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Ticker Tape A Financial Briefing by Baruch’s Investment Management Group

Leaders from 20 of the world’s most powerful economies converged in Buenos Aires between Nov. 30 and Dec. 1 for the annual G20 summit to discuss topics in international finance, politics and economics.

While the official agenda of the summit focused on three main subjects — the future of work, infrastructure for development and a sustainable food future — privately scheduled meetings between President Donald Trump with President Vladimir Putin of Russia and President Xi Jinping of China, ensured that the topics not on the agenda would provoke the most interest leading up to the event.

The first G20 summit occurred in 2008 in Washington amid the global financial crisis and was seen as largely effective in calming the nerves of national banks by providing a sense of reassurance about the future of international finance.

Since then, G20 members, composed of 19 countries and the European Union, have met each year to discuss current topics and issues in economics and finance, although, the effectiveness of recent summits has been brought into question as they do not establish formal changes in legislation or policies, only recommendations.

In the days leading up to the 2018 summit, it was revealed that Trump planned to meet over dinner with Jinping to discuss trade policies between the U.S. and China.

After months of claims from Trump that the tariffs on billions of dollars’ worth of Chinese imports — and subsequent Chinese retaliations — would not end, the odds for an end to the trade war were slim. Sure enough, no final agreement was established, though a temporary truce was made in which Trump agreed to hold off on raising tariffs from 10 percent to 25 percent on most Chinese goods for 90 days starting Jan. 1 in order to make room for further negotiations.

However, the results of the meeting were reported differently by Trump than they were by the White House, which was also reported differently by the Chinese government, causing confusion as to what exactly the terms of the agreement are.

U.S. markets saw a rally after news that tariffs would not be raised for some time. U.S. stocks had not been performing well in the preceding weeks, the pause on the trade war inspired confidence even though a complete ceasefire is yet to have been reached.

While Trump had plans to meet with Putin to discuss involvement in Ukraine, arms control and involvement in Syria, Trump decided not to carry out the meeting, citing disagreement with Russia’s recent seizure of Ukrainian naval vessels as his reason for doing so. Russian media outlets largely criticized Trump for the move.

After claiming he does not believe in the climate issues described by the climate report released by his administration on Black Friday, Trump again denied the idea that climate change is a pressing issue by refusing to affirm support for the Paris Agreement. The United States was the only nation in attendance of the G20 summit that did not do so, falling in line with Trump’s promise made in the summer of 2017 to pull out of the agreement.

By Julian Tineo

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  • W

    Wali AziziMar 25, 2021 at 8:15 pm

    Why claiming unemployment benefits is your biggest enemy

    Disclaimer: if you are ill, were let go during this pandemic, working your tail off to make something with little success, or have a family to feed with not enough income to support your basic needs, this is message is not directed to you but I still believe you will get some value from it. On the flip, if you are a student, a worker, a business owner, an active member of society, someone with goals, dreams, passions, someone with enough financial backing behind them, I am speaking to you.
    In no way shape or form am I attacking you, discrediting you, disrespecting you, but simply wish to inform you, guide you, help you, to eventually see the world blossom with each and every one of us in it like we are supposed to.
    I truly believe we all have greatness inside of us, but some of us have already buried that inner calling so deep within themselves there is no recovering.
    I am simply trying to avoid that for you, and with this article if I can help at least one more person see the truth I consider this a success.
    How many more people do we need abusing the system? How many more people will leave their jobs and live off employment benefits before we see the rising problem? How many more people do we need living off the government, never to step outside of their house to create something new for the world?
    The sad and simple truth is today more and more people are becoming complacent and continue to live off handoffs and unemployment benefits. On a micro scale this might see okay for now, but on a macro scale they are staking their entire futures on the word of someone else.
    I’m am positive some of you right now are enjoying the weekly checks coming in from the government even if you don’t need it, and that’s not to say it’s a bad thing.
    But one thing to keep in mind is unemployment benefits is only temporary and the governments way of controlling you. They already have all of your information now the only thing left for them to do and make you become so entirely dependent upon them that before you know it there is no other way and you’re stuck.
    Who likes being stuck? Not me I prefer freedom, freedom of choices, freedom to create, freedom to impact the world in a positive way.
    Call me odd, that’s fine, but it is the few who are willing to find their own paths, not follow someone else’s that end up leaving the world better than they found it.
    If you continue to rely on the government always sending you checks, before you know it, they will pull that red carpet away from you and you are left with nothing but a ton of dept.
    Money is great, and most of us will take it however it comes (ethically of course), but you must remember never to give up on creating something for yourself because I can promise you right now you will get way more fulfillment from creating something for yourself, than relying on handouts and government assistance to pay your bills and make you happy.
    Haven’t we seen enough civilizations fall from relying solely on their government.
    Remember to keep your head up, pursue your goals, and say no to unemployment benefits because it is making you lazy.

  • N

    NayeliMar 24, 2021 at 11:55 pm

    Millions of Americans earn wages at or below the minimum wage. In 2019 nearly 39 million people earned less than $15 per hour. A well paying job correlates to suitable health care. Through a good salary people have access to good nutrition and a safe environment. Recently the Biden Administration has proposed raising the minimum wage to $15 an hour. Over 30% of workers will be directly impacted with higher wages, but will the wage raise be beneficial ?
    Since March 2020 millions have filled for unemployment, many making more unemployed than through their earned income. The average unemployment benefit is $320 whereas the federal minimum wage is $7.25 an hour, $290 for a 40 hour week. Soon many of those unemployed will no longer be eligible to receive benefits. With an increase in minimum wage many will have a hard time finding a job. Not every business in every state can afford to double their employees wage, thus reducing jobs. Increasing the minimum wage will not only reduce potential jobs but it will also increase operating expenses. Businesses will have to find a way to be able to pay their employees.
    The minimum wage increase will cause inflation. Since Covid-19 the cost of most goods have drastically increased. With an increase in wage the cost of goods will further increase. The new minimum wage will not be enough to combat with economic harm it will due. As the minimum wage increase the cost of living will also increase.
    Overall the minimum wage will cause more harm than good. With an increase in wages there will be less jobs available and it will increase the cost of living. Increasing the minimum wage does not only affect low wage earners, it affects everyone.