Tag Archives: Trump
WASHINGTON (Reuters) – Shares of Amazon.com Inc (AMZN.O) pared earlier gains on Tuesday after U.S. President Donald Trump repeated his unsubstantiated claim that deliveries for the world’s biggest online retailer cost the U.S. Postal Service money and threatened to raise rates.
Citing an unnamed report, Trump told reporters at the White House the company is not paying the USPS a fair rate, costing U.S. taxpayers billions of dollars and forcing other retailers out of business.
It was the latest salvo in a string of attacks in recent days as Trump stepped up his criticism of Amazon and its founder and Chief Executive Jeff Bezos, who privately owns The Washington Post.
Amazon shares were down about 0.3 percent in early afternoon trade on the Nasdaq after trading up about 1.8 percent on Tuesday morning before Trump’s latest Amazon-related tweet, making another day of volatility after its shares fell more than 5 percent a day earlier.
Trump attacked the company over its shipping on Monday after criticizing it last week over taxes.
On Tuesday, he said the federal government was subsidizing deliveries for Amazon and the company would need to pay more.
“The post office is losing billions of dollars … because it delivers packages for Amazon at a very low rate,” Trump told reporters. “If you look at the cost that we’re subsidizing, we’re giving a subsidy to Amazon.”
Trump offered no specific details about the report he cited to back up his criticisms or how he planned to charge the company more through USPS.
Representatives of Amazon and USPS had no comment on Trump’s tweet on Tuesday, and could not be immediately reached regarding his latest comments to reporters.
Reporting by Steve Holland; Additional reporting by Makini Brice and Lisa Lambert; Writing by Susan Heavey; Editing by Bill Rigby and Chris Reese
WASHINGTON (Reuters) – The Trump administration this week will unveil the list of Chinese imports targeted for U.S. tariffs to punish Beijing over technology transfer policies, a move expected to intensify trade tensions between the world’s two largest economies.
The list of $ 50 billion to $ 60 billion worth of annual imports is expected to target “largely high-technology” products and it may be more than two months before tariffs take effect, administration officials have said.
The U.S. Trade Representative’s office needs to unveil the list of products by Friday under President Donald Trump’s China tariff proclamation signed on March 22.
The tariffs are aimed at forcing changes to Chinese government policies that USTR says results in the “uneconomic” transfer of U.S. intellectual property to Chinese companies.
The agency’s “Section 301” investigation authorizing the tariffs alleges China has systematically sought to misappropriate U.S. intellectual property through joint venture requirements, unfair technology licensing rules, purchases of U.S. technology firms with state funding and outright theft.
China has denied that its laws require technology transfers and has threatened to retaliate against any U.S. tariffs with trade sanctions of its own, with potential targets such as U.S. soybeans, aircraft or heavy equipment.
On Sunday, Beijing slapped extra tariffs of up to 25 percent on 128 U.S. products including frozen pork, as well as wine and certain fruits and nuts in response to steep U.S. tariffs on imports of aluminum and steel announced last month by the Trump administration.
Fears have arisen that the two countries will spiral into a trade war that will crush global growth.
TARGETING ‘MADE IN CHINA 2025’
U.S. technology industry officials said they expected the Trump administration’s list to target products that benefit from Beijing’s “Made in China 2025” program, which aims to upgrade the country’s domestic manufacturing base with more advanced products.
The state-led program targets 10 strategic industries for replacing imports with Chinese-made products: advanced information technology, robotics, aircraft, shipbuilding and marine engineering, advanced rail equipment, new energy vehicles, electrical generation equipment, agricultural machinery, pharmaceuticals and advanced materials.
“Foreign technology acquisition through various means remains a prime focus under Made in China 2025 because China is still catching up in many of the areas prioritized for development,” USTR said in its report justifying the tariffs.
U.S. Trade Representative Robert Lighthizer has said that preserving America’s technological edge is “the future of the U.S. economy.”
Reports that the tariff list may also include consumer goods such as clothing and footwear drew strong protests from U.S. business groups, which argued that it would raise prices for U.S. consumers.
LIMITED TIME FOR TALKS
While there have been contacts between senior members of the Trump administration and their Chinese counterparts since Trump announced his intention to impose tariffs, there has been little evidence of intensive negotiations to forestall them.
“The administration is following the Japan model from the 1980s,” said a tech industry executive. “They’ll publish a Federal Register notice of tariffs on certain products, then try to reach a negotiated settlement over the next 60 days.”During his first stint at USTR in the Reagan administration, Lighthizer employed similar tactics to win voluntary Japanese export restraints on steel and autos.
Wendy Cutler, a former deputy USTR in charge of Asia negotiations, said that addressing the sweeping intellectual property allegations identified by USTR would require major changes to China’s industrial policy. A 60-day settlement may not be realistic in that case.
“I think they’ve set up a high bar for what they need to achieve, in order not to impose these types of tariffs and investment restrictions,” Cutler said.
Reporting by David Lawder; Editing by Peter Cooney
(Reuters) – U.S. President Donald Trump launched his second attack in a week on Amazon.com Inc on Saturday, accusing the world’s biggest online retailer of getting unfairly cheap rates from the U.S. Postal Service and not paying enough tax.
Trump’s comments on Twitter reiterated criticisms he made on Thursday about the company. He may have been prompted by a report from news website Axios saying he was obsessed with Amazon and considering ways to rein in the company’s power, possibly with federal antitrust or competition laws.
Investor concerns about regulatory action sent Amazon shares down 3.3 percent over Wednesday and Thursday, knocking $ 24 billion off the company’s market value.
“While we are on the subject, it is reported that the U.S. Post Office will lose $ 1.50 on average for each package it delivers for Amazon. That amounts to Billions of Dollars,” Trump tweeted on Saturday.
A Citigroup analysis last year showed that if the U.S. Postal Service (USPS) reallocated costs to account for the growing volume of packages it delivers, it would cost $ 1.46 more to deliver each package. Federal regulators, which review contracts made by USPS, have not raised any issues with the terms of its contract with Amazon.
“If the P.O. ‘increased its parcel rates, Amazon’s shipping costs would rise by $ 2.6 Billion’,” Trump tweeted, although it was not clear what report he was citing. “This Post Office scam must stop. Amazon must pay real costs (and taxes) now!”
A White House spokeswoman said on Thursday the administration has no Amazon-related action at this time.
Trump also accused the Washington Post, owned privately by Amazon Chief Executive and founder Jeff Bezos, of being a “lobbyist” for Amazon.
The newspaper, a frequent target of Trump’s ire, won a Pulitzer Prize last year for its critical investigation of Trump’s donations to charities.
Amazon declined comment. The Washington Post did not immediately reply to a request for comment.
Reporting by Bill Rigby; Editing by Bill Trott
(Reuters) – Facebook Inc on Friday said it was suspending political data analytics firm Cambridge Analytica, which worked for President Donald Trump’s 2016 election campaign, after finding data privacy policies had been violated.
Facebook said in a statement that it suspended Cambridge Analytica and its parent group Strategic Communication Laboratories (SCL) after receiving reports that they did not delete information about Facebook users that had been inappropriately shared.
Cambridge Analytica was not immediately available for comment. Facebook did not mention the Trump campaign or any political campaigns in its statement, attributed to company Deputy General Counsel Paul Grewal.
“We will take legal action if necessary to hold them responsible and accountable for any unlawful behavior,” Facebook said, adding that it was continuing to investigate the claims.
Cambridge Analytica worked for the failed presidential campaign of U.S. Senator Ted Cruz and then for the presidential campaign of Donald Trump. On its website, it says it “provided the Donald J. Trump for President campaign with the expertise and insights that helped win the White House”.
Brad Parscale, who ran Trump’s digital ad operation in 2016 and is his 2020 campaign manager, declined to comment on Friday.
In past interviews with Reuters, Parscale has said that Cambridge Analytica played a minor role as a contractor in the 2016 Trump campaign, and that the campaign used voter data from a Republican-affiliated organization rather than Cambridge Analytica.
Facebook’s Grewal said the company was taking the unusual step of announcing the suspension “given the public prominence” of Cambridge Analytica and its parent organization.
The suspension means Cambridge Analytica and SCL cannot buy ads on the world’s largest social media network or administer pages belonging to clients, Andrew Bosworth, a Facebook vice president, said in a Twitter post.
Trump’s campaign hired Cambridge Analytica in June 2016 and paid it more than $ 6.2 million, according to Federal Election Commission records.
Cambridge Analytica says it uses “behavioral microtargeting”, or combining analysis of people’s personalities with demographics, to predict and influence mass behavior. It says it has data on 220 million Americans, two thirds of the U.S. population.
It has worked on other campaigns in the United States and other countries, and it is funded by Robert Mercer, a prominent supporter of politically conservative groups.
Facebook in its statement described a rocky relationship with Cambridge Analytica and two individuals going back to 2015.
That year, Facebook said, it learned that University of Cambridge professor Aleksandr Kogan lied to the company and violated its policies by sharing data that he acquired with a so-called “research app” that used Facebook’s login system.
Kogan was not immediately available for comment.
The app was downloaded by about 270,000 people. Facebook said that Kogan gained access to profile and other information “in a legitimate way” but “he did not subsequently abide by our rules” when he passed the data to SCL/Cambridge Analytica and Christopher Wylie of Eunoia Technologies. (bit.ly/2FZU1Ir)
Eunoia did not immediately respond to a request for comment.
Facebook said it cut ties to Kogan’s app when it learned of the violation in 2015, and asked for certification from Kogan and all parties he had given data to that the information had been destroyed.
Although all certified that they had destroyed the data, Facebook said that it received reports in the past several days that “not all data was deleted”, prompting the suspension announced on Friday.
Additional Reporting by Ismail Shakil in Bengaluru; Editing by Jonathan Weber, Leslie Adler and Joseph Radford
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Y Cominator’s President believes that Trump’s executive order ‘is not something that just affects Muslims.’
Fake news, “alternative facts” and now fake images? Boy, politics sure has gotten a lot more complicated these past few months.
The latest media source under fire is ABC News, who used a mocked up image of Donald Trump in the Oval Office to promote anchor David Muir’s interview with the president.
ABC News actually grabbed the image straight from a September 2016 article in The New Yorker, who created it to imagine how Trump’s first term would pan out.
ABC News cropped the photo and added its logo and the words “No questions off limits.” However, there was a telltale sign the photo illustration, created by Ji Lee, isn’t from Trump’s presidency. It’s the weather outside the window. Read more…
The last two presidential elections have proven how vital social media is to becoming President of the United States. So I thought it would be fun to compare the online presence of the two candidates currently vying for that job. Here are the stats I collected.