Patti Mohr

Canada, Mexico & U.S. Leaders Sign New Trade Deal

30Nov

By Patti MohrNo Comments

Canada, Mexico & U.S. Leaders Sign New Trade Deal

Nov. 30, 2018--The presidents of Canada, Mexico and the United States signed a new trade agreement governing trillions of dollars of North American trade. Meeting in Buenos Aires, Argentina ahead of today's G20 meeting, Canadian Prime Minister Justin Trudeau, U.S. President Donald Trump and Mexican President Enrique Pena Nieto signed the treaty. The legislatures each country still need to approve it before it takes effect. NAFTA Becomes USMCA The U.S.-Mexico-Canada Agreement succeeds the North American Free Trade Agreement. USMCA covers agriculture, intellectual property, digital trade and financial services. It includes environmental safeguards against unregulated fishing and in trafficking in wildlife and timber and labor rights, such as worker representation in collective bargai...

Global Exchange Bars Iranian Banks in Wake of U.S. Sanctions

13Nov

By Patti MohrNo Comments

Global Trade, Sanctions, Types of News: Brief

Global Exchange Bars Iranian Banks in Wake of U.S. Sanctions

Nov. 13, 2018--U.S. sanctions against Iran are beginning to hit the banking sector, making international exchange difficult for Iran and its trading partners. Over the weekend, a global messaging system needed for international trade cut Iranian banks off from its exchange. Without access, Iranian traders cannot conduct business abroad using with bank-to-bank money transfers. As the ban takes effect, international transactions with Iranian banks and traders may come to a halt. Furthermore, the impact on banking transactions brings diplomatic rifts between the United States and the European Union to the surface. SWIFT's Hard Hit The Brussels-based SWIFT system started disconnecting some Iranian banks from its network over the weekend. A SWIFT statement reported by Reuters called the...

A Closer Look At Central America as Migrant Caravan Pauses in Mexico City

8Nov

By Patti MohrNo Comments

Immigration, Migration, Types of News: Analysis

A Closer Look At Central America as Migrant Caravan Pauses in Mexico City

Nov. 8, 2018--Under pressure from U.S. President Donald Trump to stop the flow of migration coming from their countries, the presidents of Guatemala and Honduras are urging migrants to return home and calling for an investigation to determine the cause of the latest waves of migration. Honduran President Juan Hernández said the migrants "were tricked into embarking on this irregular crossing, which was organized for political ends," Xinhua news reported. He promised to generate more jobs for Hondurans by investing in infrastructure. Meeting with Hernández on Monday in Tegucigalpa, Guatemala President Jimmy Morales said he shares his concerns and wants to prosecute people who incited and directed the migration caravan. "We are very much in agreement with President Hernández and we ...

U.S. Debt Doubles Under A Decade of Deficits

5Nov

By Patti MohrNo Comments

Finance, Currency, Debt, National Budgets & Interest Rates, Types of News: Analysis

U.S. Debt Doubles Under A Decade of Deficits

Nov. 5, 2018--The U.S. national debt doubled over the last decade, from $10 trillion in 2008 to over $21 trillion this year, as the government continually spent more money than it raised in revenue. The largest deficits came during the Obama Administration in the aftermath of the 2008-09 global financial crisis: $1.4 trillion in 2009, $1.29 trillion in 2010 and $1.3 trillion in 2011. The U.S. economy had fallen into recession at the end of 2007 and did not begin to recover until June 2009. By 2014, however, the economy resumed steady annual growth. National Debt Even during today's relative strong economic growth period, annual deficits are reaching close to $1 trillion a year. The annual deficit is projected to reach $833 billion this fiscal year and $984 billion in FY2019. As ...

New U.S. Sanctions Against Iran Go Into Effect

5Nov

By Patti MohrNo Comments

Energy Policy, Oil & Gas, Global Trade, Sanctions, Types of News: Brief

New U.S. Sanctions Against Iran Go Into Effect

Nov. 5, 2018--Six months after pulling out of the six-party nuclear deal, the United States has launched new sanctions against Iran, impacting its banks, shipping industry, businesses and individuals. The sanctions block assets and transactions on over 900 targets, many of them newly named. "They'll be the toughest sanctions ever placed against the Islamic Republic of Iran," U.S. Secretary of State Mike Pompeo said on Sunday in an interview with CBS News. The sanctions mean that companies doing business with both the U.S. and Iranian firms will have to make a choice: Pick a side. You cannot do business with both countries. According to Pompeo, some business leaders quit conducting business in Iran based on the U.S. decision to withdraw from the six-party nuclear deal. "European co...

U.S. Firms Sold Saudi Arabia $139 Billion of Weapons in Last 10 Years

31Oct

By Patti MohrNo Comments

Arms Sales, Military Industry, Geopolitics, Types of News: Brief

U.S. Firms Sold Saudi Arabia $139 Billion of Weapons in Last 10 Years

October 31, 2018-U.S. defense companies sold the Kingdom of Saudi Arabia nearly $139 billion of military equipment and defense services over the last 10 years. That's more than the $110 billion in sales projected for the next 10 years. International arms sales to the kingdom are coming under greater scrutiny in the aftermath of the killing of journalist Jamal Khashoggi by Saudi Arabian officials in Istanbul, Turkey on Oct. 2. Last week, the European Parliament passed a resolution urging member states to ban arm sales to Saudi Arabia. Some U.S. lawmakers, like Sen. Rand Paul, R-Ky., are urging colleagues to to do same. Ongoing Arms Sales The highest grossing year of sales to the Saudi military for U.S. defense companies was 2010 with $60.9 billion of sales. Sales include Chinook, Apache ...

United States Named ‘Most Competitive’ Economy

19Oct

By Patti MohrNo Comments

Global Economics, Globalization, Disintegration, Types of News: Brief

United States Named ‘Most Competitive’ Economy

October 19, 2018--The most competitive economies in the world today are the United States, Singapore, Germany, Switzerland and Japan, according to an annual assessment by the World Economic Forum. The annual report provides a snapshot of the business landscape within 140 countries based on a criteria thought to support economic growth. U.S. Innovation & Dynamism Rising one spot over last year's number two spot, the United States ranks the highest this year. The high score of 85.6 on a 100-point measurement scale is due mainly to it business culture, labor market and financial system. The United States ranked less well, however, on other quality measures such as health, judicial independence, corruption and checks and balances. It's life expectancy of 67.7 years ranks 46th on th...

Businesses Begin to Feel the Bite of a Global Trade War

26Jun

By Patti MohrNo Comments

Global Trade, Types of News: Analysis

Businesses Begin to Feel the Bite of a Global Trade War

June 26, 2018 - As a growing list of tariffs and retaliatory tariffs take effect, businesses are beginning to feel the economic impact. Manufacturers worldwide are bracing for the change and considering ways to manage. Importers and Exporters Impacted Manufacturers in Guangdong, China, for instance, say they are consider setting up factories in countries like India, Vietnam and Mexico, shipping their products to the United States through other countries first and charging U.S. buyers more. While the impact might be relatively small for Chinese industry as a whole, individual industries and companies, such as automotive suppliers, would be hit hard, according to South China Morning Post reporting. Companies making metal products who are exposed to both tariffs and counter tariffs on st...

U.S. Lacks Funds to Handle Migrants, Asylum Cases, Trump Says

25Jun

By Patti MohrNo Comments

Domestic Politics: United States, Immigration, Migration, Types of News: Brief

U.S. Lacks Funds to Handle Migrants, Asylum Cases, Trump Says

June 25, 2018-The United States not only has "the worst immigration laws in the history of the world," it also lacks the funds and resources to deal with migrants crossing its borders, President Donald Trump said late last week as he met with his Cabinet. The statements came just before the U.S. Congress set aside immigration legislation and as the federal government came under scrutiny for separating migrant families. Blame the Other Party Congress appears to be stalemated despite the need to clarity U.S. immigration laws and despite the fact that tens of thousands of migrants are crossing into the United States from Mexico and Central America each year. According to the White House, 200,000 unaccompanied minors migrated to the United States since 2014. "So [Democrats] want us to ...

As Gov’t Begins Reuniting Families, Congress Sets Immigration Reforms Aside

23Jun

By Patti MohrNo Comments

Corruption, Bribes, Illicit Finance & Money Laundering, Domestic Politics: United States, Immigration, Migration, Types of News: Brief

As Gov’t Begins Reuniting Families, Congress Sets Immigration Reforms Aside

June 23, 2018-As the U.S. government began reuniting migrant children with their parents, who are being held for illegally crossing the U.S. border, the prospects for immigration reform in Congress appeared dead. The massive migration from Central America to the United States and the U.S. government's inability to handle it have created a crisis with both human and economic costs. The issues involved relate to bureaucratic incompetence, human smuggling, transnational crime, and a broken political system. Many Children And Parents Remain Apart Under pressure mounting pressure from an outrages public, the U.S. government started reuniting parents held under prosecution with their children. According to CBS News, the government returned 500 of the 2,300 children held in detention centers wi...