EUR/USD 1.13587
-0.267%
Gold 3304.73
-1.311%
Oil 62.946
0.567%
USD/JPY 143.646
0.705%
GBP/USD 1.33184
-0.168%
GBP/JPY 191.311
0.579%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On April 26, according to the Wall Street Journal, in order to simplify the negotiations on reciprocal tariffs, US negotiating officials plan to use a new framework developed by the Office of the United States Trade Representative (USTR), which lists major categories of negotiations, such as tariffs and quotas, non-tariff trade barriers, digital trade, product origin principles, economic security and other commercial issues. In these categories, US officials will put forward specific requirements for individual countries, but people familiar with the matter emphasized that this document may also be adjusted at any time. People familiar with the matter said that the United States initial plan is to negotiate with 18 major trading partners in turn over the next two months. The initial plan is to alternately participate in the talks with six countries per week for three weeks (six countries in the first week, another six countries in the second week, and another six countries in the third week) until the deadline of July 8. If US President Trump does not extend the 90-day suspension period he set by then, those countries that cannot reach an agreement will begin to face reciprocal tariffs.On April 26, after the United States announced additional tariffs on goods from many countries, Peruvian business people expressed concerns that the US governments extreme measures would disrupt the global trade order and may even trigger a global economic recession. Alvaro Barrenechea Chavez, vice president of the Peruvian-Chinese Chamber of Commerce, said that the negative impact of the US tariff policy has begun to emerge and hoped that the US government would rethink. Recognizing the importance of countries working together to promote development, I think this is the best way to become a true "world citizen."Market news: Musks xAI company plans to raise about US$20 billion in a financing round.Conflict situation: 1. Ukrainian top commander: Russia tried to use air strikes as a cover to increase ground attacks, but was repelled by Ukraine. 2. Ukrainian Air Force: Russia launched more than 103 drones in the night attack on Ukraine. 3. Local officials said Ukraine launched an attack in the Belgorod region of Russia, killing two people. 4. The local governor said that Russia launched an attack on the Dnipropetrovsk region of Ukraine, killing one person and injuring eight people. Peace talks: 1. Trump: ① The situation between Russia and Ukraine is gradually becoming clear, and they are "very close" to reaching an agreement. ② Ukraine is unlikely to join NATO. ③ Ukraine has not yet signed the rare earth agreement and hopes that the agreement can be signed immediately. ④ It is foreseeable that the United States will conduct commercial cooperation with Ukraine and Russia after reaching an agreement. 2. Russian Foreign Minister: Russia is "ready to reach an agreement on Ukraine." 3. Russian Presidential Assistant Ushakov: Russia and the United States will continue to maintain active dialogue. 4. Russian Presidential Assistant: Putin discussed the possibility of resuming direct negotiations between Russia and Ukraine with the US envoy. 5. The differences between the United States, Europe and Ukraine are clear. The documents show that European countries and Ukraine have raised objections to some of the US proposals to end the Russia-Ukraine conflict. 6. Market news: As part of the peace agreement, the United States asked Russian President Putin to abandon the demilitarization requirement. Other situations: 1. President of Hungarys OTP Bank: We hope to return to all business areas in Russia after the (Russia-Ukraine) conflict ends. 2. Ukrainian President Zelensky: US ground forces are not necessary for Ukraine. 3. Trump said Crimea will remain in Russia, Zelensky: Never recognize it. Agreeing with Trumps view, Crimea cannot be recovered by force. 4. NATO Secretary-General Rutte met with Trump and senior US officials to discuss defense spending, NATO summit, and the Ukrainian conflict.Rising global trade risks, overall policy uncertainty and the sustainability of U.S. debt top the list of potential risks to the U.S. financial system, according to the Federal Reserves latest financial stability report released on Friday. This is the first time the Fed has conducted a semi-annual survey on financial risks since Trump returned to the White House. 73% of respondents said that global trade risks are their biggest concern, more than double the proportion reported in November. Half of the respondents believe that overall policy uncertainty is the most worrying issue, an increase from the same period last year. The survey also found that issues related to recent market turmoil have received more attention, with 27% of respondents worried about the functioning of the U.S. Treasury market, up from 17% last fall. Foreign withdrawals from U.S. assets and the value of the dollar have also risen on the list of concerns.

Biden Turns to Ethanol to Help Bring Down Gasoline Costs as Consumer Inflation Soars

Haiden Holmes

Apr 13, 2022 09:32

G2.png


Biden's poll scores have dipped as consumer prices have increased, and inflation is seen as a big disadvantage going into November's midterm elections.


The decision is a success for the US corn lobby, since it will almost certainly increase demand for maize-based ethanol, and a defeat for oil refiners, who consider ethanol as a threat.


From June 1 until September 15, the proposal will enable Americans to continue purchasing E15 gasoline, which contains 15% ethanol. While E15 is just 10 cents cheaper on average and has a lower "energy density," which means drivers would need to purchase more gasoline, top administration officials told reporters on a Monday call previewing the announcement that it should still help reduce costs.


Only a few thousand gasoline shops in the United States supply E15 at the pump, and they are required by law to switch off the pumps during the summer season. That, Biden assured the Iowa gathering, would change this summer, if only momentarily.


"You are not going to go up to your neighborhood gas station and find a sack over the lowest gas pump. You will be allowed to continue filling E15," Biden said.


He emphasized that there is still more work to be done to bring down gasoline costs.


"It will not resolve all of our issues," Biden said.


According to two individuals familiar with the conversations, the decision follows many weeks of internal White House debate that pitted environmental champions like Gina McCarthy against Agriculture Secretary Tom Vilsack, a former governor of Iowa.


The summertime ban on E15 was implemented due to fears that it adds to pollution in hot weather, despite the fact that research indicates that the 15% mix may not contribute to smog in comparison to the more prevalent 10% blends available year-round.


Russia's invasion of Ukraine and the subsequent sanctions and boycotts drove retail gasoline prices to record highs, creating a vulnerability for Biden's Democratic colleagues in November's legislative elections.


"Your family's budget, your ability to fill up your tank, none of this should be contingent on whether a tyrant declares war and commits atrocities halfway over the globe," Biden added.


Biden stated last month that the US will begin selling 180 million barrels of petroleum from the Strategic Petroleum Reserve at a pace of one million barrels per day in May, the largest release from the stockpile since it was established in the 1970s.

CORN VS. OIL

Biden announced the E15 extension during a visit to POET Bioprocessing in Iowa, the country's biggest biofuels producer.


"We commend Vice President Biden and his administration for recognizing that low-cost, low-carbon ethanol deserves a fair chance to bolster our energy security and bring record-high pump prices down," Renewable Fuels Association President Geoff Cooper said.


Oil sector representatives chastised the government for the move.


"Americans are seeking long-term answers to high gasoline costs, not short-term political fixes," said Ron Chittim, spokesperson for the American Petroleum Institute, the oil industry's primary lobbying group.


The Environmental Protection Agency (EPA) plans to issue a national emergency waiver to effect the move closer to June, administration officials said. According to the White House, the EPA is reportedly exploring further measures to enable year-round use of E15.


The American Fuel and Petrochemical Manufacturers (AFPM) business organization questioned whether the extension of E15 sales was legal, stating that the EPA waiver being utilized is for for unexpected circumstances such as hurricanes.


In 2019, the courts rejected a previous attempt by Biden's predecessor, Republican Donald Trump, to extend a waiver allowing year-round sales of E15.


Officials briefing reporters on Biden's announcement said that his government will have a different "approach" and "authority" than Trump's, but provided no specifics.


Additionally, they said that the EPA will work with states to guarantee that the prolonged sale of E15 would have no "substantial" detrimental effect on summer air quality.


Suggestion