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Banking & Finance

The latest coverage of the banking and financial sectors.

Turkey's President Recep Tayyip Erdogan, gestures as he delivers a speech to Turkish ambassadors at the Presidential Palace in Turkey, Monday, Aug. 13, 2018. (Pool Photo via AP)

Recep Tayyip Erdogan says Turkey will boycott U.S. electronics

By Associated Press

Turkish President Recep Tayyip Erdogan said Tuesday his country will boycott U.S.-made electronic goods amid a diplomatic spat that has helped trigger a Turkish currency crisis. Published August 14, 2018

Recent Stories

FILE - In this Oct. 24, 2017, file photo people pass the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Monday, Aug 13. (AP Photo/Richard Drew)

Economy to grow 3.1 percent in 2018: CBO

- The Washington Times

The U.S. economy is expected to grow by about 3 percent in 2018 but could face "more substantial" effects in the coming months from the administration's recent moves on tariffs, the Congressional Budget Office said Monday.

Carrying China's Water Illustration by Greg Groesch/The Washington Times

Getting Beijing to back down

- The Washington Times

Western business has lusted after the Chinese consumer market for hundreds of years. The dream of a billion or two Chinese consumers buying one's products is as intoxicating today as when British textile makers yearned for the Chinese to keep their mills humming forever, but until recently the Chinese consumer market existed more in their dreams than in reality.

Illustration on international trade by Greg Groesch/The Washington Times

A better way on trade

Prior to becoming a congressman in a special election two years ago, I spent 15 years starting, acquiring and growing manufacturing companies. I have experienced bad trade policy firsthand. Consequently, when Donald Trump campaigned on promises to fix our broken trade deals, like most of my colleagues in manufacturing, I was energized.

Story on Trump's award worthy economic record by Linas Garsys/The Washington Times

The star-making sizzle of the economy

The economy is delivering for Donald Trump, but the liberal media and economists have taken to trashing his performance as a sleight of hand or mirage.

Immigration is the winning issue

Elections have consequences is a maxim that's as true as ever, but it's a maxim that has lost some of its punch in a "can-you-top-this?" culture. The punditry insists, as always, that every election is the most important one of everybody's lifetime. It's hyperbole, of course, but it's also true that the 2018 midterms are very, very important. "It's the economy, stupid," is giving way to a maxim waiting for someone to coin: Immigration determines what kind of nation we'll be, and most Americans like the nation we already have.

In this April 4, 2015, file photo, Iranian and U.S. banknotes are on display at a currency exchange shop in downtown Tehran, Iran. Iran's currency is continuing its downward spiral as increased American sanctions loom, hitting a new low on the thriving black market exchange. The Iranian rial fell to 112,000 to the dollar on Sunday, July 29, 2018, from 98,000 to $1 on Saturday. (AP Photo/Vahid Salemi, File)

In Iran, economic worries grow as new U.S. sanctions loom

- Associated Press

Iran's currency plummeted to a record low Monday, a week before the United States restores sanctions lifted under the unraveling nuclear deal, giving rise to fears of prolonged economic suffering and further civil unrest.

In this April 10, 2018, file photo, Facebook CEO Mark Zuckerberg pauses while testifying before a joint hearing of the Commerce and Judiciary Committees on Capitol Hill in Washington about the use of Facebook data to target American voters in the 2016 election. (AP Photo/Andrew Harnik, File)

Facebook heading for its worst trading day ever

Associated Press

The erosion in the value of Facebook as it is perceived on Wall Street involves some staggering numbers. In midday trading Thursday, the company's market value (the number of outstanding shares multiplied by the value of a single stock), fell by more than $122 billion.

National Trade Council adviser Peter Navarro, second from right, accompanied by from left, President Donald Trump, Secretary of Commerce Wilbur Ross, and Vice President Mike Pence, speaks during a signing ceremony for executive orders regarding trade in the Oval Office at the White House, Friday, March 31, 2017, in Washington. Trump spoke to the media but left before signing the orders. (AP Photo/Andrew Harnik) **FILE**

Aide provides no comfort for Trump's troubled trade agenda

American producers and manufacturers are bearing the brunt of the costs, as the trade actions that President Trump has taken have resulted in painful retaliatory tariffs from China, Mexico, Canada and the European Union. The president is being led down this unsuccessful path by Peter Navarro, director of the White House National Trade Council.

Supreme Court nominee Brett Kavanaugh glances at reporters during a meeting with Sen. James Lankford, R-Okla., on Capitol Hill in Washington, Thursday, July 19, 2018. (AP Photo/Manuel Balce Ceneta)

Reversing the damage of previous administrations

Placing Judge Kavanaugh on the Supreme Court would be good for personal liberty and the economy. He demonstrates great skepticism of the "administrative state" and the penchant in recent decades for presidents and federal agencies to impose regulations on issues where Congress has been silent or simply disagrees with the president.

Examining a Founder's vision of a working economy

Some people will remember reading about Alexander Hamilton in their history books due to his fatal July 11, 1804, duel with Vice President Aaron Burr. Others will instantly recall the award-winning Broadway musical "Hamilton," which dealt with aspects of his life and career through song and dance.

Treasury Secretary Steven Mnuchin, right, and his wife Louise Linton, hold up a sheet of new $1 bills, the first currency notes bearing his and U.S. Treasurer Jovita Carranza's signatures, Wednesday, Nov. 15, 2017, at the Bureau of Engraving and Printing (BEP) in Washington. The Mnuchin-Carranza notes, which are a new series of 2017, 50-subject $1 notes, will be sent to the Federal Reserve to issue into circulation. At left is BEP Director Leonard Olijar. (AP Photo/Jacquelyn Martin)

Feds' spending watchdog site riddled with errors

- The Washington Times

Federal agencies are finally submitting their spending data to a special public database so taxpayers can see where the money is going -- but a majority of the numbers are little more than junk, according to a new government report Tuesday.

Property Rights Illustration by Greg Groesch/The Washington Times

Preserving American industrial competitiveness

Innovation is the United States' most valuable economic export and the cornerstone of our international competitive advantage. We are not the world's largest manufacturing nation, but we are the world's leading creator of technology and innovation, with innovative enterprises contributing to more than a third of our entire economy.

"I helped develop these economic issues," Treasury Secretary Steven Mnuchin said on Monday. "From my first meeting at the G-20 ... I've tried to emphasize that this is about making sure that we have free and fair, two-way trade." (ASSOCIATED PRESS)

Mnuchin firm on Trump's tough trade approach

Treasury Secretary Steven Mnuchin doubled down on the Trump administration's tough talk on trade over the weekend even as his international counterparts warned U.S. tariffs could stunt global growth and usher in a new era of job-killing protectionism.

No Work Required for Welfare Illustration by Greg Groesch/The Washington Times

Liberal war on work

Once upon a time, work for welfare was a pretty accepted notion. In 1996, Bill Clinton signed a strict workfare bill that was so popular, it helped him get re-elected. A Brookings Institute study by welfare scholar Ron Haskins proved those reforms moved more than half of those on welfare (mostly young single moms) into the workforce, and millions eventually gained economic self-sufficiency.

President Donald Trump gestures while speaking during his meeting with members of his cabinet in Cabinet Room of the White House in Washington, Wednesday, July 18, 2018. Looking on is Deputy Secretary of Defense Patrick Shanahan. (AP Photo/Pablo Martinez Monsivais)

Trump vows 'tremendous retribution' in trade fight

- The Washington Times

President Trump amped up the trade fight Wednesday with the European Union, vowing "tremendous retribution" if they can't settle the standoff over automobile imports next week when the EU commission president visits the White House.

Recent Opinion Columns

Illustration on the attractiveness of Socialism by Alexander Hunter/The Washington Times

The unthinking and the unobservant

This past week, Alexandria Ocasio-Cortez, a self-proclaimed socialist, won the Democratic primary for a congressional seat in New York. Why would a sane person advocate a political movement that was responsible for well over a hundred million deaths in the last century, as well as untold misery? By her comments, Ms. Ocasio-Cortez revealed a couple of things about herself. The first is an ignorance of history — because it is unlikely that she really meant to be an advocate for a cause that often results in mass death and destruction — and that she is unable to think beyond stage 1, or the first order effect of a policy.

Chart to accompany Moore article of June 11, 2018.

Trump's economic boom

The left is quickly running out of excuses for why President Trump's economic policies have caused a boom — rather than the bust they predicted with such great certainty.

Make the Deal Illustration by Greg Groesch/The Washington Times

A bleak situation in Puerto Rico gets bleaker

In the early days of the Internet, Despair.com came up with a popular series of "demotivational posters" that spoofed the motivational posters supposed to inspire office workers throughout the 1990s. (Like the kitten who just needs to "hang in there!")

Illustration on the global economic primacy of the dollar by Linas Garsys/The Washington Times

King Dollar -- why the greenback rules the world

For all the talk of America's decline, the United States offers the world one product that no country seems able to replicate — universally accepted money. If a multinational needs cash to drill for oil in Nigeria or rich Indians want to import BMWs, the dollar is often the currency contracted for payment.

Illustration on the effects of recent tax cuts by Alexander Hunter/The Washington Times

Why liberals hate the Trump tax cut

Despite liberal hysterics, Republicans' recent tax cut raised top earners' share of America's tax burden. This seemingly "squared circle" is simply due to a fact true before the legislation and even truer after: Middle- and upper-income earners shoulder the overwhelming tax load. Equally obvious: Even so large a share is not enough for an insatiable left.

Jim Thomas, Dr. Seth Cropsey, Ronald O’Rourke and Dr. Andrew Erickson, discuss the U.S. Asia-Pacific Strategic Considerations Related to P.L.A. Naval Forces Modernization in front of the House Armed Services Committee, in Washington, DC., Wednesday, December 11, 2013.  (Andrew S Geraci/The Washington Times)

The cost of not having a Merchant Marine

Freedom of the seas is critical to America's economic and political security, enabling the transportation of goods manufactured in the United States to other places around the world, and enabling Americans to obtain things otherwise unobtainable here, like bananas every day of every year. What would life be without the freedom to enjoy an occasional banana split?

Illustration on Trump's challenge to status quo diplomacy by Alexander hunter/The Washington Times

Trump confronts elites with realism

President Trump is delivering a powerful message to global elites like the World Economic Forum. America First is about unmasking the cynical con the most privileged have played on ordinary working folk.

From The Vault

Progress at the Patent Office Illustration by Greg Groesch/The Washington Times

The U.S. marks 10 million patents

On Wednesday, the U.S. Patent and Trademark Office (USPTO) marked the granting of the nation's 10 millionth patent. Patent filings and issuances are at historically high levels, with more than 2.8 million active patents in the United States, which is both good and troubling news.

Bipartisan Act Illustration by Greg Groesch/The Washington Times

Drowning in debt

In "Hamlet," Shakespeare pens one of the most familiar lines — and best advice — ever written. Before Laertes leaves for Paris, his father, Polonius, tells him: "Neither a borrower nor a lender be "