House lawmakers have introduced legislation designed to end normal trade relations with Russia with measures that could significantly increase tariffs on imports from the country.
The legislation would end the U.S. policy of treating Russia as a so-called most favored nation, a key principle of the World Trade Organization that requires member countries to guarantee equal tariff and regulatory treatment to other members.
The legislation could boost import duties on Russian oil and oil products by two to four times, according to an analysis by Terence P. Stewart, a trade lawyer. For a range of products that are currently imported duty free, a 20% tariff could be added.
“The United States must use every tool at our disposal, short of armed conflict, to protect Ukraine’s independence,” Rep. Earl Blumenauer (D., Ore.), chairman of the House Ways and Means Committee’s trade subcommittee and a co-sponsor of the bill, said in a statement.
The legislation has a long way to go before becoming law. Nine other Democrats have signed on to the bill, including lead sponsor Rep. Lloyd Doggett (D., Texas). No Republican is sponsoring the bill yet.
Its actual impact on the U.S. economy would be limited because of a relatively small amount of bilateral trade between the U.S. and Russia.
According to the Census Bureau, Russia was the U.S.’s 23rd-largest trading partner in 2021 with $36.1 billion in two-way goods trade. Of that amount, $29.7 billion were imports of Russian products into the U.S., including fuels, precious metal and iron and steel.
The proposed bill also calls for removing Russia from the WTO, though the group currently doesn't have a process to expel a member country. The WTO also requires a consensus among all members to make major decisions, making the passage of such a rule unlikely.
WASHINGTON (Reuters) - The U.S. trade deficit in goods widened sharply to a record high in January amid an increase in imports as businesses continued to replenish depleted inventories.
FILE PHOTO: Stacked containers are shown as ships unload their cargo at the Port of Los Angeles in Los Angeles, California, U.S. November 22, 2021. REUTERS/Mike Blake
The pace of inventory accumulation reported by the Commerce Department on Monday was, however, slower than in recent months. That, together with the surge in the goods trade deficit, prompted economists at Goldman Sachs to lower their gross domestic product growth estimate for the first quarter by 0.5 percentage point to a 1.5% annualized rate.
The economy grew at a 7.0% pace in the fourth quarter, with inventories contributing a whopping 4.90 percentage points.
“We remain on track for another strong gain in real business inventories in the first quarter, although inventories may end being fairly close to a neutral factor for GDP growth considering that the fourth quarter buildup of inventories also was substantial,” said Daniel Silver, an economist at JPMorgan in New York.
The goods trade deficit jumped 7.1% to an all-time high of $107.6 billion last month. Imports of goods increased 1.7%, led by food and motor vehicles. There were also large increases in imports of industrial supplies, capital and consumer goods. Imports of other goods, however, tumbled 15.3%.
Exports dropped 1.8%, weighed down by consumer goods, motor vehicles, food and other goods. But exports of capital goods and industrial supplies increased.
Trade has been a drag on gross domestic product for six straight quarters. Economists saw a limited impact on trade from the Russian-Ukraine conflict, which has resulted in the United States imposing same trade sanctions on Moscow. Russia accounted for only 1% of imports and about 0.4% of exports last year, according to government data.
“While the Russian invasion of Ukraine is driving a sharp increase in energy prices, its implications for trade flows will be less noticeable,” said Mahir Rasheed, an economist at Oxford Economics in New York. “Russia and Ukraine make up less than 1% of monthly import volumes and an even smaller share of U.S. exports, so the war has little bearing on the trade outlook.”
U.S. stocks were trading lower as investors assessed the fallout from a raft of sanctions imposed by Western countries on Russia. The dollar rose against a basket of currencies. U.S. Treasury yields fell.
INVENTORIES RISING
The increase in imports last month largely reflected the rebuilding of inventories. Stocks at wholesalers increased 0.8% after climbing 2.3% in December. Inventories of durable goods, items which are meant to last three year and longer, rose 1.0%, while stocks of wholesale nondurable goods climbed 0.5%.
Retail inventories rose 1.9% after jumping 4.7% in December. They were lifted by a 2.4% increase in motor vehicles, which followed a 7.0% surge in December.
Motor vehicle production remains constrained by a global semiconductor shortage. Excluding motor vehicles, retail inventories gained 1.7% after advancing 3.9% in December. This component goes into the calculation of GDP growth.
Inventory investment increased at a seasonally adjusted annualized rate of $171.2 billion in the fourth quarter, one of the largest in years. Growth estimates for the first quarter range from as low as a 0.6% rate to as high as a 5.4% pace.
“Because of the way GDP is calculated, it would require a similarly sized expansion in inventories to contribute that level of growth,” said Matt Colyar, an economist at Moody’s Analytics in West Chester, Pennsylvania. “We do not expect the build in the first quarter to exceed the record-breaking fourth-quarter build. As a result, we expect inventories to subtract 0.3 percentage point off GDP growth.”
Most economists see further scope for inventories to rise, noting that inflation-adjusted inventories remain below their pre-pandemic level. Inventory-to-sales ratios are also low.
Restocking, after three straight quarters during which inventories were drawn down, is supporting manufacturing.
A survey from the Dallas Federal Reserve on Monday showed factory activity in Texas continued to expand in February, though at a slightly slower pace. The survey’s production index, a key measure of state manufacturing conditions, dipped two points to a reading of 14.5.
A reading above zero indicates growth in manufacturing in the region. Despite the moderation in activity, factories reported strong growth in new orders and were upbeat about business conditions. The survey’s general business activity index shot up 12 points to a reading of 14.0.
“The manufacturing sector continues to expand in spite of supply network dislocations and input shortages,” said Rubeela Farooqi, chief U.S. economist at High Frequency Economics in White Plains, New York.
Reporting by Lucia Mutikani; Editing by John Stonestreet and Andrea Ricci
When the COVID-19 pandemic swept across the world two years ago, it catapulted us into one of the most difficult periods in modern memory, irrevocably changing lives and livelihoods around the globe. While we are not out of the woods yet, and face renewed difficulties with emerging variants, we have begun to look forward to how we might rebuild the prosperity of our nations and create even more durable economies moving forward.
One thing is certain, we will be better off moving forward and were better able to address the pandemic, thanks to the vibrant, unique trilateral trade relationship between Canada, the United States, and Mexico. Allow me to share just one striking example: Houston-based company Integrated Viral Protection (IVP).
IVP leaped to the fore a few weeks into the pandemic, with an innovative air filtration system. But they couldn’t produce this new system alone. That’s where our North American Free Trade Agreement (CUSMA) came in. Together with three manufacturing companies — the United States’ Dust Free, Canada’s Engineering CPR, and Mexico’s Instalaciones y Especialidades Metalicas — IVP launched a transcontinental partnership to create the award-winning Biodefense Indoor Air Protection System that traps the COVID-19 virus using high heat.
While CUSMA has helped lift the weight of this particular crisis, it was created to address many broader issues. Whether it’s climate change, or maintaining North America’s competitive advantage, we have the best shot at tackling even the most pressing global challenges when we engage our collective strength, resilience, and innovation. When we look to recovery – one which has sustainability and inclusivity at its core – we will be better equipped to support our workers, businesses, and communities by leveraging the opportunities provided through CUSMA.
Thanks to CUSMA, those who have been hardest hit by the pandemic – our nations’ small and medium-sized businesses, women, and underrepresented communities — are better positioned to benefit from international trade. On top of this, CUSMA incorporates strong labor and environmental obligations, which will be crucial to our long-term competitiveness. Importantly, its clear dispute settlement mechanisms will help hold us accountable.
What’s more, CUSMA and the stability it yields for our North American economic partnership — where US$110 million in trilateral trade still happens every hour — uniquely positions our industries to leverage our strengths and collaborate, especially in the fast-growing sectors of the future such as critical minerals and clean-tech, and make real, collective progress to tackle climate change. Whether it’s building electric vehicles or developing world-leading clean hydrogen technologies, our cross-border collaboration can make us a hub for innovation to in turn, export to, and compete with the world.
Bolstering our deeply integrated supply chains, and decades-long collaboration through CUSMA, will reinforce our domestic economic security and ensure that the prosperity that flows from international trade begins here, with our North American partnership, and continues to benefit our businesses, industries, people, and communities.
Of course, in any partnership, differences will arise, as they have recently with proposed protectionist measures in both the U.S. and Mexico. But we’ve been here before, and navigating these differences can make our trilateral relationship stronger. Time and again we have met conflict with goodwill and faith and used the mechanisms negotiated between us to maintain rules-based trade. And thanks to this careful work, our companies, workers, and their families are better able to feel secure in their futures.
As is the case with fighting COVID-19, our nations will not be able to achieve long-term growth and prosperity without working together. So, let’s lean into our strengths, resources, and unique trilateral relationship to strengthen the bridges between our countries and improve the well-being of our peoples and economies.
It was a calm Thursday morning when suddenly the NBA world began to buzz. The headlineread: “Nets trade James Harden to Sixers for Ben Simmons.”
That’s right. Ten-time All-Star and former NBA MVPJames Hardenwas traded from the Brooklyn Nets powerhouse to their Eastern Conference contender Philadelphia 76ers. It was a trade with enormous magnitude that could flip the Eastern Conference on its back.
The NetssentHarden and veteran forward Paul Millsap to the Sixers in exchange for three-time All-StarBen Simmons, veteran center Andre Drummond, shooting guard Seth Curry and two future first-round draft picks. It was probably the biggest trade of the year, especially since Harden wastradedto the Nets at the beginning of last year.
“Everybody got what they wanted,” Kevin Durant, a Nets star player, said.
Coming from now two-time teammate of Harden and an advocate for his arrival in Brooklyn, thisshowedin what state the situation was in. Durant does have a point, however. The Sixers lost a40% three-pointshooter in Curry, which will only add to the Nets’ explosive offense. By adding another ball handler and a great defensive player in Simmons, the Nets also gained another boost to their offense and defense, while the Sixers added Harden to play in tandem with their star center Joel Embiid.
“Philly was my first choice,”Harden said during his press conference.
Adding more fuel to the fire, it seems as though Harden can’t wait to get into the lab.Harden has never played with an all-pro center; some could consider his time with Dwight Howard, but others think Howard wasn’t his former self. Nor was Embiid when it comes to guards in their careers. Together, they could add a deadly pick and roll to their game plan.
With this monstrous trade out the way, people thought it’s all over. But, people only found earthquakes around the league, as the Western Conference had been shaken up by the deadline with many teams making new acquisitions.
Starting off, the Portland Trailblazerssentshooting guard C.J. McCollum, along with forwards Tony Snell and Larry Nance Jr., to the New Orleans Pelicans. Inreturn, the Blazers acquired guards Nickeil Alexander-Walker, Josh Hart, Tomáš Satoranský, Didi Louzada and three future draft picks.
The Blazers broke up what some considered to be one of the“most dangerous backcourt duos”and ended an era that saw them fall short of the NBA Finals. The Blazers added much-needed play-makers and rotation players to support their star point guard Damian Lillard. The Pelicans received a high caliber shooting guard in McCollum, as well as rotation forwards to support their stars Brandon Ingram and Zion Williamson. However, Williamson is currentlyoutand is not expected to return for quite some time.
Satoranský and Alexander-Walker were traded in a three-team deal with the Utah Jazz and San Antonio Spurs. The Jazz received Alexander-Walker, and the Spurs obtained Satoranský. This left the Blazers with injured shooting guard Joe Ingles from the Jazz and guard Elijah Hughes. Either way, all teams were able to round out some of their rough edges.
Speaking of “rough edges,” the Sacramento Kings caused some havoc during the trade deadline bysendingtalented guards Buddy Hield and Tyrese Haliburton, along with veteran center Tristan Thompson, to the Indiana Pacers. In exchange, the Kings received All-Star forward Domantas Sabonis alongside guards Justin Holiday and Jeremy Lamb.
Deciding to put their faith in point guard De’Aaron Fox, the Kings acquired the talented Sabonis to pair with him. The Pacers put their faith in center Myles Turner and are surrounding him with a play-making guard and a lethal three-point shooter, adding some much-needed balance to once frontcourt and backcourt heavy teams.
The last big trade that caused ripples in the NBA’s landscape came by way of the Dallas Mavericks and the Washington Wizards. DallassentforwardKristaps Porziņģis and a future draft pickto Washington. In exchange, the Mavericks received point guard Spencer Dinwiddie and forward Davis Bertans, breaking up the tandem of star point forward LukaDončić and Kristaps Porziņģis.
The Mavericks added play-making support with Dinwiddie, shouldering some of Dončić’s responsibility to move the ball. They are also securing a center to take minutes from the now-traded Porziņģis. The Wizards receive one of the NBA’s“unicorns”— a seven-footer who can go to the hole and shoot the ball from a distance efficiently. Porziņģis presents an inside threat and can hopefully co-exist with forward Kyle Kuzma. Both these teams added players that could benefit their futures.
The storm subsided, and all the teams received their player care packages. Some hope to heal for the future, while others plan for an immediate comeback. The trade deadline is over, and, nearing the second half of the season, all we know is that there’s going to be some great basketball as we approach the playoffs.
For the last 15 years, Flyers fans haven’t pictured captain Claude Giroux in a uniform other than an orange and black one. As others came and went, Giroux remained the one constant.
In less than a month, that era could come to a close.
Giroux, 34, has stated in the past that he would like to be a Flyer for life. He started his NHL career in Philadelphia as a 20-year-old. Since then, he’s gotten married, started a family and put down roots in the area. This city and franchise are all he’s known as a professional hockey player.
However, as the Flyers flounder near the bottom of the standings, Giroux may prioritize winning his first Stanley Cup over retiring as a lifetime Flyer. Giroux, who is in the final season of an eight-year, $66.2 million contract, is set to become an unrestricted free agent.
The Flyers’ lost season, their not-so-promising future, and Giroux’s contract situation makes him the ideal rental candidate for a contender at the March 21 trade deadline. But there’s a catch.
Giroux has a no-move clause in his contract. If Flyers general manager Chuck Fletcher wants to trade him, Giroux must waive it and approve of any destination. Fletcher acknowledged last month that “it’ll be Claude’s decision.”
On March 17 against the Nashville Predators, Giroux is slated to play his 1,000th game as a Flyer. He has played the second-most games in franchise history, behind only Bobby Clarke (1,144). Giroux may want to reach that milestone here but the longer he and the Flyers wait, the bigger the risk.
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Whatever Giroux wants, Fletcher will likely do right by his longest-tenured player.
“He’s our captain, he’s been our best player this year,” Fletcher said last month. “Nobody cares more about the Flyers than he does. I think we have to recognize what we’re dealing with here, he’s a franchise icon, his jersey’s going to be in the rafters, to me he’s a Hall of Fame player.”
What could the Flyers get in return for Giroux?
When assessing what the Flyers might receive in exchange for Giroux, the first thing to consider is recent player rental trades.
New York Rangers winger Rick Nash was in the final season of a seven-year deal ($7.8 million AAV) in 2017-18 when he was traded to the Boston Bruins. Nash was 33 at the time and had scored 434 goals and 799 career points.
However, Nash had just 28 points in 60 games at the deadline (sixth on the Rangers). In 47 games this season, Giroux leads the Flyers with 38 points.
Nash was traded in exchange for center Ryan Spooner, winger Matt Beleskey (Bruins retained salary for next two years), 19-year-old prospect Ryan Lindgren, a 2018 first-round pick, and a 2019 seventh-rounder. A record number of first-rounders (five) were shipped off at the 2018 trade deadline and Nash was by no means the top player available.
Both winger Nick Foligno and center Paul Stastny were traded prior to the deadline in the last years of their contracts at a similar age as Giroux is now. Foligno was 33 in 2021 when the Columbus Blue Jackets pulled off a three-team trade to send him to the Toronto Maple Leafs. Stastny was 32 when the St. Louis Blues traded him to the Winnipeg Jets in 2018.
Neither was the caliber of player that Giroux is now (or ever). Columbus received a first-round pick in 2021 and a fourth in 2022 for Foligno.
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“Claude Giroux would seem to command a significant amount more than that,” Daily Faceoff’s Frank Seravalli said of the Foligno trade. “[Given Giroux’s] compete, that consistency, the versatility, the ability to play center or wing for a team in a playoff spot.”
The Blues traded Stastny in exchange for prospect Erik Foley, a conditional first-round pick in 2018, and a conditional fourth in 2020.
This year, more than a month before the trade deadline, the rebuilding Montreal Canadiens set the market when they traded 29-year-old winger Tyler Toffoli to the Calgary Flames in exchange for veteran Tyler Pitlick, 20-year-old prospect Emil Heineman, a first-round pick in 2022, and a fifth in 2023.
The Calgary Flames' Feb. 14 trade for Tyler Toffoli helped set the market for a potential Claude Giroux trade.. ... Read moreJeff McIntosh / AP
Toffoli is in the second season of a four-year deal ($4.25 million AAV) and had 26 points in 37 games played (.70 points per game) compared to Giroux (.79 ppg).
“Toffoli’s a gifted scorer and has been pretty consistent in the 25 goal range, you can sort of pencil him in in that world,” Seravalli said. “Giroux doesn’t have term and he is a little bit older. But in this case, he has a much higher ceiling in terms of what he can bring to a team.”
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What sets Giroux apart from these examples, is that he’s the best player potentially available at the trade deadline. His value could fluctuate depending on who is available to buyers, how many suitors Giroux has, whether or not the Flyers are willing to retain salary, and where Giroux wants to go, if he does at all.
Ultimately, a team that would be interested in trading for Giroux would need to have or create the salary cap space to do so. If Giroux waives his no-move clause as close to the trade deadline as possible and Fletcher facilitates a trade, his cap hit for his new team would be roughly $1.6 million. That amount is his prorated average annual value for the number of days remaining in the season after the trade.
“I think Claude Giroux is in the first-round-pick-and-top-prospect world,” Seravalli said. “Depending on how salary is retained and if the Flyers are retaining half to make it work for a team, that just increases the value the Flyers could get in return.”
Who might be interested?
The Colorado Avalanche, one team rumored to be interested in Giroux, currently have the league’s top record at 37-10-4.
“It’s been incredible to watch them and they feel like they’re maybe a piece or two away from really being able to achieve their goal for the first time since 2001,” Seravalli said of the Avs.
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Last week, Seravalli reported that the Blues may be in the mix for Giroux. Currently second in the Central Division, St. Louis would provide some familiarity to Giroux: head coach Craig Berube and winger Brayden Schenn both spent time with the Flyers.
“They’re a team that’s in contender mode,” Seravalli said. “I think when you hear about the Colorado Avalanche in the Central talking about or potentially pursuing a player like Giroux, not only would you be making your team better if you were able to trade for him if you’re St. Louis, but also be in a spot where you’re preventing him from going to a division rival that you’d likely have to square off with at some point before getting to the West final.”
Could Claude Giroux (center) and Brayden Schenn (left) reunite with the St. Louis Blues?. ... Read moreJay LaPrete / AP
Just from a stylistic, situational fit, not based on actual reported interest, Servalli noted that the Rangers would be an interesting trade partner for the Flyers. According to The Athletic, the Rangers have shown interest in bringing back J.T. Miller from the Vancouver Canucks. If Miller is on the table, why isn’t Giroux?
“He gives you that versatility that you need, he can play on the wing if you need him to, he can play center, and to slot him in potentially into a top six that already includes Artemi Panarin and Chris Kreider and they’ve got the cap space to make it work, they’ve got the picks, they’ve got the prospects to deal from that would make any team interested,” Seravalli said.
“They really might be the best party for the Flyers to trade with, except for the fact that they reside in your division and you’d have to watch Claude Giroux put that jersey on.”
Constructing a deal for Giroux?
When it comes to trading for Giroux, a first-round pick would likely have to be on the table. The Avalanche sent their 2022 first-round pick to the Arizona Coyotes in exchange for goalie Darcy Kuemper, but general manager Joe Sakic said that he would be open to trading the team’s 2023 first-rounder.
Fletcher and Comcast Spectacor chairman Dave Scott have insisted that the team is not in rebuild mode. Is a 2023 first-rounder less appealing than one for 2022? Or is a deeper 2023 draft class worth waiting on?
From a personnel perspective, Seravalli said that the Avalanche don’t appear to be willing to trade impactful current roster players, specifically 2019 first-round selection Alex Newhook, a 21-year-old center who has 20 points in 41 games.
The Flyers could look to pry former first-rounder Alex Newhook, 21, away from the Colorado Avalanche in a trade for Claude Giroux.. ... Read moreDavid Becker / AP
Seravalli said that the Avalanche may be willing to move 2020 first-round pick defenseman Justin Barron, who projects as a No. 3 or 4 defenseman.
“Does that move the needle for the Flyers?” Seravalli asked. “How far out does Justin Barron project? So those are sort of the questions that you ask yourself when you’re trying to deal with a team like Colorado.”
The Blues, who are cap-strapped, may possess even fewer pieces that they’d be willing to move. Many of their young stars have relatively low cap hits, including Jordan Kyrou, Robert Thomas, Ivan Barbashev and Pavel Buchnevich.
“There aren’t a lot of young guys that could be impact guys that you could see St. Louis wanting to move,” Seravalli said. “They’ve got their [2022] first-round pick, they don’t have a second-round pick. Their prospect base isn’t really as deep as some of the other groups, so there’s not really anyone there that you’d be looking to grab.”
Like the Avs, the Panthers do not have a 2022 first-round pick and would have to be willing to move theirs in 2023. However, Seravalli said that they have several trade pieces, including forward prospects Grigori Denisenko, 21, and Owen Tippett, 23.
“[Tippett’s] a guy that’s had a shoot-first mentality in his career,” Seravalli said. “A noted goal-scorer, yet hasn’t been able to do it at the NHL level in almost 100 games played in a consistent way.”
The Rangers would be “dealing from an embarrassment of riches” to get him, per Seravalli. While young forwards Kaapo Kakko or Alexis Lafrenière may be at the center of Rangers trade deadline rumors, Seravalli has his eyes on their deep blue line.
The Rangers’ defense features Adam Fox, Jacob Trouba, and rookie Braden Schneider on the right side, and 21-year-old prospect Zac Jones on the left. How likely is it that general manager Chris Drury would be willing to move a young defenseman like Schneider?
“Teams are interested, obviously being a first-round pick in 2020 and that he’s been able to make an impact in 17 short months and is playing in the NHL, I think teams have taken note,” Seravalli said.
Zion Williamson has yet to play in a game this season for the New Orleans Pelicans due to injury, and while he is in his third season in the NBA he has only played in 85 games so far.
When he has played he has proven to live up to the hype as one of the best young players in the NBA.
The 2019 first overall pick has career averages of 25.7 points, 7.0 rebounds and 3.2 assists per game, and made the All-Star game last season.
He also has a career field goal percentage of over 60%.
I believe that the New York Knicks should try to make a trade for Williamson either during the off-season or next season at the trading deadline.
Why the Knicks?
The Knicks had been one of the best surprises in the NBA last year when they went 41-31, and got home-court advantage in the playoffs as the fourth seed.
However, this season they have been a big disappointment, and entered the All-Star break as the 12th seed in the east with a 24-35 record.
In college, Williamson played with Knicks players Cam Reddish and RJ Barrett at Duke, so the three of them could be reunited.
Their roster is in an interesting position as the Knicks have a mix of super young players, but also have veterans such as Julius Randle, Evan Fournier, Kemba Walker and Derrick Rose.
If the Pelicans were to ever trade Williamson, they already have Brandon Ingram and C.J. McCollum, so some of the Knicks veterans could be a good fit in New Orleans
At the end of the day, the Pelicans probably want to keep Williamson for his entire career, but in the NBA a trade is always possible for any player.
It's trade rumor season. On March 21, 2022 the NHL trade deadline is officially here and the New York Islanders will surely sell off some pieces. Heck, we've already seen some names be linked to teams and players that other General Managers around the league have talked about.
We'll go through all the different names who have been linked and what we think the Islanders could get for them and if they should trade them. Here are some names who have been mentioned: Zach Parise, Josh Bailey, Semyon Varlamov, Cal Clutterbuck, Andy Greene, and Zdeno Chara.
Mitch and I will discuss prices and fits for each player and predict who we think goes. Here's what you can expect from episode 236:
Topics
Trade Deadline Rumors
The NHL trade deadline is fast approaching and the Islanders need assets. We will be breaking down what Zach Parise, Josh Bailey, Semyon Varlamov, Cal Clutterbuck, Andy Greene, and Zdeno Chara can return in a trade. This show will be heavy deadline and rumor based
Down on the Farm
Mitch will update us on all things prospects in this segment. He's got his finger on the pulse for Islanders prospects and will share what he found out this week.
Quiz
On the quiz, Mitch will pick a random player in Islanders history and I have to try to guess who that player is based on five clues. It’s usually a blast.
Social
In the social segment, we’ll answer questions and talk about the biggest stuff from Isles Twitter this past week.
The Houston Texans can upgrade their offensive arsenal with a Jarvis Landry trade.
As Jarvis Landry continues to distance himself from the Cleveland Browns, the Houston Texans can offer him a great spot to be one of the main contributors in an offense. While Houston isn’t a Super Bowl contender, Landry would most likely get a significant contract extension and a prominent role on Sundays.
The entire AFC South ranked in the bottom of half of the league last year in terms of least passing yards allowed. The division-winning Tennessee Titans allowed over 4,000 yards passing. There are greener pastures for any wide receiver to come to the AFC South and thrive.
Imagine an offense with Landry and Brandin Cooks, whether the quarterback is Davis Mills or someone else. Two of the best receivers in the game would be a dream for any quarterback to have (ironic, isn’t it?).
Houston Texans could have another win-win trade with Cleveland Browns
Just like with the potential Laremy Tunsil trade, the Texans wouldn’t need to give up the farm to get Landry. If they were interested in trading for Landry, the highest cost Cleveland could ask for is a second-round pick. Throw in another later pick in the draft, then that may just be the highest they can go.
Landry’s performance in the last two years hasn’t been anything too special in terms of stats. Landry’s previous Pro Bowl selection came in 2019- so basing the price off of his stats isn’t going to work in Cleveland’s favor.
With what happened with Odell Beckham Jr., who got himself out of Cleveland and won Super Bowl LVI, Landry could want the same. Now it’s not likely that Landry or anyone would like to choose the Texans over the next team, but sometimes getting out is just good enough.
Maybe Houston is good enough for Landry to revive his career.
Hundreds of thousands of North Carolinians work in companies that sell goods and services all around the world. They’ll prosper, as will our state, to the extent we knock down barriers to our exports.
Few disagree with that goal. Differences of opinion arise when we get specific. Consider the recent news that the United States ran a trade deficit of $859 billion last year. In dollar terms, that’s the largest such deficit in the country’s history. It’s also a 27% increase over the trade deficit for 2020.
At the risk of sparking the first big disagreement, I should say at the outset that I don’t think the trade deficit is itself an issue of critical importance. It doesn’t signify, for example, that our exporters took in on the chin. In fact, goods exports shot up 23% last year to $1.8 trillion, also a record amount, as economies around the world began to recover from the COVID crisis and their consumers gobbled up American-made products.
Of course, American consumers also gobbled up goods imported from abroad. And America’s service industries didn’t have as good a year, in part because of continued weakness in education and tourism (if foreigners come to the U.S. to study or travel, their expenditures constitute exports).
So, the net result was a trade deficit — but that hardly made it a crisis. American consumers got products they highly valued. And our service sector will likely bounce back more strongly in 2022 as COVID-induced fears and restrictions fade. More fundamentally, because America remains one of the best places to invest money, we are going to run trade deficits of some size for the foreseeable future. It’s an inescapable fact of accounting: if we run a capital-account surplus, we must run a current-account deficit, the vast majority of which will be a trade deficit.
Now, let’s talk about China. America’s $355 billion trade deficit with that country represented 41% of the total. Again, exports to China rose but imports from China rose much more.
Remember the deal former President Trump negotiated with the Chinese regime two years ago? It required the Chinese to purchase an additional $200 billion in American imports by the end of 2021.
The deal didn’t stick. Chinese imports from American firms turned out to be only 57% of the “required” figure. Moreover, since the 2020 agreement came after the former president initiated a trade war, setting off cycles of retaliatory tariffs, the real point of comparison would be exports to China now vs. exports to China before the tariff escalation. By that metric, the policy has been an abject failure. Our exports to China haven’t yet returned to the pre-trade-war baseline.
I’m not arguing that the Trump administration bungled the execution of the agreement during its last year, or that the Biden administration bungled it during 2021. I’m rejecting the entire premise that the way to help American industries sell more overseas is to negotiate sales quotas with national governments. Exports to China went up last year but exports to our other trading partners, especially in Europe, went up more. The latter didn’t happen because a bunch of politicians set sales quotas.
We need to stop trying to manage trade and focus instead on slashing taxes (tariffs) and increasing our economy’s productive capacity.
With regard to the first goal, the best way to encourage the governments of our trading partners to lower tariffs and other barriers to accessing their markets is to offer reductions in our existing barriers to their goods and services — not to raise tariffs first and seek negotiation later. As recent experience has shown, that tends to provoke retaliatory tariffs, not productive discussion leading to net reductions in trade barriers.
And with regard to productive capacity, North Carolina leaders and their counterparts in Washington have full power to act on their own. Reforming our systems of taxation, regulation, education, and infrastructure would help all our businesses, including exporters, to grow and thrive.
John Hood is a John Locke Foundation board member and author of the new novel Mountain Folk, a historical fantasy set during the American Revolution (MountainFolkBook.com).
Interior design is a beautiful business, full of bold colors, vibrant imaginations and overflowing inspiration. It’s also a welcoming place, decidedly more warm and fuzzy than other creative fields like fashion or entertainment. What the design industry is not is clear and orderly. It’s a knotty business, with complicated layers of rules regarding who can sell what to whom, and for how much. Stephane Silverman—founder of fabric brand Castel and president of the Decorative Furnishings Association—has made it a lifelong mission to try and untangle at least a few of those knots.
Stephane SilvermanCourtesy of Castel
Most of them have to do with pricing. For example, the notion that fabric brands who sell exclusively to the trade have both a net price and a retail price—even though they don’t sell to consumers—has long been a sticking point. The irony is, of course, that the retail price is higher, even though the presumable level of service (no CFAs, no samples, and so on) is lower. “I ask anyone out there to please explain to me, because after all these years I’m still stuck on this. If we’re selling ‘retail’ at a higher price than trade net pricing, but we’re not offering trade services, there is a disconnect in my mind,” he tells host Dennis Scully on the latest episode of The Business of Home Podcast. “Trade is not wholesale. Trade is trade.”
Most of what Silverman argues for is clarity: fixed, publicly available pricing for brands in the design trade, even if they’re only doing business with designers. The need for more transparency, he argues, has gone from “would be nice” to “essential” in an age where retail brands are pitching their business to designers and online sellers are flooding the market.
“There are lots of cross-channel pieces that are mixed, fuzzy and difficult to identify. I think this is part of our Achilles heel in the trade—when you look at the retail giants coming in and catering to the trade customer, they’re clear. Everybody knows what price is what, where the markups are and for what reason,” says Silverman, arguing that retailers’ ability to list prices publicly allows them to define their brand in consumers’ minds. “Everyone is saying RH is luxury. Well, how did they do that? Not because they have a pretty picture and say ‘inquire for price.’ Because there is a price.”
In a fascinating discussion on the intricacies of the modern trade business, Silverman weighs in on Fabricut’s recent decision to pull out of online retail; Material Bank’s past, present and future; and whether the home boom will last.
“I’d say this is a perfect time to start making changes and to start gingerly and carefully investing into the future,” he says. “I don’t think [the increase in home spending] is going to last. People are going to start spending on their travel and stop spending on their drapes and carpets and on fabrics … What I would say is: be smart, be conservative, take it in, put your money in your coffers, but invest in where you see the future of our business.”
(Photo by Brace Hemmelgarn/Minnesota Twins/Getty Images)
The MLB officially postponed the first week of spring training games, meaning fans will have to wait a little longer for White Sox baseball to return. In the meantime, it’s time to continue our journey across the MLB in search of trade partners for the Chicago White Sox once the lockout ends. Today we visit the National League East.
The National League East presents the perfect mix of teams to trade with for the Chicago White Sox. Out of all the divisions in baseball, the NL East has the most viable trade market for them.
The Phillies need bullpen help, Washington is selling off their assets, and the Marlins and Mets have intriguing names available.
The only team that probably wouldn’t make a deal with them is the World Series Champion, Atlanta Braves. However, there are still trades that could be made with them as well.
The Chicago White Sox could look to make one big trade before we get going.
The NL East was one of the most interesting divisions in baseball last season. The Braves won the division with an underwhelming 88-73 record, despite being plagued with injures and bad luck throughout the season.
The Phillies pitching staff imploded wasting an MVP season from Bryce Harper to land them in second. The biggest storyline was the New York Mets who entered the season with lofty expectations only to go full-blown Mets and underachieve yet again. They added Javier Baez during the trade deadline in the hopes of making a late-season push to no avail.
The Miami Marlins and Washington Nationals rounded out the bottom of the divisions with a pretty pathetic sub 70 win season. They only had a combined 132 wins between the two of them.
Here is one trade candidate the White Sox could target from each team once the lockout resumes:
The New York Islanders will likely be selling off some pieces at the trade deadline this year since they are well out of the playoff race. One of those names that could be on the move is Cal Clutterbuck and there are rumors of him being scouted already.
Stefen Rosner is reporting that Joe Sakic, the Colorado Avalanche General Manager, was at the game yesterday scouting Cal Clutterbuck. If that's the case, it had me wondering what could the Isles be getting in return for Cal?
The most likely assumption here is that the Islanders will be looking for futures for any player that they are likely to sell off. In the 2022 NHL Draft, the Avalanche are without their first and second round picks.
The second rounder they would've had is from the Devon Toews trade that Lou Lamoriello made before the 2021 season due to cap space issues. So the next likely option is a third rounder in this year's class or if you wanted to kick the can down the road a year a second in 2023 also could be on the table.
Brendan Lemieux went for a fourth rounder last year, and you could make the case that while Cal is significantly older at 34, his intangibles that he brings would make him more of an intriguing option.
He's played in 70 career playoff games with 11 goals to his name and has that veteran experience that young teams are often looking for. While he may not pop in goals like he did in his prime, he is still a hit machine with 185 in 45 games. He's playing at a 4.1 hits per game pace, which would put him at an insane 337 hits.
Colorado has the offense and the skill but if they're looking for a little bit of that grit, and a guy who could pop in some goals with an underrated wrist shot that Cal Clutterbuck connection does make some sense.
Fans of the Utah Jazz might do well to stay off the internet. At least until the NBA’s next offseason comes to a close. They’re likely to come across a Donovan Mitchell trade rumor otherwise.
Sports Illustrated’s Howard Beck recently named three superstars that NBA executives are “preparing” to see on the trading block by season’s end. Zion Williamson, Damian Lillard and Utah Jazz star Donovan Mitchell are all expected to consider searching for new homes.
Utah Jazz star can’t keep his name out of rumor mill
We’ve covered Mitchell’s alleged desire to leave the Utah Jazz in some detail. Yet, whenever we think we’re done writing about it, another article makes it way around the internet.
Howard Beck is a staple in NBA journalism: this is not Ballsack sports. Any rumor he reports is worth weighing. Regardless, Mitchell continues to say the right things whenever he addresses the subject.
With so much speculation, we should assume that there is some possibility that Mitchell won’t finish his career with the Utah Jazz. On the other hand, it may not be market size that drives the talented young guard’s decision making.
Pressure is mounting for the Utah Jazz to win big
The number of players who have walked away from a real chance at a NBA championship can be counted on one hand. The Utah Jazz just need to prove to Mitchell that he has one in Salt Lake City.
This is a talented, well-coached, well-constructed group. Mitchell likely enjoys his stature as the team’s alpha scorer as well. It should be entirely possible to convince him to stay: provided the team does some winning.
If not, the Utah Jazz may be faced with a lot of trouble this offseason. Another first or second round exit, and the long term viability of this group figures to come under intense scrutiny.
BELMONT, Mass.—The National Association for Armenian Studies and Research (NAASR) and the Society for Armenian Studies (SAS) will present a webinar with Dr. Thomas Sinclair, “Eastern Trade and the Mediterranean in the Middle Ages: Peglotti’s Ayas-Tabriz Itinerary and Its Commercial Context,” on Friday, March 4, 2022, at 1:00 pm (Eastern)/10:00 am (Pacific). Dr. Sinclair’s talk will draw on his book of the same name published by Routledge in 2021.
In this lecture, Dr. Sinclair will look at the most prosperous period of east-west trade through Armenia—the period of the Il-Khans—in the second half of the Middle Ages (1100-1500), and within that period at the most important avenue of trade. It ran from Ayas in the Armenian kingdom of Cilicia to the city of Sivas/Sebasteia, then through Armenia to the Il-Khanid capital of Tabriz. Tabriz was the gathering point for goods from China and India (via Hormuz) and Iran itself. The Ayas-Tabriz route is known from an itinerary compiled probably in the 1320s which details the Il-Khanid toll stations along the way and how much the merchant had to pay at each.
In researching the exact line of the route, Dr. Sinclair has taken data from the Roman itineraries—and the medieval route helps to solve problems of location in the Roman itineraries. In addition, he will discuss the role of money and what minting patterns in the various cities and in other mints can reveal, the impact the trade had on each of the cities, their Armenian population, and their expansion, and competitor routes in the period, highlighting the value of the Ayas-Tabriz route.
Dr. Sinclair was a professor of Turkish history in the Department of Turkish and Middle Eastern Studies at the University of Cyprus. He is the author of Eastern Turkey: An Architectural and Archaeological Survey (4 volumes, 1987-90) and writes principally on economy and administration in Armenia during the late pre-Ottoman and early Ottoman periods.
Founded in 1955, NAASR is one of the world’s leading resources for advancing Armenian Studies, supporting scholars, and building a global community to preserve and enrich Armenian culture, history, and identity for future generations.
National Association for Armenian Studies & Research is an independent, non-profit organization dedicated to promoting & furthering Armenian Studies & Research
The Society for Armenian Studies is an international body, composed of scholars and students, whose aims are to promote the study of Armenian culture and society, including history, language, literature and social, political and economic questions; to facilitate the exchange of scholarly information pertaining to Armenian studies around the world; and to sponsor panels and conferences on Armenian studies.
Founded in 1974, the aim of the Society for Armenian Studies is to promote the study of Armenian culture and society, including history, language and literature
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On Saturday the Toronto Maple Leafs and Arizona Coyotes executed a trade. Going to Toronto was Ryan Dzingle and Ilya Lyubushkin for Nick Ritchie and a draft pick. What does that have to do with the New York Islanders?
While the Islanders aren't looking to offload a bunch of contracts they could very well offload at least one deal. That's where the Coyotes-Leafs trade comes in. Because looking at the Coyotes cap situation next year makes one thing very clear the Coyotes are going to have a ton of space on the cap next season. Like a ridiculous amount of space.
Going into 2022-23 the Arizona Coyotes have over $50 million in cap space. That's right, more than $50 million. They have a projected $31.7 million cap hit next year, or, only 38.4% of the allowable $82.5 million we've been told the cap ceiling will be in 2022-23.
Now the Islanders aren't necessarily looking to shed cap space. They did enough of that in this most recent off-season. They'll have nearly $15 million in space themselves. But if an opportunity presents itself to move a few million off the books you know that Lou Lamoriello is going to take it.
That opportunity is Arizona's incredible amount of cap space. Keep in mind that Arizona has to hit the floor. They're currently nearly $30 million off from even reaching the floor. They're going to need money.
You have to think someone like Semyon Varlamov or even Josh Bailey could be moved to Arizona by puck drop on 2022-23. Both are making $5 million on the cap.
With Sorokin between the pipes, the Isles have their starter. They could find an adequate backup on the free agency market and pay them less than the $5 million they've committed to Varly. But, complicating matters is that 16-team no-trade list. You can safely assume Arizona might be on Varly's no-go list.
Josh Bailey is struggling this year. He was made available in the Seattle expansion draft, signaling that the Islanders feel they'd be OK without him. Unlike Varlamov, he has no trade protection to speak of so he can be moved anywhere, like Arizona, without being able to veto the move. With Kieffer Bellows stepping up and needing a full-time roster spot, Josh Bailey becomes a bit more expendable for the Islanders.
Something to keep in mind is the way Bailey's contract was structured. He carries a $5 million cap hit but is only owed $3.5 million in both of the final years of his deal. That's a $5 million hit for two years while only being paid out $7 million in actual dollars.
Again, the Islanders are projected to have some $15 million in cap space this offseason, they don't need to move either of these guys but if they plan on going big fish hunting in the offseason, getting some of that money off the books by sending it to Arizona could help them do that.
A “succession plan” is being publicly mooted by the Atlanta Falcons ownership. Does the next in line to the quarterback throne already exist within the NFL?
“At some point, there will be a sunset for him”, Arthur Blank said, in the build-up to Super Bowl LVI, “but exactly when that is I really can’t tell you because I really don’t know.” He was, of course, talking about the Falcons’ starting quarterback of the past 14 seasons. Matt Ryan has solely held that distinction across three head coaches and two general managers. But, at 37 years old, the amount of road left for Ryan in the NFL is quickly coming to an end.
The Falcons had the opportunity to draft a “succession plan” in 2021. They didn’t take that route, of course, and so, we head into 2022 in a very similar situation as they did last season. The only differences are that the Falcons have a lower draft pick, and a shallower pool of quarterback talent to select from. Kenny Pickett and Malik Willis might well have excellent NFL careers. But it’s difficult to argue that either are comparable to Trevor Lawrence or Justin Fields, for example. So, what now?
Succession line in the Midwest
You may recall, a couple of years ago, another team was faced with this exact question. Fresh off a campaign that took the Packers to the brink of a return to the Super Bowl, Green Bay opted to secure their future. Given the transition from Brett Favre to Aaron Rodgers, they attempted to recreate the process that gave them nearly 30 years of all-pro level quarterback play. They drafted Jordan Love; a quarterback with a cannon for an arm, but with a lot of mental work required to reach the lofty highs he was capable of reaching.
The plan was straightforward; give Love a couple of years to adjust to the professional game, and hand him the keys from there. I’m not sure anyone in the Green Bay setup could have foreseen Aaron Rodgers enjoying back-to-back MVP level seasons. This was the offseason that the change was due to take place. Instead, we’re seeing reports that the Packers are about to push all their chips into the center of the table to keep Rodgers around.
6. Packers (1): QB Aaron Rodgers and WR Davante Adams just might return to a team that’s gone 39-10 in the regular season under Matt LaFleur. What’s certain to return is the specter now following a club that’s squandered a No. 1 seed, which should be a massive advantage, in both years since the NFL expanded to a 14-team playoff field.
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We’ve just seen a team win the Super Bowl by going “all-in”, so it certainly makes sense for Green Bay to try that method. It’s not great for Jordan Love, who’s about to enter the third season of his career with a single start to his name. What Love needs is a fresh start. That’s where the Atlanta Falcons come in.
Embracing the rebuild
At the time of writing, per sportrac, Matt Ryan is slated to count for ~$48mil against the salary cap in 2022. In 2023, his cap hit stands at ~$43mil. However, his dead cap hit will only be ~$15mil. If nothing changes between now and the start of the 2023 season, the Falcons can cut Ryan, and save just shy of $30mil. If I were a gambling man, I would put a fistful of dollars on the Falcons moving on from Ryan in 2023. If the Falcons are aware they need a succession plan, having a guy to step in for 2023 is very valuable.
Jordan Love has spent the first two seasons of his career being around, learning from, and playing with one of the best quarterbacks to ever play the position. Regardless of what sort of teacher Aaron Rodgers might be, that sort of exposure must count for something. He is undoubtedly in a better place to start in the NFL than he ever was heading into the 2020 NFL draft. His single start in 2021 wouldn’t give you that impression, however, as Love managed a single touchdown against the Kansas City Chiefs. He needs more time.
Nov 7, 2021; Kansas City, Missouri, USA; Green Bay Packers quarterback Jordan Love (10) runs against Kansas City Chiefs defensive end Tershawn Wharton (98) during the first half at GEHA Field at Arrowhead Stadium. Mandatory Credit: Jay Biggerstaff-USA TODAY Sports
Regardless of which side of the Matt Ryan fence you occupy, we can all agree that this offense isn’t currently built for an inexperienced quarterback. The offensive line is giving up an obscene level of pressure, and there are question marks in every skill position. That isn’t an environment that will nurture talent in the quarterback position. You’re better off asking Ryan to deal with that situation for another season, while Fontenot and Smith try to fix the rest of the team.
A small price to pay
What that season would give Love is more time. A season to get to grips with Arthur Smith’s offense, and another to settle into the NFL, should be enough for him to be an efficient starter. It would also give the Falcons a season to assess what they have, and whether they feel comfortable triggering his 5th-year option, something some teams didn’t consider when faced with a similar situation.
If the Packers are going to go “all-in” in 2022, something they need more than anything is money. Rodgers is set to cost Green Bay ~$46mil, and the Packers are currently slated to enter the 2022 season ~$50mil over the cap. That isn’t good. When you factor in that they’re likely to try for Davante Adams also, they need cash. Moving on from the first-round contract Love is on can only help the Packers. That fact would also give the Falcons leverage. If the Falcons are capable of obtaining a first-round talent for a late second/early third-day draft pick, that can only be good business.
Green Bay Packers wide receiver Davante Adams (17) attempts to catch a pass against Cleveland Browns cornerback Denzel Ward (21) in the fourth quarter during their football game Saturday, December 25, 2021, at Lambeau Field in Green Bay, Wis. Samantha Madar/USA TODAY NETWORK-Wis.
Gpg Packers Vs Browns 12252021 0007
Could it work?
There’s no guarantee that Love pans out as the future of any franchise, of course. But, with everything discussed in hand, the positives outweigh the negatives. Most importantly, if, after a season of backing up Matt Ryan, the coaching staff simply isn’t confident Love can step in, they aren’t tied to him for 4 or 5 years. A quarterback could very much be on the cards for the Falcons again in 2023 or 2024, without a rookie contract, or a sunk cost fallacy, weighing them down.
The Falcons have enjoyed a high level of quarterback play for the majority of the past quarter of the decade. Unlike with the Packers, that was very much not by design. They got lucky, and you cannot rely on luck to land a franchise player for the third time in a row. If you want to be successful in the NFL, you need to be consistent, and Jordan Love could represent the Falcons’ best shot at that consistency.
If nothing else, how good would it feel to see a cast-off Packers QB succeed in Atlanta, in the same manner the Packers enjoyed Brett Favre?
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