Money: Cramer: Trump should heed Home Depot's warnings about the consumer and make a trade deal - PressFrom - Canada

MoneyCramer: Trump should heed Home Depot's warnings about the consumer and make a trade deal

07:35  21 august  2019
07:35  21 august  2019 Source:

New York stock indexes hammered as China allows yuan to devalue

New York stock indexes hammered as China allows yuan to devalue New York stock indexes plunged three per cent Monday, as investors continued to deal with the fallout of the China-U.S. trade war. The S&P 500 dropped 87.31 points, or 3 per cent, to 2,844.74 for its worst loss since December, when the market was wrapped in the throes of recession fears. It was down as much as 3.7 per cent in the afternoon. The Dow Jones Industrial Average lost 767.27, or 2.9 per cent, to 25,717.74, and the Nasdaq composite fell 278.03, or 3.5 per cent, to 7,726.04. Canada's TSX index was not trading because of the August Civic holiday.

US President Donald Trump has said Huawei could be part of a trade deal between the US and China, despite branding the telecoms firm "very dangerous". The US-China trade war has escalated in recent weeks with tariff hikes and threats of more action. Washington has also targeted Huawei by putting

Shop online for all your home improvement needs: appliances, bathroom decorating ideas, kitchen remodeling, patio furniture, power tools, bbq grills, carpeting, lumber, concrete, lighting, ceiling fans and more at The Home Depot .

Home Depot revealed in its quarter report how the ongoing trade war could hurt consumer confidence in America, CNBC's Jim Cramer said Tuesday.

The "Mad Money" host called the company the "perfect microcosm for the U.S. economy" and put his trust behind outgoing-Chief Finance Officer Carol Tome's perspective on the state of the market.

In a Tuesday morning conference call with investors, Tome, who is set to retire at the end of the month, said "consumer confidence is near record high levels" but "consumer demand could be impacted" by lingering U.S.-China trade tension.

Home Depot beats quarterly profit estimates, warns of tariff impact

Home Depot beats quarterly profit estimates, warns of tariff impact Home Depot beats quarterly profit estimates, warns of tariff impact

Jim Cramer takes a look at the week ahead and says good news on a U. S .-China trade deal can give international "If we get a [ trade ] deal I think the stocks of many international companies can President Donald Trump has signaled that he may hold off of hiking tariffs on Chinese imports as time

Update: The United States and South Korea formally announced the trade agreement in a joint statement on Wednesday, and said that it “represents important progress in improving U. S .-Korea trade and economic relations.”.

Accounting for the potential impact of tariffs on consumer spending, Home Depot reduced its full-year sales growth outlook to 2.3% from 3.3%.

"As someone who's always been in favor of cracking down on China, like the president, I think we still need to take her concerns to heart," Cramer said, "and I hope the president takes this opportunity to make a deal while the Chinese are feeling the pain from our tariffs, but before we're getting the full impact on our side of the aisle."

Home Depot "made it clear," he argued, that the U.S. is ahead of China in the trade war, which began more than a year ago. Cramer based his reason on the number of suppliers that have moved operations outside of the country. Those firms have relocated some facilities to Taiwan, Vietnam, Thailand, Indonesia and the U.S., which management says could reduce the impact of tariffs on Home Depot's same-store sales from 2% to 1%.

Trump will be blamed for a global recession if he continues his trade war with China, says Boris Johnson

Trump will be blamed for a global recession if he continues his trade war with China, says Boris Johnson "This is not the way to proceed," UK Prime Minister Boris Johnson tells US president Donald Trump ahead of their meeting at the G7 summit in Biarritz.

Home Depot co-founder Bernie Marcus has endorsed Donald Trump for president, but Marcus While Trump “sucks” at communication, Marcus said, the president deserves praise for boosting U. S . jobs, confronting China on trade and Support Snopes and make a difference for readers everywhere.

Home Depot ' s earnings show strength of U.S. economy, but president Look to Home Depot . But president should use position now to cut a deal with China on tariffs to avoid hammering consumer confidence. We can look at the aggregate data and make conclusions about the U.S. economy

Home Depot's partners apparently aren't alone in this endeavor. More than 50 companies, including Apple, Nintendo and Dell, have shifted operations out of China to evade 25% tariffs that are in place on $200 billion of Chinese imports and the rate is increasing, CNBC reported last month. The U.S. is preparing to tack on another 10% tariff on $300 billion of remaining Chinese goods with some going to effect in September and the rest slated for December.

"Now, it seems to me that this would be the perfect time to make a deal with the Chinese, they need it more than we do and I say this as a big supporter of the president's tariffs," Cramer said, "but the last thing any president wants is a trade war-related recession as we head into an election year."

Secretary of State Mike Pompeo said Tuesday that he believes the trade war could come to a close by the 2020 presidential election, according to CNBC.

Trudeau talks trade with Trump at G7 summit

Trudeau talks trade with Trump at G7 summit G-7 leaders officially got down to business in their first major working session of this year’s summit in the French seaside resort of Biarritz. The key meeting for Prime Minister Justin Trudeau came later Sunday morning when he sat down with U.S. President Donald Trump. The first full-fledged working session is devoted to the global economy. And it is likely leaders will be looking for insight about how far Trump intends to take his trade war with China. Markets tumbled on Friday as Trump escalated that fight. Trump promised he will raise existing duties on $250 billion US in Chinese good to 30 per cent on Oct.

Mr. Trump said he hoped to sign a final deal in person in a meeting with President Xi Jinping of Despite the progress touted by Mr. Trump , the Chinese have still yet to make written commitments to any Mr. Trump continued to tease the prospect of a potential deal with China on Sunday evening

A vote for Trump is a vote for standing up to trade manipulators. For many of us, it’ s hard to make For Trump , it' s straightforward. The Republican presidential candidate is unequivocal on his position Let’ s consider what this would mean with a real-world example. Let’ s say an American consumer

In its fiscal second-quarter report, Home Depot recorded earnings of $3.17 on revenue of $30.84 billion. Wall Street analysts expected $3.08 earnings per share and $30.99 billion revenue. Comparable store sales grew 3% from the year prior, missing estimates of 3.5%, which the store chain blamed on declining lumber prices.

Despite the mixed results, the stock jumped more than nine points to close above $217. Shares are up more than 26% this year.

Read more from CNBC's Jim Cramer

Disclosure: Cramer's charitable trust owns shares of Home Depot and Apple.

Questions for Cramer? Call Cramer: 1-800-743-CNBC Want to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram Questions, comments, suggestions for the "Mad Money" website? [email protected]

Trump's 15% tariffs on $112B in Chinese goods take effect.
WASHINGTON — The Trump administration's latest round of tariffs on Chinese imports took effect early Sunday, potentially raising prices Americans pay for some clothes, shoes, sporting goods and other consumer goods in advance of the holiday shopping season. The 15% taxes apply to about $112 billion of Chinese imports. All told, more than two-thirds of the consumer goods the United States imports from China now face higher taxes. The administration had largely avoided hitting consumer items in its earlier rounds of tariff hikes. But with prices of many retail goods now likely to rise, the administration's move threatens the U.S.

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