OPEC and Russia moved closer on Wednesday to agreeing cuts in oil production from next year despite pressure from U.S. President Donald Trump to reduce the price of crude.

OPEC meets on Thursday in Vienna, followed by talks with allies such as Russia on Friday. OPEC’s de facto leader, Saudi Arabia, has indicated a need for steep output reductions from January, fearing a glut, but Russia has resisted a large cut.

“All of us including Russia agreed there is a need for a reduction,” Oman’s Oil Minister Mohammed bin Hamad Al-Rumhy told reporters after a ministerial committee that groups Saudi Arabia, Russia and several other producers met on Wednesday.

WATCH: Analysts: OPEC Meeting in Vienna to Result in Less Production

Exact volumes were still being discussed, he said. The cuts would take September or October 2018 as baseline figures and last from January to June.

Two OPEC delegates said Russian Energy Minister Alexander Novak was flying back to Moscow on Wednesday to get a final agreement from President Vladimir Putin.

Saudi Arabia has indicated it wants the Organization of the Petroleum Exporting Countries and its allies to curb output by at least 1.3 million barrels per day, or 1.3 percent of global production.

Riyadh wants Moscow to contribute at least 250,000-300,000 bpd to the cut but Russia insists the amount should be only half of that, OPEC and non-OPEC sources said.

Russia’s TASS news agency quoted an OPEC source as saying OPEC and its allies were discussing the idea of reducing output next year by reverting to production quotas agreed in 2016.

Such a move would mean cutting production by more than 1 million bpd. Saudi Arabia, Russia and the UAE have raised output since June after Trump called for higher production to compensate for lower Iranian exports due to new U.S. sanctions.

Russia, Saudi Arabia and the United States have been vying for the position of top crude producer in recent years. The United States is not part of any output-limiting initiative due to its anti-trust legislation and fragmented oil industry. Trump raises pressure

Oil prices have fallen by almost a third since October to around $62 per barrel after Saudi Arabia raised production to make up for the drop in Iranian exports. Washington also gave sanctions waivers to some buyers of Iranian crude, further raising fears of an oil glut next year.

“Hopefully OPEC will be keeping oil flows as is, not restricted. The world does not want to see, or need, higher oil prices!” Trump wrote in a tweet on Wednesday.

Possibly complicating any OPEC decision is the crisis around the killing of journalist Jamal Khashoggi at the Saudi consulate in Istanbul in October. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many U.S. politicians to impose stiff sanctions on Riyadh.

“How can the Saudis cut substantially if Trump doesn’t want a big cut?” said Gary Ross, chief executive of U.S.-based Black Gold Investors and a veteran OPEC watcher.

“Trump is worried about the Fed and inflation. So he wants low prices now. Also if Saudis are obnoxious with a deep output cut, it will spur the Democrats in Congress to go more actively for the Nopec legislation and the withdrawal of U.S. support for the Saudi-backed forces in the war in Yemen,” Ross said.

The Nopec legislation being discussed by U.S. lawmakers could make it possible to sue Saudi Arabia and other OPEC members for price fixing.

Bob McNally, president of U.S.-based Rapidan Energy Group, said OPEC was stuck between a rock and a hard place given pressure from Trump on one hand and the need for higher revenues on the other.

“We think OPEC will try to come up with a fuzzy production cut … It won’t be called a cut but will effectively mean a cut, which will also be difficult to quantify,” McNally said.
…

OPEC and Russia moved closer on Wednesday to agreeing cuts in oil production from next year despite pressure from U.S. President Donald Trump to reduce the price of crude.

OPEC meets on Thursday in Vienna, followed by talks with allies such as Russia on Friday. OPEC’s de facto leader, Saudi Arabia, has indicated a need for steep output reductions from January, fearing a glut, but Russia has resisted a large cut.

“All of us including Russia agreed there is a need for a reduction,” Oman’s Oil Minister Mohammed bin Hamad Al-Rumhy told reporters after a ministerial committee that groups Saudi Arabia, Russia and several other producers met on Wednesday.

WATCH: Analysts: OPEC Meeting in Vienna to Result in Less Production

Exact volumes were still being discussed, he said. The cuts would take September or October 2018 as baseline figures and last from January to June.

Two OPEC delegates said Russian Energy Minister Alexander Novak was flying back to Moscow on Wednesday to get a final agreement from President Vladimir Putin.

Saudi Arabia has indicated it wants the Organization of the Petroleum Exporting Countries and its allies to curb output by at least 1.3 million barrels per day, or 1.3 percent of global production.

Riyadh wants Moscow to contribute at least 250,000-300,000 bpd to the cut but Russia insists the amount should be only half of that, OPEC and non-OPEC sources said.

Russia’s TASS news agency quoted an OPEC source as saying OPEC and its allies were discussing the idea of reducing output next year by reverting to production quotas agreed in 2016.

Such a move would mean cutting production by more than 1 million bpd. Saudi Arabia, Russia and the UAE have raised output since June after Trump called for higher production to compensate for lower Iranian exports due to new U.S. sanctions.

Russia, Saudi Arabia and the United States have been vying for the position of top crude producer in recent years. The United States is not part of any output-limiting initiative due to its anti-trust legislation and fragmented oil industry. Trump raises pressure

Oil prices have fallen by almost a third since October to around $62 per barrel after Saudi Arabia raised production to make up for the drop in Iranian exports. Washington also gave sanctions waivers to some buyers of Iranian crude, further raising fears of an oil glut next year.

“Hopefully OPEC will be keeping oil flows as is, not restricted. The world does not want to see, or need, higher oil prices!” Trump wrote in a tweet on Wednesday.

Possibly complicating any OPEC decision is the crisis around the killing of journalist Jamal Khashoggi at the Saudi consulate in Istanbul in October. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many U.S. politicians to impose stiff sanctions on Riyadh.

“How can the Saudis cut substantially if Trump doesn’t want a big cut?” said Gary Ross, chief executive of U.S.-based Black Gold Investors and a veteran OPEC watcher.

“Trump is worried about the Fed and inflation. So he wants low prices now. Also if Saudis are obnoxious with a deep output cut, it will spur the Democrats in Congress to go more actively for the Nopec legislation and the withdrawal of U.S. support for the Saudi-backed forces in the war in Yemen,” Ross said.

The Nopec legislation being discussed by U.S. lawmakers could make it possible to sue Saudi Arabia and other OPEC members for price fixing.

Bob McNally, president of U.S.-based Rapidan Energy Group, said OPEC was stuck between a rock and a hard place given pressure from Trump on one hand and the need for higher revenues on the other.

“We think OPEC will try to come up with a fuzzy production cut … It won’t be called a cut but will effectively mean a cut, which will also be difficult to quantify,” McNally said.
…

OPEC and Russia moved closer on Wednesday to agreeing cuts in oil production from next year despite pressure from U.S. President Donald Trump to reduce the price of crude.

OPEC meets on Thursday in Vienna, followed by talks with allies such as Russia on Friday. OPEC’s de facto leader, Saudi Arabia, has indicated a need for steep output reductions from January, fearing a glut, but Russia has resisted a large cut.

“All of us including Russia agreed there is a need for a reduction,” Oman’s Oil Minister Mohammed bin Hamad Al-Rumhy told reporters after a ministerial committee that groups Saudi Arabia, Russia and several other producers met on Wednesday.

WATCH: Analysts: OPEC Meeting in Vienna to Result in Less Production

Exact volumes were still being discussed, he said. The cuts would take September or October 2018 as baseline figures and last from January to June.

Two OPEC delegates said Russian Energy Minister Alexander Novak was flying back to Moscow on Wednesday to get a final agreement from President Vladimir Putin.

Saudi Arabia has indicated it wants the Organization of the Petroleum Exporting Countries and its allies to curb output by at least 1.3 million barrels per day, or 1.3 percent of global production.

Riyadh wants Moscow to contribute at least 250,000-300,000 bpd to the cut but Russia insists the amount should be only half of that, OPEC and non-OPEC sources said.

Russia’s TASS news agency quoted an OPEC source as saying OPEC and its allies were discussing the idea of reducing output next year by reverting to production quotas agreed in 2016.

Such a move would mean cutting production by more than 1 million bpd. Saudi Arabia, Russia and the UAE have raised output since June after Trump called for higher production to compensate for lower Iranian exports due to new U.S. sanctions.

Russia, Saudi Arabia and the United States have been vying for the position of top crude producer in recent years. The United States is not part of any output-limiting initiative due to its anti-trust legislation and fragmented oil industry. Trump raises pressure

Oil prices have fallen by almost a third since October to around $62 per barrel after Saudi Arabia raised production to make up for the drop in Iranian exports. Washington also gave sanctions waivers to some buyers of Iranian crude, further raising fears of an oil glut next year.

“Hopefully OPEC will be keeping oil flows as is, not restricted. The world does not want to see, or need, higher oil prices!” Trump wrote in a tweet on Wednesday.

Possibly complicating any OPEC decision is the crisis around the killing of journalist Jamal Khashoggi at the Saudi consulate in Istanbul in October. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many U.S. politicians to impose stiff sanctions on Riyadh.

“How can the Saudis cut substantially if Trump doesn’t want a big cut?” said Gary Ross, chief executive of U.S.-based Black Gold Investors and a veteran OPEC watcher.

“Trump is worried about the Fed and inflation. So he wants low prices now. Also if Saudis are obnoxious with a deep output cut, it will spur the Democrats in Congress to go more actively for the Nopec legislation and the withdrawal of U.S. support for the Saudi-backed forces in the war in Yemen,” Ross said.

The Nopec legislation being discussed by U.S. lawmakers could make it possible to sue Saudi Arabia and other OPEC members for price fixing.

Bob McNally, president of U.S.-based Rapidan Energy Group, said OPEC was stuck between a rock and a hard place given pressure from Trump on one hand and the need for higher revenues on the other.

“We think OPEC will try to come up with a fuzzy production cut … It won’t be called a cut but will effectively mean a cut, which will also be difficult to quantify,” McNally said.
…

A new study estimates 164 million people are migrating to foreign countries in search of work, an increase of 9 percent since 2013.

The majority of migrant workers are men between the ages of 25 and 64, according to the International Labor Organization’s second edition of Global Estimates on International Migrant Workers. While the number of migrant workers in upper-middle-income countries has grown, the report finds the vast majority head for richer countries in North America, Europe and the Arab region, particularly the Gulf States.

Manuela Tomei, director of the ILO Conditions of Work and Equality Department, tells VOA most of the people who migrate for work are low skilled, and employed in fields such as construction, agriculture, the hospitality industry or as domestic help.

She says migrant workers are a key factor in boosting the economies and development of rich countries and in the higher brackets of upper-middle-income countries.

“Their main contribution is through the work, the services that they provide to host communities in sectors and occupations, in jobs in which often nationals are not interested to work any longer,” Tomei said.

Unfortunately, she noted, the influx of migrants into foreign countries often creates a backlash. Instead of welcoming the workers as being beneficial to their societies, host communities often react with hostility.

In coming years, she said, these workers increasingly will be needed because of demographic trends and rapidly aging populations. Labor migration is a long-term trend, she added, urging governments to learn how to manage workers for their mutual benefit.
…

A new study estimates 164 million people are migrating to foreign countries in search of work, an increase of 9 percent since 2013.

The majority of migrant workers are men between the ages of 25 and 64, according to the International Labor Organization’s second edition of Global Estimates on International Migrant Workers. While the number of migrant workers in upper-middle-income countries has grown, the report finds the vast majority head for richer countries in North America, Europe and the Arab region, particularly the Gulf States.

Manuela Tomei, director of the ILO Conditions of Work and Equality Department, tells VOA most of the people who migrate for work are low skilled, and employed in fields such as construction, agriculture, the hospitality industry or as domestic help.

She says migrant workers are a key factor in boosting the economies and development of rich countries and in the higher brackets of upper-middle-income countries.

“Their main contribution is through the work, the services that they provide to host communities in sectors and occupations, in jobs in which often nationals are not interested to work any longer,” Tomei said.

Unfortunately, she noted, the influx of migrants into foreign countries often creates a backlash. Instead of welcoming the workers as being beneficial to their societies, host communities often react with hostility.

In coming years, she said, these workers increasingly will be needed because of demographic trends and rapidly aging populations. Labor migration is a long-term trend, she added, urging governments to learn how to manage workers for their mutual benefit.
…

U.S. President Donald Trump, who rattled global markets Tuesday after declaring himself “a Tariff Man,” predicted in a series of tweets Wednesday the United States and China would negotiate a new trade deal.

Trump said China is planning to resume buying U.S. soybeans and natural gas, which he said confirms his claims that China had agreed to start “immediately” buying U.S. products.”

Trump said he believes “President Xi (Jinping) meant every word of what he said” at their meeting recently in Argentina, including “his promise to me to criminalize the sale of deadly Fentanyl coming into the United States.”

The president’s optimistic comments came one day after stock prices around the world plunged in response to a series of tweets he posted on Tuesday, warning a fragile accord between the two countries could crumble.

Stocks in the U.S., Europe and Asia fell sharply after Trump declared himself “a Tariff Man” who wants “people or countries” with intentions to “raid the great wealth” of the U.S. “to pay for the privilege of doing so.”

Trump and President Xi, leaders of the world’s two biggest economies, agreed Saturday in Argentina to not impose any new tariffs on each other’s exports for the next 90 days while they negotiate a detailed trade agreement.

White House economic adviser Larry Kudlow said earlier this week the U.S. won Chinese commitments to buy more than $1 trillion in American products.

The U.S. had a $335.4 billion trade deficit with China in 2017.

Late Sunday, Trump tweeted that “China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently, the tariff is at 40 percent

On Monday, Kudlow said there was an “assumption” that China would eliminate auto tariffs, not a specific agreement.

China’s ministry of foreign affairs said Monday the Chinese and U.S. president had agreed to work toward removing all tariffs.

The 90-day truce in the escalating trade war between the U.S. and China came during a dinner meeting between the two presidents following the G-20 summit of the world’s industrialized and emerging economies in Buenos Aires.  For months, the two countries have engaged in tit-for-tat increases in tariffs on hundreds of billions of dollars of exports flowing between the two countries.

Trump, speaking to reporters on Air Force One after the plane departed Argentina, said his agreement with Xi, will go down “as one of the largest deals ever made… And it’ll have an incredibly positive impact on farming, meaning agriculture, industrial products, computers — every type of product.”

Trump agreed he will leave the tariffs on $200 billion worth of Chinese products at 10 percent, and not raise it to 25 percent as he has threatened to do Jan. 1, according to a White House statement.

Trump and Xi also agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture, according to the White House statement.
…

U.S. President Donald Trump, who rattled global markets Tuesday after declaring himself “a Tariff Man,” predicted in a series of tweets Wednesday the United States and China would negotiate a new trade deal.

Trump said China is planning to resume buying U.S. soybeans and natural gas, which he said confirms his claims that China had agreed to start “immediately” buying U.S. products.”

Trump said he believes “President Xi (Jinping) meant every word of what he said” at their meeting recently in Argentina, including “his promise to me to criminalize the sale of deadly Fentanyl coming into the United States.”

The president’s optimistic comments came one day after stock prices around the world plunged in response to a series of tweets he posted on Tuesday, warning a fragile accord between the two countries could crumble.

Stocks in the U.S., Europe and Asia fell sharply after Trump declared himself “a Tariff Man” who wants “people or countries” with intentions to “raid the great wealth” of the U.S. “to pay for the privilege of doing so.”

Trump and President Xi, leaders of the world’s two biggest economies, agreed Saturday in Argentina to not impose any new tariffs on each other’s exports for the next 90 days while they negotiate a detailed trade agreement.

White House economic adviser Larry Kudlow said earlier this week the U.S. won Chinese commitments to buy more than $1 trillion in American products.

The U.S. had a $335.4 billion trade deficit with China in 2017.

Late Sunday, Trump tweeted that “China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently, the tariff is at 40 percent

On Monday, Kudlow said there was an “assumption” that China would eliminate auto tariffs, not a specific agreement.

China’s ministry of foreign affairs said Monday the Chinese and U.S. president had agreed to work toward removing all tariffs.

The 90-day truce in the escalating trade war between the U.S. and China came during a dinner meeting between the two presidents following the G-20 summit of the world’s industrialized and emerging economies in Buenos Aires.  For months, the two countries have engaged in tit-for-tat increases in tariffs on hundreds of billions of dollars of exports flowing between the two countries.

Trump, speaking to reporters on Air Force One after the plane departed Argentina, said his agreement with Xi, will go down “as one of the largest deals ever made… And it’ll have an incredibly positive impact on farming, meaning agriculture, industrial products, computers — every type of product.”

Trump agreed he will leave the tariffs on $200 billion worth of Chinese products at 10 percent, and not raise it to 25 percent as he has threatened to do Jan. 1, according to a White House statement.

Trump and Xi also agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture, according to the White House statement.
…

President Donald Trump insists his new trade agreement with Mexico and Canada will address the exporting of U.S. manufacturing jobs overseas. That pledge, however, comes on the heels of auto giant General Motors’ announcement of the layoff of 14,000 employees in five factories in the United States and Canada.

Despite the president’s optimistic pronouncements, the General Motors announcement indicates broader market shifts in the automotive industry that are unlikely to be reversed.

General Motors justified the decision as a result of shifting economic trends that have seen consumer preferences shift away from mid-sized vehicles and toward sport utility vehicles (SUVs) and electric cars. The company said the move “is transforming its global workforce to ensure the right skill sets for today and the future.”

Those moves toward increased efficiency also include a 25 percent cut of the executive workforce.

But in Lordstown, Ohio, workers whose livelihoods have depended on jobs in GM factories struggled to understand the move.

Mid-sized autos

The Lordstown plant manufactures the Chevy Cruze, one of the mid-sized cars auto manufacturers no longer see as profitable. Trump specifically addressed the impact on the Lordstown plant shortly after GM’s decision, saying, “They say the Chevy Cruze is not selling well. I say, ‘Well, get a car that is selling well and put it back in.'”

Workers are holding on to that hope with the Lordstown plant in an “unallocated status” that leaves open the possibility of GM moving in another product. Local union leader Dave Green acknowledged that issues with the Chevy Cruze were part of an overall industry trend away from smaller cars. 

“They’re not building cars, sedans anymore, but people are still buying cars,” Green told VOA. “Part of it is that they need to be priced right and they need to be priced fair. If I can go into a dealership and lease an SUV cheaper than a Chevy Cruze — you know, most Americans want more for less. So they’re going to get the bigger, the better, the more for less and it is what it is. I think the car was priced a little out of its range.”

The 6.2-million-square-foot Lordstown plant is well-placed in the center of the country, with easy access to major highway artery Interstate Highway 80 and an infrastructure of secondary plants.

Green said 80 percent of the plant’s production is sold within a 600-mile radius. “GM would be foolish to walk away from it,” he said.

The 1,600 workers anticipating a March 2019 layoff from the Lordstown plant certainly hope that’s the case. They earn $30-40 an hour compared to the next best option in the area, $10 an hour at the aluminum factory.

Lordstown is part of the broader Warren-Youngstown, Ohio, area that once thrived on the presence of steel mill manufacturing. When those plants shut down in the 1970s and ’80s, the auto industry became the lifeblood of the local economy.

“That’s is the largest plant that we have,” said Trish Williams, owner of the Ice House restaurant in Austintown, Ohio. She has several family members and friends who have worked at the GM plant in the past and present.

“That keeps this town going. Our steel mills are gone. Our factories are gone. [Hewlitt] Packard is closed. General Electric is gone. Chrysler is gone and GM was it. GM was what kept this here — it may turn into a ghost town,” Williams said.

‘Don’t sell your house’

Trump visited Youngstown in July 2017, telling workers, “Don’t sell your house. Don’t sell your house. Do not sell it. We’re going to get those values up. We’re going to get those jobs coming back. And we’re going to fill up those factories, or rip them down and build brand new ones.”

Many residents said they do not hold Trump responsible for GM’s decision, a move that could devastate the local economy.

“The president doesn’t own GM,” waitress Lisa Miller said. “Nor can he say you can’t do this, you can’t do that. We are a free country. I believe the president will push with all his might — as we’ve already seen him doing — to keep them here and to change things, but this was something that was out of his hands.”

Just days after the GM announcement, Miller said she was already noticing a drop in sales and an end to the usual lunch to-go orders from GM workers.

Some of those workers will be able to transfer to other plants around the country based on their seniority within GM. But many workers expressed concern to VOA about the number of temporary employees — who earn far lower rates per hour — working in those plants. They are also aware of GM’s plant in Mexico that builds the Chevy Blazer, an SUV.

“Why is our plant not getting the Blazer?” asked Rebecca Zak, an 18-year veteran of the Lordstown GM plant. “Why is it being built in Mexico? It’s mind-blowing. I heard in Ramos, Mexico, they get paid $2.65 an hour.”

Zak said she sees the decision as part of a trend toward corporations enriching themselves at the expense of the worker.

“We’re the ones that build this car, we are the ones that got this company this far and who are the ones who are suffering? The worker, not corporate America. Six billion dollars in the third-quarter and they can justify laying off 14,000 people,” she said.

GM workforce

Those 14,000 people represent just 7 percent of GM’s 180,000-person workforce, a strategic shift for a company in a competitive automotive market. What remains to be seen is whether that strategic shift will include places like Lordstown.

But as Lordstown employee Dan Smith said, “Any industry is cyclical. Gas could go up to $5 a gallon and then, poof, there goes the truck-SUV market. And they’re going to need small cars. It’s something we went through, my dad’s worked there.”

Smith said he was shocked by the decision but did not entirely fault GM for operating a plant in Mexico with lower-paid labor.

“Business-wise that makes sense, but then to sell it here in the United States doesn’t make much sense for American people to buy an American car that’s built in another country,” he told VOA.

For Williams, waiting to see how the decision impacts her community and her business, the equation seemed simple.

“Smaller cars, bigger cars — they all have four wheels,” she said. “They’ve made other cars off that line — why not bring another car back?”

Watch Related Video Story:
…

President Donald Trump insists his new trade agreement with Mexico and Canada will address the exporting of U.S. manufacturing jobs overseas. That pledge, however, comes on the heels of auto giant General Motors’ announcement of the layoff of 14,000 employees in five factories in the United States and Canada.

Despite the president’s optimistic pronouncements, the General Motors announcement indicates broader market shifts in the automotive industry that are unlikely to be reversed.

General Motors justified the decision as a result of shifting economic trends that have seen consumer preferences shift away from mid-sized vehicles and toward sport utility vehicles (SUVs) and electric cars. The company said the move “is transforming its global workforce to ensure the right skill sets for today and the future.”

Those moves toward increased efficiency also include a 25 percent cut of the executive workforce.

But in Lordstown, Ohio, workers whose livelihoods have depended on jobs in GM factories struggled to understand the move.

Mid-sized autos

The Lordstown plant manufactures the Chevy Cruze, one of the mid-sized cars auto manufacturers no longer see as profitable. Trump specifically addressed the impact on the Lordstown plant shortly after GM’s decision, saying, “They say the Chevy Cruze is not selling well. I say, ‘Well, get a car that is selling well and put it back in.'”

Workers are holding on to that hope with the Lordstown plant in an “unallocated status” that leaves open the possibility of GM moving in another product. Local union leader Dave Green acknowledged that issues with the Chevy Cruze were part of an overall industry trend away from smaller cars. 

“They’re not building cars, sedans anymore, but people are still buying cars,” Green told VOA. “Part of it is that they need to be priced right and they need to be priced fair. If I can go into a dealership and lease an SUV cheaper than a Chevy Cruze — you know, most Americans want more for less. So they’re going to get the bigger, the better, the more for less and it is what it is. I think the car was priced a little out of its range.”

The 6.2-million-square-foot Lordstown plant is well-placed in the center of the country, with easy access to major highway artery Interstate Highway 80 and an infrastructure of secondary plants.

Green said 80 percent of the plant’s production is sold within a 600-mile radius. “GM would be foolish to walk away from it,” he said.

The 1,600 workers anticipating a March 2019 layoff from the Lordstown plant certainly hope that’s the case. They earn $30-40 an hour compared to the next best option in the area, $10 an hour at the aluminum factory.

Lordstown is part of the broader Warren-Youngstown, Ohio, area that once thrived on the presence of steel mill manufacturing. When those plants shut down in the 1970s and ’80s, the auto industry became the lifeblood of the local economy.

“That’s is the largest plant that we have,” said Trish Williams, owner of the Ice House restaurant in Austintown, Ohio. She has several family members and friends who have worked at the GM plant in the past and present.

“That keeps this town going. Our steel mills are gone. Our factories are gone. [Hewlitt] Packard is closed. General Electric is gone. Chrysler is gone and GM was it. GM was what kept this here — it may turn into a ghost town,” Williams said.

‘Don’t sell your house’

Trump visited Youngstown in July 2017, telling workers, “Don’t sell your house. Don’t sell your house. Do not sell it. We’re going to get those values up. We’re going to get those jobs coming back. And we’re going to fill up those factories, or rip them down and build brand new ones.”

Many residents said they do not hold Trump responsible for GM’s decision, a move that could devastate the local economy.

“The president doesn’t own GM,” waitress Lisa Miller said. “Nor can he say you can’t do this, you can’t do that. We are a free country. I believe the president will push with all his might — as we’ve already seen him doing — to keep them here and to change things, but this was something that was out of his hands.”

Just days after the GM announcement, Miller said she was already noticing a drop in sales and an end to the usual lunch to-go orders from GM workers.

Some of those workers will be able to transfer to other plants around the country based on their seniority within GM. But many workers expressed concern to VOA about the number of temporary employees — who earn far lower rates per hour — working in those plants. They are also aware of GM’s plant in Mexico that builds the Chevy Blazer, an SUV.

“Why is our plant not getting the Blazer?” asked Rebecca Zak, an 18-year veteran of the Lordstown GM plant. “Why is it being built in Mexico? It’s mind-blowing. I heard in Ramos, Mexico, they get paid $2.65 an hour.”

Zak said she sees the decision as part of a trend toward corporations enriching themselves at the expense of the worker.

“We’re the ones that build this car, we are the ones that got this company this far and who are the ones who are suffering? The worker, not corporate America. Six billion dollars in the third-quarter and they can justify laying off 14,000 people,” she said.

GM workforce

Those 14,000 people represent just 7 percent of GM’s 180,000-person workforce, a strategic shift for a company in a competitive automotive market. What remains to be seen is whether that strategic shift will include places like Lordstown.

But as Lordstown employee Dan Smith said, “Any industry is cyclical. Gas could go up to $5 a gallon and then, poof, there goes the truck-SUV market. And they’re going to need small cars. It’s something we went through, my dad’s worked there.”

Smith said he was shocked by the decision but did not entirely fault GM for operating a plant in Mexico with lower-paid labor.

“Business-wise that makes sense, but then to sell it here in the United States doesn’t make much sense for American people to buy an American car that’s built in another country,” he told VOA.

For Williams, waiting to see how the decision impacts her community and her business, the equation seemed simple.

“Smaller cars, bigger cars — they all have four wheels,” she said. “They’ve made other cars off that line — why not bring another car back?”

Watch Related Video Story:
…

Right-wing President-elect Jair Bolsonaro said on Tuesday he plans to tackle the overhaul of Brazil’s fiscally burdensome pension system with piecemeal reforms that can pass Congress, starting with an increase in the minimum age of retirement.

He said reforms should start with the public social security system and advance gradually to make sure they pass Congress.

“The idea is to start with the (minimum) age, attack the privileges and take it forward,” Bolsonaro said at a news conference, warning that the problem with the cost of the pension system was growing every year.

“We cannot allow Brazil to reach the situation that Greece reached to do something about it,” he said.

Brazil’s next president said he planned to start by raising the minimum age of retirement for everyone by two years, but keeping the gender age gap, building on a proposal made by incumbent President Michel Temer. He gave few details.

Currently, Brazilian men can retire after 35 years of contributions and women after 30 years. Men can also retire by age 65 and women at 60 as long as they have contributed for at least 15 years.

Generous pensions are a major cause of Brazil’s gaping budget deficit and growing public debt, an unsustainable situation that is becoming more acute as the population ages and more people retire.

Investors and credit rating agencies are watching Bolsonaro’s commitment to pension reform closely as it is key to reducing the deficit and restoring confidence in Latin America’s largest economy as it recovers slowly from a two-year recession.

The pension reform proposal by Temer’s outgoing government never gained enough traction in Congress.

Bolsonaro, who takes office on Jan. 1, began meetings with political parties on Tuesday to see how he can build support for his agenda that includes tax reform and the easing of gun laws.
…

Right-wing President-elect Jair Bolsonaro said on Tuesday he plans to tackle the overhaul of Brazil’s fiscally burdensome pension system with piecemeal reforms that can pass Congress, starting with an increase in the minimum age of retirement.

He said reforms should start with the public social security system and advance gradually to make sure they pass Congress.

“The idea is to start with the (minimum) age, attack the privileges and take it forward,” Bolsonaro said at a news conference, warning that the problem with the cost of the pension system was growing every year.

“We cannot allow Brazil to reach the situation that Greece reached to do something about it,” he said.

Brazil’s next president said he planned to start by raising the minimum age of retirement for everyone by two years, but keeping the gender age gap, building on a proposal made by incumbent President Michel Temer. He gave few details.

Currently, Brazilian men can retire after 35 years of contributions and women after 30 years. Men can also retire by age 65 and women at 60 as long as they have contributed for at least 15 years.

Generous pensions are a major cause of Brazil’s gaping budget deficit and growing public debt, an unsustainable situation that is becoming more acute as the population ages and more people retire.

Investors and credit rating agencies are watching Bolsonaro’s commitment to pension reform closely as it is key to reducing the deficit and restoring confidence in Latin America’s largest economy as it recovers slowly from a two-year recession.

The pension reform proposal by Temer’s outgoing government never gained enough traction in Congress.

Bolsonaro, who takes office on Jan. 1, began meetings with political parties on Tuesday to see how he can build support for his agenda that includes tax reform and the easing of gun laws.
…

Volkswagen AG’s chief executive said Tuesday after a meeting at the White House that the German automaker was building an alliance with Ford and might use the U.S. automaker’s plants to build cars. 

VW CEO Herbert Diess said the company was also “considering building a second car plant” in the United States, adding, “We are in quite advanced negotiations and dialog with Ford Corporation to really build up a global automotive alliance, which also would strengthen the American automotive industry.” 

Ford Executive Chairman Bill Ford Jr. told reporters at an event near Detroit on Tuesday that talks with Volkswagen about an alliance were going “very well.” 

Asked about Diess’ comments that VW could use some of Ford’s unused capacity for car production, Bill Ford said the companies “haven’t gotten that granular in our talks yet.” 

He said he did not want to say much about a VW alliance until the automaker had “a lot of definitive things to talk about.” 

The proposed alliance between Volkswagen and Ford suggests the days of carmakers going it alone are over, as tariffs, new technology and tougher emissions rules fragment markets that were once global, Reuters reported last week. 

Firms that once sought vehicles with universal global appeal to create economies of scale are now seeking advantages in specific market segments like hybrid SUVs, North American pickup trucks or European city cars. 

RBC Capital Markets analyst Joseph Spak said in a research note on Tuesday that Diess’ comments raised the chances that VW would use some of Ford’s unused capacity as part of a broader partnership. Spak also said that a European or Asian automaker could seek to acquire some of General Motors’ unused capacity. GM announced last week it plans to idle five North American plants. 

“VW may have a little negotiating power as some of the GM facilities could be bought (although this could impact their broader intentions with Ford),” Spak wrote. 

VW has an assembly plant in Chattanooga, Tenn. Of the need for a new plant, Diess said the company was in “quite advanced negotiations in Tennessee but there might be other options as well.” 

Diess said VW would not take an equity stake in Ford as part of its alliance. “We are building an alliance with Ford which will strengthen Ford’s position in Europe because we will share platforms,” he said. “We might use Ford capacity here in the U.S. to build cars for us.” 
…

Volkswagen AG’s chief executive said Tuesday after a meeting at the White House that the German automaker was building an alliance with Ford and might use the U.S. automaker’s plants to build cars. 

VW CEO Herbert Diess said the company was also “considering building a second car plant” in the United States, adding, “We are in quite advanced negotiations and dialog with Ford Corporation to really build up a global automotive alliance, which also would strengthen the American automotive industry.” 

Ford Executive Chairman Bill Ford Jr. told reporters at an event near Detroit on Tuesday that talks with Volkswagen about an alliance were going “very well.” 

Asked about Diess’ comments that VW could use some of Ford’s unused capacity for car production, Bill Ford said the companies “haven’t gotten that granular in our talks yet.” 

He said he did not want to say much about a VW alliance until the automaker had “a lot of definitive things to talk about.” 

The proposed alliance between Volkswagen and Ford suggests the days of carmakers going it alone are over, as tariffs, new technology and tougher emissions rules fragment markets that were once global, Reuters reported last week. 

Firms that once sought vehicles with universal global appeal to create economies of scale are now seeking advantages in specific market segments like hybrid SUVs, North American pickup trucks or European city cars. 

RBC Capital Markets analyst Joseph Spak said in a research note on Tuesday that Diess’ comments raised the chances that VW would use some of Ford’s unused capacity as part of a broader partnership. Spak also said that a European or Asian automaker could seek to acquire some of General Motors’ unused capacity. GM announced last week it plans to idle five North American plants. 

“VW may have a little negotiating power as some of the GM facilities could be bought (although this could impact their broader intentions with Ford),” Spak wrote. 

VW has an assembly plant in Chattanooga, Tenn. Of the need for a new plant, Diess said the company was in “quite advanced negotiations in Tennessee but there might be other options as well.” 

Diess said VW would not take an equity stake in Ford as part of its alliance. “We are building an alliance with Ford which will strengthen Ford’s position in Europe because we will share platforms,” he said. “We might use Ford capacity here in the U.S. to build cars for us.” 
…

The World Bank will give equal weight to curbing emissions and helping poor countries deal with the “disastrous effects” of a warming world as it steps up investments to tackle climate change in the first half of the 2020s, it said on Monday.

The bank and its two sister organizations plan to double their investments in climate action to about $200 billion from 2021-2025, with a boost in support for efforts to adapt to higher temperatures, wilder weather and rising seas.

The latest figures on international climate funding for developing nations show barely a quarter has been going to adaptation, with the bulk backing clean energy adoption and more efficient energy use, aimed at cutting planet-warming emissions.

“We live in a new normal in which disasters are more severe and more frequent,” World Bank CEO Kristalina Georgieva told the Thomson Reuters Foundation at U.N. climate talks in Poland.

“We have to prioritize adaptation everywhere, but especially in the most vulnerable parts of the world,” she said, pointing to the Horn of Africa and the Sahel, coastal regions and small island states.

Of the $100 billion the World Bank plans to make available in the five years from mid-2020, half would go to adaptation measures, it said.

Those include building more robust homes, schools and infrastructure, preparing farmers for climate shifts, managing water wisely and protecting people’s incomes through social safety nets, Georgieva added.

The World Bank said the money would also improve weather forecasts, and provide early warning and climate information services for 250 million people in 30 developing countries.

“Climate change is an existential threat to the world’s poorest and most vulnerable. These new targets demonstrate how seriously we are taking this issue,” World Bank Group President Jim Yong Kim said in a statement.

From 2014-2018, the World Bank spent nearly $21 billion on adaptation, which accounted for just over 40 percent of the climate benefits generated by the institution’s funding overall.

Former U.N. Secretary-General Ban Ki-moon said the bank’s pledge to use half its climate finance to find solutions to deal with changing weather patterns was “important.”

“Climate change is already having a disastrous impact on people right around the world and we are nearing the point of no return,” said Ban. “So we must take bold action to adapt to the reality of the threat facing us all.”

A recently launched Global Commission on Adaptation, which Ban chairs with Georgieva and Microsoft co-founder Bill Gates, aims to put political muscle behind efforts to keep people safer in a hotter world.

The remaining $100 billion in promised World Bank Group funding will come from the International Finance Corporation (IFC), which works with the private sector, and the Multilateral Investment Guarantee Agency, as well as private capital the group raises.

“There are literally trillions of dollars of opportunities for the private sector to invest in projects that will help save the planet,” said IFC chief Philippe Le Houérou.

The IFC will identify opportunities, use tools to make investments less risky, and attract private-sector cash in areas including renewable energy, green buildings, clean transport in cities and urban waste management, he added.

Marshall Islands President Hilda Heine said her low-lying Pacific island state was struggling with fiercer storms and increasing seawater flooding that is contaminating fresh water with salt.

The new World Bank funds would “help to build resilience, make us safer, and improve lives,” she said.

“Global action needs to accelerate before it is too late,” she added.

The “Big Shift Global” coalition of aid agencies and climate justice campaigners said the World Bank Group’s new commitment signaled that developing countries should receive far more support to tackle climate change.

But it overlooked “the desperate need to radically scale up financing for off-grid renewable energy” to help the poorest gain access to electricity, they added.
…

The World Bank will give equal weight to curbing emissions and helping poor countries deal with the “disastrous effects” of a warming world as it steps up investments to tackle climate change in the first half of the 2020s, it said on Monday.

The bank and its two sister organizations plan to double their investments in climate action to about $200 billion from 2021-2025, with a boost in support for efforts to adapt to higher temperatures, wilder weather and rising seas.

The latest figures on international climate funding for developing nations show barely a quarter has been going to adaptation, with the bulk backing clean energy adoption and more efficient energy use, aimed at cutting planet-warming emissions.

“We live in a new normal in which disasters are more severe and more frequent,” World Bank CEO Kristalina Georgieva told the Thomson Reuters Foundation at U.N. climate talks in Poland.

“We have to prioritize adaptation everywhere, but especially in the most vulnerable parts of the world,” she said, pointing to the Horn of Africa and the Sahel, coastal regions and small island states.

Of the $100 billion the World Bank plans to make available in the five years from mid-2020, half would go to adaptation measures, it said.

Those include building more robust homes, schools and infrastructure, preparing farmers for climate shifts, managing water wisely and protecting people’s incomes through social safety nets, Georgieva added.

The World Bank said the money would also improve weather forecasts, and provide early warning and climate information services for 250 million people in 30 developing countries.

“Climate change is an existential threat to the world’s poorest and most vulnerable. These new targets demonstrate how seriously we are taking this issue,” World Bank Group President Jim Yong Kim said in a statement.

From 2014-2018, the World Bank spent nearly $21 billion on adaptation, which accounted for just over 40 percent of the climate benefits generated by the institution’s funding overall.

Former U.N. Secretary-General Ban Ki-moon said the bank’s pledge to use half its climate finance to find solutions to deal with changing weather patterns was “important.”

“Climate change is already having a disastrous impact on people right around the world and we are nearing the point of no return,” said Ban. “So we must take bold action to adapt to the reality of the threat facing us all.”

A recently launched Global Commission on Adaptation, which Ban chairs with Georgieva and Microsoft co-founder Bill Gates, aims to put political muscle behind efforts to keep people safer in a hotter world.

The remaining $100 billion in promised World Bank Group funding will come from the International Finance Corporation (IFC), which works with the private sector, and the Multilateral Investment Guarantee Agency, as well as private capital the group raises.

“There are literally trillions of dollars of opportunities for the private sector to invest in projects that will help save the planet,” said IFC chief Philippe Le Houérou.

The IFC will identify opportunities, use tools to make investments less risky, and attract private-sector cash in areas including renewable energy, green buildings, clean transport in cities and urban waste management, he added.

Marshall Islands President Hilda Heine said her low-lying Pacific island state was struggling with fiercer storms and increasing seawater flooding that is contaminating fresh water with salt.

The new World Bank funds would “help to build resilience, make us safer, and improve lives,” she said.

“Global action needs to accelerate before it is too late,” she added.

The “Big Shift Global” coalition of aid agencies and climate justice campaigners said the World Bank Group’s new commitment signaled that developing countries should receive far more support to tackle climate change.

But it overlooked “the desperate need to radically scale up financing for off-grid renewable energy” to help the poorest gain access to electricity, they added.
…

It’s going to be a cozy Christmas this year as more Americans shop for comfortable apparel and accessories like fuzzy sweatshirts and sweaters, pajamas, socks and slippers.

“I think we’re overstressed and the coziness is maybe an escape to a better time,” says industry analyst Maria Rugolo of the NPD Group, who adds that a desire for comfort, convenience and versatility extends to other products as well.

“We’re seeing those weighted blankets even, where they’re supposed to relieve stress and take away your anxiety,” she says. “Again, we’re overall a stressed-out nation where technology keeps us very connected to our work lives and what’s going on and we never get to disconnect, but maybe we do a little bit in our homes and we want to invest in it.”

Rugolo says this desire for cozy comfort is driving sales of smart homing devices — such as virtual assistants and autonomous robotic vacuums — as people stay home more.

According to NPD’s 2018 Holiday Purchase Intentions survey, 1 in 3 shoppers plans to buy products for their home this holiday season.

Traditional favorites like blenders, electric toothbrushes and espresso makers are expected to do well, too.

People are also hosting more game nights and other stay-at-home activities, according to Rugolo.

“When you’re doing those kinds of activities, you also want to look comfortable and fashionable at the same time so it’s fashion and function working together,” she says. “We even said it was spashion, which is where sports meets fashion because it wasn’t necessarily that you were going to be dressed to run a marathon, but you still wanted to look fashionable in your activewear and your loungewear.”

Clothing and accessories, entertainment, toys and electronics are expected to be the top-selling categories this holiday, according to the NPD survey.

Shoppers intend to spend an average of $693 on holiday gifts this year. The survey finds that the biggest spenders of all will be Americans over the age of 73, followed closely by the baby boomers, people between the ages of 54 and 72.

The calendar has already given retailers their holiday gift. December 25 falls on a Tuesday this year, which gives Americans more weekends to shop between Black Friday — the day after Thanksgiving, which many view as the official start of the holiday shopping season — and Christmas Day.

In addition, a strong economy might lead shoppers to open their wallets a little wider.

“I think the expectation is that there will be more spend this holiday,” Rugolo says. “Unemployment is really low right now and consumer confidence is high.”
…

It’s going to be a cozy Christmas this year as more Americans shop for comfortable apparel and accessories like fuzzy sweatshirts and sweaters, pajamas, socks and slippers.

“I think we’re overstressed and the coziness is maybe an escape to a better time,” says industry analyst Maria Rugolo of the NPD Group, who adds that a desire for comfort, convenience and versatility extends to other products as well.

“We’re seeing those weighted blankets even, where they’re supposed to relieve stress and take away your anxiety,” she says. “Again, we’re overall a stressed-out nation where technology keeps us very connected to our work lives and what’s going on and we never get to disconnect, but maybe we do a little bit in our homes and we want to invest in it.”

Rugolo says this desire for cozy comfort is driving sales of smart homing devices — such as virtual assistants and autonomous robotic vacuums — as people stay home more.

According to NPD’s 2018 Holiday Purchase Intentions survey, 1 in 3 shoppers plans to buy products for their home this holiday season.

Traditional favorites like blenders, electric toothbrushes and espresso makers are expected to do well, too.

People are also hosting more game nights and other stay-at-home activities, according to Rugolo.

“When you’re doing those kinds of activities, you also want to look comfortable and fashionable at the same time so it’s fashion and function working together,” she says. “We even said it was spashion, which is where sports meets fashion because it wasn’t necessarily that you were going to be dressed to run a marathon, but you still wanted to look fashionable in your activewear and your loungewear.”

Clothing and accessories, entertainment, toys and electronics are expected to be the top-selling categories this holiday, according to the NPD survey.

Shoppers intend to spend an average of $693 on holiday gifts this year. The survey finds that the biggest spenders of all will be Americans over the age of 73, followed closely by the baby boomers, people between the ages of 54 and 72.

The calendar has already given retailers their holiday gift. December 25 falls on a Tuesday this year, which gives Americans more weekends to shop between Black Friday — the day after Thanksgiving, which many view as the official start of the holiday shopping season — and Christmas Day.

In addition, a strong economy might lead shoppers to open their wallets a little wider.

“I think the expectation is that there will be more spend this holiday,” Rugolo says. “Unemployment is really low right now and consumer confidence is high.”
…

U.S. President Donald Trump boasted Monday of his “very strong and personal relationship” with Chinese President Xi Jinping, declaring a new U.S.-China trade deal would immediately allow American farmers to sell more of their products to Beijing.

Stock markets in Asia and Europe jumped sharply after Trump and Xi, as leaders of the world’s two biggest economies, agreed Saturday in Argentina to not impose any new tariffs on each other’s exports for the next 90 days while they negotiate a detailed trade agreement.

U.S. stock indexes also opened sharply higher in New York at the start of a new work week, with the widely watched Dow Jones Industrial Average of 30 key stocks ahead more than 1.5 percent.

“My meeting in Argentina with President Xi of China was an extraordinary one,” Trump said on Twitter. “Relations with China have taken a BIG leap forward! Very good things will happen.”

The United States had a $335.4 billion trade deficit with China in 2017. Trump said, however, “We are dealing from great strength, but China likewise has much to gain if and when a deal is completed. Level the field!”

The U.S. leader said U.S. farmers “will be a very BIG and FAST beneficiary of our deal with China. They intend to start purchasing agricultural product immediately. We make the finest and cleanest product in the World, and that is what China wants. Farmers, I LOVE YOU!”

Late Sunday, Trump tweeted that “China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40 percent.”

On Monday, China’s ministry of foreign affairs said the Chinese and U.S. presidents had agreed to work towards removing all tariffs.

WATCH:  Trump-Xi Dinner in Argentina Leads to Trade War Truce

Trump said he and Xi “are the only two people that can bring about massive and very positive change, on trade and far beyond, between our two great Nations. A solution for North Korea is a great thing for China and ALL!”

Trump, at his political rallies and news conferences, often praises the increase in U.S. military spending during his nearly two years in the White House.

But he tweeted that at “at some time in the future,” Xi, Russian President Vladimir Putin of Russia, and he “will start talking about a meaningful halt to what has become a major and uncontrollable Arms Race. The U.S. spent 716 Billion Dollars this year. Crazy!”

The 90-day truce in the escalating trade war between the U.S. and China came during a dinner meeting between the two presidents following the G-20 summit of the world’s biggest economies in Buenos Aires. For months, the two countries have engaged in tit-for-tat increases in tariffs on hundreds of billions of dollars of exports flowing between the two countries.

Trump, speaking to reporters on Air Force One after the plane departed Argentina, said his agreement with Xi, will go down “as one of the largest deals ever made. … And it’ll have an incredibly positive impact on farming, meaning agriculture, industrial products, computers — every type of product.”

Trump agreed he will leave the tariffs on $200 billion worth of Chinese products at 10 percent, and not raise it to 25 percent as he has threatened to do January 1, according to a White House statement.

“China will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial and other product from the United States to reduce the trade imbalance between our two countries,” said White House Press Secretary Sarah Sanders. “China has agreed to start purchasing agricultural product from our farmers immediately.”

Trump and Xi also agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture, according to the White House statement. “Both parties agree that they will endeavor to have this transaction completed within the next 90 days. If at the end of this period of time, the parties are unable to reach an agreement, the 10 percent tariffs will be raised to 25 percent,” the statement said.
…

U.S. President Donald Trump boasted Monday of his “very strong and personal relationship” with Chinese President Xi Jinping, declaring a new U.S.-China trade deal would immediately allow American farmers to sell more of their products to Beijing.

Stock markets in Asia and Europe jumped sharply after Trump and Xi, as leaders of the world’s two biggest economies, agreed Saturday in Argentina to not impose any new tariffs on each other’s exports for the next 90 days while they negotiate a detailed trade agreement.

U.S. stock indexes also opened sharply higher in New York at the start of a new work week, with the widely watched Dow Jones Industrial Average of 30 key stocks ahead more than 1.5 percent.

“My meeting in Argentina with President Xi of China was an extraordinary one,” Trump said on Twitter. “Relations with China have taken a BIG leap forward! Very good things will happen.”

The United States had a $335.4 billion trade deficit with China in 2017. Trump said, however, “We are dealing from great strength, but China likewise has much to gain if and when a deal is completed. Level the field!”

The U.S. leader said U.S. farmers “will be a very BIG and FAST beneficiary of our deal with China. They intend to start purchasing agricultural product immediately. We make the finest and cleanest product in the World, and that is what China wants. Farmers, I LOVE YOU!”

Late Sunday, Trump tweeted that “China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40 percent.”

On Monday, China’s ministry of foreign affairs said the Chinese and U.S. presidents had agreed to work towards removing all tariffs.

WATCH:  Trump-Xi Dinner in Argentina Leads to Trade War Truce

Trump said he and Xi “are the only two people that can bring about massive and very positive change, on trade and far beyond, between our two great Nations. A solution for North Korea is a great thing for China and ALL!”

Trump, at his political rallies and news conferences, often praises the increase in U.S. military spending during his nearly two years in the White House.

But he tweeted that at “at some time in the future,” Xi, Russian President Vladimir Putin of Russia, and he “will start talking about a meaningful halt to what has become a major and uncontrollable Arms Race. The U.S. spent 716 Billion Dollars this year. Crazy!”

The 90-day truce in the escalating trade war between the U.S. and China came during a dinner meeting between the two presidents following the G-20 summit of the world’s biggest economies in Buenos Aires. For months, the two countries have engaged in tit-for-tat increases in tariffs on hundreds of billions of dollars of exports flowing between the two countries.

Trump, speaking to reporters on Air Force One after the plane departed Argentina, said his agreement with Xi, will go down “as one of the largest deals ever made. … And it’ll have an incredibly positive impact on farming, meaning agriculture, industrial products, computers — every type of product.”

Trump agreed he will leave the tariffs on $200 billion worth of Chinese products at 10 percent, and not raise it to 25 percent as he has threatened to do January 1, according to a White House statement.

“China will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial and other product from the United States to reduce the trade imbalance between our two countries,” said White House Press Secretary Sarah Sanders. “China has agreed to start purchasing agricultural product from our farmers immediately.”

Trump and Xi also agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture, according to the White House statement. “Both parties agree that they will endeavor to have this transaction completed within the next 90 days. If at the end of this period of time, the parties are unable to reach an agreement, the 10 percent tariffs will be raised to 25 percent,” the statement said.
…

U.N. Secretary-General Antonio Guterres is warning the world is “in deep trouble with climate change.”

Speaking Monday at the opening of two weeks of climate talks in Poland, Guterres said it is “the most important gathering on climate change since the Paris Agreement was signed.” He called on the nearly 200 countries represented in Katowice, Poland, to take the issue seriously, and commit to the course of action agreed to in Paris in 2015.

Signatories to the landmark 2015 Paris Accord pledged to cut greenhouse gas emissions and limit the rise in global temperatures to less than two degrees Celsius by 2030.

To reach this goal, emissions must be halved from 2010 levels by 2030, Guterres said.

“I remind all Parties that this is a deadline you set for yourselves and it is vital you meet it,” Guterres added.

Citing bleak recent reports, including one from the U.N. expert climate panel in October, Guterres noted devastation from hurricanes in Barbuda and Dominica which he called “heart-breaking,” but also “preventable.”

President Donald Trump has threatened to pull the U.S. out of the Paris agreement because of what he says is the economic damage the treaty’s provisions would cause.

Trump is a promoter of fossil fuels and nuclear power and has proposed renegotiating the Paris Accord — an idea many dismiss as impractical.

Host country Poland is expected to propose what it calls a “just transition” for the oil, gas, and coal industries to ease the financial blow from the move away from such polluting sources of energy.

But nations more immediately threatened by climate change, including Fiji, whose prime minister, Frank Bainimarama, served as president of last year’s climate conference, urged developed nations to act now to save the planet.

“Or, God forbid, [we] ignore the irrefutable evidence and become the generation that betrayed humanity,” Bainimarama said.

 
…

U.N. Secretary-General Antonio Guterres is warning the world is “in deep trouble with climate change.”

Speaking Monday at the opening of two weeks of climate talks in Poland, Guterres said it is “the most important gathering on climate change since the Paris Agreement was signed.” He called on the nearly 200 countries represented in Katowice, Poland, to take the issue seriously, and commit to the course of action agreed to in Paris in 2015.

Signatories to the landmark 2015 Paris Accord pledged to cut greenhouse gas emissions and limit the rise in global temperatures to less than two degrees Celsius by 2030.

To reach this goal, emissions must be halved from 2010 levels by 2030, Guterres said.

“I remind all Parties that this is a deadline you set for yourselves and it is vital you meet it,” Guterres added.

Citing bleak recent reports, including one from the U.N. expert climate panel in October, Guterres noted devastation from hurricanes in Barbuda and Dominica which he called “heart-breaking,” but also “preventable.”

President Donald Trump has threatened to pull the U.S. out of the Paris agreement because of what he says is the economic damage the treaty’s provisions would cause.

Trump is a promoter of fossil fuels and nuclear power and has proposed renegotiating the Paris Accord — an idea many dismiss as impractical.

Host country Poland is expected to propose what it calls a “just transition” for the oil, gas, and coal industries to ease the financial blow from the move away from such polluting sources of energy.

But nations more immediately threatened by climate change, including Fiji, whose prime minister, Frank Bainimarama, served as president of last year’s climate conference, urged developed nations to act now to save the planet.

“Or, God forbid, [we] ignore the irrefutable evidence and become the generation that betrayed humanity,” Bainimarama said.

 
…

U.S. President Donald Trump has returned home from the Group of 20 meeting of the world’s top economies. After the curtain came down on the summit, the spotlight lingered on the leaders of the two top economies. As VOA’s White House bureau chief Steve Herman reports from Buenos Aires, in the end a truce was achieved in the escalating battle of tariffs between the United States and China.
…

U.S. President Donald Trump has returned home from the Group of 20 meeting of the world’s top economies. After the curtain came down on the summit, the spotlight lingered on the leaders of the two top economies. As VOA’s White House bureau chief Steve Herman reports from Buenos Aires, in the end a truce was achieved in the escalating battle of tariffs between the United States and China.
…

The data stolen from the Marriott hotel empire in a massive breach is so rich and specific it could be used for espionage, identity theft, reputation attacks and even home burglaries, security experts say.

Hackers stole data on as many as 500 million guests of former Starwood chain properties over four years including credit card and passport numbers, birthdates, phone numbers and hotel arrival and departure dates.

It is one of the biggest data breaches on record. By comparison, last year’s Equifax hack affected more than 145 million people. A Target breach in 2013 affected more than 41 million payment card accounts and exposed contact information for more than 60 million customers.

Especially sensitive data

But the target here — hotels where high-stakes business deals, romantic trysts and espionage are daily currency — makes the data gathered especially sensitive.

Jesse Varsalone, a University of Maryland cybersecurity expert, said the affected reservation system could be extremely enticing to nation-state spies interested in the travels of military and senior government officials.

“There are just so many things you can extrapolate from people staying at hotels,” Varsalone said.

And because the data included reservations for future stays, along with home addresses, burglars could learn when someone wouldn’t be home, said Scott Grissom of LegalShield, a provider of legal services.

Starwood brand hotels

The affected hotel brands were operated by Starwood before it was acquired by Marriott in 2016. They include W Hotels, St. Regis, Sheraton, Westin, Element, Aloft, The Luxury Collection, Le Meridien and Four Points. Starwood-branded timeshare properties were also affected. None of the Marriott-branded chains were threatened.

Email notifications for those who may have been affected begin rolling out Friday and the full scope of the breach was not immediately clear.

Marriott was trying to determine if the purloined records included duplicates, such as a single person staying multiple times.

Breach undetected for a while

Security analysts were especially alarmed to learn of the breach’s undetected longevity. Marriott said it first detected it Sept. 8 but was unable to determine until last week what data had possibly been exposed because the thieves used encryption to remove it in order to avoid detection.

Marriott said it did not yet know how many credit card numbers might have been stolen. A spokeswoman said Saturday that it was not yet able to respond to questions such as whether the intrusion and data theft was committed by a single or multiple groups.

Cybersecurity expert Andrei Barysevich of Recorded Future said Saturday he believed the breach was financially motivated.

The cybercrime gang expert in credit card theft such as the eastern European group known as Fin7 could be a suspect, he said, noting that a dark web credit card vendor recently announced that 2.6 million cards stolen from an unnamed hotel chain would soon be available to the online criminal underworld.

“We will have to wait until an official forensic report, although, Marriott may never share their findings openly,” he said.

Marriott said the stolen credit card information was encrypted but the hackers may have obtained the “two components needed to decrypt the payment card numbers.” It said it cannot “rule out the possibility that both were taken.”

Privacy laws

For as many as two-thirds of those affected, the exposed data could include mailing addresses, phone numbers, email addresses and passport numbers. Also dates of birth, gender, reservation dates, arrival and departure times and Starwood Preferred Guest account information.

The breach of personal information could put Marriott in violation of new European privacy laws, as guests included European travelers.

Marriott set up a website and call center for customers who believe they are at risk.

The FBI said anyone contacted by Marriott should “take steps to monitor and safeguard their personally identifiable information and report any suspected instances of identity theft to the FBI’s Internet Crime Complaint Center at www.ic3.gov.”

Passport numbers have previously been part of a hack, though it’s not common. They were among records on 9.4 million passengers of Hong Kong-based airline Cathay Pacific obtained in a breach announced in October.

Combined with names, addresses and other personal information, passport numbers are a greater concern than stolen credit card numbers because thieves could use them to open fraudulent accounts, said analyst Ted Rossman of CreditCards.com.

Hotels long a source of information

The data purloining highlights just how dangerous hotels can be for people worried about their privacy.

“Hotels have long been important government sources of local information for tracking foreigners: reservation systems and loyalty programs took the surveillance global and made it easier for us to give up our privacy,” said Colin Bastable, CEO of Lucy Security.

Intelligence agencies including the U.S. National Security are well plugged into the global travel industry “by fair means or foul,” he said, nongovernment cybercriminals now have the same hacking tools.

“Consumers have become collateral damage,” he said. “And we are all consumers.” He advises providing hotels with as little information as possible when making reservations and checking in.

Last year, the cybersecurity firm FireEye highlighted an effort in which Russian state agents allegedly tried to infiltrate the reservation systems of hotels in Europe and the Middle East.

21 million Starwood program members

When its acquisition by Marriott was first announced in 2015, Starwood had 21 million people in its loyalty program. The company manages more than 6,700 properties across the globe, most in North America.

Marriott, based in Bethesda, Maryland, said in a regulatory filing that it was too early to say what financial impact the breach might have on the company. It said it has cyber insurance and is working with its carriers to assess coverage.

Elected officials were quick to call for action.

The New York attorney general opened an investigation.

Virginia Sen. Mark Warner said the U.S. needs laws that limit the data companies can collect on customers and ensure that companies account for security costs rather than making consumers “shoulder the burden and harms resulting from these lapses.”
…