WSJ-2019-12-03.pdf

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1、* * * * * *TUESDAY, DECEMBER 3, 2019 VOL. CCLXXIV NO. 131WSJ.comHHHH $4.00Trump To Levy Tariffs OnBrazil, ArgentinaSteel, aluminum duties come as U.S. proposes a penalty on France to retaliate for a new taxNumberofconcentratedfundsSource: Mornings t a r Direct*2019 ist h roughSep t . 3 0300050100150

2、200250funds2007101519*20holdings35holdingsActivefundswithfewerthan:lapsed during a drought. Increasing competition for water is play- ing out across the Eastern U.S., a region more commonly associated with floods and hurricanes and one that was mostly a stranger, until recently, to the type of bit-

3、ter interstate water dispute long seen in the West. Eastern farmersrising thirst for water, together with urban growth and climate change, now is taxing water supplies and fueling legal fights that pit states against each other. The shift has exposed the re- gion to changes in water supply occurring

4、 globally as swelling populations, surging industrial demand and warmer tempera- tures turn a resource seen as a natural right into a contested one. PleaseturntopageA8CAMILLA, Ga.Water stress, a hallmark of the American West, is spreading east. The shift is evident on Casey Cox s fam- ily farm in Ge

5、orgia s agricultural heartland, where she turned on five giant rotating sprinklers to see her sweet corn through weeks of hot, dry weather last spring. “If we hadn t had irrigation, our crop would have burned up completely,” said Ms. Cox, who with her father also produces soy- beans, peanuts and tim

6、ber on 2,400 acres. More water to save Ms. Cox s crops, though, often means less for neighbors to the south such as Rickey Banks. He gave up his life as a Florida oysterman when his fishery, which depends on water from the same river basin as Ms. Cox s farm, col-BYJESSENEWMANIraqis Take to the Stree

7、ts as Fury at Government GrowsCALL FOR CHANGE: Iraqi women protested in Basra on Monday as frustration with Baghdad continued to grow over efforts to choose a new prime minister. A nationalist movement in Iraq is stirring anger over Irans influence. A6HUSSEIN FALEH/AGENCE FRANCE-PRESSE/GETTY IMAGEST

8、ies Die, Then Come Back To Life as Pillows or Quiltsiii People find creative uses for unworn neckwear; I cant throw them awayOliver Olsen has a stash of unusedtiesinthecloset. “They re just hanging up col- lecting dust,” he said. Neckties are long gone from U.S. Bank in St. Louis where Mr. Ol- sen w

9、orks as a hedge- fund manager. Jeans in the office? Nearly every day of the week, he said. But the 36- year-old fund manager claimedhe snever seeneventheCEO wear a tie. Neckwear is at risk of fading to antiquated wear,joiningmen s hats and spats. The shift has triggered a mass tie surplus, with men

10、dumping ties off at Good- will thrift stores, where they sell used for a dollar or two.Yet, where some people see fogy, others see opportunity. Craftspeopleareamong those trying to spin spurned silk into cash. Merchants on the e-commerce site Etsy offer tie quilts, tie dresses and tie-lined wallets.

11、 “Through Etsy, peo- ple contact me and say, Can I give you my ties? I just feel like I can tthrowthem away,” said Randi Zu- bin,anartisanin Cleveland. Ms. Zubin fashions the silk discards into purses,basketsand fabric pumpkins to sell on Etsy. She dredges raw material from a stash of hundreds of us

12、ed ties from donors, includ- ing her brother-in-law. PleaseturntopageA8BYJACOBGALLAGHERKnot neededDJIA 27783.04g268.37 1.0%NASDAQ 8567.99g1.1%STOXX600 401.01g1.6%10-YR.TREAS.g17/32, yield 1.835%OIL $55.96$0.79GOLD $1,462.30g$3.30EURO $1.1079YEN 108.98President Trump said Mon- day he would raise tari

13、ffs on steel and aluminum imports from Brazil and Argentina, sur- prising financial markets and opening a new front in the global trade war.The Trump administration also proposed tariffs of up to 100% against $2.4 billion of Frenchimportstopunish France for a new digital-ser- vices tax that hits U.S

14、. technol- ogy companies. France de- clined to comment Monday on the proposed action but it will have several weeks to negoti- ate with the U.S. to avoid it. The move to revive trade ten- sions over metals caught many observers off guard, as the U.S. has been making conciliatory moves on other trade

15、 fronts. The Trump administration is pressing to strike a limited pact with China and congressional approval of a new North Ameri- can trade pact, and last month passed on an opportunity to im- PleaseturntopageA2By Josh Zumbrun in Washington, Paulo Trevisani in Braslia, and Amrith Ramkumar in New Yo

16、rklems with how PG Florida v. Georgia? Drug rules are at center of trade-pact talks. A2 ? Emerging-market currencies come under pressure. B9For thef ourthstrai ght quarter, Del lTechnol ogi es i s#1i n Scal e- Out NAS. We reproudto provi de i ndustry- l eadi ngstorageopti onssuchasIsi l on that al w

17、aysmeasureup.Standing tall.Source: IDC Quarterl yEnterpri s eStorageSys temsTracker 2Q 201 9. Numbersrepres ent Del l Technol ogi esrevenuef or theScal eOut NAS s egment. Revenuecomparesf rom 2Q1 8- 2Q1 9 agai ns t revenuef rom 2Q1 7- 2Q1 8. Ranki ngsi ncl us i veofs al esf rom compani es acqui redb

18、yDel l Technol ogi es .Learn more at DellTechnologies. com/StorageRevenue Growth( YoY)CONTENTS Banking email: Need assistance with your subscription? By web: ; By email: By phone: 1-800-JOURNAL (1-800-568-7625)Reprints they almost cer- tainly won t do that. What the impeachment process will do, how

19、ever, is frame the Democratscentral arguments for ejecting Mr. Trump from office in 2020. The case is that he is anU.S. NEWS Pitchesfor2020ThatBothSidesCanMakeabuser of presidential power for his own gain, a destroyer of institutions and norms, and a violator of traditional constitutional checks and

20、 bal- ances. In short, impeachment will help make Democratsover- arching case that Mr. Trump is a dangerous man. That ar- gument is being made dra- matically, in televised hear- ings. Less obvious, perhaps, is the case that is being framed by Mr. Trump and his team. For many of the presi- dent s sup

21、porters, a detailed argument based on his poli- cies or results isn t really necessary. They support Mr. Trump as much for his atti- tude as his accomplishments. The very Trump attribute that most infuriates his oppo- nentsthat he is a destroyer of norms and institutions happens to be what a lot of

22、core Trump supporters like. But the more substantive Trump argument can be seen and heard by watching Mr. Trump these days, and it is built on three pillars: ? The economy. When allelse is stripped away, this will be the central case Mr. Trump will make for himself. Since he took office, the economy

23、 has grown at a rate surpassing 2% every quarter, and growth has topped 3% in two quarters. The average quarterly growth rate has been 2.5%. Democrats will argue, cor- rectly, that this merely con- tinues a long stretch of eco- nomic growth that began under President Obama, and at almost the same ra

24、te. In the six years running from the start of 2010, when the recovery from the deep recession of 2007-2008 really began, until the end of 2016, quarterly economic growth averaged 2.2%. So Democrats maintain that this is as much an Obama as a Trump expan- sionand that the Trump part was artificially

25、 boosted by the stimulus of an annual federal budget deficit ap- proaching $1 trillion. Still, any sitting president gets a disproportionate amount of credit or blame for the economy, and the Trumpeconomy has been a good one overall. Plus, the Dow Jones Industrial Average is up about 40% since he to

26、ok of- fice, which bolsters the presi- dent s argument. ? Changed global eco- nomic rules. Beyond im- peachment, the two most im- portant substantive agenda items moving forward in Washington right now are two trade deals: The U.S.- Mexico-Canada, or USMCA, trade agreement that isawaiting congressio

27、nal ap- proval, and a so-called Phase One trade agreement with China that appears near at hand. Those are the two major manifestations of Mr. Trump s populist contention that the new global economyhas been stacked against the U.S., and that the way to change that is to force a re- write of the most

28、important rules, the ones governing trade. Taking on China, in particular, is an idea with bi- partisan support. There are important cave- ats: The new USMCA trade agreement is less revolution- ary than Mr. Trump pro- claims it to be; it represents more an evolution of the old North American accord.

29、 The China trade deal isn t yet in hand, and falls well short of the all-encompassing makeover of the U.S.-China trade relationship that Mr. Trump has promised. Yet the president will pres- ent both as vindication of his strategy of breaking the china, as it were, in interna- tional trade. He has ta

30、ken other populist moves recently that he will present as a sign of a different kind of Republi- can economic sensibility, par- ticularly his administration s rule forcing hospitals and in- surance companies to dis- close their secretly negoti- ated rates.By contrast, his immigra- tion policies are

31、far more di- visive; those will be pitched more to core followers. ? The Democrats them- selves. A good barometer of Mr. Trump s thinking is al- ways his Twitter feed, and in the past week he has tweeted out 13 direct attacks on the Democratic Party. Most slam Democrats over impeach- ment, of course

32、, but mixed in are jibes at the “Do Nothing Democrats” so obsessed with impeachment they are ne- glecting national business. That critique fits in nicely with the other Trump line of attack on Democrats, which is that they have become a radicalized party of the left. The fusion was made neatly in an

33、 early November tweet: “The Do Nothing Dems have gone Radical Left Crazy. The sic can t get anything done!” In short, Democrats will be running as much against Mr. Trump as for themselves, while Mr. Trump will be do- ing the same thing in reverse. Not exactly a formula for an uplifting campaign.Agoo

34、dbarometerof PresidentTrumps thinkingisalways hisTwitterfeed.WASHINGTONAmajor expansion of gun rights ap- peared unlikely after argu- ments on Monday before the Supreme Court, where jus- tices focused not on the Sec- ond Amendment, but whether the case belonged before the court at all. At issue was

35、a New York City rule forbidding gun own- ers with a location-specific li- cense from taking their weap- ons outside the five boroughs. But the New York State Legis- lature already has passed a law eliminating such local re- strictions and the city re- pealed its challenged regula- tion,apparentlygra

36、nting plaintiffs everything they had asked forand, the city ar- gued, eliminating any ratio- nale for the Supreme Court s review. “The city has now been blocked by a state law,” said Justice Ruth Bader Ginsburg. “So what s left of this case?” Lawyers for the gun own- ers and for the Trump admin- ist

37、ration argued that legal grounds remained for the Su- preme Court to issue a wide- rangingrulingthatcould doom many local weapons rules. But they didn t agree on the rationale. The administration s law- yer, Deputy Solicitor General Jeffrey Wall, said the case should remain alive since the plaintiff

38、s could still seek dam- ages from the city for its past deprivation of their constitu- tional rights. But the plain- tiffs didn t ask for damages when they filed the suit years ago, and several justices ques- tioned whether they could in- sert a demand at this stage. Paul Clement, representing the N

39、ational Rifle Associa- tion s New York affiliate and three local gun owners, said that despite changes in state law and local rules, the city had left itself enough wiggle room to frustrate his clients. For instance, he said, the municipal rule required that travel to firing ranges and otherdestinat

40、ionsbeyond city limits be “continuous and uninterrupted.”That,Mr. Clement suggested, meant his clients could be busted if they stopped for coffee on the trip. Those issuesand not the scope of the Second Amend- mentwere the only ones to prompt questions from Chief Justice John Roberts, whose relative

41、ly centrist position on gun rights over the past de- cade indicates he could cast the deciding vote. The New York case was one of hundreds of lawsuits filed after 2008 and 2010 Supreme Court decisions that, for the first time, found the Second Amendment protected an in- dividual s right to keep a ha

42、ndgun at home for self-de- fense. Gun advocates hoped the courtwould build on those precedents to further expand access to firearms.BYJESSBRAVINHighCourt Cool to Expanding GunRightsgence Committee will have 24 hours to review Mr. Schiff s re- port, starting Monday evening, before the panel votes to

43、send it to the Judiciary Committee, which traditionally is responsi- ble for impeachment. Democrats have said that they have sufficient evidence to weigh drafting articles of im- peachment, even without hear- ing from key witnesses such as acting White House chief of staff Mick Mulvaney, former na-

44、tional security adviser John Bol- ton or Rudy Giuliani, the presi- dent s personal lawyer, whose testimony has been blocked by the Trump White House. Among other things, Demo- crats have cited testimony from U.S. Ambassador to the Euro- pean Union Gordon Sondland,who last month testified that there

45、was an explicit quid pro quo in which a White House meeting and a phone call be- tween Ukraine s leader and Mr. Trumpwerecontingenton Ukraine announcing investiga- tions to benefit Mr. Trump. “It was conditioning of offi- cial acts for something of great value to the president, these po- litical inv

46、estigations. It goes right to the heart of the issue of bribery, as well as other poten- tial high crimes and misde- meanors,” Mr. Schiff told re- porters. The GOP report repeated the notion that Ukraine attempted to influence the 2016 presiden- tial election to hurt Mr. Trump, an allegation that dr

47、ew criticism from several witnesses andDemocrats during the House In- telligence Committee s hearings. FormerNationalSecurity Council official Fiona Hill testi- fied that Russia had a history of trying to deflect the blame for its interference in the 2016 elec- tion, and that the Russians, with thei

48、r aggression in Ukraine, had a vested interest in casting Ukraine in a bad light. Republicans wrote that there was “nothing wrong with asking seriousquestions”about “Ukraine s attempts to influence the 2016 presidential election.” The report says that “publicly availableand irrefutableevi- dence sho

49、ws how senior Ukrai- niangovernmentofficials sought to influence the 2016 U.S. presidential election in op- position to President Trump scandidacy, and that some in the Ukrainian embassy in Washing- ton worked with a Democrat op- erative to achieve that goal.” Mr. Trump, arriving in the U.K. Monday evening for a North Atlantic Treaty Organiza- tion summit, wrote on Twitter that he had read the GOP report on the “Impeachment Hoax.” The Judici