2024-08-12 09:44:32
Good morning. Today we are discussing:
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The threat of rising U.S. protectionism
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Which presidential candidate do Americans trust more on the economy?
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Illegal gold mining destroys Amazon rainforest
But first, a Financial Times investigation found that about 40% of the largest manufacturing investments announced in the Biden administration’s first year have been delayed or suspended due to deteriorating market conditions, slowing demand and a lack of policy certainty in a high-stakes election year.
President Joe Biden’s Inflation Reduction Act and the Chips and Science Act provide more than $400 billion in tax credits, loans, and grants to promote the development of domestic clean technology and semiconductor supply chains, revitalize the Rust Belt, and help the United States better compete with China.
However, a total of $84 billion in projects valued at more than $100 million have been postponed or suspended indefinitely.
The delays raise questions about whether the industry transition will bring jobs and economic returns to the United States.
It could also complicate Kamala Harris’ efforts to use the administration’s record of bringing about a manufacturing renaissance to appeal to voters in the November election.
Here are some other things I’m watching today:
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Economic data: OPEC releases its August oil market report.
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Trump meets with Musk: The former president will have a “major interview” with X’s billionaire boss today.
Five more headlines
1. The United States sends more troops to the Middle East Before Iran is expected to attack Israel.
2. The Trump campaign said some of its internal emails were hacked. Accusing Iran of violating the deal and trying to “interfere in the 2024 election and sow chaos in our democratic process.”
3. TikTok has been sending inaccurate and misleading news-style alerts Pushing false information to users’ phones, including push notifications of false claims. Although the strategy is intended to increase engagement, researchers say it exposes users to misinformation.
4. Rising US protectionism threatens world trade, Guy Platten, chairman of the global shipping industry body, warned: “The last time we did this, it didn’t work… trade wars lead to wars.”
5. Executives cut back on air travel and reduce the number of business trips per day. The head of the Global Business Travel Association said she doesn’t expect travel spending to return to pre-pandemic levels until 2027.
In-depth News
The Yanomami Indigenous Reserve, an area the size of Portugal in the heart of the Amazon, is the front line in Brazil’s fight against the illegal gold trade. Read Michael Pooler’s report from the rainforest to learn about the obstacles Lula’s government faces in combating the ecological damage and human rights violations caused by the voracious demand for gold.
We are also reading…
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Susan Wojcicki: The former YouTube CEO, who helped shape online advertising and championed the advancement of women in tech, died this weekend at the age of 56.
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automation: As more powerful financial analysis tools emerge, private equity firms may no longer need more than just strong Excel skills when hiring new staff, writes Sujeet Indap.
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Friendship Pier: The recent agreement between the United States, Finland and Canada to build polar icebreakers is a great example of a collaborative industrial strategy, writes Rana Foruhar.
Daily Chart
The global insurance industry is scrambling to ensure households and businesses have access to cover as climate change intensifies extreme weather. Policymakers and companies are taking a combination of preventive and adaptive measures to hedge against risk in a world with less and less insurance.
Stop watching news for now
This Sunday, California hosts the 73rd Pebble Beach Concours d’Elegance, an annual automotive extravaganza where the world’s rarest and most beautiful cars compete for the title of Best of Show. Want to attend? Check out these gorgeous cars that are being auctioned off before the main event.
Additional contributions by Benjamin Wilhelm and Tee Zhuo
1723462008
#Biden #administrations #manufacturing #revival #stalls
