Latest news with #Jenga
Yahoo
a day ago
- Business
- Yahoo
Trump is increasingly hostile to China. He's playing with fire
Despite widespread concerns that the trade war is dragging down America's economy, President Donald Trump has notched quite a few wins on his economic belt in recent weeks. Inflation keeps falling. Jobs remain plentiful. And there's growing evidence the economy could be booming this quarter. That's why Trump's increasingly hostile rhetoric about China over the past week was particularly concerning ahead of his call Thursday with Chinese leader Xi Jinping. Trump's economy is cookin' – for now. But the economic Jenga tower the Trump administration has constructed is precariously balanced on a host of economic caveats and unproven theories. Renewed trade tensions with the world's second-largest economy threatens to knock the tower to the ground. May 12 represented a major turning point for the global trade war. Delegates from China and the United States announced they would significantly roll back their historically high tariffs on one another. Markets were elated. Wall Street banks curtailed their recession forecasts. And moribund consumer confidence rebounded significantly. That's a significant change from April, when tensions ran so high that trade between the United States and China came to an effective halt. The 145% tariffs on most Chinese imported goods made the math impossible for American businesses to buy virtually anything from China, America's second-largest trading partner. No one wants to return to that. Treasury Secretary Scott Bessent, America's chief negotiator in the détente with China, said previous tariff levels were 'unsustainable.' That's why he said the countries put in place mechanisms to prevent a re-escalation. But Trump and his administration in recent weeks have grown increasingly hostile toward China, accusing the country of breaking the promises it made in mid-May. China has similarly said the United States has failed to live up to its obligations under the agreement. Trump and Xi held a long-awaited phone call Thursday, a person familiar with the matter said. The White House did not immediately confirm the call, which was also reported by Chinese state media. If the call fails to result in another de-escalation, tensions could boil over, and tariffs could rise again. So could recession forecasts. And the good vibes that have powered a rebound in sentiment and a massive market rally could disappear in a flash. Although virtually no economic reports are entirely good or bad, and with the obvious caveat that monthly economic data are inherently backward looking, US data have been surprisingly resilient lately. So resilient, in fact, that Trump's top economic advisors have made a point of highlighting the widespread predictions of soaring inflation and large-scale job cuts that drove headlines throughout April. 'Everything has been alarmist,' Treasury Secretary Scott Bessent said Sunday on CBS' Face the Nation. 'The inflation numbers are the best in four years, so why don't we stop saying this could happen and wait and see what does happen.' Annual consumer prices grew just 2.3% in April, according to the Consumer Price Index, and inflation that month fell to 2.1%, according to the separate Personal Consumption Expenditures price index. The PCE report is particularly noteworthy, because the Federal Reserve favors that report when it considers whether to change interest rates. Over time, the Fed targets 2% inflation, so America is, at long last, nearing that long-term target after a yearslong bout with historic price hikes. Trump, citing America's low inflation rate, has been bullying Federal Reserve Chair Jerome Powell to cut interest rates to boost the economy – even summoning Powell to the White House last week to give him a talking to. As Powell has noted, economic data is looking strong. Jobs data, although weakening, has steadied in recent months. The unemployment rate is hovering at just over 4%, and employers have added a solid number of jobs each month. The number of available jobs in America unexpectedly increased in April, a potential indicator that the labor market remains robust. And a positive effect of trade tensions could at least temporarily benefit America's economy. Gross domestic product, the broadest measure of the economy, shifted into reverse in the first quarter as businesses stockpiled goods in anticipation of tariffs. This quarter, imports from foreign countries – particularly China – have fallen dramatically. In April, the US trade deficit shrank by its steepest monthly pace on records, which go back to 1992. That should give America a big, albeit momentary, boost. The Atlanta Fed's GDPNow tool currently predicts the US economy will grow at an adjusted annualized rate of 4.6% this quarter, a huge number that would more than make up for the -0.2% rate in the first quarter. But Trump's ramping up of restrictions and public scrutiny of China risks putting sugar in the gas tank just as the engine started humming again. Trump on Wednesday said in a Truth Social post that Chinese leader Xi Jinping was 'extremely hard to make a deal with.' Trade talks have stalled, Bessent said, apparently frustrating Trump. Last week, Trump posted on social media that China 'TOTALLY VIOLATED ITS AGREEMENT WITH US.' Trump said that he made a 'fast deal' with China to 'save them from what I thought was going to be a very bad situation.' He added: 'So much for being Mr. NICE GUY!' The Trump administration had expected China to lift restrictions on rare earth materials that are critical components for a wide range of electronics, but China has so far refused, causing intense displeasure inside the Trump administration and prompting a recent series of measures to be imposed on the country three administration officials told CNN last week. For example, the White House warned US companies against using AI chips made by China's national tech champion Huawei. It stopped US companies from selling to China software that is used to design semiconductors. And the US State Department announced it would 'aggressively revoke visas' for some Chinese students in America. China, in turn, has accused the United States of 'provoking new economic and trade frictions.' 'The United States has been unilaterally provoking new economic and trade frictions, exacerbating the uncertainty and instability of bilateral economic and trade relations,' the Chinese Commerce Ministry said Sunday. Meanwhile, it's not like tariffs have completely evaporated. Trump's levies still make up the highest effective US tariff rate in nearly a century. The United States maintains a 10% universal tariff on most goods coming into the country, and Trump just doubled tariffs on steel and aluminum this week. He has threatened higher tariffs on dozens of countries that are unable to reach trade deals with the administration over the course of the next month. And China and the United States, despite their de-escalation last month, maintain significant, double-digit tariffs on one another. Economists, Wall Street analysts, business leaders and consumers continue to sound the alarm bell about the trade war, worrying about a toxic combination of rising prices and slowing economic growth. The reality remains the universal exhale across Wall Street and C-Suites after the US-China de-escalation didn't change the fact that signs of a sharp economic downward turn had been pervasive in what economists call 'soft data' for months. In survey after survey capturing business, manufacturing and consumer sentiment, the vibes have remained tangibly anxious even if they've slowed the rapid downward trend. Powell captured that split screen effect best during a May press conference defined by just how many times – and different ways – he could explain Fed officials simply didn't know what would happen next. 'People are worried about inflation, about a shock from tariffs,' Powell told reporters. 'But that shock hasn't hit yet.' Surveys data doesn't necessarily serve as leading indicators for the hard economic data to come, and were shown to be particularly divergent over the course of the last five years. Trump's ability to flip a switch and ease the all-consuming pressure on the global economy, at least somewhat, is probably the most blunt and effective tool in modern history to reverse any sentiment doom spiral. But some underlying data is raising concerns. A government report this week showed layoffs in April leapt higher by nearly 200,000 to 1.786 million, reversing a similarly sized drop seen in March. Initial unemployment claims rose to 247,000 last week, far more than estimated. And outplacement firm Challenger, Gray & Christmas reported Thursday that American employers announced 94,000 layoffs in May – down 12% from April but up 47% from last year. Layoff announcements have spiked 80% this year. Last week, a key economic report showed consumer spending rose just 0.2% in April, a weaker-than-anticipated reading and a significant retreat from March. And some consumer and business survey data remain incredibly weak. Consumer sentiment remained near historic lows reached in March despite recent trade deal announcements, according to the University of Michigan. And the Fed's beige book, a collection of business leaders' reactions to the economic environment, showed that companies across industries are remaining deeply uncertain about the economy – particularly because of the trade war. That sentiment, if it remains static and pairs with the pervasive and paralyzing corporate uncertainty, can start to bleed into the underlying data. There have been warning signs of that occurring of late. 'I would say surprisingly little direct impact so far in the data that's coming out,' Federal Reserve Bank of Chicago President Austin Goolsbee said this week. 'We don't know if that will remain true for the next month or two.' So good news could ultimately turn bad, even without escalating tensions with China. But a return to tit-for-tat tariffs and closed borders could make matters significantly worse. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNN
a day ago
- Business
- CNN
Analysis: Trump is increasingly hostile to China. He's playing with fire
Despite widespread concerns that the trade war is dragging down America's economy, President Donald Trump has notched quite a few wins on his economic belt in recent weeks. Inflation keeps falling. Jobs remain plentiful. And there's growing evidence the economy could be booming this quarter. That's why Trump's increasingly hostile rhetoric about China over the past week was particularly concerning ahead of his call Thursday with Chinese leader Xi Jinping. Trump's economy is cookin' – for now. But the economic Jenga tower the Trump administration has constructed is precariously balanced on a host of economic caveats and unproven theories. Renewed trade tensions with the world's second-largest economy threatens to knock the tower to the ground. May 12 represented a major turning point for the global trade war. Delegates from China and the United States announced they would significantly roll back their historically high tariffs on one another. Markets were elated. Wall Street banks curtailed their recession forecasts. And moribund consumer confidence rebounded significantly. That's a significant change from April, when tensions ran so high that trade between the United States and China came to an effective halt. The 145% tariffs on most Chinese imported goods made the math impossible for American businesses to buy virtually anything from China, America's second-largest trading partner. No one wants to return to that. Treasury Secretary Scott Bessent, America's chief negotiator in the détente with China, said previous tariff levels were 'unsustainable.' That's why he said the countries put in place mechanisms to prevent a re-escalation. But Trump and his administration in recent weeks have grown increasingly hostile toward China, accusing the country of breaking the promises it made in mid-May. China has similarly said the United States has failed to live up to its obligations under the agreement. Trump and Xi held a long-awaited phone call Thursday, a person familiar with the matter said. The White House did not immediately confirm the call, which was also reported by Chinese state media. If the call fails to result in another de-escalation, tensions could boil over, and tariffs could rise again. So could recession forecasts. And the good vibes that have powered a rebound in sentiment and a massive market rally could disappear in a flash. Although virtually no economic reports are entirely good or bad, and with the obvious caveat that monthly economic data are inherently backward looking, US data have been surprisingly resilient lately. Annual consumer prices grew just 2.3% in April, according to the Consumer Price Index, and inflation that month fell to 2.1%, according to the separate Personal Consumption Expenditures price index. The PCE report is particularly noteworthy, because the Federal Reserve favors that report when it considers whether to change interest rates. Over time, the Fed targets 2% inflation, so America is, at long last, nearing that long-term target after a yearslong bout with historic price hikes. Trump, citing America's low inflation rate, has been bullying Federal Reserve Chair Jerome Powell to cut interest rates to boost the economy – even summoning Powell to the White House last week to give him a talking to. As Powell has noted, economic data is looking strong. Jobs data, although weakening, has steadied in recent months. The unemployment rate is hovering at just over 4%, and employers have added a solid number of jobs each month. The number of available jobs in America unexpectedly increased in April, a potential indicator that the labor market remains robust. And a positive effect of trade tensions could at least temporarily benefit America's economy. Gross domestic product, the broadest measure of the economy, shifted into reverse in the first quarter as businesses stockpiled goods in anticipation of tariffs. This quarter, imports from foreign countries – particularly China – have fallen dramatically. In April, the US trade deficit shrank by its steepest monthly pace on records, which go back to 1992. That should give America a big, albeit momentary, boost. The Atlanta Fed's GDPNow tool currently predicts the US economy will grow at an adjusted annualized rate of 4.6% this quarter, a huge number that would more than make up for the -0.2% rate in the first quarter. But Trump's ramping up of restrictions and public scrutiny of China risks putting sugar in the gas tank just as the engine started humming again. Trump on Wednesday said in a Truth Social post that Chinese leader Xi Jinping was 'extremely hard to make a deal with.' Trade talks have stalled, Bessent said, apparently frustrating Trump. Last week, Trump posted on social media that China 'TOTALLY VIOLATED ITS AGREEMENT WITH US.' Trump said that he made a 'fast deal' with China to 'save them from what I thought was going to be a very bad situation.' He added: 'So much for being Mr. NICE GUY!' The Trump administration had expected China to lift restrictions on rare earth materials that are critical components for a wide range of electronics, but China has so far refused, causing intense displeasure inside the Trump administration and prompting a recent series of measures to be imposed on the country three administration officials told CNN last week. For example, the White House warned US companies against using AI chips made by China's national tech champion Huawei. It stopped US companies from selling to China software that is used to design semiconductors. And the US State Department announced it would 'aggressively revoke visas' for some Chinese students in America. China, in turn, has accused the United States of 'provoking new economic and trade frictions.' 'The United States has been unilaterally provoking new economic and trade frictions, exacerbating the uncertainty and instability of bilateral economic and trade relations,' the Chinese Commerce Ministry said Sunday. Meanwhile, it's not like tariffs have completely evaporated. The United States maintains a 10% universal tariff on most goods coming into the country, and Trump just doubled tariffs on steel and aluminum this week. He has threatened higher tariffs on dozens of countries that are unable to reach trade deals with the administration over the course of the next month. And China and the United States, despite their de-escalation last month, maintain significant, double-digit tariffs on one another. Economists, Wall Street analysts, business leaders and consumers continue to sound the alarm bell about the trade war, worrying about a toxic combination of rising prices and slowing economic growth. Despite the recent spate of good economic news, some underlying data is raising concerns. A government report this week showed layoffs in April leapt higher by nearly 200,000 to 1.786 million, reversing a similarly sized drop seen in March. Initial unemployment claims rose to 247,000 last week, far more than estimated. And outplacement firm Challenger, Gray & Christmas reported Thursday that American employers announced 94,000 layoffs in May – down 12% from April but up 47% from last year. Layoff announcements have spiked 80% this year. Last week, a key economic report showed consumer spending rose just 0.2% in April, a weaker-than-anticipated reading and a significant retreat from March. And some consumer and business survey data remain incredibly weak. Consumer sentiment remained near historic lows reached in March despite recent trade deal announcements, according to the University of Michigan. And the Fed's beige book, a collection of business leaders' reactions to the economic environment, showed that companies across industries are remaining deeply uncertain about the economy – particularly because of the trade war. So good news could ultimately turn bad, even without escalating tensions with China. But a return to tit-for-tat tariffs and closed borders could make matters significantly worse.
Time of India
2 days ago
- Sport
- Time of India
'You walk with nothing' – Golden State Warriors veteran Draymond Green says reaching NBA Finals is overrated if it ends in heartbreak, citing New York Knicks' loss
Draymond Green. Image via: Godofredo A. Vásquez/ AP Golden State Warriors forward Draymond Green is no stranger to the NBA Finals spotlight, but he recently shared an eye-opening perspective that challenges the league's glorification of second place. Speaking on The Draymond Green Show alongside former All-Star Baron Davis, Green used the New York Knicks' recent playoff run to show a larger point. He asserted that reaching the Finals without winning is not an accomplishment but a bitter reminder of what could've been. For him, falling short on the biggest stage is more deflating than missing the playoffs altogether. Draymond Green argues that emotional devastation outweighs perceived progress in the playoffs Draymond Green. Image via: Christian Petersen/ Getty Images Draymond Green and his team Golden State Warriors, were long gone from the playoffs but the veteran has something to say on the emotional weight of losing in the conference finals. 'If you want me to be quite honest with you, I personally think making it to the NBA Finals is one of the worst seasons you can have,' Green admitted on the podcast, referencing the New York Knicks as a prime example. 'Going to the NBA Finals and winning an NBA championship, those two things are so far apart. You can get to the NBA Finals and not be close to winning an NBA championship.' For Green, who has won four championships and lost in the Finals, the emotional toll of coming up short overshadows the progress teams believe they've made. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like เทรดทองCFDs กับโบรกเกอร์ที่เชื่อถือได้ | เรียนรู้เพิ่มเติม IC Markets สมัคร Undo "Even if the Knicks made it to the NBA Finals and didn't win it, that's not some accomplishment to me," he said. "You get nothing for making the NBA Finals except a couple tens of thousands of dollars more than the conference final loser and you get another three weeks short of summer. " He likened the aftermath of a Finals loss to a fog of uncertainty that teams must stumble through. 'You walk with nothing,' he shared. 'The [other] team goes on and celebrates and has this incredible summer and you're kind of left stuck trying to figure out 'Were we really close? Do we need to run it back with this team? What's the tweak we need to make?'" That confusion, Green warned, can be dangerous. 'You're kind of left in this position of 'Ahh, maybe we're one tweak away.' But what you should understand about this thing is one tweak could actually, it's like Jenga sometimes—one tweak on a roster could make the whole thing fall.' Referencing the Knicks again, he floated whether a major change like firing head coach Tom Thibodeau could be one of those destructive tweaks. According to Green, reaching the Finals without winning can create a false sense of being 'almost there,' which often backfires. 'Making it to a conference finals, you're so far away from winning a championship, and it looks like it's close because you're one series away,' he explained. Also Read: Who's responsible for Tom Thibodeau's exit from New York Knicks? NBA insider spills beans on front office decision Ultimately, Green's closing thought was as blunt as it was profound, 'Yeah, making it to the Finals is great, but if you don't win it, it's almost worse. You might as well have lost in the first round.'
Yahoo
2 days ago
- Yahoo
COLLECTIVE RETREATS GOVERNORS ISLAND RETURNS FOR THE 2025 SEASON WITH A NATURE-FORWARD ESCAPE IN THE HEART OF NYC
As Governors Island celebrates its 20th season open to the public, New York City's only waterfront glamping retreat returns for 2025 with renewed culinary offerings, refreshed recreational experiences, and curated summer programming—just a 10-minute ferry ride from Manhattan. NEW YORK, June 4, 2025 /PRNewswire/ -- Nestled within a 172-acre green haven Collective Retreats Governors Island proudly announces its reopening for the 2025 season. As the only overnight lodging destination on Governors Island, the retreat offers 29 immersive glamping-style accommodations at the historic destination that allow guests to unwind and connect with nature in a secluded environment along the shores of New York Harbor. With upgraded culinary offerings and thoughtful programming, the retreat provides an accessible escape that feels worlds away. Blending the serenity of nature with the energy of the city, Collective Retreats Governors Island is an urban escape just across the water, offering indoor/outdoor accommodations, a full-service restaurant and bar, communal firepits, and panoramic views of the Manhattan skyline and the Statue of Liberty. At the heart of the retreat sits the expansive Great Lawn, a central gathering place with hammocks, lawn games, including bocce, croquet, cornhole, oversized Jenga, Giant Connect Four, paddleball, social pong and more. Three firepits sit at its center and are designed to cultivate connection with loved ones or new friends amidst the natural beauty of its surroundings. The retreat's food and beverage experience is anchored by Three Peaks Lodge, offering farm-to-Island dining daily from 5 PM. Woodfired techniques shape fresh, seasonal dishes enjoyed alongside views of the Statue of Liberty, Ellis Island, and the harbor. Guests begin each day with a complimentary continental breakfast featuring light bites, juices, and coffee, while the Sunset Terrace cocktail bar opens daily at 3 PM, serving craft cocktails, beer, and wine with one of New York's most spectacular sunset backdrops. External guests are also welcome to dine at Three Peaks Lodge with reservations. Accommodations include three thoughtfully designed room types, each positioned along the Great Lawn and offering private terraces with skyline or harbor views, along with air conditioning and heating for seasonal comfort. Journey Tents include plush beds and access to shared spa-style bathhouses, ideal for families and small groups. Voyager Tents offer added privacy with en-suite bathrooms, featuring elevated design and amenities for a more immersive stay. Basecamp Cabins blend indoor comforts with nature, featuring soaking tubs, handheld showers, and a cozy atmosphere for rest and reflection. For a more indulgent experience, The Summit Suite and select Suites feature curated furnishings, expansive layouts, and spa-style bathrooms. Folding glass walls open to panoramic views, creating a boutique hotel sensibility in a nature-driven setting. During their stay, guests are invited to take part in daily recreational programming—from morning yoga and lawn games to live music and nightly s'mores around the fire. Designed to foster connection, relaxation, and play, these experiences add a dynamic rhythm to the retreat. Additional seasonal activations will be introduced throughout the summer. Just beyond the retreat, guests can explore Governors Island's expansive biking and hiking trails, lavender fields, hammock groves, public art installations, and historic landmarks including Fort Jay and Castle Williams. For those seeking deeper relaxation, preferred guest rates are available at QC NY Spa, which features outdoor pools, saunas, steam rooms, and massage treatments. Governors Island's 2025 season also brings extended summer hours, the return of Brooklyn ferry service, and a packed calendar of cultural and community programming. If you're planning a unique corporate retreat, offsite meeting, or even a wedding, Collective Retreats Governors Island delivers an unforgettable setting just minutes from your Manhattan office. With six versatile indoor and outdoor spaces for groups of 10 to 175+, the retreat is ideal for gatherings that seek both impact and inspiration. Full buyouts are also available for those looking to transform the retreat into their own private experience. Collective Retreats Governors Island offers a mindful sanctuary more often associated with upstate escapes like the Catskills or Poconos—yet it's just minutes from Manhattan. Whether you're seeking a romantic getaway, a family retreat, a bespoke event, or a full island buyout, the retreat delivers an unforgettable seasonal experience that balances comfort, nature, and design. Open through November 2025, rates begin at $249 per night and include complimentary ferry service, Wi-Fi in common areas, daily breakfast, nightly s'mores and access to curated on-site programming. The Governors Island Ferry runs daily starting at 7 AM from the Battery Maritime Terminal in Lower Manhattan. Last return ferry departs at 10 PM. For more information, please visit or visit us on IG at @collectiveretreats Three Peaks LodgeDinner is served daily from 5–9 PM. Reservations are encouraged; walk-ins are Terrace opens daily from 3-10 PM for drinks. About Collective RetreatsCollective Retreats is a certified B-Corp, recognized for its commitment to environmental and social responsibility. As an ESG-driven experiential travel company, Collective Retreats is reimagining the hotel experience through a portfolio of luxury retreats in unexpected, immersive destinations. Each bold, eco-centric concept embraces the local landscape and culture of a destination, allowing guests to connect with the land, community, and themselves through unique on-site activities, immersive culinary activations, personal hospitality, and culture-forward programming. By breaking away from the traditional mold of a luxury hotel, Collective Retreats is opening a whole new world of exploration where a transformative luxury experience coexists with authentic ruggedness. View original content to download multimedia: SOURCE Highgate Sign in to access your portfolio
Yahoo
2 days ago
- Business
- Yahoo
Arcade bar to replace Dayton's Moeller Brew Barn soon
DAYTON, Ohio (WDTN) — After Pins Mechanical Co. announced in December that they'd take over the Moeller Brew Barn in Dayton, an opening date for the location has been announced. The arcade bar will officially open its doors on Wednesday, June 18. Those behind the new spot say that the space will offer a ranging variety of games including duckpin bowling, classic pinball machines, patio pong, giant Jenga and more. Troy Allen, CEO and founder of Rise Brands, is excited to bring more Pins Mechanical Co. locations to the area. 'This will be our sixth location in the state, with a seventh opening later this summer in Mason,' Allen says. 'Being based in Columbus, we're incredibly proud to keep expanding in communities across Ohio, especially in Dayton. When the opportunity came up, it was a no-brainer for us to be part of this city.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
