Fox News host Maria Bartiromo had Kevin McCarthy and Larry Kudlow on Fox Business to discuss the status of ratification for the USMCA agreement. After McCarthy outlines the politics of Nancy Pelosi intentionally holding back the ratification vote, and states if the agreement is not passed prior to Thanksgiving it will not be done, Larry Kudlow follows up with a more optimistic outlook.
Keep in mind, Speaker Pelosi doesn’t know that close trade followers are aware of her deal with Justin Trudeau to hold back on ratification in an blatantly political effort. Here’s Kevin McCarthy’s full interview.
The bottom line is that Nancy Pelosi is waiting and hoping to see the outcome of the Canadian election on October 21st. If Justin Trudeau loses the election in Canada there will be massive pressure on Pelosi.
As we previously pointed out, the October 21st election in Canada will be an influence.
Justin Trudeau made an agreement with Pelosi to stop the Canadian Parliament from considering ratification. If Trudeau loses the election October 21st, his replacement will likely move more quickly to ratify the USMCA, this will be a defeat for Pelosi. However, if Trudeau wins, he will help keep the pressure off Pelosi by simultaneously stalling ratification in Canada.
This dynamic has yet to play out.
The U.S. multinationals on Wall Street do not want the USMCA to pass because they don’t want President Trump to have leverage that allows him to continue the fight against China and the EU. It is a simple dynamic, USMCA ratification makes the Wall Street prior investments in China worth less.
In all of these efforts U.S. multinational corporations, big companies on Wall St, are heavily opposed to President Trump because they have invested in those overseas operations. Those companies facilitated the loss of U.S. manufacturing jobs.
There is also now a clear alignment between those Wall Street multinationals, and democrats like Nancy Pelosi. Wall Street’s ability to pay Pelosi and political leadership to protect their multinational interests; in combination with corporate promises of funding to Pelosi’s party; has created the unholy alliance of united interests.
That’s why Nancy Pelosi instructed Justin Trudeau to stall the Canadian ratification of the USMCA. That’s the motive behind why Pelosi is working to stall, perhaps even eliminate, the USMCA ratification in the House.
It is a political strategy and calculation for Speaker Nancy Pelosi, and Minority Leader Chuck Schumer to attempt to sink the U.S. Main Street economy. Weakening Trump’s China confrontation; blocking the USMCA; and impeding a trade agreement between the U.S. and U.K. are part of that calculation.
The aligned interests of Wall Street, media pundits and Democrats are all contingent upon harming the U.S. economy. That is how severely ideological modern democrats are.
The democrats are willing to destroy Main Street in order to retain power.
There are trillions at stake.