Promises of Chinese tariff rollback come into view

Policy Watch

• • China says U.S. agrees to tariff rollback if deal reached. China’s Ministry of Commerce, which typically does not make public indications of negotiation progress, said China and the U.S. have agreed to roll back tariffs on each other’s goods in phases as they work toward a deal between the two sides. China spokesman Gao Feng said the two sides should remove the same proportion of tariffs simultaneously based on the content of the deal. China’s key demand since the start of negotiations has been the removal of punitive tariffs imposed by President Trump, which by now apply to the majority of its exports to the U.S. As of Thursday evening Beijing time, the White House and U.S. Trade Representative had yet to respond to the Chinese side’s announcement. [WSJ]

     

  • U.S. collects a record $7 billion in tariffs in September. American consumers and businesses paid a record $7.1 billion in tariffs in September, federal data shows. Tariff revenue jumped 9% from August and was up more than 59% from a year earlier. About $4.1 billion of the $7.1 billion in import taxes paid by Americans in September were levied through tariffs Trump imposed on Chinese goods since 2018. While Trump falsely claims China pays the cost of the tariffs, the data show a different story. U.S. manufacturers and farmers have been hammered with higher costs and lower global demand and pending tariffs on Chinese goods still scheduled to go into effect will directly affect consumer goods such as clothing, toys and technology products. [The Hill]

     

  • FTC called on to review AI video interview software. The Electronic Privacy Information Center, a prominent rights group known as EPIC, is urging the Federal Trade Commission to investigate HireVue, arguing the company’s AI-driven video interview assessments could unfairly penalize candidates and perpetuate discriminatory hiring practices. HireVue’s systems reduce costs and speed up recruiting for many employers but the algorithms and criteria used in analyzing people’s behavior are private and largely unregulated. EPIC, which filed an official complaint with the FTC on Wednesday, has become one of the tech industry’s most renowned and effective watchdogs over the last 25 years. [WaPo]

     

  • Conservatives and libertarians face growing anti-tech antitrust movement. Conservatives in Capitol Hill, academics and funding groups have largely dominated antitrust law for decades, leading to few big company breakups or blocked mergers. However, they are facing growing calls to investigate and potentially break up the tech giants like Facebook and Google for anticompetitive behavior. Anti-tech arguments are becoming more bipartisan and currently the House Judiciary Committee, the Federal Trade Commission, the Justice Department and almost every state attorney general’s office is investigating at least one of Silicon Valley’s giants. Conservatives will have an even harder time if a Democrat takes the White House in November. Senator Elizabeth Warren has made breaking up the tech giants a prominent part of her presidential campaign. [NYT]

     

  • Government spending talks scheduled to continue next week. On Wednesday, Senate Appropriations Chairman Richard Shelby provided an update on spending talks. He and other top appropriators from both parties will meet next week in an attempt to resolve outstanding issues surrounding the 12 spending bills. With government funding expiring on November 21, another stopgap continuing resolution is almost all but certain. Shelby and Majority Leader Mitch McConnell included that another continuing resolution to fund the government through December is under consideration. A key issue that remains is whether Trump will sign a bill that provides less than the $5 billion requested for the border wall. [Politico]

    Economic Indicators & News 

  • U.S. weekly jobless claims fall more than expected. Initial claims for state unemployment benefits fell 8,000 to a seasonally adjusted 211,000 for the week ended November 2, the Labor Department said on Thursday. Data for the prior week was revised to show 1,000 more applications received than previously reported. Economists polled had forecast claims would fall to 215,000 in the latest week. The level of claims suggests solid labor market conditions and add support to the argument the Fed will pause cutting interest rates in the easing cycle. [MarketWatch]