Jumpin’ ju-ju bones, I think we may have found Wilbur Ross’s replacement.  In this segment on CNBC Trump transition team leader Howard Lutnick, explains simple MAGAnomics to the panel.  Make this guy both Commerce Secretary and Chairman of the National Economic Council in 2025!

Starting with an explanation of his role within the Trump 2025 transition team, Lutnick then walks through the MAGAnomic principles enmeshed in President Trump’s economic policies.  Mr. Lutnick begins the policy part by outlining how energy restrictions are driving inflation through higher costs of goods. Yes. Yes and Yes.

Then Lutnick shifts to talking about tariffs and is one of the only advisors outside the 2017 team (Robert Lighthizer, Wilbur Ross) who factually references ending the insufferable “Marshal Plan.”  Again, yes, yes and YES.

Howard Lutnick gets it. The essential core of MAGAnomics.  Drive down the cost of goods through expanded energy development, then leverage reciprocity in tariffs to end the exfiltration of wealth.  Then cut out regulation and unleash American enterprise. This is the way to reverse this insufferable economic trajectory that creates a “service driven economy.”   The entire interview is well worth watching:

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A bonus video below.

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Perhaps it’s just because the election is only a few months away, or perhaps it’s because President Trump’s trade and economic policies toward China were always the right approach for the USA.  Whatever the reasoning, the Biden administration is now proposing to use tariffs against China just like President Trump.

There’s a hidden dimension to the Chinese EV angle that makes this claim a little dubious, I will explain after the topline big story.

Overall, the New York Times is reporting [SEE HERE] that Joe Biden and USTR Katherine Tai are likely to trigger massive tariffs against imported Electric Vehicles (EVs) from China, perhaps as much as 100% due to the low cost of Chinese production.  Additionally, the Biden administration is considering increasing the tariff regime against imports of Chinese steel and aluminum in a bid to protect the American industry.

On the EV issue, this tariff approach is politically duplicitous by Biden against the backdrop of massive investment in Mexico by the three largest Chinese EV automakers. Last December the three Chinese auto manufacturers, MG, BYD, and Chery, announced they were going to spend billions building new EV manufacturing plants in Mexico.  Each Chinese auto manufacturer was going to spend between $1.5 to $2.0 billion.

Those Mexican built Chinese EV’s would pass into the USA market under current USMCA trade rules and regulations, as long as they technically meet the material origination rules.  This can make tariffs against the Chinese imported EVs a moot point, because China will be making them in Mexico (North American trade agreement).

One of the reasons President Trump said the U.S. auto industry would suffer a “bloodbath,” is specifically because the current Chinese auto companies are targeting these EV’s in the $10,000 or less range.  If you want to see what it looks like when cheap Chinese EV’s start to flood a consumer market, visit Russia – the western sanctions have only increased this flow.  I can see it clear as day.

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The NTSB gives an update on the Francis Scott Key bridge collapse in Baltimore, Maryland, following the impact of a Singaporean-flagged cargo ship, the Dali.

According to the update, 56 containers of hazardous materials were on board, including corrosive flammable cells, lithium ion batteries, and other hazardous materials.  Some of the HAZMAT containers were compromised and some fell into the water.  The briefing also gives a preliminary outline as an outcome of an initial review of the voyage data recorder (VDR) for six hours 00:00 to 06:00 on the morning of the impact. The timeline discussion occurs at 11:00 of the video below.  WATCH:

(Via Fox News) -[…] Homendy said the investigation would be a “massive undertaking” that is expected two take one to two years. She added that the NTSB will not hesitate to issue urgent safety recommendations during that time frame. A preliminary report is expected in only two to four weeks.

Part of the investigation will be determining what caused the ship to lose power before hitting the bridge. The source of that outage remained unknown as of Wednesday, Homendy said.

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Dramatic footage shows the Francis Scott Key bridge in the Port of Baltimore being hit by a containership that plowed directly into a bridge support. The span is part of I-695 and goes over some of the waterway leading into the Port of Baltimore. The port, officially known as the Helen Delich Bentley Port of Baltimore, handles trucks, tractors, trailers and container offloading.

Thankfully the incident happened at 01:30am and traffic across the bridge was light.

(Via MSM) – […] The Singapore-flagged 948 ft. Dali vessel crashed into a column supporting the Francis Scott Key Bridge at around 1:30 a.m. local time in Baltimore, causing part of the bridge to collapse and catch fire before sinking.

At around 1:40 a.m., the Baltimore City Fire Department received an emergency services call to respond to a water rescue in the Patapsco River, according to fire chief Wallace. Several vehicles were on the bridge at the time of impact.

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We all know the routine. Water-saving toilets that don’t flush (flush twice), water/energy-saving dishwashers and clothes washers that don’t clean (run two cycles), lightbulbs that don’t light, dryers that don’t dry (run twice), and all the ancillary nonsense that comes from the intervention of the regulatory state.

What Biden and the progressive movement call the “green new deal” effort toward “sustainability,” including the ban on gas stoves and internal combustion engines, simply results in a diminished quality of life, a loss in lifestyle productivity, and the exact opposite outcome from their expressed/intended purpose.  It’s an abject mess of stupidity, pushed under the guise of environmentalism.

Today the Biden Dept of Energy (DOE) takes it one step further with rules and regulations on fridges, freezers and fans. {DOE LINK}

Residential Refrigerators and Freezers – The efficiency standards being adopted today for residential refrigerators, refrigerator-freezers, and freezers, which have not been updated in over a decade, align with recommendations from a diverse set of stakeholders, including manufacturers, the manufacturing trade association, energy, environmental, and consumer advocacy groups, states, and utilities. Compliance will be required either January 31, 2029, or January 31, 2030, depending on the configuration of the refrigerator or freezer. The energy savings over 30 years of shipments is 5.6 quadrillion British thermal units, which represents a savings of 11% relative to the energy use of products currently on the market. DOE estimates that the standards would save consumers $36.4 billion over 30 years of shipments and result in cumulative emission reductions of nearly 101 million metric tons of carbon dioxide—an amount roughly equivalent to the combined annual emissions of 12.7 million homes. 

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This is somewhat of a predictably tragic outcome all things considered. I remember a previous conversation on these pages when GM moved massive investment into China to build their mid-size SUV brand, Encore.

Continuing the U.S. decline of the brand, the Wall Street Journal is reporting that approximately half of all Buick dealership in the U.S. have opted to take a buyout from GM, as opposed to spending millions in retooling, restructuring and retraining their staff to accommodate the EV influx.

Most of the EV’s shoved onto the dealer lots sit idle without customers to purchase them.

Wall Street Journal – General Motors (GM) has bought out about half of its 2,000 Buick dealers nationwide, based on their decision to not sell electric vehicles, according to a company spokesman Wednesday.

Dealers who are taking the buyout would give up the Buick franchise and no longer sell the brand, he said. The dealer can continue to sell other GM models, such as Chevrolet or GMC, that often account for a higher percentage of sales.

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Don’t pretend. The media are pitching this with full pretense.  Instead, look at the data carefully.  Tens of thousands of UAW members are on strike for better pay and benefits.   The installed occupant of the oval office makes a “historic” visit to the picket line.   About two dozen workers are there.  Think about it.

Look at the optics.  Do you think for one second that Team Obama would let their principal appear in such a smattering of support?  Not a chance.  This “crowd” might as well have had circles around their place to stand.  Joe Biden spent about an hour in Michigan before tripping back onto the plane and heading to meet Gavin Newsom in California.

Michigan – […] The move also appeared to be a clear counter to former President Donald Trump, who plans to visit Michigan on Wednesday instead of participating in the second Republican primary debate — the latest sign that both candidates have moved beyond the primary phase of the election and are focused on November 2024.

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There has been increasingly visible media promotion of various municipalities reinstituting mask recommendations to battle a new BA.2.86 covid variant.

Today, the New York City Dept of Health became the latest large metropolitan area to recommend the return to face masks; however, no government mandates yet.

[…] Staying up to date with COVID-19 vaccines, along with other proven prevention tools – like masking, testing, and staying home when sick – continue to be our best defense against COVID-19 and other respiratory viruses. (link)

[Source]

QUESTION: Are you starting to see increased emphasis on mask wearing in/around your local area?

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The Florida Department of Agriculture and Consumer Services (FDACS) released an urgent consumer notification that Citgo fuel services from the Port of Tampa accidentally mixed Diesel Fuel into gasoline tanker trucks that offloaded product at gas pumps in Tampa, Fort Myers, Cape Coral and other areas.  [FDACS Notice HERE]

Customers who purchased Citgo gas at the affected areas after August 26th are at risk.  Those fuel stations pumped diesel instead of unleaded gasoline.

[SOURCE]

(AP) – […] The Florida Department of Agriculture and Consumer Services said late Sunday that gasoline purchased after 10 a.m. Saturday at some Citgo-supplied stations had a strong likelihood of being contaminated with diesel fuel. Citgo identified 29 affected stations — sold at chains like 7-Eleven, BJ’s Wholesale and other convenience stores — in cities including Tampa, Fort Myers, Sarasota and more. 

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Several people have made queries about the current state of our national economic condition against the backdrop of disconnected data points that seemingly conflict. Here’s my review.

July and August are key months to gauge the prior six months of U.S consumer positioning.

Why?

Because all advance purchase orders for the U.S. holiday season are made in May, June and July for inventory builds and delivery schedules for September.  The decisions made by purchasing officers in late spring and early summer, reflect their predictive analysis for the holiday season.

Inventories are evaluated, critical financial discussions are held, and orders are placed for September arrival and distribution.  This predictive activity is what we see in the July and August data that flows from the global, multinational and shipping corporations who facilitate the transfer of the goods.  Check what is happening in distribution, and you can see what eventually creates the boxcar effect in the supply chain that ultimately leads to shuttered manufacturing.

Those who are involved in the business of shipping goods are signaling the flares around the state of the consumer economy and what will happen.  At the same time, the wording is almost hilarious in this era of great pretending.  Instead of saying ordinary words like “poor sales results for durable goods,” the parseltongue calls sales, “destocking.”  Example:  “CEO Vincent Clerc said he saw no sign that the destocking which has curbed global trade activity would end this year.”

Global shipping company Maersk is warning that shipping volume is low because warehouse inventories are high.  The goods are unsold.

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