economy
The Trump administration’s massive deregulation effort and the enactment of the Tax Cuts and Jobs Act passed by the Republican-controlled Congress have done wonders for the U.S. economy. There are now more open jobs than there are unemployed people in America. Wages are increasing, and consumer and business confidence is rising with them.
“In the technology space, China has this thing called China 2025. It’s basically a blueprint to take over and dominate the emerging technology industries of the future - things like artificial intelligence, robotics, high-tech shipping, aerospace,” he explained. “The president has said, correctly, these are the industries of the future. If we don’t have them, America doesn’t have a future,” he warned. Navarro outlined four tactics China uses to dominate these industries.
China "has experienced rapid economic growth to become the world's second largest economy while modernizing its industrial base and moving up the global value chain. However, much of this growth has been achieved in significant part through aggressive acts, policies, and practices that fall outside of global norms and rules (collectively, 'economic aggression')," the White House report said in its opening.
"Qualcomm is selectively asserting its patents to target only Apple products containing Intel chipsets -- even though its patent infringement allegations would apply equally to Apple products containing Qualcomm chipsets -- in an attempt to use the ITC as another mechanism for perpetuating its ill-gotten monopoly position," Apple wrote.
President Trump on Friday announced that the United States would impose tariffs on $50 billion in Chinese products, making good on a threat that has been months in the making. The White House's move is expected to ramp up trade tensions with Beijing and possibly risk a key cooperative partnership to help denuclearize the Korean peninsula.
"The United States will not get a second chance to win the global 5G race," Meredith Attwell Baker, president and CEO of the wireless industry group CTIA, warned in April, when the group released a report concluding that the US trails China and South Korea in preparing for 5G (fifth generation) networks. If that doesn’t change, the report warns, the US economy will suffer.
Exports of U.S. technology industry products and services grew by nearly $10 billion in 2017, to an estimated $322 billion, according to a new analysis released today by CompTIA, the world's leading technology association.
Many believe that China’s government prevents the untrammeled expression of ideas and thereby stifles innovation. As a result, the theory goes that China has to obtain technology from others because it cannot develop creative ideas on its own. While that might have had some truth to it for much of its recent economic history, it is no longer true today.
The federal government, through disaster relief programs and flood insurance, subsidizes the cost of rebuilding in areas hit repeatedly by storms, floods and fires. Critics say that encourages too much development in those regions, wasting tens of billions of dollars in tax money and endangering lives.
A number of high-tax states have recently passed legislation to help residents manage new caps on their ability to take federal tax deductions. However, accountants are warning taxpayers to proceed with caution. This year, the Tax Cuts and Jobs Act put in place a $10,000 cap on the amount of state and local taxes (SALT) that filers can claim on their taxes.