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The United States and China are acting tough over trade, but they're also busy talking to try to stop the situation spiraling out of control.President Donald Trump ramped up tensions last week by ordering tariffs on about billion worth of Chinese goods just weeks after announcing of sanctions on steel and aluminum imports. Beijing has responded with plans to target billion worth of US products and warnings that it's ready to inflict more pain.The moves have fueled fears that the situation could escalate into a full-blown trade war between the world's two largest economies. But Treasury Secretary Steven Mnuchin said Sunday that he's been talking to Chinese officials in an effort to prevent that."We're not afraid of a trade war, but that's not our objective," he said in an interview on Fox News."We are going to proceed with our tariffs ... we're also working on investment restrictions," Mnuchin said. "But we are simultaneously having negotiations with the Chinese to see if we can reach an agreement."The US government wants China to do a lot more to open up its vast economy to US businesses and bring down the massive trade deficit between the two countries.Trump has set a target of cutting the deficit in goods with China by 0 billion. It soared to 5 billion last year, according to US figures.Mnuchin said the United States wants China to do away with rules that require foreign companies to set up joint ventures with Chinese firms in many industries, such as automobiles, and to stop forcing American businesses to hand over valuable intellectual property in order to operate in China. Intellectual property theft is the reason the Trump administration gave for the planned billion in tariffs on Chinese goods.Mnuchin and US Trade Representative Robert Lighthizer detailed the US requests in a letter to a top Chinese economic official late last week, according to the Wall Street Journal. They included asking Beijing to reduce tariffs on American cars, increase spending on US semiconductors and provide greater access to the Chinese financial sector, the Journal reported, citing unidentified people with knowledge of the matter.A Treasury Department spokesperson declined to confirm the report."We are having very productive conversations with them," Mnuchin told Fox, adding that he was "cautiously hopeful" that the two sides could reach a deal. But in the absence of "an acceptable agreement that the president signs off on," the Trump administration will press ahead with the tariffs and other measures, he warned.China's point man for the talks is Liu He, a Harvard graduate who is one of President Xi Jinping's most trusted advisers. Liu was in Washington for talks with US officials the week that Trump announced plans for the tariffs on steel and aluminum and was recently appointed to the position of vice premier.Mnuchin and Liu spoke as recently as this weekend."Secretary Mnuchin called Liu He to congratulate him on the official announcement of his new role," the Treasury spokesperson said. "They also discussed the trade deficit between our two countries and committed to continuing the dialogue to find a mutually agreeable way to reduce it."China's official news agency Xinhua also reported the conversation, saying that Liu criticized the US allegations of Chinese intellectual property theft and warned Mnuchin that China "has the capability to safeguard its national interest."But Liu also said that China "hopes to see both sides remain sensible and work together to preserve the overall stability of China-US trade relations," according to the Xinhua report.Some experts are skeptical that Beijing will give Trump what he wants."China may be able to come up with some big ticket imports to allow it to appear to be trying to reduce the bilateral trade imbalance," Mark Williams, chief Asia economist at research firm Capital Economics, wrote in a note to clients on Friday. "But China won't be able to reduce the annual imbalance by 0bn as Mr Trump has demanded."And "the chances of China making substantive changes to its practices on intellectual property are also low," Williams said, adding that the practices are seen in Beijing as "a key element" of efforts to develop the Chinese economy. 4274
The Wisconsin Supreme Court said Thursday it will not hear President Donald Trump's lawsuit, which had been requested to overturn election results in two Wisconsin counties.The lawsuit sought to overturn 200,000 ballots in Wisconsin. The decision from the Supreme Court comes just days after the Wisconsin Election Commission officially declared Joe Biden as the winner of Wisconsin."What we had is an abuse of the absentee process, dramatically in Dane and Milwaukee County,” said Jim Troupis, attorney for the Trump campaign.The lawsuit specifically focused on absentee ballots that were cast both through the mail and in person.The suit aimed to dismiss absentee ballots where the clerks' offices "inserted missing information,” people cast ballots "claiming Indefinite Confinement status" even if they "no longer qualified,” and absentee ballots "improperly cast or received at ‘Democracy in the Park’ events,” which were held in Madison.Governor Tony Evers and the Wisconsin Election Commission have said the Trump Administration is required to file the lawsuit in circuit court, not the state Supreme Court.This story was originally published by Julia Marshall at WTMJ. 1183

The University of Washington’s Institute for Health Metrics and Evaluation now projects that 67,000 American lives would be saved between now and December 1 by near universal wearing of masks.The IHME released the updated model on Thursday. As part of the update, the IHME said that four states, Arizona, Florida, Mississippi, and South Carolina, have hit an important metric of a daily death rate of eight per one million residents, and that those states should re-impose statewide closures of non-essential businesses.The IHME’s coronavirus projections have been frequently cited in the past by the White House’s coronavirus task force. The group uses state data along with other metrics to create projections on the number of coronavirus-related deaths throughout the US.The model projects with inconsistent use of masks, the US death toll for the coronavirus will be up to 295,000 by December 1, an increase from the current figure of 158,000, per Johns Hopkins University data. The IHME’s projections drops considerably to 228,000 if masks are worn universally outside of the home.IHME director Dr. Christopher Murray said at a news conference on Thursday that mask wearing mandates work, but communities also respond when they see cases are spreading.“People do respond to the circumstances in their community,” Murray said. “Mandates have an important effect.”One thing the model does not take into account is the use of therapeutics of a possible vaccine. Murray said that the IHME is closely monitoring the effectiveness of two potential therapeutics – remdesivir and dexamethasone – and may adjust future models as more is learned about those drugs.The model expects the number of coronavirus-related deaths to ebb and flow into the fall, but begin to increase by November. "November is a month we expect the spread to increase due to seasonality," Murray said. We are expecting considerable daily deaths. That pushes up our projections."“We expect it rise later in the fall,” Murray added.One cause for concern comes at the end of November when families begin to travel for holidays such as Thanksgiving.Murray said that while mask-wearing is not necessary when around family members of the same household, he said mask-wearing may be necessary for holiday gatherings. Murray said his family is taking the recommendation one step further, and is simply not gathering with extended relatives this fall.What’s built into the IHME’s projection is that a number of states will need to implement stricter closures in order to slow the spread. As part of the IHME’s recommendation, states implement closures of non-essential businesses when there is a threshold of eight deaths a day per million. Also part of the modeling is based on 50% of schools being closed in each state for the upcoming year. Murray said with many schools opening or implementing hybrid models, more will be learned in the coming weeks on how easily the virus spreads within schools.Recent measures in Arizona, California, Florida, and Texas has allowed a small decline in cases, but deaths in those states have not dropped off, according to Murray.“We have been seeing cases peaking and hospitalizations peaking and deaths not quite yet peaking, but we expect them to peak in the near future but we don’t expect a sharp decline," Murray said.To see a state-by-state breakdown of the IHME’s projections, click here. 3403
The Trump administration plans to eliminate routine audits of lenders for violations of the Military Lending Act, according to internal agency documents, The New York Times reported on Friday.Mick Mulvaney, the interim director of the Consumer Financial Protection Bureau, plans to terminate the supervisory examinations of lenders, arguing proactive oversight is not laid out in the legislation, according to the report.The proposal to weaken oversight under the Military Lending Act, which was created to protect military service members and their families from financial fraud, predatory loans and credit card gouging, came as a surprise to advocates of military families, the report stated. Those advocates have pressed the government to put a stop to unethical lenders.The agency has been critical in fighting lender misconduct, rolling out mortgage and payday-lender rules and cracking down on bad behavior by penalizing Citigroup, Wells Fargo and many other lenders.In lieu of conducting examinations, the agency will rely on complaints from its websites, hotlines, the military and people who believe they are victims of fraud, the Times reported.President Donald Trump has tapped Kathleen Kraninger to succeed Mulvaney as chief of the consumer watchdog agency. Kraninger, who works under Mulvaney, is expected to face a tough Senate confirmation battle.Under Mulvaney, the bureau has undergone major changes opposed by both Democrats and consumer advocates. In June, Mulvaney effectively terminated a board of advocates who advised the agency about fair lending and underserved communities. The advisers were told on a conference call that the board would not meet until new members were appointed. The CFPB, however, insisted nobody had been fired.The government watchdog agency, which is charged with consumer protection in the financial sector, was created after the financial crisis with the passage of the 2010 Dodd-Frank Act. 1948
The U.S. continues to lead the world in deaths linked to COVID-19 with more than 222,000 — and some experts believe that figure is much higher. But according to a new study, at least 130,000 of those deaths could have been avoided.According to a study by the National Center for Disaster Preparedness at Columbia University, the U.S. could have avoided between 130,000 and 210,000 COVID-19 deaths had the country adopted mitigation policies similar to those used by other "high-income nations."It's clear that the U.S. has disproportionately felt the affects of the pandemic — though it has just 4% of the world's population, it accounts for 20% of COVID-19 cases worldwide. The U.S. death toll stands in stark contrast to countries with similar resources, like South Korea, Japan, Australia, Germany, Canada, and France.To calculate the U.S.'s "avoidable deaths," the study applied the death rates of those countries to the U.S.'s population. Researchers then subtracted that figure from the U.S.'s current death count.By that calculation, researchers concluded that 130,000 lives could have been saved had the U.S. adopted policies similar to that of Canada's, and that as many as 215,000 lives could have been saved had the country adopted policies similar to South Korea.In explaining why U.S. deaths are disproportionately high, the Columbia researchers cited four key mistakes:Insufficient testing capacity: Researchers cited issues the U.S. had early on in the pandemic in developing and acquiring tests, while countries like South Korea were prepared almost immediately to test for the virus on a widespread scale.Delayed response: A previous Columbia University study determined that instituting national social distancing measures just one or two weeks earlier would have saved 36,000 of lives.Lack of a national mask mandate: Top health officials recommended against masks early on in the pandemic, fearing that doing so would lead to a shortage. Even today, masks have become politicized in some circles despite evidence showing that wearing one reduces the spread of droplets that can carry the virus.Failure from federal leadership: The Columbia study cited the Trump administration's "hostility to much of the critical guidance and recommendations put forth by its own health agencies," specifically citing the president's attempts to "downplay" the virus.Read more about the Columbia University study here. 2430
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