PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia is pointing to an important week for the economy, as markets remain mostly up, the Federal Reserve announced there would be no change in interest rates and Chinese President Xi Jinping arrives in North Korea ahead of his meeting with President Donald Trump.
Celia discusses these and other global and economic headlines on his daily, three-hour “Financial Issues” program, heard on more than 650 radio stations and several television networks nationwide.
“Fed Chair Jerome Powell indicated he will be closely watching growing global and domestic economic risks, along with inflation,” Celia said. “There are some concerns about trade, and they want to see how trade will impact the global economies. Powell indicated that we could see as many as two rate cuts before the end of the year.
“This week, I looked at the U.S. Census Bureau and U.S. trade data,” Celia added. “According to an April trade report, U.S. imports are basically unchanged from the end of last year, but imports from China have dramatically dropped. China’s drop has been benefiting other countries. Some of these numbers are astounding because American corporations were able to pivot so quickly. Based on a five-year average, imports from China typically rise about $6 billion for the first four months of the year. But this year, imports from China fell $20 billion. That is an amazing number.
“But here’s what’s even more amazing,” Celia continued. “The U.S. didn’t miss a beat. U.S. imports from five emerging market countries picked up the slack—Mexico is up 6%, Vietnam up 38%, South Korea up 17%, Taiwan up 22% and India up 12%. This is more than offsetting all the fallout from China. That means China is losing market share. They must be concerned, not with the loss of the $20 billion, but with the loss of market share, which they may never get back.”
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