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posted on 15 September 2017

Early Headlines: Asia Stocks Mixed, Dollar And Gold Up, Oil Down, Globalization Fades, NAFTA Negotiations Could Hurt US Mfg, Jose Lingers, BOE Signals Rate Hike, N. Korea Fires Another Missile Over Japan, And More

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Early Bird Headlines 15 September 2017

Econintersect: Here are some of the headlines we found to help you start your day. For more headlines see our afternoon feature for GEI members, What We Read Today, which has many more headlines and a number of article discussions to keep you abreast of what we have found interesting.


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“This guy is like a couch - he picks up whatever the person sitting on him is wearing."

  • A US Content Requirement in NAFTA Could Hurt Manufacturing (Peterson Institute for International Economics) (Econintersect: This discussion points out another example of poorly thought out government trade proposals.) he US administration is reportedly(link is external) considering adding a US-specific content requirement for vehicles imported through the North American Free Trade Agreement (NAFTA). The proposal would require vehicles to have 35 to 50 percent US content to qualify for duty-free access under the agreement. Country-specific content rules hark back to the 1965 Canada-US Auto Pact, which liberalized regional auto trade, provided Canadian content requirements were met. The Canadian regime under the pact was later ruled illegal under international rules.

While the Canada-US Auto Pact boosted Canadian production, it was a liberalizing agreement that allowed auto companies to take advantage of scale economies. In contrast, adding US content requirements to NAFTA would create a more restrictive trading environment that would hurt competitiveness.

Because US content requirements would result in a less competitive industry, they would likely lower North American production and fail to promote US manufacturing. In particular, country-specific rules could cause trade to take place outside of NAFTA preferences or cause foreign companies to leave North America and export from their home regions, where US content is much lower. Domestic content requirements could also be challenged under international rules.

  • Tropical Storm Jose Status (National Hurricane Center) Status posted 11 pm EDT Thursday 14 September. Currently Jose appears to have a nearly 50% probablility of making landfall between northern New Jersey and Cape Cod late next week as a category 1 hurricane. If it misses that target then Nova Scotia looks to be in play. Of course all this is 7-10 days away there is a lot of uncertainty. Sig Silber advises he will start issuing tracking reports if landfall probability increases.

  • The fanged, faceless sea creature that washed ashore during Harvey has been identified (The Washington Post) The creature has been identified by Kenneth Tighe, a biologist with the Smithsonian National Museum of Natural History, as a fangtooth snake-eel, or Aplatophis chauliodus. The body in the picture is approximately 3 feet long and has a tail approximately the same length, not fully visible in the pictures. The csale is visualized by the placement of a 10 inch drinking straw in the second picture below.





North Korea

This was the second time in less than three weeks that North Korea sent a projectile over Japan, and the missile firing immediately sparked angry reactions in Tokyo and Seoul.

The missile was launched from the Sunan airfield just north of Pyongyang about 6:30 a.m. local time, South Korea’s Joint Chiefs of Staff said. It flew for 17 minutes, passing over Hokkaido and landing some 1,200 miles to the east in the Pacific Ocean.

South Korea

In retort, the South Korean military conducted live-fire exercises that mimic attacking Pyongyang's launch site, NBC News reported on Friday. President Moon Jae-in's administration also said on Friday that the country conducted its own ballistic missile test into the sea, according to Reuters. Moon also ordered officials to prepare for potential new threats, such as biochemical attacks and electro-magnetic pulse.

Seoul's rapid comeback is widely viewed as justified and indicates the nation was prepared for North Korean hostilities. However, analysts called the venture risky, warning it could escalate an already-tense situation.


  • The Latest: Hurricane Max makes landfall on Mexico coast (Associated Press) Hurricane Max has made landfall on Mexico's southern Pacific coast and is forecast to move inland along the coast of Guerrero state, a region that includes the resort city of Acapulco. The U.S. National Hurricane Center issued a hurricane warning for Max for the coastline between Zihuatanejo and Punta Maldonado. The center said Max should weaken as it moves over land but could bring "life-threatening flash floods and rainfall" to Guerrero and Oaxaca states.

Max had maximum sustained winds of 80 mph (130 kph), was located about 55 miles (90 kilometers) east-southeast of Acapulco and was heading toward the east at 8 mph (13 kph), the hurricane center reported.

  • Tropical Storm Norma (National Hurricane Center) The "secret variable" for this hurricane is that it will cross the much warmer than usual Gulf of Cortez (data forwarded by Sig Silber) and making its second landfall in mainland Mexico in the state of Sonora before moving into Chihuahua south of New Mexico.

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