China Responds to U.S. Trade War:
Just weeks after United States President Donald Trump abruptly imposed tariffs on steel and aluminum imports, Chinese trade officials are preparing to take a similar approach. As of late March, American farmers who export live hogs and soybeans to China will face tariffs proportionate to the ones that Trump has imposed on the aforementioned raw materials. For his part, Trump has vowed to retaliate with even higher tariffs to be imposed against China, a move that economists believe to be reckless.
British Pound Sterling Recovers on Positive Brexit Developments:
The United Kingdom is getting closer to avoiding economic disaster thanks to a series of agreements reached in March with regard to the Brexit referendum. The British pound rebounded to $1.40 on March 20 after UK and European Union negotiators agreed on various issues that need to be worked over the next 21 months, and one of those issues include compromises that could lead to a mutually beneficial trade deal.
Facebook Investors Concerned About Investigation:
British and American lawmakers are looking into the possibility of summoning Facebook executives to testify on the investigation of Cambridge Analytica, a data science firm believed to have conducted unethical propaganda on behalf of the Brexit and Trump political campaigns. In just a few days in March, shares of Facebook receded by as much as 6.8 percent, a drop that caused investors to pare down their stock holdings.
Australian Casino Mogul Steps Down Due to Mental Health Issues:
For the second time in recent years, billionaire James Packer has resigned from his top executive position at Crown Resorts, one of the world’s most powerful casino and resort development firms. Packer’s resignation took place just a couple of days after he cashed out of $100 million worth of Crown stock. Since 2015, Packer has experienced relationship turmoil with American pop star Mariah Carey and has also been questioned for his alleged involvement in a criminal investigation against the Prime Minister of Israel.
Asian Economies Flourish:
A survey conducted among economists and business leaders in China, Thailand, the Philippines, Japan, and South Korea suggests that optimism will continue to boost the region. Although business leaders are concerned about friction between North Korea, China and the United States, there is a hopeful sentiment that American lawmakers will be able to apply diplomacy to allay geopolitical animosity and eliminate the trade war that President Trump is trying to spark. Trade between Asian economies is expected to grow through the year 2020.
Cryptocurrency Markets Feel the Pressure:
Although the world’s most valuable and controversial digital currency lost major ground in March, some analysts believe that Bitcoin could once again reach the $10,000 benchmark exchange rate over the next few weeks. At the G20 economic forum in Buenos Aires, representatives discussed regulatory efforts undertaken by Australia, a country where Bitcoin exchanges are required to register with the national anti-money laundering agency.
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