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President-elect Joe Biden says he won’t immediately lift tariffs placed by President Donald Trump on many imports from China or break Trump’s initial trade deal.Biden says he wants to maximize his leverage in future talks with the United States’ geopolitical rival.Speaking to New York Times columnist Thomas Friedman, Biden said, “I’m not going to make any immediate moves, and the same applies to the tariffs.” Biden adds in Friedman’s column published Wednesday: “I’m not going to prejudice my options.”Under Trump, the U.S. and China engaged in a yearlong trade war that has been largely frozen since a Phase One deal was reached in January. While some industries have benefited from Trump’s protectionist policies, the policies have been largely panned by the business community and most experts — and most of the cost of tariffs has been borne by American businesses and consumers.Biden tells Friedman an early priority after his January swearing-in will be to restore relationships with allies to strengthen his negotiating position with China. Biden says key to talks with China is “leverage” and in his view “we don’t have it yet.” 1148

President Trump nominated Federal Reserve Governor Jerome Powell on Thursday to lead the world's most influential central bank.A Fed governor since 2012 and former Treasury official under the George H.W. Bush administration, Powell will replace current Fed Chair Janet Yellen. Yellen was nominated in 2013 by President Obama. Her term as the central bank's first female leader expires in February.It will be the first time in four decades that a new president hasn't asked the current Fed chair to stay on for a second term.Powell was among five candidates considered for the job. Also on the president's short list: former Fed governor Kevin Warsh, Stanford University economist John Taylor, the president's top economic adviser, Gary Cohn and Yellen.Ahead of Trump's formal announcement Thursday, Cohn praised the president's choice. "I'm really supportive of the president's decision -- and it's a great decision," he said speaking before The Economic Club of Washington.Related: Fed leaves interest rates alone and waits for TrumpThe position of Fed chair requires Senate confirmation. Republicans currently hold the majority and would be able to confirm Powell without any Democratic support, if necessary.At 64, Powell has been Yellen's ally on monetary policy, while also calling for easing some of the regulations on banks put in place after the 2008 financial crisis.Unlike almost all of his predecessors in the position, Powell is not an economist by training. Instead, he was a lawyer and former partner at private-equity firm, Carlyle Group.Two immediate challenges face Powell once he is confirmed in the role: How quickly to raise interest rates and how to continue to safely unwind the Fed's hefty balance sheet.It's the job of central bankers to shift policy levers, nudging interest rates higher or lower, to boost jobs and keep prices, or inflation, at the optimal level.What's made their job trickier is that inflation is signaling the Fed should not increase rates. But economic growth and a low unemployment rate of 4.2% are saying it should.Related: Powell would be the first investment banker to chair the Fed Powell has been supportive of Yellen's plan to gradually raise interest rates, if there are continued signs of improvement in the economy."The economy is as close to our assigned goals as it has been for many years," said Powell in a June speech at the Economic Club of New York. "Risks to the forecast now seem more balanced than they have been for a some time."Powell will also have to oversee how the central bank continues to shed some of the .5 trillion in investments it made in order to prop up the economy after the financial crisis. The Fed began the process of unwinding almost a decade's worth of stimulus investments in September.For years, the central bank piled up purchases of Treasury and mortgage-backed securities, a strategy intended to stimulate the economy by reducing borrowing costs for everyone. At the time, it also reduced its benchmark interest rate to zero, and only began raising it in December 2015, seven years after the crisis.Related: Fed taps Jerome Powell to head oversight of 'too big to fail' banksPowell voted in favor of winding down the Fed's balance sheet. And like Yellen, he's left the door open for a new round of asset purchases in the event of another crisis.In April, the Fed tapped Powell to serve as the new point man overseeing how Wall Street banks are regulated after Daniel Tarullo, the central bank's regulatory czar stepped down. Tarullo held the position for the past eight years.In this role, the Fed governor has sided with the Trump administration on easing some of the regulatory burdens on banks. He's specifically suggested relaxing the so-called Volcker Rule, which bars banks from taking risky bets with taxpayer money.The-CNN-Wire 3838

REDMOND, Wash. – Early Tuesday morning, Microsoft confirmed that it’s launching a smaller and cheaper version of its upcoming next-generation Xbox console.In a tweet, the company confirmed that it will sell its Xbox Series S at an estimated retail price of 9. Microsoft also promised “next-gen performance in the smallest Xbox ever.” ?? Let’s make it official! Xbox Series S | Next-gen performance in the ???????? Xbox ever. 9 (ERP).Looking forward to sharing more! Soon. Promise. pic.twitter.com/8wIEpLPVEq— Xbox (@Xbox) September 8, 2020 The tweet also includes an image of the new console, one that looks very similar to an image that leaked to the public on Monday. It seems the company was caught off guard by the leak, because it tweeted photos of a surprised monkey shortly after.pic.twitter.com/L0WcSiirnt— Xbox (@Xbox) September 8, 2020 Microsoft hasn’t released additional details about the Xbox Series S, but promised it would be sharing more information “soon.” Though, from the new photo, it looks like the console will not include a disc drive and it’s standing upright, but the orientation of the Xbox logo suggests it’s expected to be more commonly used horizontally.Tuesday’s announcement comes as Microsoft gears up for the release of its Xbox Series X device later this year. That console will likely compete with Sony’s PlayStation 5 this holiday season. 1388

President Donald Trump's re-election campaign used a photo of a survivor of the Parkland, Florida, shooting in an email Saturday that asks its recipients to donate money to the campaign.The email contains a photo of 17-year-old Madeleine Wilford in a hospital bed surrounded by her family, Trump and the first lady. The President visited Wilford on February 16, two days after the attack at Marjory Stoneman Douglas High School, which left 17 dead."The nation has turned its attention to the senseless school shooting in Parkland, Florida," the email reads.  571

RAMONA (KGTV)- Myrtle the coyote is recovering at The Fund for the Animals Wildlife Center in Ramona, after the Rancho Bernardo neighborhood came together to help.Katie Ryan has been watching Myrtle the coyote for years, and sounded the alarm when she first saw the new mother ensnared in a pipe. Katie guessed Myrtle was trying to capture a small animal that hid in the pipe and she got stuck. It took five weeks of constant phone calls, prayers and sleepless nights looking after Myrtle before she could get a trapper to catch the elusive coyote."I can't even describe I was crying and laughing all at the same time," Ryan said, her smile wide. She enlisted neighbors to block off the area, after a failed attempt Monday night due to a man trying to approach Myrtle and scaring her off.Neighbors said they guarded the neighborhood for hours Tuesday evening, going home with no hope. Then, a few minutes later, Myrtle followed a trail of rotisserie chicken and was caught in a trap around 8:30p.m.The Fund for the Animals Wildlife Center picked up the coyote that night and sent this statement. 1118