East Oregonian : E.O. (Pendleton, OR) 1888-current, August 02, 2019, Page A6, Image 6

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East Oregonian
Friday, August 2, 2019
Trump says he’ll put 10% tariffs on remaining China imports
Associated Press
ident Donald Trump inten-
sified pressure Thursday on
China to reach a trade deal
by saying he will impose
10% tariffs Sept. 1 on the
remaining $300 billion in
Chinese imports he hasn’t
already taxed. The move
immediately sent stock prices
The president has already
imposed 25% tariffs on $250
billion in Chinese products,
and Beijing has retaliated by
taxing $110 billion in U.S.
U.S. consumers will
likely feel the pain if Trump
proceeds with the new tar-
iffs. Trump’s earlier tariffs
had been designed to mini-
mize the impact on ordinary
Americans by focusing on
industrial goods. But the new
tariffs will hit a vast range of
consumer products from cell-
phones to silk scarves.
The president’s announce-
ment via Twitter came as a
surprise, in part because the
White House on Wednesday
had said Beijing confirmed
that it planned to increase
its purchases of American
farm products. That word
came just as U.S. and Chi-
nese negotiators were ending
a 12th round of trade talks in
Shanghai, which the White
House called “constructive.”
Though the negotiations
concluded without any sign
of a deal, they are sched-
uled to resume next month
in Washington.
AP Photo/Ng Han Guan
Chinese Vice Premier Liu He, center, poses with U.S. Trade Representative Robert Lighthizer,
right, and Treasury Secretary Steven Mnuchin, for photos before holding talks at the Xijiao
Conference Center in Shanghai on Wednesday.
The Dow Jones Industrial
Average, which had been up
nearly 300 points earlier in
the day, was down nearly 200
points after Trump’s tweets
announcing the new tariffs.
The Dow closed for the day
down 280 points — more
than 1 percent.
Trump has long said he
was preparing to tax the $300
billion in additional Chi-
nese tariffs. But he had sus-
pended the threat after meet-
ing with President Xi Jinping
in Osaka, Japan, in June.
It isn’t clear when Amer-
ican consumers are likely to
feel the impact of the addi-
tional tariffs, but higher
prices could show up in
stores this fall.
“Attention all Target &
Wal-Mart shoppers ... the
price on the goods you buy
ahead of the holidays are
going up due to trade policy,”
tweeted Joseph Brusuelas,
chief economist at the con-
sultancy RSM.
Besides announcing the
additional tariffs on Chinese
imports, Trump tweeted that
“we look forward to con-
tinuing our positive dialogue
with China on a compre-
hensive Trade Deal, and feel
that the future between our
two countries will be a very
bright one!”
The president accused
Beijing of failing to follow
through on stopping the sale
of fentanyl to the United
States or on purchasing large
quantities of farm goods
such as soybeans. Speaking
to reporters Thursday at the
White House, Trump com-
plained that President Xi is
“not moving fast enough.”
Trump said he sched-
uled the additional tariffs to
begin Sept. 1 to give exports
already en route from China
time to get to the United
States — a journey that can
take three or four weeks. By
setting the import taxes at
10%, he has leeway to ratchet
them higher if necessary to
further increase pressure on
“Until such time as there’s
a deal,” Trump said, “we’ll be
taxing them.”
The world’s two biggest
economies are locked in a
trade war over U.S. allega-
tions that Beijing uses pred-
atory tactics — including
stealing trade secrets and
forcing foreign companies to
hand over technology — in a
drive to overtake American
technological dominance.
Talks had broken down in
May after the United States
accused the Chinese of reneg-
ing on earlier commitments.
“The fact that this tweet
comes after only one meet-
ing with the Chinese delega-
tion following the resumption
of talks is extremely con-
cerning,” said Rick Helfen-
bein, president of the Amer-
ican Apparel & Footwear
Wendy Cutler, a former
U.S. trade negotiator who
is now vice president at the
Asia Society Policy Insti-
tute, said: “These talks are
not getting any easier. I don’t
expect the Chinese to sit by
... The combination of these
latest tariffs, with Chinese
counter-retaliation, is going
to take a heavy toll on U.S.
consumers, workers, farm-
ers and businesses.”
Trump’s trade war and its
consequences were a key fac-
tor in the Federal Reserve’s
decision Wednesday to cut
interest rates in an other-
wise healthy U.S. econ-
omy. During a news con-
ference, Chairman Jerome
Powell pointed repeatedly
to the uncertainty caused by
Trump’s pursuit of trade wars
on multiple fronts as a reason
for the rate cut.
The president’s decision
to impose a 10% tax on an
additional $300 billion of
Chinese imports might have
been predicated, in fact, on
his confidence that Powell’s
Fed stands ready to cut rates
again. The bond market sig-
naled its belief in that the-
ory Thursday, with Treasury
yields dropping sharply after
Trump’s announcement.
And according to the
CME Group, market trad-
ers now foresee a roughly 70
percent likelihood of another
rate cut when the Fed next
meets in September. Before
Trump’s announcement, the
likelihood was pegged at
under 50 percent.
Sarah Bloom Raskin, a
former Fed board member,
has warned that Fed rate cuts
could embolden Trump to
escalate trade battles for that
very reason.
In the meantime, the addi-
tional Trump tariffs risk fur-
ther souring the relationship
between the world’s two larg-
est economies.
“The stage is now set for
a further escalation of trade
tensions between China and
the U.S.,” said Eswar Prasad,
a Cornell University econo-
mist and former head of the
China division at the Interna-
tional Monetary Fund. “It has
become clear that there is no
clear path to a resolution of
the trade dispute in the com-
ing months, and China might
choose to live with a trade
war while waiting out the
Trump presidency.”
Trump has insisted that
the tariff war is hurting
China but not the United
States. He tweeted two days
ago: “Trumps got China back
on its heels, and the United
States is doing great.”
But his administration is
providing $16 billion in aid
to American farmers — on
top of $11 billion last year
— to offset sales lost after
China imposed retaliatory
tariffs on soybeans and other
U.S. farm products
Justice Department declines to prosecute Comey over memos
Associated Press
Justice Department has
declined to prosecute for-
mer FBI Director James
Comey over his handling of
a series of memos he wrote
that documented personal
interactions with Presi-
dent Donald Trump, a per-
son familiar with the matter
said Thursday.
The memos, some of
which Justice Department
officials later determined
contained classified infor-
mation, were written in the
weeks and months before
Comey’s firing by Trump
in May 2017. A week after
he was fired, Comey autho-
rized a friend to describe
the contents of one of the
memos to the news media.
He has said his hope in
having one of the memos
become public was to spur
the appointment of a special
counsel to run the Justice
Department’s investigation
into possible ties between
Russia and the Trump
together, reveal conver-
sations with Trump that
Comey has said unnerved
him or made him uncom-
fortable. Those include
a White House dinner at
which Comey says Trump
asked him for his loyalty,
and a private Oval Office
discussion where the ex-FBI
head said the president
asked him to end an inves-
tigation into Michael Flynn,
the former White House
national security adviser.
FBI agents collected
AP Photo/J. Scott Applewhite
In this Dec. 17, 2018, file photo, former FBI Director James
Comey speaks to reporters on Capitol Hill in Washington.
four memos from Com-
ey’s house one month after
he was fired, according to
court documents made pub-
lic this week as part of a
lawsuit by the organization
Judicial Watch.
In court documents
arguing against the public
release of the memos, the
FBI has contended that the
memos include “highly sen-
sitive information” about
the Russia probe as well as
certain classified details,
including the code name
and true identity of a source
and details of foreign intel-
ligence information.
Comey has said he took
pains to document other
information in an unclassi-
fied manner so that it could
be made public and dis-
cussed out in the open. That
includes his February 2017
conversation about Flynn,
the topic of the first memo
described to the media.
“So my thinking was, if
I write it in such a way that
I don’t include anything that
would trigger a classifica-
tion, that’ll make it easier
for us to discuss, within the
FBI and the government,
and to — to hold on to it in a
way that makes it accessible
to us,” Comey said at a June
2017 hearing.
The memos, some of
which Comey described in
a book released last year,
were also pieces of evi-
dence in special counsel
Robert Mueller’s Russia
The person who con-
firmed the Justice Depart-
ment’s decision was not
authorized to discuss it by
name and spoke on condi-
tion of anonymity to The
Associated Press.
A lawyer for Comey
declined to comment. John
Lavinsky, a spokesman for
the Justice Department’s
inspector general, which
had been investigating,
said he could not confirm
or deny the existence of an
investigation. The inspec-
tor general’s office is also
expected to release in com-
ing months an investigation
into the origins of the FBI’s
Russia probe.
Worship Community
Sunday Service: 10am & 6pm
Tuesday Kingdom Seekers: 7pm
Wednesday Bible Study: 7pm
We off er: Sunday School • Sign Language
Interpreters • Nursery • Transportation • & more!
Pastor Dan Satterwhite
417 NW 21st St. • Pendleton, OR 97801
Sunday Worship 8:45 a.m.
Sunday School 10:00 a.m. (Nursery Provided)
Fellowship, Refreshments & Sunday School
Check Out our Facebook Page or
Website for More Information
241 SE Second St. Pendleton
Sunday Holy Communion 9:00 a.m.
Wednesday Holy Communion Noon
Weekly Adults Spiritual Life Group
All Are Welcome
Good Shepherd
Lutheran Church
Presbyterian Church
14 Martin Drive,
Umatilla, OR
in Mission for Christ LCMC
Sunday Worship.........9:00 AM
Bible Study......10:00 AM
Sunday worship at
11:00 AM
Pastor Michael Smith
420 Locust St. • Boardman, OR
Worship: 10 AM
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Red Lion Hotel
( Oregon Trail Room )
Pastor Weston Walker
Grace and Mercy Lutheran Church, ELCA
(First United Methodist Church)
191 E. Gladys Ave. / P.O. Box 1108
Hermiston, Oregon 97838
Saturday Services
1401 SW Goodwin Place
Sabbath School 9:20 am
Worship Service 10:45 am
Morning Celebration - 10am
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Pastor Sharon Miller
Pastor Sharon Miller
-Presbyterian Church (USA)-
201 SW Dorion Ave.
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10:20 am
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call 541-278-2678
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Center for Worship & Service
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P eace L utheran C hurch
210 NW 9th, Pendleton
1909 SW Athens Ave.,
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at 10:45am on Sunday
Join us Sundays
9:30 am Sunday Worship
10:00 am Sunday Worship
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~Come and be at Peace ~
on 1290 KUMA noon each Sunday
St. Johns
Episcopal Church
Behind These Stone Walls Beat the Hearts
of Some of the Warmest Most Sincere,
Most Caring People in Pendleton.
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at 9:40am
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First United
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Patty Nance, pastor