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Boockvar's comments came after President Donald Trump said late on Thursday that
he had told the U.S. Trade Representative to consider $100 billion in additional
tariffs on Chinese products given what he said was China's "unfair retaliation."
"Any hope that this spat with China was going to stay contained with an ultimate
agreement at the end of the day just got thrown under the bus," Boockvar, who is
chief investment officer at Bleakley Advisory Group, said in an email following the
most recent development in an escalating tit-for-tat on U.S.-China trade relations.
"Markets are deservingly losing patience with the administration's approach to this,"
he said.
U.S. Trade Representative Robert Lighthizer said those new tariffs would not be
imposed until a public comment process was concluded.
Despite that attempt to downplay tensions, U.S. stock index futures tumbled on the
back of Trump's statement, with Dow Jones industrial average futures indicating a
more than 400-point drop at one point.
As of 8:25 p.m. ET, the implied open for Dow futures was more than 350 points
lower.
Trump's statement came after China on Wednesday unveiled a list of 106 U.S.
products, including soybeans and cars, that face additional tariffs, although no start
date was announced.
That, in turn, came hot on the heels of the Trump administration's announcement that
it intended to target a list of Chinese imports for what it deemed unfair trade practices.
Boockvar told CNBC on Wednesday that China's retaliatory tariffs would further
weaken the market, raising the cost of doing business for American companies and
diminish business for the U.S.
https://www.cnbc.com/2018/04/05/us-weekly-jobless-claims-mar-31-
2018.html?recirc=taboolainternal
New applications for U.S. unemployment benefits increased more than expected last
week, but the number of Americans on jobless rolls fell to its lowest level since 1973,
pointing to tightening labor market conditions.
Initial claims for state unemployment benefits rose 24,000 to a seasonally adjusted
242,000 for the week ended March 31, the Labor Department said on Thursday. Data
for the prior week were revised to show 3,000 more claims received than previously
reported.
Economists polled by Reuters had forecast claims rising to 225,000 in the latest week.
Last week's increase likely reflected difficulties adjusting the data around moving
holidays like Easter and school spring breaks.
Caitlin Ochs | Bloomberg | Getty Images
A New York Department of City Administrative Services representative, left, speaks with job seekers during a
Catalyst Career Group job fair in New York, Feb. 7, 2018.
The labor market is considered to be near or at full employment. The jobless rate is at
a 17-year low of 4.1 percent, not too far from the Federal Reserve's forecast of 3.8
percent by the end of this year.
The Labor Department said claims for Maine and Colorado were estimated last week.
It also said claims-taking procedures in Puerto Rico and the Virgin Islands had still
not returned to normal after the territories were devastated by Hurricanes Irma and
Maria last year.
The four-week moving average of initial claims, viewed as a better measure of labor
market trends as it irons out week-to-week volatility, rose 3,000 to 228,250 last week.
The claims data has no bearing on March's employment report, which is scheduled for
release on Friday. According to a Reuters survey of economists, nonfarm payrolls
probably increased by 193,000 jobs in March. The unemployment rate is forecast
falling one-tenth of a percentage point to 4.0 percent.
Economists are optimistic that tightening labor market conditions will start boosting
wage growth in the second half of this year. That should help to support consumer
spending, which slowed at the start of the year.
The claims report also showed the number of people receiving benefits after an initial
week of aid fell 64,000 to 1.81 million in the week ended March 24, the lowest level
since December 1973. The four-week moving average of the so-called continuing
claims dropped 13,500 to 1.85 million, the lowest reading since January 1974.
https://www.cnbc.com/2018/04/04/goldman-sachs-on-where-to-invest-during-a-
global-trade-war.html?recirc=taboolainternal
A CSX coal train heads south toward the Ohio River in Cincinnati, Ohio.
The latest round of tariff retaliation is sparking worries a global trade war will break
out between the U.S. and China.
As a result, automakers, defense and other major exporter stocks dropped at the
market open Wednesday.
Goldman Sachs gave its clients a specific game plan last year to play this big moment
for the markets.
The firm warned at the time that if President Donald Trump does implement a
protectionist trade policy, it could start a global trade war and lead to a market drop.
"One potential risk to our central case is that global growth slows, or profits are hit, by
increased US tariffs on trade and the possibility of an escalating global trade war,"
Goldman's chief global equity strategist Peter Oppenheimer wrote in a note to clients
in July.
In the event of the conflict, the strategist recommended investors buy companies with
higher domestic sales exposure.
"Below the surface of the market, trade conflict would benefit the performance of
the most domestic-facing U.S. stocks relative to the most foreign-facing firms," he
wrote.
Here are seven companies in Goldman's domestic sales basket that the firm
recommended.
Shares of CVS Health, Dollar General, Public Storage and Verizon all rose
Wednesday morning amid a big market decline. CSX was down more than 1.5
percent.
https://www.cnbc.com/2018/04/02/anthony-bourdain-was-10-years-behind-on-taxes-
heres-what-can-happen.html?recirc=taboolainternal
Anthony Bourdain
Before Anthony Bourdain's career took off with his best-selling memoir,
"Kitchen Confidential," the chef had zero savings and hadn't filed taxes in a
decade.
"In my daily life, the goal was to muffle the anxiety that I'd feel as I tried to
drift off to sleep knowing that, at any point, what little money I had in my
bank account could be garnished by the IRS," he told online investing service
Wealthsimple in 2017.
What actually happens if you don't pay your taxes? CNBC spoke to Lisa
Greene-Lewis, certified public accountant and TurboTax blog editor, about
the consequences you could face. Although everyone's tax situation is
different, here are some of the things that might happen if you don't submit
your 2017 tax returns by the filing deadline, which this year is Tuesday, April
17.
How to get your taxes done for free
There are different penalties for not filing your taxes and not paying your
taxes, Greene-Lewis tells CNBC.
If you file your taxes but don't pay them, the penalty is far less: Generally, the
IRS will charge you a failure-to-pay penalty of 0.5 percent of your unpaid
taxes for each month you don't pay, up to 25 percent. Interest also accrues on
your unpaid taxes. The interest rate is equal to the federal short-term rate,
plus 3 percent.
In short, even if you're only a couple of months behind on your taxes, the
consequences can pile up, thanks to fees and interest. And you may miss out
on a refund by not filing. After all, "the IRS reports every year that they have
close to $1 billion in unclaimed refunds," says Greene-Lewis. "And those
refunds are averaging about $700. That's a lot of money."
Even if you can't pay your taxes, file. "In most cases, the failure-to-file
penalty is 10 times more than the failure-to-pay penalty," the IRS reports.
You can always apply for a payment plan with the IRS to resolve your tax
debt.
If you continually ignore your taxes, you may have more than fees to deal
with. The IRS could take action such as filing a notice of a federal tax lien (a
claim to your property), actually seizing your property, making you forfeit
your refund or revoking your passport.
Now that you're inspired to get started on your 2017 tax returns, if you
haven't done so already, read up on the common errors that can slow down
the filing process.
https://en.tempo.co/read/news/2018/04/06/056917344/Minister-Dwelling-Time-Must-
be-Improved-in-One-Month
Popular
TEMPO.CO, Jakarta - Transportation Minister Budi Karya Sumadi expressed hope that
the dwelling time service could be improved within a month.
"We will restore the various policies that have been done by ministries and agencies," Budi
told the press at Tanjung Priok port in Jakarta on Thursday, April 5.
After listening to the exposure from a number of ministries and agencies, the minister noted
that he would provide input for improvements. Budi remarked that he will also meet the
leaders of ministries and agencies to request for improvement in dwelling time service so
that it can run well on target.
"I want the dwelling time to be three days only. This can be done by making various
changes and improvements," the minister explained.
He revealed that the dwelling time implementation must meet four criteria, namely, it must
be easy, cheap, fast, and transparent, so that entrepreneurs can run their business
properly, effectively, and efficiently.
A number of issues that are yet to be resolved by ministries and institutions include the lack
of and less competence of human resources. "In addition, room for clearing documents is
less spacious and should be expanded. Online networks that are less consistent should
also be made consistent", he elaborated.
Dwelling Time is the length of time when imported goods containers are being kept in the
Temporary Accommodation Place (TPS) at the port, from the time they are unloaded from
ship till the time they are taken out of the TPS.
Based on data from the Ministry of Transportation, the Port of Tanjung Priok currently has a
dwelling time of 3.33 days, Belawan Port has a dwelling time of 3.46 days, and Tanjung
Emas Port/Tanjung Perak has a dwelling time of 3.73 days.
The three-day dwelling time rule is an attempt by the Ministry of Transport to reduce the
cost of logistics, which too expensive. The decline in logistics costs is expected to increase
exports.
https://www.cnbc.com/2018/04/05/chinas-1-point-2-trillion-weapon-that-could-be-
used-in-a-us-trade-war.html?recirc=taboolainternal