President Trump tours a new cardboard manufacturing plant in Ohio with plant owner Anthony Pratt and Australian Prime Minister Scott Morrison. During the tour President Trump stopped to make remarks to the traveling press pool:
President Donald Trump meets-up with Australian Prime Minister Scott Morrison to deliver remarks at the Grand Opening of a Pratt Industries Plant in Wapakoneta Ohio. Anticipated start time is between 5:00pm ET and 6:00pm ET.
UPDATE: Video Added
Secretary of State Mike Pompeo appears on Fox News Sunday to discuss the latest act of aggression by Iran and the Trump administration response.
Today President Trump will be traveling to NRG Stadium in Houston, Texas, to join Indian Prime Minister Narendra Modi at a celebratory event. India is a key geopolitical ally in President Trump’s Indo-Pacific strategy. [Economics, Trade and Security]
Update: Video Added
Last week U.S. economic data included the Labor Department’s report on initial filings for unemployment benefits, at historically low levels. Also last week, the Commerce Department reported the U.S. housing market (new homes and permits) was the strongest since 2007. Then came the Philadelphia Fed’s index of manufacturing business activity in September, more than doubling estimates as factories continue to expand. And if that wasn’t too much winning, the Commerce Department then announced August retail sales growth was double expectations. Main Street USA is very strong.
None of the economic data supports the almost month-long ‘recession narrative’ pushed by financial pundits and media narrative engineers; and next week the second estimate of Q2 GDP growth will be released. Attempting to retain the smallest remaining whiff of credibility, the Bloomberg economists now announce they’re cancelling the recession.
Yes, in a piece titled “Hold That Recession – U.S. Indicators are Trouncing Forecasts“, Bloomberg admits the economy doesn’t match their gloomy narrative:
(Bloomberg) — The U.S. economy is outperforming expectations by the most this year, offering a fresh rebuttal to last month’s resurgent recession fears fueled by the trade war and a manufacturing slump.
The Bloomberg Economic Surprise Index has reached an 11-month high after four indicators released Thursday, including existing home sales and jobless claims, each surpassed expectations.
For the past several weeks China has been hoping to divide the trade dispute into two tracks thereby separating trade issues related to U.S. national security. Beijing wants, heck needs, the simple agricultural trade because they are food dependent and need that uninterrupted. However, they are strongly opposed to a comprehensive trade reset.
Beijing wants to wait-out President Trump on the more substantive issues surrounding: intellectual property rights; forced transfer of IP and manufacturing secrets; non tariff barriers including limited access to China’s controlled markets; and state run company subsidies that lead to market dumping and saturation.
Along with avoiding legal compliance issues, China wants to carve-out the complex stuff from a simple trade agreement.
However, when asked today about the possibility of carving out a partial deal President Trump emphatically said: “NO”. During a press conference with Australian Prime Minister Scott Morrison, President Trump said:
“We’re looking for a complete deal, I’m not looking for a partial deal. China has been starting to buy our agricultural product; if you noticed over the last week, and actually some very big purchases. But that’s not what I’m looking for, we’re looking for the big deal.
Earlier today President Trump and First Lady Melania welcomed Australian Prime Minister Scott Morrison and Mrs. Jenny Morrison to the White House. Prior to delegation meetings the President and Prime Minister held a press availability in the oval office.
As part of the breaking news discussion, President Trump and Treasury Secretary Steven Mnuchin announced new sanctions on Iran. [Video and FULL Transcript Below]
President Donald Trump and Australian Prime Minister Scott Morrison will be holding a joint press conference from the East Room at approximately Noon ET.
[UPDATE: Video Added, Transcript will follow]
Michael Pillsbury traveled to Hong Kong recently to help explain the goals and objectives of President Trump’s U.S-China trade position. During an interview, Mr. Pillsbury warns Beijing interests not to interpret the current U.S. position as aggressive, because the dragon has yet to see the severe side to Trump’s position.
During an interview with the South China Morning Post, Pillsbury points out there are a great many more ways that President Trump is prepared to respond if the combative trade position from China remains hostile to any concessions. This first option was their best option. However, should they choose further trade conflict, President Trump will happily oblige.
CTH research on Trump’s outlook, vis-a-vis China, has led us to believe there is no upper limit to the economic weapons President Trump is willing to deploy; and considering that Pillsbury can be relied upon to deliver honest, accurate and deliberate remarks about the White House position, these warnings from a close advisor to the President should be weighted accordingly.
(South China Morning Post) – The United States is set to ramp up the pressure on China if a trade deal is not agreed soon, a key White House adviser said, adding that Washington has so far imposed only “low level tariffs” on the Asian giant.
Fox News host Maria Bartiromo had Kevin McCarthy and Larry Kudlow on Fox Business to discuss the status of ratification for the USMCA agreement. After McCarthy outlines the politics of Nancy Pelosi intentionally holding back the ratification vote, and states if the agreement is not passed prior to Thanksgiving it will not be done, Larry Kudlow follows up with a more optimistic outlook.