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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
RALEIGH, N.C. — Young rising GOP star Madison Cawthorn has been elected to represent a North Carolina U.S. House district. The 25-year-old's win in the 11th Congressional District allows him to fill a vacant seat previously held by Republican Rep. Mark Meadows. Meadows left to serve as President Donald Trump’s chief of staff. Cawthorn defeated Democrat and retired U.S. Air Force Col. Moe Davis. Cawthorn will be one of the youngest people to ever serve in the U.S. Congress. He first drew attention after defeating Trump’s preferred candidate in an upset in the June GOP primary runoff.The previous youngest elected member in modern history was Alexandria Ocasio Cortez who was 29 years when she was sworn in for her first term in January 2018. The youngest member of the House of Representatives ever elected was William Charles Cole Claiborne of Tennessee, according to U.S. House records. Claiborne was elected in 1797, he was only 22 years old. He was reportedly seated, even though the constitutional age requirement is 25 years old for representatives. 1070
Republican Kim Davis, the Kentucky court clerk who became a conservative Christian heroine for refusing to sign same-sex marriage certificates three years ago, lost her re-election bid Tuesday, according to unofficial results posted by the Kentucky State Board of Elections.Democrat Elwood Caudill Jr. appeared to defeat Davis by more than 650 votes in the race for clerk in Rowan County, according to the unofficial results, with all precincts reporting. "She congratulated me, told me we done a great job, and I thanked her, told each other we loved each other," Caudill told CNN affiliate WKYT, after he said Davis called him to concede.Davis spent several days in jail in September 2015 after refusing to abide by that summer's historic US Supreme Court ruling that legalized same-sex marriage."It is not a light issue for me. It is a heaven or hell decision," Davis said in a statement at the time, citing her religion.A federal court judge declared Davis in contempt of court for refusing to issue the licenses and not allowing her six deputy clerks to issue them in her place. US District Court Judge David Bunning ordered that Davis remain behind bars until she complied.Five of her deputies then agreed to issue marriage licenses in her absence, and the Rowan County Clerk's Office also began doing so.The judge ordered her release days later, saying he was satisfied the office was issuing marriage licenses to "legally eligible couples."A few years before the Supreme Court ruling, Davis had converted to Apostolic Christianity, a faith which has a strict moral code, her attorney said at the time.Davis later had a private meeting with Pope Francis in Washington during his first US visit in 2015. 1717
Puerto Rico’s elections commission says it has discovered more than 100 briefcases containing uncounted ballots a week after the U.S. territory held its general election, drawing criticism and scorn from voters who now question the validity of the outcomes of certain races. Francisco Rosado, the commission’s new president, said Tuesday that the briefcases were found in a secured vault and blamed the situation on what he said was an underfunded and understaffed administrative board responsible for counting a record number of absentee and early votes. 563
Republicans will keep control of the U.S. Senate following midterm elections on Tuesday.The GOP made good on a favorable map in the Senate and increased its majority after an acerbic midterm election that enshrined America's deep political divides and shaped a highly contentious battleground for the stirring 2020 presidential race.Republicans moved to close off the Democratic path to a Senate majority when challenger Mike Braun beat Indiana Sen. Joe Donnelly, and Marsha Blackburn won in Tennessee, according to CNN projections. Republicans later picked up their second Democratic Senate seat of the night when Kevin Cramer beat one Sen. Heidi Heitkamp in North Dakota, CNN projected.There was a blow for Democratic morale as Texas Sen. Ted Cruz held off a stronger than expected challenge from Beto O'Rourke to win a second term, CNN projected. In one result that did not come as a surprise, former Republican presidential nominee Mitt Romney won a Senate seat in Utah.Below is a timeline of how more races unfolded Tuesday evening:11 PM EASTERN — UPDATE: 1068