The govt shutdown made a mess of the economic data surveying and statistical analysis generally needed for accurate snapshots of the economy. However, the Bureau of Labor and Statistics (BLS) was able to release the September jobs report data {SEE BLS REPORT HERE}.
The geopolitical trade reset continues delivering domestic economic fluctuations, as each sector and specific international dependency reacts to President Trump’s shifts and turns in targeted economic policy. The September jobs report caught the economic pundits off-guard, as it showed a much bigger gain in jobs than they expected.
As noted by MSM, “The US added 119,000 jobs in September, far more than the 53,000 economists expected, and unemployment unexpectedly increased to 4.4% from 4.3%.” President Trump’s immigration enforcement continues to capture and remove illegal alien workers from the U.S. economy. This is also driving up domestic wages.
President Donald Trump gave U.S. Trade Representative, Ambassador Jamieson Greer, all the tools and leverage needed to bring the Swiss govt to a substantive trade agreement. The pressure was too much to bear, so Switzerland quickly negotiated a deal.
In the background President Trump’s global trade reset has been seriously damaging for the Swiss industrial economy. The EU overall, Germany specifically and China, have stopped purchasing precision Swiss industrial machinery.
It’s not the direct tariffs against Swiss precision machinery itself that created the pressure, but rather the tariffs against nations who purchased the Swiss precision machinery.
China was a big purchaser of the Swiss machinery, until Beijing stole enough intellectual property to develop their own precision machining capacity. Slowly China didn’t need Switzerland.
Germany and the EU economy then began to contract as the Trump tariffs bit hard against their exports to the USA.
Simultaneously, Chinese EV production started replacing more expensive European EV production, and the tooling purchases within the auto industry began contracting within Switzerland.
As things unfolded, the forecast for the future of the Swiss economy started to become very clear; their precision industrial exports were going to continue contracting. Something needed to change, and fast.
Ambassador Jamieson Greer announces a major free trade agreement with Switzerland {SEE HERE} and the White House provides a fact sheet {SEE HERE}. A joint statement is then released:
White House National Economic Council Director, Kevin Hassett, made two appearances today to discuss economics and ongoing Trump policy.
As noted by Hassett earlier today (bottom video), the October unemployment numbers will be generally unknown when reported because during the shutdown the BLS household survey was not completed. All other data will likely have an asterisk as the NEC calculates that roughly 60,000 private sector workers were impacted during the shutdown. Two Short Videos Below:
Treasury Secretary Scott Bessent appears on ABC This Week to combat the narrative engineering of DNC transcriptionist George Stephanopoulos.
Sometimes it’s worth watching Stephanopoulos, Bill Clinton’s former Chief of Staff, because he frames the political position, current and future, for the Democrat party. Video and Transcript Below:
[Transcript] STEPHANOPOULOS: And we’re joined now by the Treasury secretary, Scott Bessent.
Mr. Bessent, thank you for joining us this morning.
We’ve just heard about all these impacts from the shutdown — government shutdown right now. Are we starting to see — see a permanent impact on the economy?
TREASURY SECRETARY SCOTT BESSENT: Sure, George.
And good to be with you.
And we’ve seen an impact on the economy from day one, but it’s getting worse and worse. We had a fantastic economy under President Trump the past two quarters. And now there are estimates that the economy, economic growth for this quarter, could be cut by as much as half if the shutdown continues.
White House Economic Council Director, Kevin Hassett, is a straight shooter; he calls things as they are, not as many would pretend them to be.
On the issue of court orders demanding various cabinet secretaries spend money to fund the government, Director Hassett correctly reframes the issue around the law of federal spending that says money not appropriated for that expenditure cannot be spent. The Supreme Court will strike down, as they already have, any order not grounded in the law around government spending.
Hassett correctly warns that any cabinet agency who attempts to comply with a district or circuit court order, is running the risk of having a lawsuit filed against them for spending non-appropriated funds. This could be part of the reason why Democrats are purposefully not reopening government, to force the Trump administration into a catch-22 legally where they are going to violate the law either way.
Margaret Brennan stands jaw agape at the Machiavellian approach that Director Hassett outlines, “surely they would never do that” she proclaims. In response Hassett reminds Brennan that such Lawfare strategies are indeed part of the larger stop Trump movement. Video and Transcript Below.
[Transcript] – MARGARET BRENNAN: We begin this morning with the Director of the White House National Economic Council, Kevin Hassett. This is now the longest shutdown in American history. The treasury secretary told us two weeks ago November 15 was the hard stop for any paychecks going to US troops. Does that remain the point of exhaustion?
KEVIN HASSETT, DIRECTOR, NATIONAL ECONOMIC COUNCIL: Right, I think that- that’s about the right number. And the problem is that under the law, we’re not allowed to spend money that hasn’t been appropriated. And there is a law, the Antideficiency Act, that says that if a government official spends money that isn’t appropriated by Congress, which will only happen if the Democrats vote to open up the government, then you could even have criminal penalties. And so people are very carefully studying the law and trying to get as much money out the door as is legal. And we’re very glad that we found a way to get a lot of the SNAP money out, but it’s really pushing the boundaries of the law, which is why the Supreme Court had to take that ruling from Rhode Island and put it on hold.
President Trump made an announcement today in the oval office highlighting two Rx companies, Eli Lilly and Company and Novo Nordisk, to dramatically reduce the prices Americans pay for some of the world’s most popular drugs. [Fact Sheet Here]
Following the drug company announcement President Trump took questions from the media. The press Q&A is below and the full video including the announcement is below the fold. WATCH:
Commerce Secretary Howard Lutnick appears on NewsMax to discuss his perspective on the Supreme Court oral arguments surrounding the legal challenges to President Trump’s tariff authority.
Secretary Lutnick attended the court arguments today and is very optimistic about the outcome of the arguments. WATCH:
Earlier today, President Donald Trump delivered a speech at the America Business Forum in Miami, Florida. On the anniversary of President Trump’s historic 2024 election day win, President Trump celebrated with the assembled audience and business leaders. WATCH:
Today, the Dept of Justice Solicitor General Dean John Sauer provided oral arguments to the Supreme Court in support of President Donald Trump’s tariff authority. The issue at the heart of the matter is the International Emergency Economic Powers Act (IEEPA), which grants the president the power to levy tariffs.
Chief Justice John Roberts and Justice Sonia Sotomayor, leaned heavily on the argument that tariffs are taxes against the American people, and all taxes must come from Congress. The ‘tariffs are taxes’ argument seems to be the linchpin for the leftists on the court and the Gorsuch ‘conservatives’.
Solicitor Sauer countered the IEEPA tariffs are “regulations” against foreign imported goods. “The power to impose tariffs is a core application of the power to regulate foreign commerce, which is what the phrase ‘regular importation of commerce’ in IEEPA naturally evokes,” Sauer said.
The full audio of the arguments is provided below. (I’m working on the transcript). WATCH (prompted):
No amount of judicial activism can get blood from a stone. After the Rhode Island judge demanded the USDA pay food stamp benefits from an emergency/disaster fund, Deputy Under Secretary of the Food, Nutrition, and Consumer Services (FNCS) at the United States Department of Agriculture (USDA), Patrick Penn, files a court response saying all funds distributed.
Approximately 50% of the normal distribution for 42 million recipients has been transmitted.
