Few dry eyes remained in Radio City Music Hall as a group of teenagers who survived a February school shooting in Parkland, Fla., took to the Tony Awards stage to sing the musical-theater classic “Seasons of Love” from “Rent.”
The students from Marjory Stoneman Douglas High School were at the award show to honor their theater instructor, Melody Herzfeld, who was receiving the 2018 Excellence in Theatre Education Award. The award is given to a different theater educator each year. Herzfeld was given the award for her role in hiding 60 students in her drama class during the shooting, which killed 17 people and ignited a debate surrounding gun control in the U.S. Theater helped the students recover from the traumatic events in the months following the incident, Herzfeld said.
The students were introduced by Matthew Morrison, who previously played a theater teacher on the hit TV show “Glee.” Herzfeld used her speech to advocate for incorporating such classes into more regular school curricula.
“Imagine if arts were a core class in education,” she said. “We have all known the future of the world was about collaborative creativity, and here we are the future.”
Actor Robert De Niro did not mince words during his short time on stage at the Tony Awards on Sunday night.
“First thing’s first: F*** Trump,” he said, fists upraised as the audience gave him a standing ovation. “It’s no longer, ‘Down with Trump, it’s ‘F*** Donald Trump.’”
De Niro was at the Tony Awards to introduce a performance by Bruce Springsteen, who was receiving a special award for his autobiographical one-man show “Springsteen on Broadway.” His comments about Trump were censored on the CBS broadcast and livestream of the event.
The Oscar-winning actor, known for his roles in “The Godfather” and “Taxi Driver,” has never been one to hide his feelings about President Donald Trump. In January, he went on an expletive-laced rant at the National Board of Review awards gala about the president.
Trump has gotten a largely negative reaction from Hollywood since he was elected in November 2016. Meryl Streep gave a long speech at the Golden Globe Awards in January 2017 slamming Trump for being a bully, which Trump responded to by calling her an “overrated actress.”
China is re-emerging as a major consumer of U.S. cotton after years of stockpiling the fiber, a shift that together with poor growing conditions in Texas has sent prices surging to a six-year high.
The world’s most populous nation has purchased futures contracts covering more than 361,000 bales of U.S. cotton for 2019-20, according to U.S. Department of Agriculture data. That is enough to make 400 million T-shirts. China has never booked that much cotton that far in advance at this time of year, in data going back to 1998.
“It’s very unusual to have that many bales in the books,” said Peter Egli, risk manager at Plexus Cotton Ltd. “China is the biggest taker of forward sales.”
China’s return to global cotton markets is likely to mean a period of higher prices for a fiber used in most apparel, textiles and upholstery. It is also a boon to U.S. producers who have long labored under a market whose prices investors perceived to be capped by China’s cotton stores, which for years have accounted for more than half of all global stocks.
China announced this month that it intends to raise cotton import volumes, a move that could increase Chinese purchases of American fiber at a time when the Trump administration is calling for more imports from the U.S.
The shift has revived interest in markets that were until recently seen as being overshadowed by Chinese policy. Open interest has reached all-time highs for this time of year, according to data from the U.S. Commodity Futures Trading Commission. July cotton futures on the ICE Futures U.S. exchange closed at 94.94 cents a pound on Friday, the highest level for a front-month contract since February 2012.
Commerzbank said this week that a commitment from China to buy large quantities of U.S. cotton should create a lasting rise in price levels.
China last week offered to purchase nearly $70 billion of U.S. farm, manufacturing and energy products if the Trump administration abandons threatened tariffs on some $50 billion in Chinese imports across 1,300 categories of products. President Donald Trump has pressed China to commit to reduce the $375 billion U.S. merchandise trade deficit with China by $200 billion.
Cotton is the latest global commodity market held in sway by Beijing, whose policy decisions as a major purchaser and supplier of the world’s commodities often shift global markets.
Chinese strategic cotton reserves are likely to run low by the end of August, according to analysts. China’s Ministry of Agriculture and Rural Affairs said in its monthly report on May 10 that while the government sell down of cotton stocks will continue in 2018-19, the domestic supply of high quality lint is insufficient and cotton imports are expected to increase.
Overbooked auctions and surging futures prices in China recently led the country to limit merchant participation in daily cotton auctions.
China’s move to begin hoarding the fiber eight years ago pushed cotton prices above $2 a pound in 2011, bankrupting some mills and merchants globally. When prices spiked, remaining mills substituted cheaper, synthetic fibers into fabrics. The amount of cotton used in apparel imported to the U.S. dropped 12% between 2010 and 2011—and while prices had fallen back below 70 cents a pound by 2012, mills didn’t increase their cotton purchases, according to U.S. trade data.
With China holding half the world’s cotton in storage, some speculators were wary to return to a market they knew could see a downturn if China decided to unleash its stockpiles. China began auctioning off cotton in 2013 due to shortages among its mills and increasing global competition. China at one point held 67 million bales of cotton in storage, enough to meet all its needs for about two full years.
Market participants were always wary that China could suddenly unleash those stocks in earnest.
“They kept our prices artificially low as they were selling those bales on our market,” said Wayne Boseman, president of Carolinas Cotton Growers Cooperative, Inc.
Demand is starting to spring back. In May, the USDA projected cotton consumption would reach its highest level ever in 2018-19, with global mill use at 125.4 million bales. That is in a year when world production is expected to drop to 121.2 million bales from 122.4 million bales last year. The largest year-over-year changes to cotton imports are forecast for China.
Growers in Texas—the largest U.S. growing region—are meanwhile struggling to get crops in the ground during a deepening drought.
Despite that, Kress, Texas grower Barry Evans planted his cotton acres. Now he is worried he won’t have a crop to export. The quarter-inch of rain that fell earlier this month was just enough, he said, to settle the dust.
“Every day we get on the calendar without rain gets close to the point of no return,” said Steve Verett, executive vice president at Plains Cotton Growers Inc. in Lubbock, Texas. “Farmers want to grow a crop, especially with prices like they are now.”
President Donald Trump started his day in Singapore on Monday blasting the Canadian Prime Minister and slamming NATO just after meeting with the U.S. allies at the G-7 meeting in Quebec.
“Fair Trade is now to be called Fool Trade if it is not Reciprocal,” Trump tweeted Monday morning in Singapore. “According to a Canada release, they make almost 100 Billion Dollars in Trade with U.S. (guess they were bragging and got caught!). Minimum is 17B. Tax Dairy from us at 270%. Then Justin acts hurt when called out!”
Trump was referring to Prime Minister Justin Trudeau in the tweet.
The president has accused Canada of taking advantage of American workers through their trade practices.
According to the U.S. trade representative, however, there was an $8.4 billion U.S. trade surplus with Canada on goods and services in 2017.
Trump also took aim at NATO for relying too heavily on the U.S. for their security.
“The U.S. pays close to the entire cost of NATO-protecting many of these same countries that rip us off on Trade (they pay only a fraction of the cost-and laugh!),” Trump tweeted. “The European Union had a $151 Billion Surplus-should pay much more for Military!”
The U.S. pays 22% of NATO’s budget — higher than any other nation.
Online exchanges of money among friends and family are a great convenience. But users face a hidden risk: Paying someone exactly what you owe them could damage your relationship.
Back in the 20th century, if you paid for a shared meal that cost $20.04, your friend technically owed you $10.02. Rather than force your friend to fish around for two pennies, however, you might have been happy to accept a $10 bill and “call it even.”
That kind of rounding, up or down, is no longer necessary with the rise of money-exchange apps. We can now transfer exact amounts owed in a matter of seconds. In fact, when we asked a group of people with Venmo accounts to detail their most recent transactions, we found that more than half of the transactions between friends and family included precise amounts, like a payment of exactly $27.31 for a shared meal.
Here’s the problem with being so precise: In a series of experiments, we have discovered that making such exact payments can signal unlikable pettiness.
We asked people to evaluate two imaginary individuals based on past online transactions with a friend: One person had sent three precise payments (for example, $9.99, $34.95 and $20.06), while the other had sent three round payments ($10, $35 and $20). Even though the total amount exchanged was the same, 81% of the people we asked said they would rather befriend the person who had paid round amounts. They told us that when precise numbers are involved, the payment feels impersonal—too much like a business transaction.
Such precision pettiness extends beyond money. In another experiment, we gave online daters information on potential matches and asked them who they would most want to date.
For example, we told them that one potential match had responded to a friend’s request for help with moving by offering two hours of assistance, while another had offered precisely an hour and 56 minutes. A total of 62% of would-be daters indicated interest in the match who had offered two hours of help, while 45% were interested in the match who had offered 1 hour and 56 minutes.
But it wasn’t just about shorting a friend four minutes. We added a third potential match who had offered a friend two hours and four minutes of help. Even though this candidate was objectively the most generous, only 44% of would-be daters were interested, because this person was perceived as petty.
Pettiness plays out in existing romantic relationships as well. Are you dating, or have you ever dated, someone who keeps strict tabs on who paid for what when out for dinner, or tracks grocery bills down to the last cent?
According to a survey we conducted with people in romantic relationships, those dating someone who behaves this way were less satisfied and less committed. Not only were they more likely to think that they would break up in the near future, they also felt they would be less upset about it. That’s a pretty steep price to pay for precision.
Dr. Kim is an assistant professor at the University of Virginia Darden School of Business. Dr. Norton is a professor at Harvard Business School. Ting Zhang, a postdoctoral research scholar at Columbia Business School, contributed to this article. Email firstname.lastname@example.org.
Appeared in the June 11, 2018, print edition as ‘The Hidden Social Risk Of Using Payment Apps.’
Asian stocks traded cautiously early Monday, with investors showing little reaction to the weekend’s G-7 meeting and hack of a South Korean cryptocurrency exchange. Following Friday’s broad regional declines, the Kospi
and the Nikkei were each up around 0.3% as the yen strengthened a bit since the end of Friday’s local stocktrading.
With the Trump-Kim summit Tuesday and the world’s three most-important central banks — the Fed, European Central Bank and Bank of Japan — all meeting this week, investors are liable to do much more nibbling than eating for at least the next few days.
rose slightly, though shipping stocks were taking a hit. That sector was down 2.8% amid continued trade tensions among some of the world’s biggest industrialized nations. Elsewhere, Sekisui House
was the worst big-cap performer early on with a 6.4% slide after a big profit drop last quarter due to a slump in domestic housing businesses. But domestic-focused demand stocks were outperforming, with medical-information platform operator M3
up 2% and beverage maker Yakult Honsha
Hong Kong stocks started the week gingerly. The Hang Seng
was off 0.2% in early trade after rising 1.5% last week. Energy was a noted laggard, with Cnooc
sliding about 1%. But financial and tech shares were slightly up, with heavyweight Tencent
advancing 1.1% and Hang Seng Bank
The Shanghai Composite
was down 0.6% but the Shenzhen Composite
was just 0.3% lower. Some put part of the selling to the looming start of Chinese depositary receipts and need for investors to raise money to put into such equities.
Singapore’s stocks rose in early action as attention turns to the Trump-Kim summit the city-state will host. The Straits Times Index
was up 0.3%, led by gains in commodities and banking stocks.
New Zealand’s benchmark
was off 0.3% after being the one index in Asia Pacific to rise on Friday. Australia’s markets are closed for a holiday.
As Walt Disney Co. and Comcast Corp. gear up for a possible bidding war over a big chunk of 21st Century Fox, both companies are interested in Fox’s marquee Hollywood franchises like “The Simpsons,” “Avatar” and “X-Men.”
But among the most desired assets is Indian media conglomerate Star India, which is fully owned by Fox, people familiar with the situation said.
Comcast and Disney, neither of which has a big presence in India, each view Star India as an important piece in their plans to challenge Netflix Inc. and tap growth in emerging markets, the people said.
Star India reaches 700 million customers a month, with 60 channels in nine different languages; owns rights to air popular cricket tournaments; and has a stake in a production company that makes Bollywood movies.
Perhaps its biggest selling point now is Hotstar, a mobile-first streaming service that features its content and has 150 million active monthly users.
Around 80% of the content is free on Hotstar, with the company charging as little as 199 rupees ($2.95) a month for Hollywood movies and shows or 299 rupees for a year of live sports. The service, which also is available in the U.S. and Canada, has benefited from an explosion of mobile data usage by Indian consumers as prices have fallen in the past two years.
“Hotstar is setting the agenda for the future,” Star India Chief Executive Uday Shankar said.
Wall Street research firm MoffettNathanson estimated Star will make earnings before interest, taxes, depreciation and amortization of $826 million by 2020, a 91% jump from this fiscal year. Fox, which had $7.17 billion in adjusted operating income on $28.5 billion in revenue in its most recent fiscal year, has said it believes Star will earn $1 billion in Ebitda by 2020.
Mumbai-based brokerage Edelweiss Securities pegged Star’s value at $14.3 billion as of 2016.
The assets for sale include the Twentieth Century Fox film and television studio, various cable networks and Fox’s stake in the streaming service Hulu. But among the most compelling assets—especially for Comcast—are the international ones, Star India and Fox’s interest in European pay-TV operator Sky PLC.
21st Century Fox and Wall Street Journal-parent News Corp share common ownership.
Buying Star would come with some risks. Sports rights deals, if they follow the course of the U.S. and Europe, could become much more expensive upon renewal. And there could be new competition from the telecom companies driving India’s wireless data boom, including Jio, as they start offering their users content.
While user cancellations of cable and satellite TV service are plaguing the U.S. pay-TV industry, “in India, cord-cutting is absolutely a nonissue” and pay-TV is still expanding, said Abneesh Roy, senior vice president of research at Mumbai-based Edelweiss Capital Ltd.
Over the past 10 years, Star India CEO Mr. Shankar has expanded Star’s distribution. It now reaches nine out of 10 Indian homes.
Star’s programming includes everything from prime-time soaps to dance competitions and highlights of international sports events. It has worked to add content in languages other than Hindi and English. As the economy grew, people who spoke regional dialects had more purchasing power and more appeal for advertisers. “Not plugging into that change would have been a loss of opportunity,” Mr. Shankar said.
It agreed last year to acquire the global TV and digital rights to India’s wildly popular annual cricket competition, the Indian Premier League, in a deal valued at $2.42 billion at current conversion rates. Star fended off a bid by Facebook Inc. for the digital rights.
Last month, 160 million people watched the final on Star TV networks and 51 million watched it on Hotstar, up from 121 million on TV and 21.6 million on Hotstar a year before.
Hotstar is geared to run on mobile devices, targeting the many people who rely on cellphones for entertainment.
Avadh Narayan, a 26-year-old construction worker in Mumbai, doesn’t have a television but uses his mobile phone to watch Hotstar. “TV is not available everywhere,” he said. “So it’s easy to watch your favorite match wherever you want.”
The service is second to YouTube for streaming-video iPhone and Android downloads in India, according to analytics company App Annie.
“In this country, for many people, their first experience of screen is with a mobile screen,” Mr. Shankar said.
The big question heading into the Federal Reserve’s meeting this week isn’t whether officials will raise interest rates—they will—but rather how to frame their policy plans for the rest of the year.
The central bankers haven’t resolved a debate over how much to raise rates this year to ensure the rapidly expanding U.S. economy doesn’t overheat, according to interviews and public comments from Fed officials.
A South Korean cryptocurrency exchange said it suffered a “cyberintrusion,” prompting bitcoin prices to fall sharply toward year lows.
Bitcoin dropped more than 10% over the weekend, falling below $6,700, according to research site CoinDesk. The largest cryptocurrency has lost more than half its value this year, falling by nearly two thirds from its record high near $20,000 in December. Its low for the year came in February at less than $6,000.
The latest declines came after a small exchange called Coinrail said Sunday several so-called alt coins—alternative versions of bitcoin—appeared to have been stolen in the attack. Coinrail said 70% of its digital assets have been moved to what is known as a cold wallet—storage that isn’t connected to the internet—and that it is working with authorities on finding the lost assets.
Coinrail didn’t say how much was stolen in terms of value, but it is possible that more than $40 million worth of alt coins were taken, according to a wallet address that some have said belongs to an attacker.
South Korea is a hotbed for cryptocurrency trading. But Coinrail is small relative to its competitors. Before the attack, Coinrail ranked near the bottom of the 100 biggest cryptocurrency exchanges in the world by trading volume, according to data from coinmarketcap.com.
South Korean regulators have taken a tough stance in trying to tame the cryptocurrency market, which is one of the world’s busiest as measured by trading volume. Exchanges in South Korea have a history of being hit by cyberattacks.
Hacking has been a problem for the cryptocurrency market world-wide in recent years. In January, Japanese exchange Coincheck Inc. was attacked and a small Italian exchange called BitGrail was hit in February. Since 2014, exchange hacks have cost investors at least $1.4 billion, according to an analysis by The Wall Street Journal.
A South Korean cryptocurrency exchange said it suffered a “cyberintrusion,” prompting bitcoin prices to fall sharply toward year lows.
dropped more than 10% over the weekend, falling below $6,700, according to research site CoinDesk. The largest cryptocurrency has lost more than half its value this year, falling by nearly two thirds from its record high near $20,000 in December. Its low for the year came in February at less than $6,000.
Other large cryptocurrencies like Ethereum
and bitcoin cash
have all fallen more than 11% over the past 24 hours. EOS, the token backed by startup Block.one which has raised more than $4 billion, is down 20%, according to research site coinmarketcap.com.
The latest declines came after a small exchange called Coinrail said Sunday several so-called alt coins — alternative versions of bitcoin — appeared to have been stolen in the attack. Coinrail said 70% of its digital assets have been moved to what is known as a cold wallet — storage that isn’t connected to the internet — and that it is working with authorities on finding the lost assets. Coinrail didn’t say how much was stolen in terms of value, but it is possible that more than $40 million worth of alt coins were taken, according to a wallet address that some have said belongs to an attacker.
More than 20 years have passed since epic eight-hour play on the AIDS crisis, “Angels in America,” first premiered in 1993, but the LGBTQ community it honors continues to face struggles, said Andrew Garfield on Sunday while accepting a Tony Award for his role in the show.
“This is for the countless LGBTQ people who have fought and died for the right to live and love as we are created to,” he said. “We happen to be in a political time when the LGBTQ community are having to fight for their rights in a more intense way than in the past 25 years, perhaps since the AIDS crisis.”
This was the second nomination for Garfield and his first win; previously he was nominated for his role in “Death of a Salesman” in 2012. ”Angels in America,” set in 1980s New York City, explores themes such as homosexuality, politics, civil rights, death and AIDS. Garfield said his role in the show, as a gay man who contracts HIV, is an important character for the LGBTQ community.
“This play is for all of us, but it’s really for anyone who has felt like they don’t belong, or ostracized by their culture or have been told by religion or society somehow they were created wrong,” he said. “We are all sacred, and we all belong, so let’s just bake a cake for whoever wants a cake to be baked.”
Garfield was referring to the Supreme Court decision announced last Monday, in which the court sided with a baker who refused to make a cake for a gay couple’s wedding. LGBTQ advocates say the decision will allow businesses to discriminate in other realms in the future.
In the 500-plus days since Trump was elected president, a number of decisions have put gay rights in jeopardy. The Trump administration banned transgender people from the military, reversed an Obama administration policy protecting transgender workers from discrimination and another protecting workers from discrimination based on sexual orientation. The Census Bureau announced it would no longer track people based on sexual orientation in 2020 but reversed the decision after public backlash. North Carolina saw intense controversy over the “bathroom bill,” a law that forbade transgender people from using restrooms that corresponded with their gender identities. The law was reversed after public backlash.
Garfield said culture wars like these are why the play, which is grossing more than $600,000 a week in its current run, is so successful despite being written during the 1980s.
“It speaks to this epidemic of disconnection from each other, and a lack of connection to genuine community,” he said. “The current administration represents the antithesis of the value system of this play and the antithesis of the value system of the arts in general — so it feels very important right now to be telling this story.”
The “Latin History for Morons” actor, who was born in Colombia, used his emotional speech to highlight the importance of diverse representation in media and theater, noting that Latinos are “the least-represented minority in Hollywood.” Latinos are the minority with the fewest speaking roles on film and TV despite making up 17.4% of the U.S. population, a 2016 study found.
“This stops here,” he said, noting that there is a huge demand for these roles. “Thousands upon thousands of Latin people showed up and paid unreasonable prices to see themselves reflected back and see someone like themselves talking about them to them. My hope is one day our stories won’t be the exception, but the rule.”
As Leguizamo said, diversity can be big business. Walt Disney Co.’s
“Black Panther,” one of the first black superheroes to hit the big screen, made more than $650 million domestically, becoming the highest-grossing superhero film and the third-highest-grossing film of all time. 2017’s “Get Out,” a thriller featuring a largely black cast, grossed $254.7 million at box offices worldwide on just a $4.5 million production budget.
Leguizamo’s show, “Latin American History for Morons,” was also a successful portrayal of diverse stories, recouping its capitalization in just 15 weeks to become the first play of the 2018 Broadway season to turn a profit.
In addition to underscoring the success of diverse casting and importance of telling Latino stories, Leguizamo used his speech to make an emotional plea to viewers to “never forget the 1,500 missing Latin American babies in detention,” referencing the nearly 1,500 unaccompanied minors who were apprehended at the border and the government lost track of, according to recent reports from the Department of Health and Human Services. He also implored viewers, through tears, to never forget the estimated 4,645 Puerto Ricans who died in Hurricane Maria.
HONG KONG and NEW YORK, June 11, 2018 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq:NDAQ) today announced that it is establishing connectivity to three data centers in Hong Kong to increase its service to the Asia-Pacific (APAC) region through a Nasdaq Point of Presence (POP), helping to provide more efficient, cost-effective access to Nasdaq financial data in the region.
In July, Nasdaq will begin to offer easy access to data from the U.S. financial markets via POP services in the following Hong Kong data centers: HK1 Equinix, Mega-i, and HKEx. The Nasdaq POP is designed to enable firms to access market data and trading applications, as well as APAC financial web portals, with real-time U.S. equity and index/ETF information from a local center. This new, cost-effective service provides firms low latency connectivity in a resilient and secure environment.
“Nasdaq prides itself on being the premier provider of cutting-edge products to the world’s most forward-thinking investors,” said Tomas Franczyk, a Hong Kong-based Managing Director for APAC with Nasdaq’s Global Information Services. “With closer proximity to the centers that supply market data to investors, Nasdaq will be able to deliver faster service to Hong Kong, China, and the entire Asia-Pacific region.”
The new Nasdaq POPs make available quote and trade data for all U.S.-listed equities via the industry-leading Nasdaq Basic product while also offering firms the benefit of utilizing Nasdaq Last Sale, which has the added benefit of unlimited distribution to the general investing public. It also makes available Nasdaq Global Index Services (GIDS), which disseminates real-time values for 40,000+ Nasdaq indexes, including such well known indexes as the Nasdaq 100, Nasdaq Composite, and Nasdaq Biotech.
Closer data centers means Asia Pacific investors will have more cost-effective access to products and services that provide transparency to financial markets and empower individual investors to achieve greater insights into these markets. Nasdaq continues to explore new ways it can better serve investors in the important APAC region.
About Nasdaq: Nasdaq (Nasdaq:NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets. As the creator of the world’s first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world’s securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: http://business.nasdaq.com
QINGDAO, China—China’s President Xi Jinping warned against unilateralism and trade protectionism as he, Russian President Vladimir Putin and Central Asian leaders used a regional meeting to criticize U.S. policy.
At the annual summit of the Shanghai Cooperation Organization this weekend, Messrs. Xi and Putin and others pledged their support of the Joint Comprehensive Plan of Action, the 2015 Iranian nuclear deal from which President Donald Trump withdrew the U.S. last month.
“China is willing to work with Russia and other countries to preserve the JCPOA,” said Mr. Xi.
Mr. Trump has criticized the Iran accord and several international trade agreements as bad deals for the U.S. and pledged to renegotiate them.
Iran’s President Hassan Rouhani, who attended as an observer, praised China and Russia for supporting the deal. He warned of “destructive consequences” if it falls apart.
The well-choreographed summit of the China- and Russia-led security bloc played out in contrast to the Group of Seven meeting in Quebec on Saturday. The G-7 gathering ended in disarray when Mr. Trump refused to endorse the final communiqué and called for Russia to be let back into the group. Russia was suspended from the group in 2014 for its annexation of Crimea.
Mr. Putin on Sunday dismissed the G-7 as wrought by internal disagreements, and praised the SCO as representing nearly half the world’s population.
China’s SCO summit went off with barely a hitch, something Beijing took pains to ensure. Swaths of Qingdao were turned into a ghost town and traffic paralyzed. A strict ban on knives and alcoholic beverages was placed on summit hotels, despite beer being the city’s most famous export.
The SCO members toasted each other with traditional Chinese baijiu liquor and watched fireworks on Qingdao’s balmy seaside.
Founded in 2001 by China and Russia to resolve border disputes with their neighbors, the SCO also includes India, Pakistan, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. Iran, Afghanistan, Mongolia and Belarus are observers.
Messrs. Xi and Putin criticized U.S. trade policy, casting themselves as upholders of free trade and multilateralism.
“We have reaffirmed our readiness, our willingness, to go with the rules of trade that exist in the current world,” Mr. Putin said. “This is a very important statement.”
India was the only SCO member to decline to endorse China’s Belt and Road infrastructure initiative at the summit. The country’s opposition is based partly on a major project that runs through territory claimed by both Pakistan and India.
Six months after Elon Musk raised the eyebrows of sane people everywhere by announcing his Boring Co. would sell flamethrowers for $500 a pop, the first 1,000 deliveries were made Saturday for customers who showed up at the company’s headquarters in Hawthorne, Calif.
The flamethrowers went like, well, flaming hotcakes when they went on sale in late January, selling out in just four days. In all, 20,000 were sold, raising about $10 million in revenue for Musk’s tunnel-boring startup. The devices, technically called “Not a Flamethrower” to skirt federal shipping regulations, shoot a two-foot flame.
Musk, the CEO of Tesla Inc.
and SpaceX, hopes to use the Boring Co. to dig a network of tunnels beneath Los Angeles and create an underground transportation system to get around the region’s freeway gridlock.
“Flamethrower obv best way to light your fireplace/BBQ. No more need to use a dainty ‘match’ to ignite!” Musk tweeted.
Flamethrower obv best way to light your fireplace/BBQ. No more need to use a dainty “match” to ignite! If no wood, just drop your flamethrower in fire place! It will generate way more warmth than a quaint pile of logs.
2017 was California’s most destructive wildfire season ever, with more than 9,000 fires burning acreage the size of Delaware and killing at least 46 people. The National Interagency Fire Center has warned that this fire season in California and much of the West is expected to be worse than normal.
The 72nd Tony Awards, Broadway’s equivalent of the Oscars, take place from 8PM (EST) tonight.
Hit shows from the record-breaking 2017-18 theater season, including “Harry Potter and the Cursed Child,” “The Band’s Visit,” “Once on This Island,” “Mean Girls,” “Angels in America” and “Frozen” will compete at New York’s theater equivalent of the Oscars.
Stars nominated include Amy Schumer, Andrew Garfield, Tina Fey and Denzel Washington. Bruce Springsteen and Andrew Lloyd Webber will be receiving special awards and the Boss, whose own music show electrified Broadway this season, will be performing together with several of the nominated shows.
The Tonys are taking place at Manhattan’s Radio City Music Hall and are hosted by Sara Bareilles and Josh Groban with Kerry Washington, Robert De Niro and Claire Danes among the guest presenters.
The Tony Awards are being be televised on CBS.
and MarketWatch will have full coverage of the winners as they are announced.
Best Actor in a Play:
WINNER: Andrew Garfield, “Angels in America”
Tom Hollander, “Travesties”
Jamie Parker, “Harry Potter and the Cursed Child, Parts One and Two”
Mark Rylance, “Farinelli and The King”
Denzel Washington, “Eugene O’Neill’s The Iceman Cometh”
Best Scenic Design of a Play:
WINNER: Christine Jones, “Harry Potter and the Cursed Child, Parts One and Two”
Miriam Buether, “Edward Albee’s Three Tall Women”
Jonathan Fensom, “Farinelli and The King”
Santo Loquasto, “Eugene O’Neill’s The Iceman Cometh”
Ian MacNeil and Edward Pierce, “Angels in America”
Best Costume Design of a Play:
WINNER: Katrina Lindsay, “Harry Potter and the Cursed Child, Parts One and Two”
Jonathan Fensom, “Farinelli and The King”
Nicky Gillibrand, “Angels in America”
Ann Roth, “Three Tall Women”
Ann Roth, “The Iceman Cometh”
Best Costume Design of a Musical:
WINNER: Catherine Zuber, “My Fair Lady”
Gregg Barnes, “Mean Girls”
Clint Ramos, “Once on This Island”
Ann Roth, “Rodgers & Hammerstein’s Carousel”
David Zinn, “SpongeBob SquarePants: The Musical”
“The Band’s Visit”
“SpongeBob SquarePants: The Broadway Musical”
“Farinelli and The King”
“Harry Potter and the Cursed Child, Parts One and Two”
DUBLIN, June 11, 2018 /PRNewswire/ — Allergan plc, (NYSE: AGN), a leading global pharmaceutical company, today announced positive results from CGP-MD-01, a Phase 2b/3 clinical trial evaluating the efficacy, safety, and tolerability of orally administered atogepant. All active treatment arms of atogepant met the primary endpoint across all doses and dose regimens, with a statistically significant reduction from baseline in monthly migraine/probable migraine (MPM) headache days in patients with episodic migraine treated with atogepant compared with placebo for 12 weeks. Atogepant is Allergan’s second orally-administered investigational calcitonin gene-related peptide (CGRP) receptor antagonist in development for migraine prevention. Atogepant follows ubrogepant, Allergan’s first oral investigational CGRP antagonist for the acute treatment of migraine, which reported two positive Phase 3 pivotal trial results earlier this year. Allergan will continue with its phase 3 program for atogepant following discussions with regulatory authorities.
In study CGP-MD-01 834 U.S. adult patients were randomized (2:1:2:1:2:1) to placebo, 10-mg QD, 30-mg QD, 30-mg BID, 60-mg QD, and 60-mg BID respectively, and treated under double blind conditions 12 weeks for the prevention of episodic migraine. Efficacy analyses were based on the modified ITT (mITT) population of 795 patients. The primary efficacy endpoint was the change from baseline in mean monthly migraine/probable migraine (MPM) headache days across the 12-week treatment period.
All active treatment groups demonstrated a statistically significant reduction from baseline in the primary efficacy parameter (10 mg QD vs placebo, p=0.0236; 30 mg QD vs placebo, p=0.0390; 60 mg QD vs placebo, p=0.0390; 30 mg BID vs placebo; p=0.0034, 60 mg BID vs placebo, p=0.0031). The reported p-values are adjusted for multiple comparisons by controlling the overall type I error rate of the study at 5%, 2-sided.
“We are extremely pleased to share these positive results for atogepant — our first phase 2b/3 study in Episodic Migraine—which represent a tremendous opportunity in the prevention of migraine, with a convenient, oral dosage form that is currently unavailable,” said David Nicholson, Chief Research and Development Officer, Allergan. “Allergan has been studying migraine treatment for decades and is committed to addressing unmet needs through product innovation for patients who are hopeful for new options that can make a true difference in their daily lives.”
In the CGP-MD-01 trial, atogepant was well tolerated. The most common adverse events were nausea, fatigue, constipation, nasopharyngitis, and urinary tract infection which were reported with a frequency >5% in at least 1 atogepant treatment arm and greater than placebo. There was no signal of hepatotoxicity with atogepant in this study with daily administration over 12 weeks. The liver safety profile for atogepant was similar when compared to placebo.
“The positive results from this study show that oral atogepant has a compelling profile relative to other treatment options on the market and in development for the prevention of migraine. We are excited about the prospects for this product and rapidly moving to the next stage of development,” said Bill Meury, Chief Commercial Officer at Allergan. “Allergan has one of the most innovative and deepest product lines for migraine in the industry, with Botox approved for the prevention of chronic migraine and oral atogepant and ubrogepant in development for the prevention and acute treatment of migraine.”
“These exciting results demonstrate the potential for atogepant for a broad spectrum of migraine patients. The efficacy and safety across doses and dose regimens show promise in a patient population with high unmet treatment needs,” said Dr. Peter Goadsby, Neurologist and Professor at Kings College, London and University of California, San Francisco. “Results from this atogepant trial provide continued evidence for the clinical potential of oral CGRP antagonists and the substantial value of progressing research and developing new treatments for migraine patients.”
About the CGP-MD-01 study
Study CGP-MD-01 is a Phase 2b/3, multicenter, randomized, double-blind, placebo-controlled, parallel-group study conducted in the United States.
The study includes a 4-week screening/baseline period prior to randomization, a 12-week double-blind treatment period, and a 4-week safety follow-up period.
To be eligible for study participation, patients must be 18 to 75 years of age (inclusive), have a history of migraine with or without aura for at least 1 year, and experience between 4 to 14 migraine/probable migraine headache days per month on average in the 3 months prior to Visit 1 and in the 28-day baseline period.
Of the 834 randomized patients, the mean age was 40.1 years. Patients were mostly female (86.5%), white (76.1%) or black/African American (20.4%) with a mean Body Mass Index (BMI) of 30.11. Patients enrolled had a history of migraine for an average of 19.37 years with 50.4% of patients diagnosed with Migraine Without Aura and 49.4% of patients diagnosed either with Migraine with Aura or both Migraine With/Without Aura. A total of 82% of patients completed the study. The rate of discontinuation was similar across all treatment groups.
Atogepant is a novel, highly potent, orally-administered CGRP receptor antagonist in development for the prevention of migraine. CGRP and its receptors are expressed in regions of the nervous system associated with migraine pathophysiology. It is chemically distinct from ubrogepant, our orally-administered CGRP receptor antagonist for the acute treatment of migraine, with a higher potency and longer half-life, making it suitable for preventive treatment.
Oral CGRP receptor antagonism offers a novel, and validated mechanism of action in a patient friendly dosage form for the prevention of migraine.
Migraine is a chronic disease with episodic attacks defined by neurological symptoms such as headache pain, sensitivity to light, sound, and nausea that are often incapacitating. It is highly prevalent, affecting approximately 1 in 7 individuals, and is associated with significant disability leading to societal and economic burden. Despite its prevalence and the availability of treatments, migraine is an underdiagnosed and undertreated disease, and there remains a need for novel oral preventive treatments with improved benefit-risk profiles. Current oral preventive treatments are often ineffective or poorly tolerated. As a result, a substantial number of patients discontinue or cycle through treatments without adequately reducing migraine frequency or severity. This leads to increased disability, preventing those with migraine from performing daily activities and significantly impacting their quality of life. There is a need for new treatments for migraine with improved benefit-risk profiles as compared to current standard of care.
Allergan, a leader in the Chronic Migraine space, markets BOTOX® (onabotulinumtoxinA) the first preventive treatment for adult Chronic Migraine patients since it was approved in 2010. Allergan is also advancing its migraine program with two investigational small molecule oral calcitonin gene-related peptide (CGRP) receptor antagonists, which are being developed for the treatment and prevention of migraine. Allergan’s CGRP receptor antagonists, ubrogepant in Phase 3 for the acute treatment of migraine and atogepant in Phase 2b/3 for the prevention of migraine, are expected to be the first oral CGRP receptor antagonists to market.
Allergan plc (NYSE: AGN), headquartered in Dublin, Ireland, is a bold, global pharmaceutical leader. Allergan is focused on developing, manufacturing and commercializing branded pharmaceutical, device, biologic, surgical and regenerative medicine products for patients around the world.
Allergan markets a portfolio of leading brands and best-in-class products for the central nervous system, eye care, medical aesthetics and dermatology, gastroenterology, women’s health, urology and anti-infective therapeutic categories.
Allergan is an industry leader in Open Science, a model of research and development, which defines our approach to identifying and developing game-changing ideas and innovation for better patient care. With this approach, Allergan has built one of the broadest development pipelines in the pharmaceutical industry.
Allergan’s success is powered by our global colleagues’ commitment to being Bold for Life. Together, we build bridges, power ideas, act fast and drive results for our customers and patients around the world by always doing what is right.
With commercial operations in approximately 100 countries, Allergan is committed to working with physicians, healthcare providers and patients to deliver innovative and meaningful treatments that help people around the world live longer, healthier lives every day.
Statements contained in this press release that refer to future events or other non-historical facts are forward-looking statements that reflect Allergan’s current perspective on existing trends and information as of the date of this release. Actual results may differ materially from Allergan’s current expectations depending upon a number of factors affecting Allergan’s business. These factors include, among others, the difficulty of predicting the timing or outcome of FDA approvals or actions, if any; the impact of competitive products and pricing; market acceptance of and continued demand for Allergan’s products; the impact of uncertainty around timing of generic entry related to key products, including RESTASIS®, on our financial results; uncertainty associated with financial projections, projected cost reductions, projected synergies, restructurings, increased costs, and adverse tax consequences; difficulties or delays in manufacturing; and other risks and uncertainties detailed in Allergan’s periodic public filings with the Securities and Exchange Commission, including but not limited to Allergan’s Annual Report on Form 10-K for the year ended December 31, 2017 and Allergan’s Quarterly Report on Form 10-Q for the period ended March 31, 2018. Except as expressly required by law, Allergan disclaims any intent or obligation to update these forward-looking statements.
BOSTON, June 11, 2018 (GLOBE NEWSWIRE) — Paratek Pharmaceuticals, Inc. (Nasdaq:PRTK), a biopharmaceutical company focused on the development and commercialization of innovative therapies based upon tetracycline chemistry, presented a new analysis of combined data from the Company’s two, pivotal Phase 3 clinical studies of omadacycline in acute bacterial skin and skin structure infections (ABSSSI) when methicillin- (MRSA) or multidrug-resistant (MDR) S. aureus was the baseline pathogen. Omadacycline, a first in class aminomethylcycline, demonstrated high clinical success rates for skin infections caused by S. aureus even when MDR or Panton–Valentine leucocidin positive (PVL+) isolates were present. The results were presented for the first time at ASM Microbe 2018.
“One of the main challenges in treating ABSSSI is antibiotic resistance and the prevalence of severe skin infections caused by antibiotic-resistant pathogens specifically MRSA strains,” said Evan Loh, M.D., President, Chief Operating Officer, and Chief Medical Officer, Paratek. “This new combined analysis underscores the utility of omadacycline against serious community-acquired infections including multidrug-resistant Staphylococcus aureus and demonstrates that, if approved, omadacycline has the potential to help address the growing global health challenge of antibiotic resistance.”
The combined OASIS-1 and OASIS-2 analysis showed that antibiotic resistance was common, occurring in 61.3% of S. aureus solates identified at baseline with more than one-third identified as MDR (≥3 antibiotic classes). The rate of clinical success at post-treatment evaluation (PTE) with omadacycline was 81.0% when MDR SA was present and was comparable to SA overall at 83.0%. Clinical success at PTE with linezolid occurred in 82.3% of patients when MDR SA was present and 81.3% with SA overall.
MRSA was identified in 32.4% of patients. Clinical success rates at PTE for patients with MRSA were high in each treatment arm (84.4% for omadacycline; 81.5% for linezolid). PVL presence correlates with community acquired MRSA and was identified in 89.3% of the characterized MRSA isolates. Clinical success rates at PTE for treatment of patients with PVL+ MRSA were high (84.5% for omadacycline; 83.0% for linezolid).
About the OASIS-1 and OASIS-2 Studies
OASIS-1 (Omadacycline in Acute Skin and Skin Structure Infections Study) and OASIS-2 were Phase 3, randomized, double-blind, global studies in adults with ABSSSI. OASIS-1 evaluated the safety and efficacy of once-daily, IV-to-oral omadacycline against twice daily linezolid. OASIS-2 evaluated the safety and efficacy of once-daily, oral-only omadacycline compared to twice-daily, oral-only linezolid. In both studies, omadacycline demonstrated non-inferiority to linezolid for the treatment of ABSSSI and met all primary and secondary efficacy outcomes designated by the U.S. Food and Drug Administration and the European Medicines Agency. Omadacycline was generally safe and well-tolerated across both studies.
About Paratek Pharmaceuticals, Inc.
Paratek Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development and commercialization of innovative therapies based upon its expertise in novel tetracycline chemistry. The Company’s lead product candidate, omadacycline, is a new, once-daily oral and intravenous broad-spectrum antibiotic being developed for the treatment of serious community-acquired bacterial infections, including community-acquired bacterial pneumonia (CABP), acute bacterial skin and skin structure infections (ABSSSI), and urinary tract infections (UTI). Omadacycline has been granted Qualified Infectious Disease Product designation and Fast Track status by the U.S. Food and Drug Administration for the target indications of ABSSSI, CABP, and UTI. Paratek has completed Phase 3 development activities for omadacycline in CABP and ABSSSI, and its New Drug Applications to the U.S. FDA have been accepted for priority review. The Company plans to submit a marketing authorization in the European Union in the second half of this year. Paratek has entered into a collaboration agreement with Zai Lab for the development and commercialization of omadacycline in the greater China region, and retains all remaining global rights.
Under a research agreement with the U.S. Department of Defense, omadacycline also is being studied against pathogenic agents causing infectious diseases of public health and biodefense importance, including plague and anthrax.
Paratek’s second product candidate, SEYSARA™ (sarecycline), is being developed by Allergan in the U.S. as a new once-daily oral therapy for the treatment of acne. Allergan has completed Phase 3 development activities for Seysara and its new drug application was accepted for review by the U.S. FDA in December 2017. Paratek retains all ex-U.S. rights to sarecycline.
Recognizing the serious threat of bacterial infections, Paratek is dedicated to providing solutions that enable positive outcomes and lead to better patient stories.
This press release contains forward-looking statements including statements related to our overall strategy, product candidates, prospects, potential and expected results, including statements about the development, launch and commercialization of omadacycline, the potential for omadacycline to treat ABSSSI, CABP, UTI and other serious community-acquired bacterial infections, the prospect of omadacycline providing broad-spectrum activity, our ability to obtain regulatory approval of omadacycline and our anticipated transition to a commercial stage organization. All statements, other than statements of historical facts, included in this press release are forward-looking statements, and are identified by words such as “potential,” “prospective,” “prepare” and other words and terms of similar meaning. These forward-looking statements are based upon our current expectations and involve substantial risks and uncertainties. We may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in our forward-looking statements and you should not place undue reliance on these forward-looking statements. Our actual results and the timing of events could differ materially from those included in such forward-looking statements as a result of these risks and uncertainties. These and other risk factors are discussed under “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2017, and our other filings with the Securities and Exchange Commission. We expressly disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein.
WASHINGTON — They never thought they’d be piecing the presidency together.
Solomon Lartey and Reginald Young Jr. admitted to Politico their Trump administration jobs were to use rolls of Scotch tape to glue together papers that President Donald Trump destroyed.
The trained records management analysts made more than $60,000 a year to preserve presidential documents for the National Archives before they were abruptly fired earlier this year.
But the career professionals say their jobs changed when Trump came to the White House because the new commander-in-chief routinely rips up documents that needed to be preserved.
Under the Presidential Records Act, the White House must hold onto presidential records for safekeeping and historical purposes.
But staff had a hard time convincing Trump to ditch the habit of ripping up paper when he was finished and tossing the confetti-like pieces into the trash and on the floor.
So staff made the habit collecting the discarded, hand-shredded papers and sending them next door to the Old Executive Office Building where career staff had to tape them back together, “like a jigsaw puzzle,” Lartey said.
The shredded works included newspaper clippings that Trump marked up, memos and letters, including one from New York Sen. Chuck Schumer.
“I had a letter from Schumer — he tore it up,” Lartey said. “It was the craziest thing ever. He ripped papers into tiny pieces.”
The men said they had never been assigned to such a task in their years of government service. They were eventually terminated from their jobs without explanation, Politico reported, and they are seeking an explanation why.
The former employees revealed their odd job duties in an interview about their dismissals.
“We had to endure this under the Trump administration,” Young said. “I’m looking at my director, and saying, ‘Are you guys serious?’ We’re making more than $60,000 a year, we need to be doing far more important things than this. It felt like the lowest form of work you can take on without having to empty the trash cans.”
Fights with allies and rivals for what President Donald Trump calls unfair trade practices have yielded acrimony and retaliation from Canada, Mexico and Europe, while China has yet to budge. Here’s how events might have unfolded with an alternate approach:
Looking back from 2020, it was a masterful application of strategy and tactics that enabled Donald Trump to win the trade war with China.
The U.S. president began unencumbered by the “engage with China at any cost” ideology of his predecessors and, as a seasoned deal maker, recognized that success required leverage, which came from having allies.
In 2018, success was by no means assured. When U.S. officials met their Chinese counterparts that year, China was confident it could wear down Mr. Trump as it had his predecessors by making grandiose promises of reform, offering to buy more American coal, soybeans and natural gas to narrow the trade deficit, and threatening to withhold cooperation on North Korea.
Mr. Trump’s aides had persuaded him the real problem with China was not the trade deficit but how China’s mercantilist state capitalism systematically discriminated against foreign products in China and forced foreign companies to give up their most precious intellectual property. That would cost Americans highly paid jobs when Chinese competitors shut them out in the fastest-growing markets of the future.
U.S. demands reflected that: If China didn’t change its behavior, the U.S. would ban Chinese companies from acquisitions of, joint ventures with or substantial investments in any U.S. technology company, ban Chinese entities from supplying U.S. telecommunications networks, and subject all Chinese investment to strict reciprocity—i.e., the same restrictions that U.S. companies faced in China.
China assumed it could undercut the U.S. as it always had, by playing its allies off against it. But instead it encountered a united front. At a pivotal G-7 meeting, Canada, the European Union and Japan said they would join the U.S. in an unprecedented case at the World Trade Organization alleging extensive and undisclosed domestic subsidies had “nullified or impaired” the benefits China’s accession was meant to bring to its partners.
Emmanuel Macron, France’s president, had also persuaded the EU, Canada and Japan to match the U.S.’s ban on Chinese technology investments and its policy of strict reciprocity on investment. To slow China’s efforts to build a national champion in aviation at their expense, the G-7 agreed to ban joint ventures and further outsourcing to China by their own aviation companies.
The united front was possible because Mr. Trump’s aides had persuaded him to set aside irritants with U.S. allies by striking deals that let all sides declare victory. On the WTO, members agreed to shorten the time it took to achieve final rulings, which had allowed illegal behavior to persist, and to narrow the sweep of its appeals panel’s rulings, which the U.S. had long complained undermined its sovereignty.
On the North American Free Trade Agreement, Canada and Mexico acceded to U.S. demands for higher North American content for autos and a minimum amount to be built by workers earning at least $16 an hour. But Mr. Trump dropped demands for a five-year sunset to the agreement and agreed to keep Chapter 19, which allows anti-dumping and countervailing duties to be appealed to a binational panel.
Canada agreed to slowly phase out quotas on dairy imports in return for the U.S.’s doing the same on softwood lumber. Mr. Trump downgraded his Mexican border wall to a barrier and stopped insisting that Mexico would pay for it; in return, Mexico amended asylum laws to no longer let Central American refugees transit through Mexico to enter the U.S.
Since the U.S. and its allies acknowledged China was the source of global oversupply in steel and aluminum, they formed a joint monitoring program to stop Chinese metal from being “transshipped” through third countries to evade each other’s duties.
As the U.S. noose tightened, China retaliated: U.S. companies suddenly found their applications to expand in China being slow-walked, and U.S. exports of car parts and agricultural products were held up at Chinese ports for bogus health and safety infractions. The U.S. responded by announcing a “Section 301” investigation that would hit China with escalating tariffs for its nontariff trade barriers.
China also stepped up purchases of dollars in an effort to push down the value of the yuan, which would make its exports cheaper abroad. The U.S. Treasury responded by authorizing offsetting purchases of yuan.
China, boxed in on trade, played its foreign-policy card. At its prompting, North Korea broke off negotiations on admitting international weapons inspectors, which was to be a key step toward denuclearization. In response, the U.S. declared it would seek to expand missile defenses in Japan and South Korea, step up naval patrols off North Korea and ask Vietnam to host a new U.S. naval base. China, alarmed at the prospect of a growing U.S. military presence on its doorstop, nudged North Korea back to the negotiating table.
By 2019, Chinese officials capitulated. They announced an end to joint-venture requirements, a phased elimination of limits on foreign investment, tariff cuts in critical sectors including automobiles, and a phased-in move to a fully flexible exchange rate.
China would still become an advanced industrial nation, but it would have to share more of the benefits with its foreign partners. China 2025, its ambitious plan to become self-sufficient in top technology, was quietly renamed China 2035.
As U.S. companies’ sales abroad boomed, they teamed up with the federal government to retrain thousands of former factory workers for high-paying, high-skilled jobs. Mr. Trump had, as promised, fixed the global trading system by relying as the U.S. always had, on alliance-building.