When a big company looks to move, states and cities often compete with tax breaks to lure it, hoping it will boost the local economy by adding jobs. But what if some of those incentives went to startups instead? That's the goal of a new proposal from Brookings Institution's Hamilton Project in conjunction with the Duke Fuqua School of Business. Examples of how business incentives work now come from all corners of the U.S. New Jersey was among 20 finalists for Amazon's second headquarters. It offered up to $7 billion in tax incentives as part of its bid (and it isn't alone). Or take Wisconsin, which has lured Taiwanese technology giant Foxconn to build a plant in the state with incentives up to $4.5 billion. And three years ago, GE (GE) got breaks from Massachusetts and Boston totaling about $145 million to move offices for the headquarters alone. However, it's difficult to tell if the current system works. In 23 states, such incentives aren't monitored well or at all once they're … [Read more...] about What if the U.S. supported startups with billions?
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President Donald Trump is presenting a lopsided portrait of how the world does business with the U.S to rationalize his escalating trade dispute with allies. At the same time, he's glossing over aspects of the U.S. economy that don't support his faulty contention that it's the best it's ever been. The complexities of health care for veterans are also set aside as he hails a new era in the Department of Veterans Affairs' system. A look at some of his statements over the past week and the reality behind them: TRADE DEFICIT PRESIDENT TRUMP: "Last year, they lost 800 — we as a nation, over the years — but the latest number is $817 billion on trade. That's ridiculous and it's unacceptable. And everybody was told that." — news conference Saturday at the Group of Seven summit in Canada. THE FACTS: Mr. Trump's bottom-line number in his dispute with trading partners is wrong. The U.S. ran a trade deficit last year of $568.4 billion, says his administration's Census Bureau and … [Read more...] about Fact check: Trump ignores U.S. trade strengths in G7 dispute
World Kim Jong Un Donald Trump Singapore Kim-Trump Summit The venue for the historic summit between President Donald Trump and North Korean leader Kim Jong Un was announced Wednesday as Capella Hotel on Sentosa Island but with the meeting six days away, where Kim will stay and the big question of who will pay for it remains unanswered. Related: Who Is Going to Kim Jong Un Summit With Trump? Melania and Ivanka Have Accompanied Him Before Kim and Trump, whose accommodations also have not been revealed, are likely to stay at separate hotels other than Capella Hotel, according to diplomats. For his part, Kim reportedly wants to stay at the Fullerton Hotel, which has a more than $6,000 per night presidential suite, and not pay for it, leaving American officials to figure out how to waive sanctions prohibiting the U.S. from covering the costs, or see if Singapore can pick up the tab. Following the reports of the payment issue on Friday, Tim Hentschel, co-founder and CEO of … [Read more...] about Where is Kim Jong Un Staying in Singapore? U.S. Company Offers To Pay His Hotel During Summit with Trump
BEIJING — China, Japan and the European Union condemned Thursday the Trump administration's decision to launch an investigation into whether tariffs are needed on imports of vehicles and automotive parts into the United States. President Donald Trump invoked a provision authorizing the president to restrict imports and impose unlimited tariffs on national security grounds. In this Jan. 14, 2015 photo, Chinese customs officials inspect cars being loaded for export at a port in Qingdao in eastern China's Shandong province. China said Thursday, May 24, 2018, that it will "firmly defend" its rights and interests against what it calls the Trump administration's abuse of national security provisions in trade. The Commerce Ministry's response came after the Trump administration launched an investigation into whether tariffs are needed on automobile imports on national security grounds. (Chinatopix via AP) In this Jan. 14, 2015 photo, Chinese customs... Photo by Contributed Photo … [Read more...] about Protests worldwide against U.S. idea of auto import tariffs
SHANGHAI — As China and the United States go toe-to-toe on trade and maneuver ahead of a historic North Korea meeting next month, an unlikely obstacle has emerged: a second-tier Chinese electronics-maker, ZTE. The company said last week that it had halted "major operating activities" after being penalized by the U.S. Department of Commerce. On Sunday morning, President Donald Trump surprised many in Washington when he indicated a willingness to rethink the punishment. He also appeared to walk back from brinkmanship that has threatened the United States' trade talks with China. In a tweet, Trump said he was working with his Chinese counterpart, Xi Jinping, to prevent the collapse of the company, which employs 75,000 people. "Too many jobs in China lost," Trump wrote. "Commerce Department has been instructed to get it done!" The overture appeared to be off key for an administration that has been reliably strident on what it has called unfair Chinese trade practices. Trump's concern … [Read more...] about Trump vows to revive Chinese company crushed by U.S. penalty