White House Trade and Manufacturing Advisor Peter Navarro talks about how the Fed monetary position is lagging with the intent of Trump’s MAGAnomic policy.  In the short review, Chairman Jerome Powell is approximately 0.50% in rate cuts behind the growth plan of President Trump.

Peter Navarro notes this disconnect is politically motivated when viewed through the window of hindsight.  Navarro is correct.   CTH has been outlining this economic policy and monetary policy disconnect, specifically as it pertains to President Trump’s Main Street focused agenda, for almost a decade {GO DEEP}.

Additionally, in many ways the Trump tariffs are the reverse of decades of ‘exfiltration’ of American wealth. Just as there was a shift when the value of the Wall Street economy surpassed the value of the U.S. Main Street economy, the politicians began responding to their new donors, so too is the Fed reluctant in reverse focus and advance the agenda of Main Street.  WATCH:

Here’s the key – The DC challenges are not overwhelming when you take a non-traditional approach toward finding solutions.

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Appearing on CNBC to explain the big picture economics, Treasury Secretary Scott Bessent outlines how debt and deficit hawks are seemingly blind to the need for GDP growth to deal with federal spending.

From the outset of President Trump’s MAGAnomic policies in his T-1 and T-2 platform, growing the U.S. economy, expanding the size of the GDP is a key facet to dealing with debt and deficits.  President Trump has always promoted economic policy that expands the size of the pie rather than focus on making smaller portions of each spending slice.

Secretary Bessent also explains the current status of the tariffs as delivered by the Trump administration.  The next few days are exceptionally busy with incoming requests to renegotiate trade terms, and avoid countervailing duties.  WATCH:

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Big picture:  Trump, Lutnick and Greer are now transmitting 1. Baseline tariffs (10-20%), 2. Reciprocity tariffs (trade imbalance) and 3. Section 232 tariffs (ex. Steel and Aluminum).  Countries are notified and their tariff rate begins on August 1st.

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White House National Economic Chairman, Kevin Hassett, discusses the current status of the ongoing trade negotiations as the deadline for engagement windows is scheduled to close on July 9th.

As outlined by Kevin Hassett, we can expect those nations who are not in current negotiations will receive letters from President Trump letting them know that the baseline tariff rate (10%) and reciprocity rate (unknown) will be.  Large nations like India and China are currently in negotiations.  The EU collective has preliminary contact information, and a few others are in close proximity to Free Trade Agreement closure.

With the Big Beautiful Bill passed, in combination with baseline and reciprocal tariffs, the revenues to grow the GDP are in place to expand the overall U.S. economy.  WATCH:

[Transcript] – WEIJA JIANG: We turn now to Kevin Hassett. He is the director of the National Economic Council and one of President Trump’s top advisors. He’s also very popular on that driveway where I’m usually alongside about a dozen reporters. So, Kevin, thank you so much for your time this morning. I want to start with trade, because there’s a big deadline coming up on Wednesday. As you know, that 90-day pause on reciprocal tariffs that the President announced back in April is set to end. So far, the US has announced a few deals; the UK, Vietnam, and you’re inching closer to a final agreement with China. Do you expect to get any more deals done with America’s biggest trading partners by Wednesday?

KEVIN HASSETT: Yeah. First, I do have to take- take a pause and share your thoughts and prayers with the people of Texas. It’s an incredible, heartbreaking story, and Kristi Noem and the President have instructed the federal government to throw everything they’ve got at helping the survivors and helping clean up that place. So, anyway, I’m really heartbroken today to see these stories, and I want you to know that in the White House, everybody is putting every effort they can into helping the people of Texas today.

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White House National Economic Council Director Kevin Hassett gives an impromptu press conference today giving a big picture overview of how the BBB passing will lift the economy.  WATCH:

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Another facet not discussed in the BBB background is data released by the US Office of Personnel Management showing a reduction of approximately 23,000 federal employees since the Trump administration took office. [LINK HERE] OPM adds that hundreds of thousands will drop from payroll in October 2025. [link]

Office of Management and Budget Director Russel Vought appears on CNBC to discuss the non-pretending facts within the Big Beautiful Bill as it passed through the Senate.  The House now needs to reconcile, support the bill and send it to President Trump’s desk by July 4th.

The key notation from Vought comes at 06:07 of the video below as he explains the BBB is just one facet of a larger cost-cutting initiative (tariff revenue, recission cuts, discretionary spending reductions etc.). WATCH:

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I’ve got two words for the Musk fanboys, Tech bros, CONservatives, Massie/Paul/Roy fools, and those who clutch pearls on the false budget apoplexy; those two words are not ‘Merry Christmas.’

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President Trump notes the financial motives behind Elon Musk’s opposition to the Big Beautiful Bill.

[Source]

Musk has previously said his opposition to the bill stems from the fiscal spending and aggregate, unsustainable national debt issue.  However, as President Trump and NEC Director Kevin Hassett have noted, the debt issue is a combination of spending and growth.  The economic goals of the administration are to grow the economy at a GDP rate larger than 3%, while simultaneously using the Office of Management and Budget to curtail spending allotments from congress.

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White House National Economic Council Director Kevin Hassett appears on Fox News to outline some of the background details of the Big Beautiful Bill.  Interestingly, after happy Hassett outlines the specifics of the benefits within the bill, he dodges a question about possibly becoming the next Fed Chairman.   🤔…  A Happy Fed Chair?

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I was unaware until this interview the July 1st digital services tax that Canada is going to apply to U.S. tech companies is retroactive in application. Over a billion dollars will be due on Monday as a result of Canada’s targeting.  Duplicitous Snow Mexicans.

Treasury Secretary Scott Bessent outlines the details of what Canada did and why President Trump is responding so forcefully. Bessent also explains that the EU doesn’t have a digital services tax, but some European countries do. President Trump is factoring in those targeted tariffs against our tech industry as he seeks to execute new trade agreements with the EU. WATCH:

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As we have noted from the beginning, the overwhelming majority of the Canadian people genuinely have no idea what the final goal is for President Trump; this includes Prime Minister Mark Carney. A few Canadians can see the big picture, but only a very few.

Today, President Trump announces that all trade negotiations with Canada are halted, effective immediately, because Mark Carney and his team are trying to target the USA with a Digital Services Tax. When you know the end-game for Trump, you can clearly see how this positioning from Canada once again plays directly into his hands.

PRESIDENT TRUMP – “We have just been informed that Canada, a very difficult Country to TRADE with, including the fact that they have charged our Farmers as much as 400% Tariffs, for years, on Dairy Products, has just announced that they are putting a Digital Services Tax on our American Technology Companies, which is a direct and blatant attack on our Country. They are obviously copying the European Union, which has done the same thing, and is currently under discussion with us, also.

Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately. We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period. Thank you for your attention to this matter!

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Secretary of State Marco Rubio hosted officials from the Democratic Republic of Congo and Rwanda at the State Department for a peace agreement signing ceremony.  The 30-year war between Congo and Rwanda is finally coming to an end, thanks in large part to the efforts of Qatar, U.S. President Donald Trump and U.S. Secretary Marco Rubio.  WATCH:

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“Peace is the prize” ~ U.S. President Donald J Trump

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