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Investopedia
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Former President Donald Trump laid out some of his economic proposals on the campaign trail this week, focusing on increasing tariffs and cutting spending.
Speaking Thursday at the Economic Club of New York, the Republican presidential candidate outlined proposals focused on reducing regulations, increasing energy production, boosting tariffs, and cutting taxes, which he said would help bring down inflation and create jobs.
Tariffs on goods made in other countries were a major element of Trump’s economic plan, though he said he would later announce more specifics about the amount of tariffs he would pursue.
Trump said the domestic automobile industry, along with the American steel, aluminum, and defense industries, would benefit from the tariffs.
“A combination of fair trade, tax cuts, regulatory cuts and energy abundance will allow us to produce more goods, better and cheaper, right here in the U.S.A.,” Trump said.
In the past, Trump has proposed imposing tariffs of 60% or more on Chinese imports, as well as across-the-board tariffs of between 10% and 20%. Economists have said merchants would likely pass on any increased tariffs to consumers under that proposal.
Another centerpiece of the proposal was to create a “government efficiency commission” to look for ways to reduce wasteful spending. Trump said he got the idea from Tesla CEO Elon Musk and would ask him to head the commission.
His plan to reduce regulations included eliminating 10 regulations for every new regulation introduced. Trump also pledged to make America the “world capital” for bitcoin and cryptocurrencies, though offered no specific details on policy changes to enact that plan.
Trump also emphasized his plans to increase oil production, saying he would use emergency powers to push through new oil drilling, refinery construction, new power plants and other projects to increase output.
Another of Trump’s planks was to eliminate spending on the “Green New Deal” and take back unspent dollars set aside in the Inflation Reduction Act, which included funding for clean energy projects.
To encourage housing production, Trump said that if he was elected, the government would open up large tracts of federal land for housing development.
Trump said he would keep in place tax cuts set to expire in 2025. He also reiterated his plan to eliminate taxes on tips and on Social Security payments.
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Instablog9ja
1 h
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The federal government has introduced a N50 Electronic Money Transfer Levy (EMTL) on every inflow of N10,000 or more received by customers of Fintech companies such as Opay, Moniepoint, and others.
In a notice to its customers on Saturday, September 7, the online payment platform stated that the charges in line with the Federal Inland Revenue Service (FIRS) regulations, will take effect from September 9, 2024.
“Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfer of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service regulations.
It is important to note that OPay does not benefit from these charges in any way as it is directed entirely to the Federal Government,” the notice reads.
Similarly, Moniepoint, in a terse notification to its customers on Saturday, said: “A N50 fee would be charged on inflows you receive of N10,000 and above from Monday, September 9, 2024. Your BRM is available to answer questions you might have.”
#Instablog9jaNews #Information #Awareness #StayUpdated
Instablog9ja
2 hrs
10
A landlord’s notice to his tenants has gone viral after he made a statement asking the couples among themselves to be considerate about how they raise their voices when making out with their partners.
A picture of the written notice was shared by a social media user, which has brought about mixed reactions by netizens.
Instablog9ja
3 hrs
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A photographer has recounted how he was instructed to stop editing pictures of a married couple her took at their wedding because the couple had decided to break up just 24 after walking down the aisle.
He shared his experience while reacting to a post by another photographer who lamented the alarming rate at which newly married couples are breaking up.
Investopedia
5 hrs
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Major U.S. equities indexes plunged following the release of the latest employment report, which showed the economy added fewer jobs than expected in August.
The most recent signal of labor market softness added to growing concerns about how the lengthy period of high interest rates affects the economy, perhaps adding a sense of urgency as Federal Reserve officials consider the timing and magnitude of rate cuts.
The S&P 500 dropped 1.7%, while the Dow closed Friday's session 1.0%. Underperformance in the communication and technology sectors weighed on the Nasdaq, which plummeted 2.6%.
Broadcom (AVGO) shares dove 10.4%, the biggest decline of any S&P 500 stock, after the chipmaker reported a loss for its fiscal third quarter and guided for current-quarter sales to come in below consensus estimates. Despite the strength of Broadcom's artificial intelligence (AI) segments, weakness in its broadband business and other divisions weighed on the results. Expenses related to Broadcom's acquisition of software firm VMware in November also contributed to the quarterly loss.
Tesla (TSLA) shares slipped 8.5% on Friday, giving back the strong gains posted in the prior session after the electric vehicle (EV) maker announced plans to launch full self-driving (FSD) cars in Europe and China in early 2025. Friday's reversal came amid reports highlighting potential regulatory barriers to FSD approval, particularly in Europe, as well as a story pointing to Tesla's market share struggles in China, where increasing sales of plug-in hybrid vehicles have intensified competition.
Shares of Albemarle (ALB), the world's largest lithium miner, fell 6.9% as lithium prices remained under pressure. Lithium futures prices in China dropped to their lowest level since the launch of the contracts in July 2023, reflecting high supply levels. Moreover, uncertainty surrounding the U.S. presidential election raises questions about the future of policies designed to encourage electric vehicle (EV) adoption, which could shape the future trajectory of lithium demand.
Dollar General (DG) shares logged the top daily performance in the S&P 500, jumping 2.7%. The stock lost nearly a third of its value on Aug. 29 after the discount retailer reported weaker-than-expected results for the second quarter and lowered its full-year revenue forecast. It fell again earlier this week when earnings from competitor Dollar Tree (DLTR) also underwhelmed. Despite the overhangs of macroeconomic pressure and restrained consumer spending, Dollar General's results included year-over-year sales growth in the consumables category.
Shares of telecom infrastructure SBA Communications (SBAC) were up 2.2%. In its most recent earnings report, released in late July, the cellular tower operator reported better-than-expected adjusted funds from operations (AFFO), with growth in site leasing revenue driven by new leasing activity in international markets. Shares of communications infrastructure peer Crown Castle (CCI) gained 2.0%.
United Airlines (UAL) shares climbed 2.0%. The gains for United followed positive comments from fellow carrier JetBlue (JBLU), which raised its full-year sales outlook on Thursday, noting strong summer travel demand. A decline in crude oil prices on Friday, suggesting a possibility of lower fuel costs ahead, provided an additional tailwind for United stock.
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Mark_
9 hrs
12
