After benefiting from ridiculous preferential treatment by the World Trade Organization under “emerging nation” status for the past two decades, Beijing now turns to the WTO and files a complaint against the U.S. over recent tariffs and countervailing duties.

The substance to Beijing’s complaint is silly.  China claims there was a “leadership agreement” during the Osaka G20 summit not to apply additional tariffs.  However, the latest round of U.S. tariffs on China were in response to Chinese tariffs applied after Osaka.  Bottom line, Beijing is playing political games.
China, once again playing the wounded panda routine, is trying to set up a narrative that President Trump has broken his word.  That’s the cornerstone of their position, and they know such a complaint won’t go anywhere at the WTO; the complaint is really for the use, exploitation, and consumption by President Trump’s political opposition, domestic and international.  (emphasis mine)

HONG KONG/GENEVA (Reuters) – China has lodged a complaint against the United States at the World Trade Organization over U.S. import duties, the Chinese Commerce Ministry said on Monday.

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President Donald J Trump has issued the following proclamation in celebration of Labor Day 2019 and the vitality of the American worker:

[White House] On Labor Day, we recognize the remarkable American workers who comprise the greatest labor force in the world.  American workers are the heart and soul of our Nation’s economic resurgence.  Since my first day in office, I have followed through on my promise to fight for an agenda that puts American workers first.
My Administration’s pro-growth policies have enabled countless Americans to reclaim the dignity of work and reap the rewards of our thriving economy.  Since my election, the American economy has added more than 6 million new jobs, and for the past 17 months, the unemployment rate has held near record lows.  In 2017, as the unemployment rate decreased, the rates of injuries and illnesses in the workplace also declined.  Additionally, employers are paying higher wages, which are rising at the fastest pace in a decade.  Jobs are consistently becoming available faster than people can fill them.
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The structure of the global trade reset is visible.  The China decoupling is underway; the scale of this geopolitical dynamic is incredible.
KORUS  (Korea-US) is in the books; the North American USMCA is complete, pending ratification; the EU has agreed to purchase U.S. beef exports; and effective today the Japan-US deal is agreed in principle (sans auto and industrial products TBD).  Now  President Trump is working on a post-Brexit UK-US bilateral package.

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U.S. President Donald Trump and British Prime Minister Boris Johnson held a working breakfast prior to the Sunday session of the G7 summit in Biarritz, France.  The primary topics include Brexit and trade. [Video and Transcript Below]

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[Transcript] PRESIDENT TRUMP: Thank you very much, everybody. We’re having a very good meeting — a very good series of meetings. Last night, we had dinner. It worked out. I think it was fantastic.
PRIME MINISTER JOHNSON: It was fantastic. We covered — well, we covered three subjects, actually. We were going to cover 10 subjects, but in the end, we did three.
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As President Trump departs the White House en route to the G7 meeting in France, White House Manufacturing and Trade Policy Advisor Peter Navarro appears on Fox Business for an interview to discuss the latest round of enhanced tariffs on China.

(White House) For many years China (and many other countries) has been taking advantage of the United States on Trade, Intellectual Property Theft, and much more. Our Country has been losing HUNDREDS OF BILLIONS OF DOLLARS a year to China, with no end in sight.

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President Trump has announced the raising of tariffs on China effective Sept 1st and October 1st, 2019.  This is one arrow in a quiver filled with economic consequences:

• The preexisting 25 percent tariff on $250 billion in Chinese goods will increase to 30 percent effective October 1st, 2019.
• The pre-planned 10 percent tariff on $300 billion worth of Chinese goods will increase to 15 percent, effective September 1st, 2019.

This targeted tariff approach is only a small sample of the economic action that is available to President Trump.  There are a host of tools and targeted economic weapons available to President Trump that are far more damaging to Beijing.
This announcement also sends a clear message to the members of the G7 as they prepare for their meetings in France.
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Within the dynamic of the U.S -vs- China trade confrontation, CTH has long noted the Wall Street (globalist) multinationals would always go bananas.  There are trillions at stake and President Trump is confronting three decades of financial influence from Wall Street’s multinational corporate lobbyists.
To the angst of Wall Street, POTUS Trump tweets the dynamic.
President Trump will not back down from his position; the U.S. holds all of the leverage and the issue must be addressed.  President Trump has waited three decades for this moment.  Main Street U.S.A has waited for this moment.  This President and his team are entirely prepared for this battle…. Now we fight!

We are finally confronting the geopolitical Red Dragon, China!
President Trump has been brutally consistent for more than three decades on his intent and purpose with the Chinese.  President Trump is the first U.S. President to understand how the red dragon hides nefarious motives behind the panda mask.
Additionally, while carrying out the objectives of the confrontation, Secretary Mnuchin, Secretary Ross, Ambassador Lighthizer and adviser Peter Navarro are well aware of Beijing’s duplicitous panda mask; POTUS Trump will never let them forget about it.
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Well, they cannot later claim they were not warned.  In a series of stunning tweets today, President Trump directly tells U.S. companies manufacturing goods in China, they need to make rapid plans for exit.

Earlier today China’s commerce ministry said it will impose additional tariffs on thousands of U.S. products, including agricultural products, crude oil, small aircraft and cars. Tariffs on some products would take effect on Sept. 1 and others on Dec. 15.
The Wall Street multinationals are exposed to significant losses because of their investments in China.  White House trade and manufacturing policy advisor Peter Navarro appeared on Fox Business with Maria Bartiromo to discuss the dynamic.

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According to the U.S. Department of Labor [data here] companies hiring American workers are not complying with the media “recession” narrative.   Yes, another day, and yet another data point reflecting the “unexpected” & continued strength of Main Street.

WASHINGTON (Reuters) – The number of Americans filing applications for unemployment benefits fell sharply last week, suggesting the labor market was holding firm despite a manufacturing slowdown and concerns the economy is on a path toward recession.
Initial claims for state unemployment benefits dropped 12,000 to a seasonally adjusted 209,000 for the week ended Aug. 17, the Labor Department said on Thursday.
The decline was sharper than expected. Economists polled by Reuters had forecast claims would drop to 216,000 in the latest week.

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