Commerce Secretary Wilbur Ross appeared on CNBC earlier today to discuss the status of U.S-China trade discussions, the latest issues with tariffs on French goods, and the bigger picture issues within the EU that we previously discussed.
Ross highlights the additional tariffs on China scheduled for December 15th are currently still planned to take effect unless something substantial changes in the position of China.  Additionally, and interestingly on the French and EU tariffs, Secretary Ross reminds the financial pundits of the $7.5 billion WTO authorized award against the EU that would be in addition to the $2.4 billion in tariffs now scheduled for French products.

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Pay attention to what Ross says in that interview; the administration is being remarkably open and consistent.  Given the adversarial position exhibited by French President Emmanuel Macron today; and against the backdrop of continual EU intransigence on trade reciprocity; I suspect once the USMCA is passed we are going to see a *severe* shift in tone within the U.S. trade position toward both China and the EU.
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The primary hypocrite behind the self-serving European NATO position is French President Emmanuel Macron.  With the background of massive new U.S. tariffs expected against French products President Macron comes for a bilateral meeting and press availability with U.S. President Donald Trump.  [Video and Transcript Below]

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[Transcript] –  PRESIDENT TRUMP: Well, thank you very much. It’s great to be with President Macron of France. And we’ve had a fairly long relationship and a very good one. And we were just discussing certain things, and then we’re going to have a long conversation afterwards.

I want to, first of all, before we begin, I want to pay my respects to the great warriors that you lost in Mali — 13, and helicopters. It was very sad. I’ve gotten a report on it. We talked about it. And please give my condolences to the families and to France. And they’re great fighters. You’ve done a fantastic job in that whole area. It’s a tough area. So we appreciate it very much.

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President Donald Trump and First Lady Melania Trump attend the 70th Anniversary NATO Summit in London, England. The U.K. is five hours ahead of U.S. Eastern Time. The President and First Lady are staying with Ambassador Woody Johnson at the Winfield House, the official Ambassadors residence.
The Day One schedule includes breakfast with NATO Secretary Jens Stoltenberg, two bilats with Emmanuel Macron (one private), a bilat with Justin Trudeau, and two diplomatic receptions: Buckingham Palace and No. 10 Downing Street.

♦4:10am ET / 9:10am Local – THE PRESIDENT participates in a 1:1 meeting with the Secretary-General of the North Atlantic Treaty Organization, Jens Stoltenberg, London, United Kingdom
♦4:30am ET / 9:30am Local – THE PRESIDENT participates in a working breakfast with the Secretary-General of the North Atlantic Treaty Organization, Jens Stoltenberg, London, United Kingdom
♦6:00am ET / 11:00am Local – THE PRESIDENT departs Winfield House en route to the InterContinental London Park Lane, London, United Kingdom
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The synergy, flow and timing of the U.S. trade and economic team is just a marvel; a brilliant assembly of perfectly in-tune economic and trade professionals.
As President Trump touched down in the U.K. to attend the two-day NATO summit, United States Trade Representative Robert Lighthizer announces the completion of a Section 301 review of France’s Digital Services Tax (DST).
After determining the value of the French tax on U.S. internet services at $2.4 billion; Lighthizer announces a 100%  countervailing duty on a carefully selected $2.4 billion in French imports.
Obviously the agenda for the bilateral NATO meeting between U.S. President Trump and French President Emmanuel Macron just changed.  LOL, you have to love Team USA.
Oh, but wait, wait… it gets better….
We have to remember, THIS $2.4 billion U.S. tariff against France would be on top of the $7.5 billion (per year) countervailing duty recently won from the Airbus subsidy case in the WTO…. and by law France cannot retaliate.
Oh my, President Trump strolls into the NATO bilat with Macron while holding a $10 billion legally justified countervailing tariff position.  How’d ya like ‘dem grapes?
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Commerce Secretary Wilbur Ross appears on Fox Business to discuss the status of the U.S-China trade “negotiations” :::nudge-nudge, wink-wink::: and highlights the ‘phase-1’ fulcrum is China committing to the $50b Ag purchase without condition.  Secretary Ross also notes the December 15th date just happens to be “good timing” if the U.S. team is “forced” to put more tariffs on China.  LOL.
Additionally, Mr. Ross notes the challenge of a strong dollar as it relates to allied nations who are stimulating their own economy by sending us even cheaper stuff, ie. Brazil.

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Whenever we discover a financial analyst who understands the new dimension in U.S. economics (rare) it is worth revisiting them from time-to-time. Allianz chief economic adviser Mohamed El-Erian was one of the first MSM pundits to: (a) accept the disconnect between Wall Street and Main Street via de-globalization; and (b) begin to explain why that matters in the era of Trump.
El-Erian appeared this morning on Fox Business News to discuss President Trump’s re-imposition of steel and aluminum tariffs on Brazil and Argentina. Additionally El-Erian discusses trade tensions, market outlooks, consumer strength, recession fears, and the drag the rest of the world is placing in the U.S. economy.

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The U.S. economy is strong; all the fundamentals are solid. However, the multinationals on Wall Street -invested overseas- are more exposed. There is nothing that China and the EU can do to stop the de-globalization process; and efforts to stimulate their economy, more quantitative easing (pumping money) while the global supply chains are being shifted, are futile… they need “structural reform.”  The multinationals are holding cash, waiting to see how it plays out.
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There is a lot of background information surfacing about the London Bridge terrorist Usman Khan and the attack he carried out yesterday in the U.K.   However, one of the epic heroes who took down the terrorist is worth a highlight.
A Polish chef named Lukasz was working at Fishmongers Hall near the scene when he saw the terrorist attacking.  Lukasz grabbed a 5 foot narwhal whale tusk from the wall and used it as a makeshift lance while another bystander used a fire extinguisher to confront and ultimately take down the attacker.

A twenty-first century Polish chef using a narwhal tusk as a lance to stop a jihadist. Could you find a modern act of bravery more legendary and connected to the history of the tenth century Polish people?   I think not.  Simply, epic.
According to The Daily Mail “Lukasz is thought to have suffered from cuts but is not critically injured.” (READ)
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The leaders of the twenty-nine NATO member nations are scheduled to meet next week in London, England.  Amid consistent pressure on the member states for increased defense spending to live up to their prior 2014 promises (Wales summit); and with NATO economies in a stalled geopolitical stasis due to their attachment to China (5G telecom), Russia (Nordstream II), and Iran; this summit holds increased possible ramifications.
This NATO summit could very well expose the duplicity and hypocrisy of the EU depending on how far U.S. President Donald Trump is willing to call them out.
There are going to be a lot of nervous snake handlers around the table(s), and with the U.K. elections in the near future there is a great deal at stake. The summit is Tuesday and Wednesday.  Here’s the White House background briefing:
[Transcript] – SENIOR ADMINISTRATION OFFICIAL: Good morning, ladies and gentlemen. I just want to thank everyone for being here today, Friday after Thanksgiving.
Just up front, this call is going to be on background, attribution to a senior administration official, and there will be an embargo on the contents of this call until it’s completed.
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Two people were killed and up to five more stabbed as a terrorist used two knives to attack the public in London, England.  The attack happened near (and on) the London Bridge and the terrorist wore a dummy explosives vest.   Members of the general public tackled and disarmed the terrorist until police arrived moments later and shot him.
British authorities have confirmed the attack was a terrorist incident.  London Mayor Sadiq Khan has promised the British people he will write a strong letter of condemnation.

(Via Daily Mail) – Two innocent members of the public have died after a knifeman went on a rampage this afternoon in London.
Armed police shot dead a knifeman wearing a fake suicide vest today after he stabbed up to five people in a shocking terrorist attack as frightened crowds fled the scene.
Witnesses on the scene said the man had been brandishing two knives and had attacked people on the north side of London Bridge before running into the centre at around 2pm.

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Earlier today President Trump and Bulgarian Prime Minister Borissov held a press availability in the oval office prior to their bilateral meeting.  [Video and Transcript]

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[Transcript] – PRIME MINISTER BORISSOV: (As interpreted.) The Bulgarians like you so much, and they expect to have the problem with the visas solved — like with Canada.
PRESIDENT TRUMP: Ah, okay. Well, we’re going to work on that problem.
I want to just thank the Prime Minister of Bulgaria for being here. It’s an honor to have you at the White House, in the Oval Office. We have meetings coming up in a little while. You have your representatives. I have my representatives. And I think we’re going to have very productive meetings.
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