Afternoon Coffee: Retailers Spend Big Bucks to Lobby Against Border Tax, Copper Prices Hit Two-Year High

Retailers Target and BestBuy spent more in the first of half of 2017 than all of 2016 on lobbying, specifically to stop a proposed border adjustment tax, according to the Minneapolis StarTribune. The Minnesota-based brands spent a combined $3.19 million on the effort. For now, the investment has paid off: Congress has set aside work on the border adjustment tax to focus on other tax reforms.

Copper Prices

A weaker dollar boosted copper prices to their highest level in two years Monday, hitting $2.9265 a pound at one point during the session. But just because copper prices have risen around 15% this year doesn’t mean the rally will continue. As our colleagues over on MetalMiner explain, there are numerous red flags indicating copper could reverse course — particularly from China.

MRO Fraud

Two California men made court appearances Friday for scamming In-N-Out burger on $150,000 of forklift parts, according to CBS Los Angeles. Kevin Anthony Koerner, who worked for the restaurant chain as a forklift mechanic, developed a scheme with a supplier to submit fraudulent invoices for machine parts, which Koerner ordered as part of his job.

German Trade

And finally, a trade update: Both exports and imports fell abruptly in Germany during June, worrying some that demand in leading economies is starting to lag, Reuters reports. Exports dipped 2.8% and imports sank 4.5%, the biggest drop since January 2009.

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