President Trump holds an impromptu press conference as he heads back to Washington DC. Topics included the Russia/Ukraine conflict, the fighting in Gaza against Hamas and more.
Presidential Emissary Steve Witkoff will likely be heading to Russia, at the Russian’s request for a discussion, mid-week. WATCH:
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National Economic Council Director Kevin Hassett appears on Meet the Press with the competitor for most dramatic political pundit, Kristen Welker.
The first question surrounds President Trump firing Bureau of Labor and Statistics Commissioner Dr. Erika McEntarfer.
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The part about Canada is very interesting.
[Transcript] – MARGARET BRENNAN: And we’re joined now by United States Trade Representative, Jamieson Greer. Ambassador, good to have you here.
JAMIESON GREER: Great to be here. Thank you.
MARGARET BRENNAN: So the President signed this executive order on Thursday, raises tariff rates on about 70 countries. Should we expect those to be negotiated down in the coming days?
JAMIESON GREER: I don’t, I don’t think they will be in the coming days. I think a lot of these, well I know a lot of these, are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country. So, so these, these tariff rates are pretty much set. I expect I do have my phone blowing up. There are trade ministers who, who want to talk more and see how they can work in a different way with the United States, but I think that we have, we’re seeing truly the contours of the President’s tariff plan right now with these rates.
Eh, not a good look. Total nonfarm payroll employment changed little in July (+73,000) and has shown little change since April. The unemployment rate, at 4.2 percent, changed little in July. Employment continued to trend up in health care and in social assistance. Federal government continued to lose jobs. [SOURCE]
PRESIDENT TRUMP – “In my opinion, today’s Jobs Numbers were RIGGED in order to make the Republicans, and ME, look bad — Just like when they had three great days around the 2024 Presidential Election, and then, those numbers were “taken away” on November 15, 2024, right after the Election, when the Jobs Numbers were massively revised DOWNWARD, making a correction of over 818,000 Jobs — A TOTAL SCAM. Jerome “Too Late” Powell is no better! But, the good news is, our Country is doing GREAT!”
EARLIER – “I was just informed that our Country’s “Jobs Numbers” are being produced by a Biden Appointee, Dr. Erika McEntarfer, the Commissioner of Labor Statistics, who faked the Jobs Numbers before the Election to try and boost Kamala’s chances of Victory. This is the same Bureau of Labor Statistics that overstated the Jobs Growth in March 2024 by approximately 818,000 and, then again, right before the 2024 Presidential Election, in August and September, by 112,000. These were Records — No one can be that wrong?
The Federal Reserve Board announced on Friday that Adriana D. Kugler will step down from her position as governor of the Federal Reserve Board, effective August 8, 2025.
Dr. Kugler, who has served as a governor since September 13, 2023, submitted her letter of resignation to President Trump and will return to Georgetown University as a professor this fall. The text of the letter from Governor Kugler is below:
President Trump will now get to appoint a replacement.
In a series of announcements, the Trump administration has retriggered the suspension of the de minimis exemption which will begin tariffs on imported small shipment foreign goods globally and from Canada, Mexico, China and Hong Kong specifically. {SEE HERE}
The suspension of the de minimis exemption means direct to consumer product shipments valued under $800 will again be subject to tariffs.
Additionally, President Trump has triggered a 50% tariff on imported copper except for those nations who have a free trade agreement in place for their copper component goods. {SEE HERE}
WHITE HOUSE – STRENGTHENING AMERICA’S COPPER INDUSTRY: Today, President Donald J. Trump signed a Proclamation to address the effects of copper imports on America’s national security, including by imposing tariffs on several categories of copper imports.
FED Chairman Jerome Powell announced today the FED Board of Governors is keeping the interest rate at 4.25 to 4.5 percent. The Central Bank of the United States is trying to create an unsustainable debt spiral.
The goal of the FED (Central Bank) is to create a debt spiral that leads to a crisis. This is the way the Central Bank controls the activity of the smaller banks. This is the way the Central Bank keeps control over the people in America. WATCH:
Don’t pretend. Stop being a battered victim to an abusive relationship with government.
President Trump is pumping money into the USA economy through economic growth, tariff revenue, federal govt downsizing, expanded private sector employment and wage growth.
The Central Bankers are trying to drain money from the USA economy through monetary policy and control over the behavior of the smaller regional banks and credit unions.
Too funny. The economic pretending is so strong almost every outlet leads the Gross Domestic Product news release by saying “better than expected.” Duh! The Bureau of Economic Analysis (BEA) releases the GDP date for the second quarter (Q2) and shows a 3.0% jump in economic growth.
We say “duh”, because it was an entirely predictable result. Why, because imports are a deduction to the GDP equation and imports dropped 30.3% in the second quarter (Table 1, line 19). We said this was going to happen because there was a surge of imported goods in the first quarter as companies tried to be proactive with orders in advance of tariffs.
That massive influx of imports made the Q1 GDP weak (-0.5%). Conversely, with all those goods delivered in the first quarter, the products were not imported in Q2 and the GDP rebounded. The lack of imports, ultimately the lack of deduction, resulted in a 5.18% positive change to the second quarter GDP (Table 2, line 47).
But wait, the winning doesn’t stop there. Remember, the Big Beautiful Bill just passed in July. That means fixed asset investment is likely to expand in Q3 because 100% expensing on capital investment was part of the BBB.
But wait, there’s more. Annual wages spiked 4.4% — double the rate of inflation (2.1%). That means people are growing their wage incomes twice as fast as prices are rising. Real wage growth is back again! Yes, REAL WAGE GROWTH.
This is one of those interviews that simply must be watched in its entirety. It’s long, almost 3 hours, but take the quiet time to watch and absorb the information provided by economist Professor Richard Werner.
Werner discusses something absolutely vital to understand about the nature of economics and the banking system that underpins it. You have often heard me say “there are trillions at stake” when describing the elements aligned against President Trump. Well, Werner gives context to what lies behind those trillions.
Nine years ago, as President Elect Trump won his first election, I wrote about the future of economics and the potential if a Main Street monetary and banking system was created. {GO DEEP} Richard Werner discusses the specific issue of how credit creation by regular banks actually creates money. He’s the first person I have seen speak who really gets it.
There are distinct differences between banks creating money for asset purchases (inflation), consumer purchases (inflation) and GDP growth (Main Street expansion). He simply nails it, and that is why he was put on the CIA radar.
When Werner speaks of the need for two distinct banking systems as a solution to the “inflationary” impact of money created for asset purchases vs GDP growth, he is specifically highlighting the difference between Wall Street money and Main Street money. This, in the largest measure, is exactly why President Trump and Secretary Mnuchin created the dual banking system. This is what led to the global pandemic as a tool to stop President Trump.
I cannot recommend this interview enough. However, don’t sell yourself short. Find a quiet place, quiet time, and take notes as you listen to Richard Werner outline the true and unspoken nature of how money is created.
When you understand what Werner is saying, everything the FED and Central Banks do starts to make sense. WATCH:
Behind what Werner is explaining you will find the motives to oppose President Trump. Werner doesn’t draw the connection to Trump’s policies, but when you hear him outline the history and the problem you will get it.
U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer hold a joint press conference in Stockholm after concluding the third-round of trade talks with Chinese officials.
The discussion and press availability covered U.S-China trade negotiations, economic cooperation and whether President Trump will meet Xi Jinping. Key moments include questions on tariffs, supply chains, and Beijing diplomacy. WATCH:
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Treasury Secretary Bessent notes as the U.S. economy continues strengthening, and as each trade deal with the U.K, Japan, ASEAN nations and Europe have cemented, the talks between the U.S. and China become more substantive.
With each global trade partner agreeing to terms of access to the USA market more pressure is naturally created on China to complete negotiations and affirm their position as supplier to the world’s largest market.