President Trump and First Lady Melania Trump depart tonight for an overnight flight to Biarritz, France to attend the G7 summit.  The first couple will arrive at 1:00pm Saturday / 7:00am Eastern.  Biarritz is 6 hours ahead of U.S. Eastern Timezone.
The original function of the G7 was to focus on economics and world trade.  President Trump and the U.S. delegation are returning the emphasis toward that original intent during this G7 summit.  At the request of President Trump, there is a G7 Sunday morning session dedicated to global economics, international trade, and economic security.

(Background Details from White House)  SENIOR ADMINISTRATION OFFICIAL: Sure. Thank you so much, [senior administration official]. And I guess it’s morning or good afternoon there, everyone. I am now in Biarritz, France. I’m the [redacted].
So what I wanted to do is start by outlining the schedule of events and various sessions that are taking place over the next few days. And then I will go through and highlight some of the key themes that the President is going to be talking about and pushing out while he is here over the weekend.
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God bless Secretary of State Mike Pompeo for having the diplomatic restraint to stand next to the absolute worst diplomat on the planet and retaining his cool.  Canadian Foreign Minister Chrystia Freeland stands atop her proverbial high-horse and pontificates a diatribe that only a smug leftist can deliver.
If you are familiar with world events,… and you don’t want a blood pressure cuff to explode,… then don’t watch this joint press conference. [Transcript likely later today]  If you’ve ever watched two diplomats pretend to have any commonality, while simultaneously jabbing each-other in the eye, this is an audio-visual exhibition:

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To say the Trump administration and Trudeau administration are ideologically oil and water would be the understatement of the year. The U.S. and Canadian, political, cultural, geopolitical and economic outlooks are entirely divergent.
That reality is one of the reasons why an open U.S. Ambassador to Canada position is unlikely to be filled.  Seriously, who wants to talk to these smug and condescending jerks?
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The Canadian Office of Ethics completed their investigation of Canadian Prime Minister Justin Trudeau and whether he inappropriately used his office to influence and pressure the Canadian Attorney General to drop criminal charges against a political ally and donor, SNC-Lavalin.  [Backstory Here]

Section 9 of the Canadian Ethics Act prohibits “public office holders from using their position to seek to influence a decision of another person so as to further their own private interests or those of their relatives or friends, or to improperly further another person’s private interests.”
The investigation found:

“Prime Minister Trudeau used his position of authority over Ms. Wilson‑Raybould [AG] to seek to influence, both directly and indirectly, her decision on whether she should overrule the Director of Public Prosecutions’ decision not to invite SNC-Lavalin to enter into negotiations towards a remediation agreement.
Therefore, I find that Mr. Trudeau contravened section 9 of the Act.”

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After reviewing the unexpected resignation of Canadian Ambassador to the United States, David MacNaughton, several aspects of the U.S-Canada economic relationship; and the larger political ideological relationship between the far-left in both countries; begins to take a sharper focus.
Justin from Canada has acquiesced to the influence of democrat Speaker of the House Nancy Pelosi, and agreed to postpone any USMCA ratification vote in Parliament until Pelosi gives Justin her approval.  For political purposes, Speaker Pelosi is attempting to stall the USMCA vote in congress, which directly supports China, as long as possible.

When we first reviewed this political quid-pro-quo, we wondered if Justin from Canada was actually willing to hurt his own economy just to assist the political efforts of U.S. democrats.  Unfortunately, the answer is a resounding yes.

OTTAWA—Canada’s unemployment rate rose in July as the economy unexpectedly shed jobs for a second straight month, fueling speculation over a possible Bank of Canada rate cut later this year.
The Canadian economy lost a net 24,200 jobs in July on a seasonally adjusted basis, Statistics Canada said Friday. Market expectations were for a net job increase of 12,500.

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The Bureau of Economic Analysis (BEA) released significant wage and salary data yesterday which held stunning upward revisions for 2018 and 2019.   Wage growth of 5.5% combined with low inflation remaining at 1.4 percent; the disposable income of U.S. workers jumped to a stunning 4.1%.  [Data Tables]

Within the revised BEA data, we find employee compensation rose 4.5% in 2017 and 5% in 2018.  Importantly the growth trend continued into 2019, with compensation increasing 3.4 percent in the first six months alone.  Year-over-year wages and salaries were revised upward to 5.3% for May, and 5.5% in June.  These are stunning increases in worker pay.
There are various economic indicators we have shared through the years, but wage growth is one of the more critical.  First, wage growth lags behind business activity – workers don’t get pay raises until after business volume demands/provides it.  Second, wage growth is generally uni-directional – once businesses hike pay, the increases cement.
As the Wall Street Journal put it:
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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.

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Excellent interview by Charles Payne as White House Manufacturing Policy Advisor Peter Navarro outlines how the strategic road map of MAGAnomics is converging.  If you want to see the future, listen to how Navarro outlines what’s coming.
The six MAGAnomic components to pay attention to include: ♦changes to the Universal Postal Union (UPU); ♦HUD Opportunity Zones; ♦America First raw material policy for infrastructure; ♦retail sales strength; ♦the current status of the U.S-China negotiations; and ♦the USMCA ratification.

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♦The UPU was one of those archaic policy issues set-up with good intentions, and then maintained by ‘stupid’ politicians well after it should have been renegotiated.  It’s good to hear that mess is coming to an end in October.
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U.S. President Donald Trump is attending an event in Milwaukee, Wisconsin, today to discuss the importance of a North American trade bloc and support the United States-Mexico-Canada Agreement (USMCA) trade deal.
Anticipated start time approximately 2:25pm EST.
UPDATE: Video Added

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White House National Economic Council Director Larry Kudlow on the U.S.-China trade talks where recontact has been established and now officially restarted. As noted, President Trump is in no hurry; the status-quo is leverage in our favor.
Additionally Director Kudlow discusses the potential benefits of the USMCA trade deal and whether the Federal Reserve should lower interest rates.

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Regarding “inflation” these pundits just don’t get it.  For over three years CTH has been explaining how President Trump’s maganomic policy would reverse three decades of stagnant Main Street economic growth.  The Bureau of Economic Analysis (BEA) consistently confirms our earlier predictions releasing data where inflation is essentially nonexistent.
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Justin from Canada had a tough time getting any respect while attending the G20 in Osaka, Japan.

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