By Katie Van Syckle,Friday, May 10, 2019 |
We’re covering the uproar over U.S.-China trade tensions, Democrats’ concerns of a constitutional crisis and a typo on Australia’s $50 bill.
Complications with U.S.-China trade deal multiply
President Trump is expected to impose new tariffs on Chinese goods at (12:01 a.m. Eastern).
That cast a definite shadow over two days of trade talks that wrap up on Friday. It’s hard to predict whether the U.S. and Chinese negotiators will reach the deal that had, last week, seemed so near.
At the same time, tensions with North Korea have risen again, adding to the U.S. need for China’s cooperation in reining in that country.
Global markets fell again. The S&P 500 was on course for a fourth consecutive decline.
North Korea: The U.S. seized a North Korean ship for violating U.S.-led sanctions, escalating tensions already on the rise because North Korea has resumed weapons tests.
Trade talks: The sticking point appears to be a late decision by China’s leader, Xi Jinping, to reject demands that China change laws constraining U.S. businesses.
Xi’s tightrope: Mr. Xi must guard his image within China. Ceding to the U.S. could be humbling, but being hit with new tariffs could shake confidence in his country’s economy.
China’s options: If the U.S. course remains unchanged, Beijing could raise existing tariffs on U.S. goods; encourage Chinese consumers to boycott U.S. products, like iPhones; delay U.S imports; and let the value of its currency slide.
But those moves, our Shanghai bureau chief reports, could hurt the Chinese economy as much as the U.S.’s.
House Speaker Nancy Pelosi at a news conference on Capitol Hill. Erin Schaff/The New York Times
Is the U.S. in a constitutional crisis?
House Speaker Nancy Pelosi says yes.
Speaking to reporters, she warned that House Democrats might move to hold more Trump administration officials in contempt of Congress if they refused to comply with subpoenas involving the Mueller report.
Ms. Pelosi said Democrats would bring the contempt of Congress citation against Attorney General William Barr for a full House vote “when we are ready.”
President Trump: In a surprise 45-minute news conference, Mr. Trump said he would let Mr. Barr decide whether the special counsel, Robert Mueller, could testify on the Russia investigation. He also said he was “pretty surprised” that his eldest son, Donald Trump Jr., was subpoenaed to testify in front of the Senate.