President Trump's trade wars are hitting businesses large and small in every corner of the country.
The big picture: This week, a slew of local news headlines tell stories of manufacturing plants or development projects derailed by tariffs. Together, they warn of the potential impact on the American economy of an escalating global trade fight.
"Corporate profits have rarely swept up a bigger share of the nation’s wealth, and workers have rarely shared a smaller one," the N.Y. Times' Patricia Cohen writes.
Between the lines: "The lopsided split is especially pronounced given how low the official unemployment rate has sunk."
There's big money to be made in re-selling luxury vehicles to "China's gray market," according to one man who experienced it first-hand, Travis Simpkins.
The big picture: Simpkins writes in Car and Driver that "an enterprising individual can make $10,000 this month buying luxury cars. You need a heartbeat, a driver's license, and that's about it."
After three months and the effective shutdown of phone maker ZTE, the Commerce Department has officially lifted a ban on American suppliers selling to the Chinese company, reports Reuters, and ZTE shares are soaring.
Why it matters: The fact that a ban on American parts prompted ZTE to shut down operations is a clear example of the significant leverage U.S. tech companies have over China. But Chinese President Xi Jinping was able to successfully lobby President Trump and save ZTE. That sets a dangerous precedent for U.S.–China negotiations on trade and intellectual property theft.
China's trade surplus with the U.S. reached a record monthly high in June as Chinese companies rushed to sell their goods before President Trump's tariffs went into effect on July 5th, reports CNBC.
By the numbers: The surplus in June was $28.97 billion, up from $24.58 billion in May. For the first half of 2018, China's surplus with the U.S. was $133.76 billion, up from $117.51 billion in the first half of 2017. But don't expect this to continue. The surplus for the second half of 2018 will likely be significantly lower than that of the same period last year as Trump's trade war slows down the flow of Chinese exports into the U.S.
Congressional Republicans think President Trump's tariffs are going to hurt the economy, undoing some of their economic wins — but they're not ready to cross the president until their voters feel the pain.
Between the lines: While some Republicans think Trump has a plan up his sleeve, most think there's no good ending here. But they think the GOP base — which is fiercely loyal to Trump — needs to feel the impact of the new trade policies before Congress will have the voters' permission to do something.
The Federal Communications Commission has begun the process of loosening requirements for children's TV programming, arguing that the old rules aren't needed in the era of kids-focused apps and streaming services.
The big picture: When it comes to kids' content,tech companies like Netflix, Amazon and Google have stolen huge market share from traditional media companies. Still, children's advocates say relaxing the rules for broadcasters may make it harder for families without reliable broadband access to find age-appropriate content.
