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5 things Modi govt can do to pull economy out of the crisis

No miracle man can revive the economy without revitalising the credit cycle.

Steven Mnuchin

Jan 22, 2020, 11.02 PM IST

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STEVEN MNUCHIN

US wealth inequality highest among advanced economies, tax system not right for the times: Gita Gopinath

As President Donald Trump and his administration touted the bounce back of the US economy, Gopinath also said America should do more to shore up its fiscal toolbox in the event of a more dramatic global slowdown. Gopinath acknowledged the relative staying power of the US economy, but sounded a note of caution on inequality.

Oil drops on concerns that US-China trade deal may not stoke demand

Brent crude was down 16 cents, or 0.3 per cent, at $64.33 per barrel

Gold gains as investors doubt impact of US-China Phase 1 deal

Spot gold rose 0.4 per cent to $1,552.37 per ounce

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  • Trump is slated to sign the Phase 1 trade agreement with Chinese Vice Premier Liu He at the White House on Wednesday at 11:30 a.m. (1630 GMT). The signing occurs a week before the U.S. Senate is due to begin its impeachment trial of the U.S. president.

    the British pound was broadly steady at $1.3014

    Trump attended the annual event in the Swiss resort in January 2018, a year into his administration, taking his "America First" message to the world's elite. The first U.S. president to attend in two decades, he did not participate last year, and the return trip comes amid moves for him to face impeachment charges in the Senate.

    Just two days before President Donald Trump is set to sign a "phase one" trade agreement with China, the US Treasury said in its semi-annual report to Congress that the yuan has strengthened and Beijing is no longer considered a currency manipulator.

    This was the fifth straight session of gains for the domestic currency, during which it has appreciated by 106 paise.

    The Trump administration on Friday announced a new wave of sanctions on Iran following this week's missile strikes by the Islamic Republic o...

    Mnuchin also insisted that America has no problem if countries want to have local data for regulatory purposes as long as they do not eliminate it outside the country.

    The OECD is overseeing negotiations among 134 countries to forge a system to make firms pay taxes in the countries they operate, amid growing public anger over tax-avoidance techniques allowed under current laws.

    US treasury secretary Mnuchin met some industrialists at the Taj Mahal Hotel in Mumbai. One of the industrialists at the meeting told ET Magazine that Mnuchin said India should do “something right” to make the most of the situation . Among the things that Mnuchin reportedly would like to see is a consistent taxation regime and lower trade barriers.

    The two discussed "global and domestic macro-economic scenario in both countries and regulatory developments", according to an official statement from the central bank. Mnuchin, who is reportedly on a tour to build support against Iran over the country's nuclear programme, was accompanied by US Ambassador to India and Consul General in Mumbai David J Ranz, it said.

    Addressing media after the 7th India-US Economic and Financial Partnership meeting here, US Treasury Secretary Steven Mnuchin said both the countries are working together to promote growth and improve economic security. Mnuchin said that the US welcomes the growing bilateral foreign direct investment flows between countries.

    US equity futures pared gains on the news and the yen extended an advance, as investor optimism waned about prospects for a trade deal between the world’s two largest economies.

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