Week of Mar 30 2018 Weekly Recap & The Week Ahead
“All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.” – Arthur Schopenhauer
1. U.S., South Korea Revise Trade Deal — South Korea is next to escape President Trump’s metal tariffs after revising its six-year-old bilateral trade deal with the U.S. It will see Seoul double its import quota for American-made cars and reduce the amount of steel it sends into the United States. South Korea will also allow the U.S. to keep its 25% tariffs on pickup trucks in place for 20 more years.
2. Remington Seeks Bankruptcy Protection — America’s oldest gunmaker has filed for Chapter 11 bankruptcy protection after reporting negative operating cash flow as of March 25 of $7.4M. Like other gun manufacturers, Remington Outdoor saw sharp sales declines following the 2016 presidential election, as customers apparently saw less urgency to stockpile firearms under President Trump.
3. North, South Korea to Meet April 27 — North and South Korea will hold their first summit in more than a decade on April 27 after Kim Jong-un pledged his commitment to denuclearization. The meeting will take place on the southern side of the Demilitarized Zone. Japan has also sounded out the North Korean government about a bilateral summit, while Kim is scheduled to meet President Trump some time in May.
4. Walmart to Reduce Emissions in China — With President Xi Jinping vowing to slash pollution and prioritize living standards, Walmart (NYSE:WMT) has committed to cutting 50M metric tons of carbon emissions from its Chinese operations by 2030. That’s the equivalent of annual electricity consumption for 40M Chinese households. The plan involves retrofitting factories with energy-efficient facilities and lighting, and working with suppliers to switch to renewable energy.
The week ahead — Economic data from Econoday.com:
