Earlier today President Trump sent a warning tweet about Apple possibly incurring tariffs on their products if they continue a plan for manufacturing in China.  Later in the day the president answered direct questions about those possible tariffs.
Additionally, Secretary Wilbur Ross was very insightful when he also spoke of the current U.S. perspective toward the U.S-China trade negotiation.  If you have followed the basic road-map of America-First, there’s a very clear picture; however, most pundits and trade analysts will likely ignore the message.

Subtle as a brick through a window…. yet it’s amazing how many people can’t see it.
Secretary Ross warned the professional investment class that the current objective for Secretary Mnuchin and USTR Lighthizer is to find out if Beijing is willing to re-engage from the starting point where they left-off when talks collapsed.  That’s a big tell.
After several phone calls and staff contacts if the U.S. team doesn’t know the answer to that question, well, there’s almost zero likelihood of any optimistic outlook.  In essence, the only value within the current engagement is financial ‘optics’ to stabilize markets.
It has been clear -validated by the G20 outcome- that President Trump is not going to accept anything less than a full and complete structural change in the U.S. trade position with China.  Lighthizer’s severe compliance and enforcement clauses, specific to each unique trade sector, are non-negotiable.
(more…)

Commerce Secretary Wilbur Ross appears with Charles Payne to discuss the latest economic data and the Q2 GDP release.  Within the interview Secretary Ross explains the information behind the data; the status of the USMCA and Pelosi’s motives to delay ratification; the baseline for the U.S-China trade discussions, and the position of the administration to advance the economic interests of the U.S. above all others.

(more…)

Senate Majority Leader Mitch McConnell appears on Fox Business News with Maria Bartiromo to discuss President Trump, the Democratic Party’s shift to the left, Rep. Alexandria Ocasio-Cortez’s comments, the budget battle, China trade tensions and issues with Iran.

(more…)

Earlier this morning President Donald Trump called in to CNBC to discuss a variety of subjects including: the ongoing trade negotiations with China; the threat of tariffs on Mexico over illegal immigration; the federal reserve; the status of the economy; the duplicity of the U.S. Chamber of Commerce; collusion by democrats; the upcoming G20 summit in Japan, and much, much, more.
During the interview President Trump directly calls out the U.S. Chamber of Commerce for their anti-American position and self-interested advocacy for Wall Street multinational corporations. Additionally, President Trump pushes back against the claim that tariffs lead to higher U.S. prices, citing examples of China subsidizing their exports and low U.S. inflation.  Must Watch:

.

(LOL… POTUS Trump chomping-at-the-bit to get tariffs on the EU.)

(more…)

The Bureau of Labor Statistics (BLS) provides the May jobs report.  Top line job gains were moderate at 75,000 and the unemployment rate holds steady at 3.6%.  However wage growth of 3.1%, and a monthly shift of 299,000 jobs from part-time to full-time reflects tight labor market in specific Main Street (blue and white collar) jobs.
The overall gain of 75,000 for May is low considering the economic growth. However, a review of the underlying data tells a story of a tightened labor pool; specifically inside the Main Street, middle-class, blue and white collar labor market.  [Table B-1]

Overall wage growth of 3.1% is very strong, and driven primarily by increased wages in “non-supervisory” payroll; ie. the actual workers (non mgmt). May was the 10th straight month with annual wage gains of at least 3 percent. Wages for non-supervisory workers continue to rise at a faster rate of 3.4 percent.
With inflation remaining low (1.4%); and assuming inflation is unchanged in May; the 3.4% non-supervisory wage growth, at current wage rates, is equivalent to nearly $900 per year in real wage growth for a blue-collar worker at 40 hours per week. [Table B-8]
We see the second large indicator of a tight Main Street labor market in the shift from part-time to full-time employment:
(more…)

Council of Economic Advisor Chairman Kevin Hassett appears with Lou Dobbs to discuss the current state of the U.S. economy.  Hassett compares current outcomes to the prior congressional budget office predictions; and shares the results for middle-class growth.

(more…)

White House Council of Economic Advisors Chairman Kevin Hassett gives an interview to discuss the current state of the U.S. economy.  After discussing President Trump’s Fed pick Herman Cain, Hassett outlines how inflation is non-existent; and also discussions around ongoing U.S-China trade discussions.

(more…)

LOL, an interesting albeit typically lighthearted discussion with CEA Chairman Kevin Hassett on the budget proposal and status of U.S.T.R trade talks with China.

(more…)

Earlier this afternoon White House Press Secretary Sarah Sanders and Acting OMB  Director Russell Vought held a press conference to brief reporters on the president’s fiscal year 2020 budget and answer questions on current political events:

.
[White House] FURTHERING OUR ECONOMIC PROSPERITY: President Donald J. Trump’s budget request will continue our economic resurgence while furthering his vision to reduce spending and invest in America.
(more…)

National Economic Council Chairman Larry Kudlow appears on Fox News Sunday to discuss economic policy, budgets and taxes. Since the discussion is the economy, Wallace quickly puts on his doomsday hat.

(more…)