Survey: Economists Say Trump’s Tariffs Are Unfavorable for U.S. Growth (Bloomberg)
91 percent of business economists say current tariffs and threats of more to come are having “unfavorable consequential impacts” on the U.S. economy.
Most Read on the Bloomberg (Last 24 Hours):
Elon Musk Defends Punishing Pace as Tesla Saga Enters Third Week (Bloomberg)
The Call is Coming From Inside the House: White House Counsel, Don McGahn, Has Cooperated Extensively in Mueller Inquiry (New York Times)
The New ‘Alternative Facts’: Rudy Giuliani Says ‘Truth Isn’t Truth’ in Defense of Trump’s Legal Strategy (New York Times)
The 25 Most Generous Philanthropists in America Today (Business Insider)
In 2017, Mike Bloomberg donated $702,000,000 to philanthropic causes making him the 5th most generous philanthropist in the U.S. last year, according to the Chronicle of Philanthropy. His biggest causes include the arts, education, environment, public-health, and programs aimed at improving city governments around the world.
The Week Ahead.
Monday, Aug. 20
-Venezuela’s currency is so worthless that President Nicolas Maduro plans to knock off five zeros to re-denominate the bolivar and simplify daily transactions. A cafe con leche cost 2.5 million bolivars, or less than $1, as of Aug. 16.
-The most active period of the Atlantic hurricane season begins today and peaks around Sept. 10. Storms typically form between the Caribbean and Cabo Verde off the coast of Africa.
-President Trump hosts an event in Washington honoring Immigration and Customs Enforcement, Customs and Border Protection officers.
Tuesday, Aug. 21
-European Union Brexit negotiator Michel Barnier and U.K. Brexit Secretary Dominic Raab hold talks in Brussels.
Wednesday, Aug. 22
-The U.S. plans to impose new sanctions on Russia to punish President Vladimir Putin’s government for a March 4 nerve-agent attack in the U.K. on former spy Sergei Skripal and his daughter
Thursday, Aug. 23
-U.S. imposes 25 percent tariffs on an additional $16 billion in Chinese imports. The new list covers products ranging from motorcycles to steam turbines and railway cars. China said it will retaliate with 25 percent tariffs on $16 billion of U.S. goods.
-The Kansas City Fed hosts its annual Economic Policy Symposium in Jackson Hole, Wyoming. This year’s topic is “Changing Market Structure and Implications for Monetary Policy.” Through Aug. 25.
From NI WEEKAHEAD on the Bloomberg.
Best of late night.
“A cold front is headed towards New York this weekend. While down in Washington they’re still assessing the damage from Hurricane Omarosa.”
— Jimmy Fallon
“I heard about a 6 year old in Utah who used her mom’s Amazon account to order $350 worth of toys and video-games. As punishment she was sent to her room where she had an awesome time.”
— Jimmy Fallon