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Countries dependent on remittances of workers overseas are hit hard by the coronavirus. This WSJ report shows the situation in Central America which gets $24 billion in remittances form its workers in the U.S. E Salvador gets $5.6 billion in remittances. This is down by 40% in April central bank numbers show, because of jobs lost in the U.S. by workers from El Salvador who migrated to the U.S.  Unemployment rate for Hispanics in April was 20%. El Salvador depends on remittances more than any other Latin American country as remittances are higher than exports. In some rural areas this means older residents have no money to buy food and depend on charities for food supplies.

Today the situation in India, Pakistan and Bangladesh, and other countries in Asia which depend on remittances of overseas workers is also leading to a difficult time for families dependent for such support.

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The controversy surrounding the statement by Trump following the hacking of the DNC emails and putting it out on the 1st day of the Democratic National Convention was covered widely. Trump said: "Russia, if you are listening, I hope you're able to find the 30,000 emails that are missing. Let's see if that happens." This coupled with Trump statements that he would not assure the Baltic Republics and other parts of Eastern Europe  that the U.S. would come to their aid in the event of a Russian attack have created new tensions in Europe. This has also led to heavy criticism from U.S. military commanders, from NATO leaders, and from leaders in the Republican and Democratic parties including Speaker Ryan. Some called it "a seismic development," and unprecedented, with involvement of foreign powers in the U.S. elections generally resented by the American people, according to experts.

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Mr. Trump has a firm resolve not to get the U.S. involved in wars in distant places so that he can focus on important economic and other issues including the current confrontation with China on trade. He has relied on advice from General Keane as he forged American policy on Iran and other foreign policy issues. Mr. Bolton the National Security Adviser holds strong opinions on Iran and this is seen as a problem that could accidentally create more tensions or war with Iran. He was passed over with the job going to General McMaster in the earlier part of the Trump administration.The use of an aircraft carrier moving to the Persian Gulf region was merely a precautionary measure says the Trump administration, and the U.S. continues to look for ways to work out its differences with Iran even as it imposed sanctions on Iran. This brings the U.S. closer to its allies in Europe.

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This WSJ story shows how China started its steel industry from small beginnings when Chinese leader Deng visited a Nippon Steel plant in 1978. He made the decision to go big with Baosteel, with an investment of $6 billion, with the words- "if we do it lets do it big." This was 36 times the Chinese foreign exchange reserves at the time. From 4% of steel production, this went up and up, passing the U.S. in 1993, past Japan in 1996, and in 2018 producing three times the steel of U.S., Russia and China combined, producing 923 million metric tons of steel in 2018, or more than half of world production of steel. With steel China was able to build its automobile industry, shipbuilding, bridges, infrastructure, high speed rail network. This was done using global demand, subsidies from the government, cheap loans and tax breaks. Markets worldwide were affected by substantial excess production in China. From Baosteel the spread of the steel industry to all 23 Chinese provinces led to China accounting for 25% of world exports. By 2016 5 million workers mostly from the agrarian countryside were employed in the steel industry, helping China transform itself into an rapidly urbanizing and modern economy. It was a period when the rail network was tripled between 1975-2017, with shipping companies that ensured access to Australian coal and Brazilian iron ore. From 2011 to 2017 Chinese steel dropped global prices by 57% triggering closure of steel mills in EUrope and the U.S. About a third of trade complaints since 2001 by G20 countries against China are about steel. After entry into the WOrld Trade Organization Chinese steel exports rose to 8% of GDP from 2%. Subsidies, cheap energy, and shift of agrarian workers to cities. U.S. investigations around 2006 showed Chinese steelmakers subsidies covered 30% to 45% of the subsidized value of steel pipes exported overseas. China's steel prices were set 20-40% lower than the U.S. China responded to complaints saying it was trade protectionism. The WTO rules call for full disclosing of all subsidies. This was disclosed 5 years after joining WTO in 2001, and only for central subsidies. Local government subsidies were not disclosed till 2016- the U.S. says 15 years late. Still the Bush and Obama administrations failed to take action. In 2018 Mr. Trump seized on this as a campaign issue that resonated with American workers in manufacturing communities across the U.S. In 2018 November president Trump announced a 25% tariff on imports of Chinese steel. A six month probe by U.S. officials had already shown 40% of sales value came from subsidies for corrosion resistant steel from China. The U.S. Trade Commission imposed tariffs of its own from 39% to 241%, with the Trump tariffs of 25% coming as an additional tariff to tackle the trade surplus with China. Meanwhile in China the government is closing uncompetitive smaller steel mills and in 2016 it combined baosteel with Wuhan Steel to create a larger company, and consolidate remaining companies. Baosteel now provides the steel for CIMC to dominate the steel container business, and to make ship to shore cranes, and make the San Francisco-Oakland Bay Bridge.  It also goes to show what can be accomplished from small beginnings for countries in the developing world from Asia to Africa and Latin America, with government and industry focussed on development and growth.   ...

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President Trump says the U.S. could permanently cut off funding to the WHO and revoke U.S. membership if the group does not make changes in the way it operates showing a lack of transparency in its operations and dependence on China. Mr. Trump says the WHO has shown "alarming lack of independence" from Beijing. In a direct letter to the Director-General Tedros Ghebreyesus -"it is clear the missteps by you and your organization in responding to the pandemic have been extremely costly to the world." Mr. Trump gave the WHO 30 days to make "major substantive improvements" or he would cut funding and reevaluate U.S. membership. Mr. Trump said in the letter that the WHO ignored early reports of the virus spreading in Wuhan, failed to share information with other countries. The U.S. which has the largest contribution by far to the WHO was unable to influence the organization. The U.S. has influence in finance at the IMF, the World Bank, and in the tech world, yet this did not extend to important matters of public health. It could be that public health had become an afterthought in the rush to prominence in tech and finance. The contributions of the U.S. exceed anything any other country has made. During the 2 years 2018 and 2019 the U.S. contributed $893 million, according to WHO records, cited in the WSJ. During this period the contribution of China was $86 million with an additional $50 million added recently. The $2 billion Mr. Xi said China will contribute is incorrectly reported as for the WHO, it is what China says it will use to support Africa and other countries in the world to fight the pandemic. ...

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Following Brexit on January 31, 2020, Britain's government led by Boris Johnson prepares to negotiate new trade deals with the U.S. and other countries. The freedom to negotiate these trade deals was a key part of the plan of Brexit supporters and Mr. Johnson. The Times, Britain's leading newspaper, looks at the prospects of trade deals with each country- the U.S., Australia, New Zealand, Japan. Facing re-election Mr. Trump is seen as favorably inclined to work out a trade deal that he can show during the campaign. Trade discussions have taken place between the UK and Australia, Japan. Mr. Morrison in Australia and Mr. Shinzo Abe want to see strong trading ties and investment with Britain. Japan or Australia could be the first countries that work out a trade deal with Britain as discussions are at an advanced stage.  Britain has a small deficit with Japan in trade. It has a small dollar surplus in trade with the Australia and New Zealand. With the U.S Britain has a large surplus, it exports 121 billion pounds and imports 76 billion pounds. The prospects of trade deals are enhanced by the similarity in outlook of the governments of the U.S., Australia, and Japan, which share views on jobs expansion, economic growth and are centre right in economic philosophy. They also share a strong connection with working class voters under Johnson,Trump and Morrison. Mr. Trump is seen as a strong deal maker so that any deal would involve some concessions from Britain that increase U.S exports, including farm exports. Difficult issues with the U.S. are -pharmaceutical drug imports that could increase Britain's NHS cost for drugs, the digital services tax from Britain on U.S.  companies such as Google and the Trump retaliatory threat to impose tariffs beyond the current 2.5% on car imports of $11 billion from Britain. On agricultural imports Britain's natural foods preference conflicts with imports of genetically modified (GMO) foods from the U.S. Experts say this could lead to a partial or Phase 1 deal that does not need approval from the U.S. Congress, similar to the Phase 1 trade deal with China which sidestepped the thorny issues on trade. This is something both sides can show their support base as a win. ...

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Texas is expected to surpass California in 2021 in solar energy with a new $1.6 billion project solar farm north of Dallas. California has 13,000 megawatts of solar energy. Texas has 29,000 megawatts of wind and solar energy production combined, the largest of any state in the U.S. Texas solar has potential to boost supplies in daytime when demand is highest. The cost of solar is coming down and the development of solar will accelerate in the U.S. in the next 5 years.

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China's president Xi Jinping visiting a trade fair in Shanghai, says China will shift to larger imports as it responds to calls from the U.S. and Europe to further open its markets, and buy more rather than focus on selling to the world. He said "it is China's sincere commitment to open the Chinese market." More than 80% of China's trading partners have trade deficits with China with severe complaints and tariffs imposed on Chinese goods by the U.S. president Trump.

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Infosys built its business on outsourcing by U.S. business. President Trump's executive order to "Buy American, Hire American" is changing the way it does business. Infosys plans to hire 10,000 software engineers in the U.S. by 2019. 

A big change is also coming from new technologies in computing that require small teams to work side by side with customers. This is best done by having software engineers in U.S. offices and not engineers in offices thousands of miles away. A president of Infosys says this is the new face of computing at Infosys.

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According to the American Society of Civil Engineers over 10% of the 607,000 bridges in the U.S. are structurally deficient. And 42% of U.S. highways are congested. A poor transportation system makes the U.S. less competitive. The cost to U.S. businesses from a poorly funded and maintained transportation system is about $430 billion more in operating expenses by 2020 and $1.7 trillion in lost opportunities, according to ASCE.

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Tankersley of The Washington Post looks at a 30 page analysis of Trump's economic policies by his two senior advisors Peter Navarro, UC Irvine economist, and Wilbur Ross. In it the authors say Trump will be able to increase economic growth from 2% to 3.5% by providing a better and even playing field for American companies in the way they compete with other countries. It means the renegotiation of treaties with these countries will lead to better trade for the U.S. This would include they say the U.S. saying it would leave the WTO unless changes are made. The authors say that with Trump in the White House unfair trading practices would end, instead of it leading to trade wars as some other economists believe.

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The coronavirus surge in southern states in the U.S. is different from the surge earlier in the northeast including New York and New Jersey. More young people are getting the virus. About half of those testing positive are now 18-35 years of age in Texas and Florida. Social distancing and masks is not mandatory with young people not practicing these safety guidelines. Many took the reopening to mean they could go back to the usual summer routines. Not taking it seriously is leading to more infections of young people. Cultural issues with practicing the guidelines and a tendency to not take it seriously has been a problem in the U.S. and parts of Europe since the beginning of the crisis leading to larger number of cases.

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In a sign of the low returns in the past year for pension funds, the 896,000 California teacher retirement pension fund CALSTRS, shows returns for year ending June 30, 2016, at 1.3%. Half of the holdings of CALSTRS are in U.S. and global stocks with returns of negative 2.3%. Real estate provided return of 11% but overall the returns were low. Over 10 years the returns of CALSTRS are now at 5.6%. The California Public Employees Retirement System (CALPERS), says its returns on its investments were 0.6% for the past year. With large retirement obligations pension funds in the U.S. face real challenges in this low return environment. Private equity investments of CALSTRS had returns of 2.9%, also lagging behind.

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U.S. president Obama's chief of staff and former deputy national security advisor, Denis McDonough, meets with Peter Altmaier, Chancellor Merkel's chief of staff, and Gunter Heiss, head of Directorate-General 6 of Germany's Federal Intelligence Service in July 2014. The meeting was part of an effort to improve U.S.-German relations following the problems created by NSA spying in Germany. This meeting took place following the shooting of a Malaysian airline flight over Ukraine and the call for stronger western sanctions on Russia. U.S. president Obama sought to convey to Merkel the importance he placed on German-U.S. relations after Obama failed to make a serious effort to soothe tensions with Germany over spying revelations.

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U.S. president Trump stands by president Putin as he denies Russian involvement in the U.S. presidential election of 2018. This contradicts the conclusions reached by U.S. intelligence agencies. Resulting in criticism from Republicans in his own party.

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A young socialist leader in the Sanders campaign effort asks what it is about aging socialist leaders Jeremy Corbyn, 68 years, in the UK, and Bernie Sanders, 75 years, that makes them popular with young people. She says both leaders stood up consistently for decades on issues important to ordinary working class people, when Labor under Blair and Democrats under Clinton abandoned their base to a point when one political expert could say Democrats  were the "second most enthusiastic capitalist party" in the U.S. She says under Blair Clause IV was rewritten. That clause committed the Labor party in Britain to "common ownership of the means of production, distribution and exchange." Under Corbyn, with support from young people, Labor received 40% of the vote. The party was reenergized on issues important to students such as making higher education accessible to all. A similar situation happened with Sanders in the U.S., who received more of the young people's vote in 2016 primaries than Trump and Clinton combined. ...

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Factors that point to deceleration, stabilization followed by reacceleration in the U.S. stock market include growth in hiring, moderate P/E ratios, a recovery in Japan after the earthquake, and stronger corporate balance sheets. Uncertainty comes in three areas, a crisis in Greece or Portugal, slowing growth in China with rising inflation, and a sharp slowdown in U.S. growth after the end of the Fed's monetary easing. Current estimates are for 2.9% growth in the U.S. economy for 2011.

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The last minute efforts by Boehner and Reid to come up with their own backup plans for U.S. deficit reduction one week before the August 2, 2011, U.S. debt ceiling deadline.

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Differences between the U.S. and China on trade, investment and economic policy in 2015 during Xi Jinping's visit to the U.S.

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Failure to provide principal reductions to millions of U.S. homeowners under water and the prospect of further price declines in housing in 2012-2013. This would prevent a recovery in the U.S. economy.

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Bernie Sanders tells his supporters at the Democratic National Convention in Philadelphia that "immediately right now, we have got to defeat Donald Trump, and we have got to elect Hillary Clinton and Tim Kaine." He says this campaign was not about just electing a president but about transforming the country. And for this he was planning to back about 100 candidates with similiar thinking across the U.S. He called on supporters to continue the campaign for social, economic, racial and environmental justice. Voters for Sanders were offended by the information shown in DNC email leaks of the bias against Sanders shown by DNC chair Debbie Wasserman Schultz, who has since resigned.

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The skills to navigate different personalities and work patiently on the issues surrounding changes to the U.S. tax system of Rep. Dave Camp (MI), chairman of the U.S House of Representatives Ways and Means Committee, will be immensely useful in the effort to make changes to the U.S. tax system. Camp works well with fellow House Republican leaders Boehner, Ryan, Cantor, and his Democratic counterpart in the U.S. Senate Max Baucus. Camp is a good listener, refuses to engage in partisan criticism, and has the patience to work through difficult issues of achieving savings and keeping fairness in the the tax changes. Earlier efforts to achieve consensus in late 2011 failed, making it even more important to have leadership which can create productive debate and bridge the differences. The tax changes are part of the overall effort for U.S. economic recovery by reducing the deficit.

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With 40% of the unemployment shown as longterm unemployed, U.S. Federal Reserve policies are focussed on bringing down these levels, which pose a risk to the productive capacity in the U.S.