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President Donald Trump's tariffs were supposed to shrink America's trade deficit, but it has instead grown for five straight months and is on track to hit a record high before the end of the year.The monthly goods deficit grew by billion in October, according to a US Census report released Wednesday.The Census report is one of the first measures of trade released since Trump imposed his biggest round of tariffs in September on 0 billion of Chinese goods. It put a 10% tax on goods ranging from luggage to bikes and baseball gloves. Trump has threatened to increase the rate to 25% on January 1.The duties make it more expensive for US importers to buy those items, but Americans bought more goods from abroad in October than they did the month before. The figure may reflect stockpiling by American importers ahead of an additional hike in tariffs set to take effect in January, as well as strong consumer spending."There is some anecdotal evidence that US importers are likely pulling forward orders to get ahead of additional tariffs on Chinese goods, which could be one of the factors driving imports higher in recent months," said Pooja Sriram, an economist at Barclays.Last year's federal tax cuts have also put more money back into Americans' pockets, lifting demand for imports even if they're more expensive."We believe that domestic demand is likely to be sufficiently robust so as to keep imports elevated even after any additional tariffs," Sriram said.Additional data due out next week on trade of both goods and services is expected to show a 10-year high in the overall trade deficit, said Ian Shepherdson, chief economist at Pantheon Macroeconomics.That's the opposite of what Trump wants to achieve.The president has pledged to reduce America's trade deficit by pursuing new trade agreements with countries he argues are engaging in unfair trade policies, especially China. He's put tariffs on 0 billion of Chinese-made goods this year in an effort to make US-made products more attractive to consumers."It's been such a terrible one-way street with China," Trump told the Wall Street Journal in an interview Monday.Trump and Chinese President Xi Jinping are set to meet Saturday evening for a formal dinner on the sidelines of the G20 meeting in Argentina. It is their only scheduled meeting before the end of the year.White House economic adviser Larry Kudlow on Tuesday dangled the possibility?of a "breakthrough" at the dinner. But Trump escalated tensions earlier in the week, when he repeated a threat to put tariffs on the remaining Chinese goods if a deal can't be reached.The Trump administration argues that China is engaging in unfair trade practices, including intellectual property theft and forced technology transfers. But the Chinese say Trump's unilateral tariffs are bullying.American businesses and lawmakers on both sides of the aisle agree that the China trade issues should be addressed — but not everyone believes that tariffs are the right way. Some manufacturers and retailers say the duties could lead to job losses and higher prices for consumers."It would be hard to argue that (China) has behaved fairly in its trade practices," said Florida Democratic Rep. Stephanie Murphy this week at an S&P Global event in New York."But I think doing it in a multilateral way would have been a better approach," she said.Trump has also imposed tariffs on foreign steel and aluminum this year, in the interest of national security. US steel producers have welcomed the taxes, as they've seen prices for their own products go up. Steel Dynamics, an American producer, announced this week that they would be building a new steel mill in the southwest region of the country, creating 600 new jobs."Steel jobs are coming back to America, just like I predicted," Trump tweeted Wednesday.But American manufacturers that use steel, including automakers, have argued that the tariffs have made the cost of domestic production more expensive. 4055

President-elect Joe Biden will not be sworn into office until January 20, but it appears he is taking action now to do what he can to control the record-breaking spread of the coronavirus.Biden will announce a coronavirus task force on Monday, according to comments he made Saturday night. "On Monday, I will name a group of leading scientists and experts as transition advisors to help take the Biden-Harris COVID plan and convert it into an action blueprint that starts on January 20th, 2021. That plan will be built on a bedrock of science. It will be constructed out of compassion, empathy, and concern," Biden said during a speech Saturday night.The announcement about this team comes before other traditional presidential transition team announcements, like potential cabinet members and senior White House staff.Aides to Biden tell media outlets the task force plans to hold frequent televised briefings on the crisis.The task force will be led by three people at this point; former Surgeon General Vivek Murthy, former Food and Drug Administration Commissioner David Kessler and Dr. Marcella Nunez-Smith of Yale University, a Biden campaign official told NBC, CNN, and Axios. There will reportedly be 12 members of the team."Our work begins with getting COVID under control. We cannot repair the economy, restore our vitality, or relish life’s most precious moments — hugging a grandchild, birthdays, weddings, graduations, all the moments that matter most to us — until we get this virus under control," Biden said. As America voted this week, new coronavirus cases first set a record above 100,000 in a day, and then blew past that reaching above 120,000 new cases in a day.Scientists and health experts have been warning this fall and winter could be “painful,” with Dr. Anthony Fauci repeatedly saying over the last month that the country’s daily coronavirus cases and hospitalizations were going in the “wrong direction” ahead of the winter months.According to Johns Hopkins University data, new daily cases in 47 states and the D.C. area are rising at least 5 percent a day.As of Saturday night, more than 237,000 Americans had died from the coronavirus. 2176

President Donald Trump will meet Tuesday with the House and Senate Democratic leaders, Nancy Pelosi and Chuck Schumer, in order to find a way to avert a partial government shutdown on December 21, when funding for the Department of Homeland Security and other agencies expires.The central debate — how to secure the US southern border — has been stewing for months. Trump wants to build a wall; Democrats don't.Schumer has urged Trump to either accept the Senate's bipartisan agreement to spend .6 billion to boost border security measures, or agree to a one-year spending resolution that would keep those funded at the current level of around .3 billion. Schumer said last week that money can be used for fencing and other features, rather than "to construct any part of President Trump's 30-foot-tall concrete border wall."Trump and Republicans in Congress, meanwhile, have pushed for billion for the wall.In an interview on Fox Sunday, Sen. Lindsey Graham, Republican of South Carolina, said, the migrant caravan moving towards the US-Mexico border is a "game-changer" and urged the President to "dig in and not give in on additional wall funding."Schumer and Pelosi released a joint statement the night before their meeting with Trump, coming out strongly against Trump's wall proposal and arguing Republicans will feel the blame of a shutdown."Republicans still control the House, the Senate, and the White House, and they have the power to keep government open," Pelosi and Schumer stated. "Our country cannot afford a Trump Shutdown, especially at this time of economic uncertainty. This holiday season, the President knows full well that his wall proposal does not have the votes to pass the House and Senate, and should not be an obstacle to a bipartisan agreement."The easiest solution for Congress to avoid a shutdown and get out of Washington before the Christmas holiday could be to avoid the issue altogether, and pass a short-term resolution to extend the rest of the federal government's spending into next year, when Democrats take over the House. But Sen. John Cornyn, the Republican Whip, said Monday he didn't expect Trump to agree to that."That really just postpones the pain, it doesn't really solve the problem," said Cornyn, explaining that Trump still wouldn't then get the wall funding he wants.Other members of Republican leadership expressed doubt about the productivity of Trump's scheduled meeting Tuesday."Oh, it could be really important," said Sen. Roy Blunt of Missouri. "It's likely not to be very important."Despite Republican control of the House and Senate, Trump has little leverage to force Congress into appropriating money for the border wall. While "Build the Wall!" was perhaps Trump's most indelible campaign promise, Republicans in Congress are broadly less enamored than he is with the prospect of building it and Democrats still control enough seats in the Senate to block it.For months, Trump's frustration at Congress' response to his demand has spilled out into public. From July through September, Trump repeatedly said he'd be willing to shutdown the government over the wall, backtracked and then reiterated he would do it because he views it as a political boost. Few on Capitol Hill agree that Republicans would politically benefit should parts of the government shut down.Democratic leaders and the President appear to be far apart on the issue even though warning signs of the spending showdown have been flashing for so long.Last week, Pelosi called the proposed wall "immoral, ineffective and expensive," while Trump claimed that the country would save billions of dollars if Congress would pass a bill to build it."Either way, people will NOT be allowed into our Country illegally," Trump tweeted. "We will close the entire Southern Border if necessary." 3830

Race favorite Justify, ridden by Mike Smith, won the 144th Kentucky Derby on a sloppy track at Louisville's Churchill Downs on Saturday.Justify is trained by Bob Baffert, who now has five Derby wins.Good Magic finished second, just ahead of Audible. The winning time was 2:04.20.Justify, the 5-2 favorite, became the first Derby winner in 136 years that did not race as a 2-year-old. The chestnut colt has won all four starts as a 3-year-old. 450

President Donald Trump visited California on Monday to receive an update on the dozens of wildfires that are currently raging across the Western United States.During a visit to McClellan Park, California on Monday, Trump received a briefing from local officials on the status of the fires that have killed 33 people in three states dating back to mid-August.The president then spoke at a ceremony recognizing the California National Guard, which has hundreds of members helping to battle the fires. At the event, he also awarded members with honors.Watch the event below:Trump has remained largely silent on the fires in the past few weeks. However, in recent days, he's taken to thanking firefighters in the region for their work in battling the flames.Trump addressed the fires during a Saturday campaign rally in Reno, Nevada — a city under a dense smoke advisory due to the nearby blazes."My administration is closely coordinating with state and local leaders, and we want to thank the more than 200,000 people that are working on it and 28,000 firefighters and first responders who courageously and bravely are fighting out there," Trump said.He added that California, Oregon and Washington had "never had anything like this," and stressed the need for better "forest management." 1293