Posts by Rick Newman

  • Why Uncle Sam wants to be your business partner

    Rick Newman at Yahoo Finance7 days ago

    Just about every business owner would love to export more—but it’s hard knowing where to start. Big multinationals have operatives in many countries and consultants to fill the void where they don’t, but smaller firms often lack the resources or know-how needed to penetrate foreign markets.

    Uncle Sam wants to help. Seriously. “Remember, 95% of customers are outside the United States,” Commerce Secretary Penny Pritzker tells me in the video above. “The United States is a wonderful market, but today companies need to be thinking globally right from the get-go.”

    In 2010, President Obama pledged to double U.S. exports by 2015. Exports have risen from $1.6 trillion in 2009 (the base year for Obama’s pledge) to an estimated $2.4 trillion this year. That’s a 50% increase, which has raised the total number of jobs supported by exports to more than 11 million, according to new Commerce Dept. research. That’s about 8% of the U.S. labor force.

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  • China sending 'mixed messages' to American firms, says U.S. Commerce Secretary

    Rick Newman at Yahoo Finance10 days ago

     American firms have clamored to get into China during the last decade or two, and China has mostly welcomed them. But China also keeps a tight leash on foreign firms, a leash it has been yanking hard during the last several weeks.

    U.S. companies such as Microsoft (MSFT), Qualcomm (QCOM) and Chrysler are now being investigated by Chinese authorities for monopolistic practices that China says raise prices for domestic consumers. Other foreign companies, such as Audi, BMW and Mercedes-Benz, have already paid penalties for similar infractions and agreed to lower prices. China passed new antitrust laws several years ago and has increasingly been targeting foreign firms as a way to protect home-grown competitors.

    “The Chinese government seem to have mixed messages about the relationship that they want to have with American firms,” U.S. Commerce Secretary Penny Pritzker tells Yahoo Finance in the video above. “This is something we, in a government-to-government manner, are trying to address.”

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