAFTA. That deal could be announced as soon as this week ー raising the specter of House Democrats handing the president a major policy victory just as they also prepare to impeach him.
Danny Taing, founder and CEO of Bokksu, joined Cheddar News to discuss his path on how he became an entrepreneur to launch a company that delivers artisanal Japanese snacks. "When I moved back from Japan to New York, I had this bit of reverse culture shock ... a lot of people had somewhat of a one-dimensional view of Japan ... they saw this country where people ate sushi every day ... none of that is true," he said.
Will Rhind, CEO of GraniteShares, joined Cheddar News to discuss Thursday's trading session amid renewed fears over the regional banking crisis as well as concerns over the debt ceiling debate.
The United Food and Commercial Workers union, one of the country's largest, opposed the planned merger between grocery chains Kroger and Albertson's, according to The Wall Street Journal, citing concerns about lack of information and the potential viability of stores upon closing.
Johnson & Johnson's consumer-health unit Kenvue made its debut on the New York Stock Exchange and jumped about 20% on Thursday. Thibaut Mongon, CEO of Kenvue, joined Cheddar News to discuss business growth goals and what lies ahead for its well-known pipeline of products, including Band-Aid, Neutrogena, Tylenol, among others.
