Gap

Can Russia help fill the global energy gap? | US-Israel war on Iran

Higher crude prices due to the disruption in the Strait of Hormuz have helped Russia earn more from energy exports.

One nation that’s hoping to gain from the United States-Israel war on Iran is Russia, the world’s third largest oil producer. Higher crude prices due to the disruption in the Strait of Hormuz have allowed Russia to earn more from its oil and gas exports. A sanctions waiver announced by the US is also helping Moscow.
But its revised budget plans are at risk after repeated Ukrainian attacks on its ports and oil refineries. Russia has banned petrol exports to protect against domestic fuel shortages. So can Russia help fill the global energy gap, or is its capacity already under threat?

Source link

Buchanan Poised at the Edge of Political Credibility Gap : Campaign: No matter what polls and receptive New Hampshire voters say, GOP pols insist he’s not electable.

The problem for Patrick J. Buchanan, the silver-tongued Republican who would be President, is people like George Anthes.

“It seems that Pat Buchanan has truly caught fire,” says Anthes, the king of talk radio at station WMVU, introducing the candidate to a listening audience of flinty New Englanders. “There seems to be a change brewing.”

And so Buchanan begins his spiel: The national polls–three of five in August–that peg him No. 2 behind Senate Majority Leader Bob Dole of Kansas in the race for the GOP nomination. His recent endorsement by the Manchester Union Leader, the paper of record for New Hampshire’s hard-core conservatives. A credible showing in the recent Iowa straw poll–in his eyes, No. 3 with a bullet.

“We have crossed the threshold,” said a confident Buchanan, “of credibility and electability.”

Not so fast. Thirty minutes later, with the microphone off and the candidate heading quickly for the door, Anthes gets a little more honest. “I’d love to see Pat as President, but I have my doubts.” A pause. “He is picking up though.”

Well, sort of. Somehow, even when they suffer setbacks or fail to make headway in the polls, Texas Sen. Phil Gramm, ex-Tennessee Gov. Lamar Alexander and California Gov. Pete Wilson get taken seriously as potential nominees. Even when Buchanan is on a roll–like the one that fuels his hopes today–he is rarely accorded the same respect.

The reasons are plentiful. Buchanan rose to prominence as a commentator and author; although he ran for President in 1992, he has never won an elected office. He is an unabashed, uncompromising conservative, and thus a polarizing figure to many. And the disdain he does not hide for some in his own party has cut into his ability to raise money.

Buchanan and his followers are “outsiders, they’re populists,” said political analyst Kevin Phillips. “In terms of the Republican power elite, they’re not Buchananites. He could never be the nominee.”

Striving for Second

Buchanan, 56, is undeterred by such naysayers. And his quest, at least for now, is not to be No. 1, but to come in second in the early primaries and caucuses of 1996–a crucial three weeks, Buchanan contends, that will decide if he can raise the money to continue campaigning.

“I’ve got the resources to go three weeks,” said the candidate, who so far has raised about $3 million and spent an estimated $2.5 million. A bad showing in those crucial contests and contributions will dry up, leaving him at great disadvantage to his cushier competitors who have the money “to sustain the kinds of defeats I can’t.”

Indeed, as of June 30, in the most recent Federal Election Commission statistics available, Dole had raised $13.5 million and had $6.5 million cash on hand; Gramm had raised $16.8 million and had $7.3 million left.

Dole’s and Gramm’s years in public office have given them extensive lists of big-money campaign donors. Buchanan, on the other hand, appeals to ideologically inspired small donors and reports an average contribution of less than $40. “We are appealing to the grass-roots,” said K. B. Forbes, Buchanan’s deputy press secretary.

Buchanan is struggling mightily to claim the crown of true conservative in a crowded field of candidates, to fuse together the disaffected, the religious, the working class, Ross Perot voters, gun owners, the Christian Coalition. He is striving to be second.

“Dole might be ahead of me,” Buchanan contended, “but then the conservatives will say: ‘It’s Buchanan or Dole.’ If they say that, then I can beat Bob Dole.”

Hanging over the upbeat campaign for the past month was the ill health of Buchanan’s mother, Catherine, 83, who was injured in a fall. She died Monday, and Buchanan headed home from a campaign swing in the West.

One recent Sunday morning, he could be found striding into Washington’s National Airport, fresh from a hand-clapping, foot-stomping success at the Christian Coalition’s annual meeting. He was armed with a newspaper and briefcase, garbed in the politician’s standard-issue blue suit. He was headed to New Hampshire for three days of campaigning. No one paid a bit of attention.

This is the conservative made famous by his 1992 declaration of a cultural war “for the soul of America,” a battle that he will likely wage as long as he can breathe–and talk.

“Have you read that U.N. report?” he asked supporters at a Republican town hall meeting in New Hampshire later the same day. “They say there aren’t two sexes, there are five genders.”

He paused for laughter, warmed to his crowd and continued: “They started with heterosexual; I followed them there. They went on to homosexual; I was slowing down. They said transsexual, that’s the third one. I don’t understand the last two. I tell you this: God created man and woman, I don’t care what Bella Abzug says.”

In the circles Buchanan travels, that one always goes over well. So do his stands on affirmative action (against), abortion (vehemently against), the death penalty (oh, yes), the Department of Education (oh, no).

He would bury the North American Free Trade Agreement and erect an ideological wall around the nation to rival the actual wall he would build along the U.S. border with Mexico. No more foreign aid, no more global free trade. In Buchanan’s brand of economic nationalism, “we must stop sacrificing American jobs on the altar of transnational corporations.”

And he would tell the nation about his economic platform, unveiled in a recent Wall Street Journal essay, if only people would tear their attention away from his stand on social issues. His program, he contends, will make America “the enterprise zone for the entire industrialized Western world.”

The highlights: A flat tax on personal income. A flat tax for big corporations. A much lower tax for small ones. No more inheritance tax on family businesses and family farms. He will pay for the plan with a 10% tariff on Japanese imports and a 20% tariff on Chinese goods.

In New Hampshire, with its recent memory of economic privation, of local industries fleeing oversees, the Buchanan plan resonates.

Norma Moreau, 38, stands in front of Martha’s Exchange restaurant and brew pub here in Nashua, waiting for a friend so they can map out the future of her small-business career. Moreau said that she is likely to cast her ballot for Buchanan, even though she disagrees with his rock-solid stand against abortion. Everything else, she says, she likes–particularly the tariffs.

“I think there should be tariffs put on anything from another country,” said the owner of Imprints Ink, a struggling silk-screening firm. “We have to protect our own jobs. All we do is help other countries. Why don’t we take the money and help the United States?”

She has too many friends who have lost their jobs, run out of unemployment assistance, lost their homes. “It’s sad,” she said.

Familiar Territory

Buchanan used this New Hampshire despair, coupled with Republican anger at the 1991 tax increase shepherded by then-President George Bush, to garner an unimaginable 37% of the vote in the 1992 GOP primary here.

He still considers the region his, with its picket fences, clapboard houses, and guys named Charlie who wear shirts and ties when they go to work pumping gas at the local Shell station.

People here still smoke in restaurants; adults are not required to wear seat belts or motorcycle helmets. The state motto is, “Live Free or Die.”

At St. Marie Parish in industrial Manchester, where Buchanan took in Sunday Mass, the homily began with a tale about how burdensome laws in New York City required Mother Teresa to install an elevator for the handicapped in her refurbished community center. The result, according to the priest: She left.

“I notice Pat Buchanan is here,” said Father Marc Montminy to great applause. “Welcome in our midst.”

Charles M. Arlinghaus, executive director of New Hampshire’s Republican State Committee, contends that the race here is still wide open and that Buchanan still has a shot. “Anyone could win New Hampshire,” he said, “with a couple of exceptions I won’t name.”

Phillips concedes that Buchanan was underestimated in New Hampshire in 1992.

But the author of the American Political Report figures that a GOP presidential nomination for the conservative commentator and author is “unlikely.” Chances are, Phillips says, Buchanan will not even win 25% of the vote in the upcoming New Hampshire primary.

“I think 25% would be doing very well,” Phillips said. “It would probably put him second place, clearly put him third. He does have a chance of going that high. On the other hand, the chance of Pat lasting with a lot of pep into March is not very good. He doesn’t have the budget.”

But the lengthy race to choose a President is still in its very early stages, as was painfully evident as Buchanan campaigned in Concord Sept. 11.

Performing the mandatory New Hampshire dance of meet and greet the voters, he introduced himself to Bea McGinnis, 76, a loyal Republican, shook her hand and went on his way. And who does McGinnis like in the Republican race? “Well, you got Bill Wilson, running, right? He’s a Republican. And I like John over there,” she said, glancing at Buchanan’s receding back. “That’s his name, right?”

La Ganga reported this story while on assignment in New Hampshire.

Source link

Why the Dodgers are preaching patience with Roki Sasaki as a starter

By the time Dodgers right-hander Roki Sasaki reached the blue backdrop set up in the Surprise Stadium interview room, he’d diagnosed the issue.

“I think it’s because of the two-seamer,” Sasaki said through an interpreter. “It kind of caused my forearm to pronate a little more. Also my arm slot was a little down.”

Those arm-side misses had, after three straight walks, prompted manager Dave Roberts to temporarily pull Sasaki from his most recent spring training appearance. But even though that start, marred by a wild third inning, brought Sasaki’s Cactus League ERA to 13.50, he’ll enter his Freeway Series start Monday with a spot in the regular-season rotation already secured.

Roberts has repeatedly made that point clear.

However, when asked directly if Sasaki was one of the Dodgers’ 13 best pitchers right now, Roberts gave an indirect answer: “He is going to start the season in the rotation.”

Answering why the organization has been so bullish on the decision requires zooming out.

“As we look out two, three, four, five, six years, it is imperative for us to integrate talented young players under our roster,” president of baseball operations Andrew Friedman said during an interview with The Times last week. “And that requires patience. And we have to have that even with the insanely high expectations we have.

“We have to be able to balance those two things, or there are a lot of cautionary tales of large-revenue teams who have had a run of success, and then they fall off the cliff.”

Sasaki, 24, is one of those young players the Dodgers are counting on to bridge the gap.

When Sasaki was posted by Nippon Professional Baseball’s Chiba Lotte Marines before last season, upward of 20 teams expressed their interest in the young phenom who was coming to the United States through amateur international free agency.

In his debut season, he produced a 4.72 ERA through eight starts — before an injury the Dodgers described as a right shoulder impingement sidelined him for much of the rest of the season. When Sasaki returned, it was as a reliever, a role he thrived in through the postseason.

Sasaki enters Year 2 with just 47 major-league innings under his belt, including the regular season and playoffs.

“On top of all those other things that you’re adapting to and learning, you’re also learning a new ball,” Friedman said. “Roki could really command his fastball in Japan, and right now it hasn’t been as good. So how much of that is the ball, how much of it is mindset, how much of it is delivery just getting out of whack? All of those are fair questions, but I think it speaks to, we have to have a level of grace with this and work with him to continue his development.

“Because we’ve seen it at an extremely high level, and now it’s on all of us to help him get back to that.”

NPB baseballs are slightly smaller, tackier and have higher seams than MLB baseballs. Players making the transition to MLB also have to adjust to a different strike zone, style of play and the off-the-field challenges of living in a foreign country.

The season before Sasaki signed with the Dodgers, his future teammate Yoshinobu Yamamoto and the Cubs’ Shota Imanaga set the bar high with relatively smooth transitions. But they were also coming over at later stages in their careers.

“We’re very mindful that this guy is essentially two years, three years behind Yamamoto,” Roberts said, “as far as on the progression side, the development side.”

Sasaki has shown he can be effective out of the bullpen, but pigeonholing him in a relief role at this stage of his career would be a disservice to him and the organization.

The Dodgers have identified the addition of the two-seamer as a development that could help Sasaki stick as a major-league starter.

“It’s our job as coaches to get a player to understand the value of having a ball bear in and get in on right-hand hitters to keep them off the outside part of the plate,” Roberts said. “There’s a little bit of trying to pronate too much — trying to make the ball move, versus trusting his grip and his throw. But that’s a coach’s responsibility to [figure out,] how do we get him there, along with him feeling comfortable.”

The Dodgers have decided that, at least for now, the best setting for that growth is the major leagues. Across the industry, there’s an understanding that the gap between Triple-A and the big leagues is bigger than ever. That makes evaluating players in Triple-A all the more difficult.

“He’s not close to a finished product,” Roberts said. “But he’s 24. … You could look at a team that would potentially sign a veteran, turnkey starter, but we’ve got to get him to cut his teeth and deal with some things. That’s part of the growth.”

Source link

Trump seeks to close $1.6-trillion revenue gap with new tariffs

The Trump administration is stepping up its ambitious effort to replace about $1.6 trillion in lost tariff revenue that was eliminated by the Supreme Court’s decision to strike down a range of the president’s import taxes.

Recovering that lost revenue, which the White House was counting on to help offset the steep, multitrillion-dollar cost of its tax cuts, is possible but will be challenging, experts say. The administration has to use different legal provisions to impose new import taxes, and those provisions require longer, complex processes that U.S. companies can use to seek exemptions. It could be months or more before it is clear how much revenue the replacement tariffs will yield.

“I wouldn’t bet against this administration being able to get back on paper the same effective tariff rate they had before,” said Elena Patel, co-director of the Urban-Brookings Tax Policy Center. But the new approach will “make it easier for people to contest the tariffs, which is going to put a big asterisk on the revenue until all that is settled.”

On Wednesday, U.S. Trade Representative Jamieson Greer said the administration will investigate 16 economies — including the European Union — over whether their governments are subsidizing excessive factory capacity in a way that disadvantages U.S. manufacturing. The investigation will also cover China, South Korea and Japan, Greer said.

In addition, he said, there would be a second investigation of dozens of countries to see whether their failure to ban goods made by forced labor amounts to an unfair trade practice that harms the United States. That investigation will also cover the EU and China, as well as Mexico, Canada, Australia and Brazil.

Both investigations are being conducted under Section 301 of the 1974 Trade Act, which requires the administration to consult with the targeted countries, as well as hold public hearings and allow affected U.S. industries to comment. A hearing as part of the factory capacity investigation will be held May 5, while a hearing on the forced labor investigation will occur April 28.

It’s a far cry from the emergency law that President Trump relied on in his first year in office, which allowed him to immediately impose tariffs on any country, at nearly any level, simply by issuing an executive order.

Moments after the Supreme Court’s ruling, Trump imposed a 10% tariff on all imports under a separate legal authority, but that duty can only last for 150 days. The president has said he would raise it to 15%, the maximum allowed, but has yet to do so. Some two dozen states have already challenged the new taxes. The administration is aiming to complete its Section 301 investigations before the 10% duties expire.

The effort underscores the importance that the Trump White House has placed on tariffs as a revenue-raiser at a time when the federal government is facing huge annual budget deficits for decades into the future. Previous administrations, by contrast, used tariffs more sparingly to narrowly protect specific industries.

Erica York, vice president of federal tax policy at the Tax Foundation, noted that the first investigation covers roughly 70% of imports, while the second would cover nearly all of them.

“That breadth suggests the goal isn’t to address the issues at hand, but instead to re-create a sweeping tariff tool,” she said.

Trump portrays tariffs as a way to force foreign countries to essentially help pay the cost of U.S. government services, even though all recent economic studies find that American companies and consumers are paying the duties, including analyses by the Federal Reserve Bank of New York and economists at Harvard University. In his State of the Union address last month, Trump even touted his tariffs as a potential replacement for the income tax, which would return the United States’ tax regime to the late 19th century.

Trump also wants tariffs to help pay for the tax cuts he extended in key legislation last year. The tax cut legislation is expected, according to the most recent estimates by the nonpartisan Congressional Budget Office, to add $4.7 trillion to the national debt over a decade, while all Trump’s import taxes, including ones not struck down by the court, were projected to offset about $3 trillion — or two-thirds of that cost.

The high court’s ruling Feb. 20 that he could no longer impose emergency tariffs eliminated about $1.6 trillion in expected revenue over the next decade, according to the CBO.

Some of Trump’s import taxes remain place, including previous tariffs on China and Canada that were imposed after earlier 301 investigations. The administration has also imposed tariffs on some specific products, including steel, lumber and cars. Those, combined with the 10% tariff for part of this year, should yield about $668 billion over the next decade, the Tax Foundation estimates.

“It’s going to take a really big patchwork of these other investigations to make up for the [lost] tariffs,” York said.

The administration’s efforts are also unusual because they reflect an overreliance on tariffs to bring in more government revenue. Trump has also said the import taxes are intended to return manufacturing to the United States — manufacturing jobs, however, are down since he returned to office — and he has used the tariffs to leverage trade deals.

“What makes this really different,” said Kent Smetters, executive director of the Penn Wharton Budget Model, “it is really the first time tariffs have been mainly used as a revenue raiser.”

Patel, meanwhile, argues that raising revenue can be done more reliably and straightforwardly by Congress. Laws like Section 301 are traditionally intended to be used to address specific trade policy concerns in particular countries.

“It’s not supposed to be there to raise revenue,” she said. “If we want to raise revenue through tariffs, then Congress should impose a broad based tariff.”

Rugaber writes for the Associated Press.

Source link