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President Donald Trump said Thursday that tariffs are an “excellent” alternative to a trade deal with China, hours before Chinese officials were set to meet U.S. trade negotiators later in Washington.

Negotiators for the U.S. and China will meet at 5 p.m. ET, Trump said. He had set a midnight deadline to slap additional tariffs on China, though he has suggested that his administration might reverse its decision depending on progress in the negotiations.

“They’ll see what they can do,” Trump said at a White House event Thursday afternoon. “But our alternative is an excellent one.”

“It’s an alternative I’ve spoken about for years. We’ll take in well over a hundred billion dollars a year. We never took in 10 cents from China,” Trump said, referring to additional tariffs he promised to impose. “And I think it’ll be a very strong day, frankly. But we’ll see.”

Fact-checkers have said Trump’s claim that tariffs on China will yield $100 billion annually — a claim he had tweeted a day earlier — is inaccurate.

Trump added: “It was their idea to come back.”

But Trump struck a more optimistic tone when asked if he would speak with Chinese President Xi Jinping.”Well, he just wrote me a beautiful letter, I just received it, and I’ll probably speak to him by phone,” Trump said.

The president said Xi’s letter expressed a desire to come to an agreement. “Let’s work together, let’s get something done,” Trump said, describing the letter.

After Trump’s comments at the White House, stock indexes recovered from ground lost stemming from worries stirred up by his comment Wednesday night that China “broke the deal.” Before Trump’s remarks Thursday afternoon, the Dow Jones Industrial Average had fallen more than 400 points.

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Twitter exchange with Elon Musk lands a British man a job at Tesla

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Elon Musk, chairman and CEO of Tesla, addresses a press conference in Beijing on October 23, 2015.

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Tesla has hired a British man behind a viral tweet that caught the attention of Elon Musk last month.

Adam Koszary, who engineered a viral Twitter exchange between Musk and an English museum, will begin a new role as Tesla’s social media manager in July.

Back in April, Koszary, the digital lead for the Museum of English Rural Life (MERL), tweeted a photo of a ram with the caption: “Look at this absolute unit.”

The picture has been liked more than 100,000 times to date – and its popularity really took off when Elon Musk used the image as his own profile picture on Twitter.

“I’m an absolute unit too,” he said in a tweet, temporarily changing his Twitter bio to “absolute unit.”

In response, the MERL switched its own picture for one of Elon Musk, sparking an ongoing exchange between the two accounts.

Koszary, who had been due to start a new job at the U.K.’s Royal Academy of Arts (RAA), announced on Twitter on Tuesday that he had instead accepted a role with Tesla.

“I’m no longer moving to the Royal Academy. Instead, I’ll be Tesla’s Social Media Manager from July,” he said.

The RAA said in a tweet on Tuesday that it was “very sad that the lovely and talented Adam now won’t be joining us, but know he’ll do a great job at Tesla.”

A spokesperson for Tesla was not immediately available for comment when contacted by CNBC.



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People in these cities earn world’s highest salaries, research says

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San Francisco, California

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Average salaries in San Francisco have risen by 31% since 2018, with the city taking the crown for the highest-paying city in the world this year, according to Deutsche Bank research.

In 2019, people in San Francisco can expect to be paid an average of $6,526 per month — that’s 142% more than the average New Yorker’s income.

Deutsche Bank’s analysis, which compared incomes and living costs in 56 cities worldwide, found that average earnings in San Francisco, where residents had the strongest purchasing power in the world, had increased by 88% over the last five years.

Zurich, Switzerland, came in second, offering an average monthly income of $5,896, although it lost the top spot this year after seeing average earnings decline by 18% over the last five years.

New York City, with average monthly earnings hitting $4,612, was the third highest-paying city in the world. Monthly salaries saw a year-on-year increase of 12% in New York, helping the city hold onto the third spot in the ranking.

Boston and Chicago, which both offer monthly incomes in excess of $4,000, were also ranked among the 10 highest paying cities.

The 10 highest paying cities

  1. San Francisco, U.S.
    Monthly salary: $6,526
  2. Zurich, Switzerland
    Monthly salary: $5,896
  3. New York, U.S.
    Monthly salary: $4,612
  4. Boston, U.S.
    Monthly salary: $4,288
  5. Chicago, U.S.
    Monthly salary: $4,062
  6. Sydney, Australia
    Monthly salary: $3,599
  7. Oslo, Norway
    Monthly salary: $3,246
  8. Copenhagen, Denmark
    Monthly salary: $3,190
  9. Melbourne, Australia
    Monthly salary: $3,181
  10. London, U.K.
    Monthly salary: $2,956

A number of the cities paying the highest salaries had seen a decline in earnings, the data showed. Sydney, Australia, was ranked sixth on the list, but its residents’ incomes decreased 8% year-on-year and were nearly 20% lower than they were five years ago. Meanwhile earnings in Oslo lost 11% since 2018 and were a third lower than five years previous, and London’s incomes were 13% lower than they were last year.

The biggest year-on-year losses were seen in Buenos Aires, Argentina, where a decline of 45% left monthly incomes at $527.

Salaries in Johannesburg, South Africa, fell by 26% and came in at $1,223 per month in 2019, while the Turkish city of Istanbul saw earnings tumble 31%, leaving residents with $433 each month.

Cities offering the lowest monthly incomes were Cairo, Egypt, where residents earned $206, and Lagos, Nigeria, where residents were paid $236 per month, according to Deutsche Bank.

Monthly rent

Hong Kong, which has notoriously high housing costs, was the most expensive city for renting a mid-range two-bedroom apartment. Average earnings came in under $2,500, but rent costs were $3,685 — that’s 127% higher than the cost of renting a similar apartment in New York.

San Francisco and New York were the next most expensive cities for apartment rentals, while Cairo, Bangalore and New Delhi were the cheapest.

  1. Hong Kong
    Monthly rent for average 2-bedroom apartment: $3,685
  2. San Francisco, U.S.
    Monthly rent for average 2-bedroom apartment: $3,631
  3. New York, U.S.
    Monthly rent for average 2-bedroom apartment: $2,909
  4. Zurich, Switzerland
    Monthly rent for average 2-bedroom apartment: $2,538
  5. Paris, France
    Monthly rent for average 2-bedroom apartment: $2,455

Disposable income

Despite being one of the most expensive cities in the world for housing costs, San Francisco’s residents had the most disposable income leftover after paying their rent, with the analysis assuming two working people were sharing a two-bedroom apartment.

According to the researchers, San Franciscans could have $4,710 left to spend each month after paying their rent, which is 149% more than New Yorkers were expected to have leftover.

Residents of Zurich had the second highest disposable incomes, with $4,626 per month leftover after rent. U.S. cities dominated the top five, with Chicago, Boston and New York rounding out the list.

  1. San Francisco, U.S.
    Disposable income after rent: $4,710
  2. Zurich, Switzerland
    Disposable income after rent: $4,626
  3. Chicago, U.S.
    Disposable income after rent: $3,298
  4. Boston, U.S.
    Disposable income after rent: $3,188
  5. New York City, U.S.
    Disposable income after rent: $3,157
  6. Sydney, Australia
    Disposable income after rent: $2,615
  7. Melbourne, Australia
    Disposable income after rent: $2,485
  8. Oslo, Norway
    Disposable income after rent: $2,342
  9. Copenhagen, Denmark
    Disposable income after rent: $2,285
  10. Wellington, New Zealand
    Disposable income after rent: $2,075

Despite being low down when it came to housing costs, people who live in Cairo, Egypt, Dhaka, Bangladesh and Philippine capital Manila had the least disposable income left after paying rental costs, according to Deutsche Bank.

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UK inflation rises less than Bank of England expected in April

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British inflation rose last month by less than investors and the Bank of England had expected but still hit its highest level this year, pushed up by a rise in energy bills.

Consumer prices rose at an annual rate of 2.1% in April after a 1.9% increase in March, the Office for National Statistics said on Wednesday. A Reuters poll of economists had pointed to a rate of 2.2%, the same as the BoE’s forecast.

A recent weakening of inflation, combined with the lowest unemployment rate in 44 years and rising wages, has taken the edge off the uncertainty about Brexit for many households whose spending drives Britain’s economy.

But starting in April Britain’s energy regulator increased a price cap on energy providers by 10% and all big six suppliers raised their standard prices by the same amount — something the BoE said would push inflation above target briefly.

Electricity and gas prices were the biggest driver of inflation last month, the ONS said. Computer game and package holiday prices helped to offset the impact of the higher bills.

Britain’s modest rate of underlying inflation is helping the BoE to hold off on fresh interest rate hikes while it waits for the outcome of Britain’s Brexit impasse.

The ONS figures also suggested less short-term pressure in the pipeline for consumer prices than expected.

Among manufacturers, the cost of raw materials – many of them imported – was 3.8% higher than in April 2018, much less than the 4.5% rise predicted by the Reuters poll.

Manufacturers increased the prices they charged by 2.1% last month compared with 2.2% in March, slightly less than forecast.

The ONS said house prices in March rose by an annual 1.4% across the United Kingdom as a whole compared with 1.0% in February, marking the first increase in house price inflation since September. Prices in London alone fell by 1.9 percent, a smaller drop than in February.

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