President Donald Trump said on Monday that China is ready to come back to the negotiating table and the two countries will start talking very seriously.Politicsread more
The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
As Washington and Beijing continue to up the ante in their protracted trade fight, the potential of a recession in the U.S. is now "the biggest concern," according to Standard...US Economyread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
CHICAGO, May 17 (Reuters) - Illinois would spend $41.5 billion over six years to rebuild roads, bridges, schools and other facilities that have fallen into "dire shape," under a preliminary plan floated by Governor J.B. Pritzker on Friday.
The Democratic governor's plan, which was distributed to lawmakers and seen by Reuters, would be funded in part with $17.8 billion of bonds even as Illinois pays the biggest yield penalty among states to sell debt.
A huge $133.5 billion unfunded pension liability and chronic structural budget deficits have helped push Illinois' credit ratings down to a notch or two above the junk level.
Other funding sources in the draft plan include about $7 billion in cash and $10 billion in federal money.
Illinois would raise about $1.78 billion annually for the plan by increasing state taxes on motor fuel, nonresidential real estate transfers and liquor, and hiking vehicle registration fees. The plan also calls for taxing ride shares, garage parking, and cable, satellite, and streaming services for the first time by the state.
Jordan Abudayyeh, Pritzker's spokeswoman, said the administration is working on a preliminary draft of a comprehensive capital plan that included input from Democratic and Republican lawmakers and that would "finally fix our crumbling infrastructure."
"The administration looks forward to continuing to engaging in productive conversations before the proposal is finalized," she said in a statement.
State Senator Martin Sandoval, the Senate Democrats' point person on infrastructure, said Pritzker's plan has been eagerly awaited.
"What you have here is an early draft of what a framework could look like," he said in a statement. "Going forward, I hope the governors as committed as Ive been to an open, bipartisan process.
Meanwhile, the Democrat-controlled legislature, which is in the final two weeks of its spring session, has a full plate of issues, including a spending plan for the fiscal year that begins on July 1.
Pritzker's $39 billion proposed fiscal 2020 budget includes about $370 million in new money if lawmakers legalize recreational marijuana and sports betting.
The governor also wants lawmakers to place a constitutional amendment on the November 2020 ballot to replace Illinois' flat income tax with graduated rates - a key component of his long-term fix for the state's sagging finances.
On Friday, Illinois' 10-year bond yield was 3.22 percent, well above California's 1.74 percent yield and New York State's 1.69 percent yield, according to Municipal Market Data. (Reporting by Karen Pierog in Chicago Editing by Matthew Lewis)