The DOJ in Boston have announced the arrest of a Winchester resident, Elijah Majak Buoi, 38, for seeking more than $13 million in PPP loans from the COVID rescue package.

BOSTON – A Winchester man was arrested today and charged with allegedly filing fraudulent loan applications seeking more than $13 million in forgivable loans guaranteed by the Small Business Administration (SBA) for COVID-19 relief through the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief and Economic Security (CARES) Act.

Elijah Majak Buoi, 38, was charged in a criminal complaint with wire fraud, and will appear in federal court in Boston this afternoon.

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President Trump’s White House Economic Advisor Kevin Hassett holds an impromptu press availability to discuss continued efforts to reopen the economy while mitigating COVID-19 impacts.

As Hassett notes in all states where the economy has reopened there is significant economic rebound including strong sales and a need for rapid reemployment. The underlying economy is very strong; the primary issue is getting all states to reopen.

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White House Trade Policy Advisor Peter Navarro outlines what many CTH readers are aware of.  John Bolton begged for the job and enlisted Sean Hannity and Mark Levin to get advanced recommendations.  That’s how he got in. However, as National Security Advisor John Bolton never understood the President Trump doctrine, using economics to achieve national security objectives.  Underline it, highlight it, that’s the primary issue.

In this interview Navarro goes full wolverine on Bolton, and deservedly so.  What Navarro outlines is the truthful reality.  You can tell because it aligns at every level with what we watched every day while John Bolton was in the administration. God bless Navarro for truthfully calling the baby ugly.  WATCH:

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John Bolton felt unimportant in the world of geopolitics because President Trump relied on the economic team of Secretary Mnuchin, Secretary Ross, USTR Lighthizer and Trade Advisor Peter Navarro to achieve national security objectives.

Bolton was the knuckledragger at the end of the table, useful as leverage, where Trump could point to him and say lets make a deal to keep the warmongers like this guy out of the picture. Bolton’s biggest problem was with that Trump doctrine.

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This hearing might be a little too wonky for some, but not too many other policy issues touch 100% of American lives.   U.S. Trade Representative Robert Lighthizer will be delivering testimony today outlining the 2020 trade policy agenda.

The testimony is before the House Ways and Means Committee, and will be livestreamed on the committee website [SEE HERE] and below at 10:00am ET from the Longworth House Office Building.  USTR Lighthizer is the sole witness.

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Lighthizer will also be testifying to the Senate Finance Committee at 3:00pm. [LINK]

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U.S. Trade Representative Robert Lighthizer is testifying tomorrow at 10:00am to the House Ways and Means committee; later in the afternoon Ambassador Lighthizer will testify before the Senate Finance Committee.

The New York Times has received an advance copy of USTR Lighthizer’s opening statement, and the liberal publication is apoplectic the Trump administration plans to outline an even more aggressive stance toward the World Trade Organization (WTO).

According to the pearl-clutching Wall St. class, Lighthizer is going to inform congress of Trump/USTR plans to demand tariff reciprocity; and Lighthizer will indeed raise tariffs against any nation that continues to attempt one-sided benefit. [EU will go bananas]

One method to approach tariff inequality would be for the U.S. to lower the import value threshold for non-tariff exemptions. Currently the U.S. does not apply import duties to any product valued under $800. This is a great benefit to China, southeast Asia, and U.S. on-line retailers such as ebay and Amazon; however, the zero tariff threshold hurts U.S. manufacturers because China and other nations do not reciprocate.

It is anticipated that USTR Lighthizer will inform congress the U.S. will lower that import threshold to match the same value level applied by other nations. Obviously the U.S. Chamber of Commerce and the Wall Street multinationals will not like this approach.

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Data released by the Commerce Dept [pdf here] shows U.S. shoppers increased spending by a record 17.7% from April to May. The jump in spending was double the amount most economists and forecasters were predicting.

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(Reuters) Retail sales jumped 17.7% last month, the biggest advance since the government started tracking the series in 1992. Sales dropped a record 14.7% in April. Economists polled by Reuters had forecast retail sales would rise 8% in May. (link)

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New coronavirus reports from Beijing are very sketchy. According to Chinese authorities they have identified a new strain of coronavirus at a massive wholesale food market in Beijing called the Xinfadi Market.  They are blaming “European Salmon”…

Beijing officials have reported 79 cases over the past four days, the biggest concentration of infections since February. The spate of new cases prompted officials in many parts of the city to swiftly bring back tough counter-epidemic measures, with at least three districts entering “war-time mode.”

Measures imposed included erecting round-the-clock security checkpoints, closing schools and sports venues, and reinstating temperature checks at malls, supermarkets and office buildings. CNBC REPORT:

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There have been several economic reports that China’s manufacturing economy is contracting. Considering a desperate dragon…. It would not be out of place to consider that Beijing would react to losing an economic war, or even economic position, by trying to unleash a globally mitigating virus intended to target their geopolitical adversaries [Hong Kong, Taiwan and the U.S.]

This zero-sum outlook is EXACTLY how the Chinese red dragon thinks!

We have been engaged in an undeclared economic war.  Perhaps it’s time we made an official and public declaration; and strategically, openly, aligned all U.S. interests toward economic combat.

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Earlier today President Donald Trump participated in a roundtable discussion with various Administration officials to highlight their respective efforts to safeguard America’s senior citizens. Attendees include: Attorney General Bill Barr, HHS Secretary Alex Azar, HUD Secretary Ben Carson, VA Secretary Robert Wilkie, HHS Administrator Seema Verma, Centers for Medicare & Medicaid Services (CMS), and Chief Gary Barksdale, U.S. Postal Inspection Service (USPIS).

AG Barr noted seniors are being targeted by internet scammers and gave examples of DOJ intervention. USPS Chief Barksdale noted similar activity using the postal service and highlighted USPS intervention and arrests. VA Secretary Wilkie noted efforts to combat COVID-19 amid senior veterans. There was also an extensive press availability.

[Video and Transcript Added]

[Transcript] – THE PRESIDENT: Okay, thank you very much. Today is World Elder Abuse Awareness Day, and we’re here to discuss our ironclad commitment to protecting and caring for America’s seniors.

We’re joined by Vice President Mike Pence, Attorney General William Barr, Secretary of Health and Human Services Alex Azar, Secretary of Housing and Urban Development Ben Carson — who, by the way, was fantastic over the weekend in various interviews you did, Ben. Really good job, I appreciate it. Secretary of Veterans Affairs Robert Wilkie, Administrator Seema Verma, Chief Postal Inspector of the United States Postal Inspection Service Gary Barksdale. And Gary has done a great job, especially with spotting drugs coming into our country. He’s done a fantastic job.

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The U.S. media are in ideological alignment with blue state governors and congressional democrats to hype COVID-19 panic as a method to keep the economy from reopening.  To advance this narrative the crowds during mass protects they approve of are ignored; but any crowd at an event they do not align with is used to push panic. Everyone can see this.

The New York manufacturing index shocked everyone earlier today showing a strong rebound.  The index “unexpectedly” surged 48 points in June surprising all economic forecasters.   Meanwhile, National Economic Council Chairman Larry Kudlow appears on Fox News to discuss the dynamics.

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As Kudlow notes, President Trump is looking to use any potential phase-4 legislative package to inject a massive ‘America First’ boost, via tax incentives for manufacturing business interests to return to the U.S.  The administration does not see a need for additional direct spending, bailouts, or continued payments; however, this is an opportunity to provide tax incentives to boost U.S-centric economic activity.

It’s important to remember the dynamic of U.S. multinationals (Wall St), and how many of them align with Democrat and media efforts to hold down the U.S. economy. There are trillions at stake.

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The COVID shutdown was an exceptional event. The consequences from the shutdown do have ripple effects; however, the strength of the underlying economic foundation is now coming back into focus as the rebound starts taking shape.

Last week most economic analysts were stunned by the 2.5 million jobs added to the economy in May. As we shared earlier, the result wasn’t so surprising when you consider the framework of the Paycheck Protection Program (PPP) worked exactly like President Trump and Treasury Secretary Mnuching planned. The incentives within the PPP program did what they were intended to do; small and mid-sized businesses retained or rehired their employees.

Inside the foundation of the Trump Main Street economy, the cement that binds the America-First policy, are a series of pre-established economic policies that specifically targets middle-class workers. The foundation is made strong by net wage gains and earnings amid mid-tier workers; those wage gains are made more important by policies that keep inflation in check.

Blue-collar workers, on average, were fortunately positioned to ride-out the COVID shutdown. With the shutdown over; Main Street now quickly fires back into action.

The demand for mortgage applications rose five percent last week, resulting in year-over-year growth over 13 percent. Again, this result stuns the experts. Demand for home purchases remains high and people are confident in their income security to make big decisions on home financing. The visible strength of Main Street cuts against the naysayers and doomsayers who thought the COVID shutdown would collapse the economy. It didn’t.

It did not, because (a) the shutdown was an exceptional event; and (b) the underlying foundation is stronger than the blow it took from the COVID sledgehammer.

(Via CNBC) “The recovery in the purchase market continues to gain steam, with the seasonally adjusted index rising to its highest level since January,” said Joel Kan, an MBA economist. “Purchase activity increased for the eighth straight week.”

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