Congressman Brad Finstad Tours Alumacraft Boat Company

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FEATURED INDUSTRY NEWS Congressman Brad Finstad Tours Alumacraft Boat Company On April 2, NMMA hosted Congressman Brad Finstad MN-01, at the Alumacraft Boat Company in St. Peter, Minnesota. The Congressman toured the Alumacraft facility and met with members of the Alumacraft team. Read More MRAA Releases 2023 Impact Report Showcasing Commitment To Advocacy, Dealer Education The Marine Retailers Association of the Americas (MRAA) recently released its Annual Impact Report, which provides an overview of everything the association did in 2023 to support boat dealers and the marine industry. Along with introducing new education, artificial intelligence and Certification resources, the report shares refocused advocacy initiatives and record-setting membership, partnership and Dealer Week attendance figures as well as company-wide growth that helped the association deliver on its mission to fuel dealer success. Read More LEADING ECONOMIC AND POLICY NEWS Treasury Secretary Does Not Rule Out New Tariffs In Response To Chinese Overcapacity The AP reports according to Treasury Secretary Janet Yellen, the Administration “will push China to change an industrial policy that poses a threat to U.S. jobs.” The AP notes that on Monday, Yellen was “wrapping up four days of talks with Chinese officials.” Yellen “said in Beijing they had ‘difficult conversations’ about national security, including American concerns that Chinese companies are supporting Russia in its war in Ukraine. But the focus of her trip was industrial policy, and what the U.S. and Europe describe as manufacturing overcapacity in China. ... ‘China is now simply too large for the rest of the world to absorb this enormous capacity. Actions taken by the PRC today can shift world prices,’ she said.”         The Washington Post says the government of China “has largely welcomed Yellen, who is seen in Beijing as a pragmatist who opposes the ‘decoupling’ of the world’s two largest economies.” According to the Post, “Chinese state media lavished enthusiastic praise on Yellen for her proficiency with chopsticks during meals at state-run restaurants serving regional Chinese cuisine. But the positive tone has been undercut by rising concerns in Europe and the United States about a surge of cheap Chinese exports – most notably green technologies but also electronic appliances and steel – that could put international competitors out of business.” Reuters has more on Yellen’s remarks about Chinese overcapacity and potential US tariffs.         Also reporting are CNN, the New York Times, Reuters, CNBC, the AP, Bloomberg, the Wall Street Journal, and Fortune. Jobs Data Raises Doubts About Fed Rate Cuts This Year The Wall Street Journal reports investors are beginning to doubt that the Federal Reserve will cut interest rates this year after Friday’s jobs report revealed continuing strength in the economy. The Journal suggests that investors will get a better understanding of the outlook on cuts with the release of consumer-price index data on Wednesday.         US May See A Spike In Interest Rates, JPMorgan Chase CEO The Wall Street Journal reports JPMorgan Chase CEO Jamie Dimon has warned that U.S. interest rates could rise to 8% or more in the coming years amid record-high deficit spending and geopolitical stresses which will weigh on the fight against inflation. “Huge fiscal spending, the trillions needed each year for the green economy, the remilitarization of the world and the restructuring of global trade--all are inflationary,” Dimon said in an annual letter to JPMorgan Chase shareholders issued on Monday. Dimon added that the likelihood of the Federal Reserve achieving a “soft landing” of the economy is now less likely than many investors and traders expect.         Bloomberg reports Dimon also said delays to US liquefied natural gas projects done for political reasons to pacify people who believe that oil and gas projects should be stopped are “wrong” and “enormously naïve.” Dimon used the letter to tout “replacing coal with natural gas as one of the best ways to reduce carbon dioxide emissions for the next few decades.” Dimon also called LNG exports a “great economic boon.” The New York Times, the AP, and another Bloomberg article provide similar coverage. Nimble Shippers Coping With Baltimore Port Closing By Shifting Plans Logistics Management “Currently just one dock in the Port of Baltimore — Tradepoint Atlantic on Sparrows Point, site of the defunct Bethlehem Steel plant — is fully operational right now. That’s because it lies just beyond the site of the former Key Bridge. But Tradepoint is limited for maritime. It is home to auto terminals for BMW and Volkswagen and has tons of warehouse space for giants Amazon, FedEx, McCormick and others. It was able to accept a regularly scheduled vessel for Volkswagen two days after the bridge collapse, but is limited for other shippers.” Stocks Flat To Start The Week CNBC reports, “Stocks ended Monday little changed as another uptick in interest rates kept investors from making big moves ahead of key U.S. inflation data.” The Dow Jones Industrial Average “inched lower by 11.24 points, or 0.03%, to close at 38,892.80.” The S&P 500 “ticked down by 0.04% to end at 5,202.39. Meanwhile, the Nasdaq Composite closed marginally higher by 0.03% at 16,253.96.” Previous Top Stories  • Discover Boating Content Helps New Boat Owners Prepare For Boating Season  • Federal Reserve Data Shows Rise In US Consumer Borrowing

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