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.
National Economic Council Chairman Larry Kudlow appeared on Fox Business today to discuss the current state of the economy. Mr. Kudlow was questioned about several media reports surrounding discussions of new tax cuts, tax rate modifications and tax policy.
Additionally, Kudkow updates the latest position on the U.S-China trade discussion.
God bless Secretary of State Mike Pompeo for having the diplomatic restraint to stand next to the absolute worst diplomat on the planet and retaining his cool. Canadian Foreign Minister Chrystia Freeland stands atop her proverbial high-horse and pontificates a diatribe that only a smug leftist can deliver.
If you are familiar with world events,… and you don’t want a blood pressure cuff to explode,… then don’t watch this joint press conference. [Transcript likely later today] If you’ve ever watched two diplomats pretend to have any commonality, while simultaneously jabbing each-other in the eye, this is an audio-visual exhibition:
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To say the Trump administration and Trudeau administration are ideologically oil and water would be the understatement of the year. The U.S. and Canadian, political, cultural, geopolitical and economic outlooks are entirely divergent.
That reality is one of the reasons why an open U.S. Ambassador to Canada position is unlikely to be filled. Seriously, who wants to talk to these smug and condescending jerks? (more…)
President Trump was delivering another round of delicious Chopper Presser rebuttals to the MSM narrative engineers today, when he remarked about confronting China: “I am the chosen one”… And the media had the customary spontaneous ‘splodey head.
First, the people’s president is right, he is the chosen one. Through prayer and divine providence, we finally have a businessman fighting for Main Street USA. Secondly, it’s funny to watch an entire MSM apparatus that decries religion, suddenly searching for scripture in their anti-MAGA talking points. Too funny. Only Trump can achieve this.
Epic. Just epic. WATCH:
The Wall Street pundits are having a harder time pushing their recessionary economic narrative while the results from Main Street continue to beat expectations. Two data points continue to highlight the strength of Main Street: Home Sales and Wage Gains.
President Trump’s MAGAnomic policies are focused on delivering results to the middle-class worker and family. The middle-class American is the engine for a Main Street economy. Growing the middle-class is the key to strengthening the U.S. economy and blocking negative global economic influence. Growing the middle-class is how the U.S. economy continues to be self-sustaining. [We buy/use 80% of our own production.] Today The National Association of Realtors released data showing existing home sales rose 2.5% to a seasonally adjusted annual rate of 5.42 million units in July. Forecasters only expected 5.39 million units. The U.S. Main Street housing market is very strong.
Because the results defy pundit expectation, Reuters has to ignore the strength of Main Street and put the Wall Street spin on the results. The efforts to keep pushing a negative economic narrative are intense [Trillions At Stake]:
WASHINGTON (Reuters) – U.S. home sales rose more than expected in July, boosted by lower mortgage rates and a strong labor market, signs the Federal Reserve’s shift toward lower interest rates was supporting the economy.
President Donald J. Trump spoke by telephone with Prime Minister Boris Johnson of the United Kingdom earlier today to discuss a wide range of trade and economic issues. Prime Minister Johnson also provided the President with an update on Brexit. The President expressed great enthusiasm for his upcoming meeting with the Prime Minister at the G7 Summit in Biarritz, France. (link)
The G7 is being held August 24th – 26th. The word of a tentative post-Brexit U.S-U.K trade agreement was first released last week. The potential construct has the assembly of mutual benefit and follows a plan previously recommended by President Trump to Prime Minister Theresa May. (more…)
CTH suspected this was going to happen. This was predictable if you have followed the fracture between Main Street (Trump) and Wall Street (multinationals). Remember, there are trillions at stake. This news today is part of the battle. Here’s the cut through the BS motive behind the multinational association of Business Roundtable CEO’s (these are all pure Wall St.) suddenly saying “social responsibility should be put above profit“…
NEW YORK (Reuters) – Top CEOs say companies should put social responsibility above profit. Corporate America is responsible for providing economic benefits to all, not just its investors, the Business Roundtable group said on Monday.
The group’s “statement of corporate purpose” was signed by the heads of more than 180 U.S. companies, including the CEOs of Amazon.com Inc (AMZN.O), American Airlines (AAL.O), the largest airline in the world; and JPMorgan Chase & Co (JPM.N), the biggest American bank.
Commerce Secretary Wilbur Ross appears with Maria Bartiromo to discuss the security concerns around Chinese company Huawei and technology products designed to extract intelligence and data. [Details of Commerce Announcement Follow Video]
Secretary Ross explains the Commerce Department decision to add 46 new Huawei subsidiaries to the restricted entity list requiring U.S. companies to apply for temporary licenses for Huawei purchases. Due to the potential security ramifications the Commerce Dept. is giving U.S. companies 90-days (under Temporary General Licenses) to find alternate suppliers before all commercial engagement is halted.
Earlier today President Trump, Melania Trump and Barron Trump arrived in Morristown, NJ, airport en route back to Washington DC. Prior to boarding Air-Force-One the President delivered brief remarks and answered media questions for 36 minutes.
[Note: longer version of video provided to see young 13-year-old (very tall) Barron Trump as he arrives with Mom and Dad. (Full Video (begin 6:45) and Transcript below)]
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[Transcript] – THE PRESIDENT: So, we had a lot of meetings yesterday on Afghanistan, on the economy — which is doing very well. We have the strongest economy, by far, in the world. The tariffs have cost nothing, in my opinion, or certainly very little. We have import prices from, and through, July — all the way through July. And they’re down 1.8 percent so that the import prices have actually gone down.
China is eating the tariffs because of monetary manipulation. And also, they’re pouring a lot of money into their country because they don’t want to lose jobs. They’re losing, as you probably know, because you reported it, but they lost over 2 million jobs in a short period of time. And they want to make a deal; we’ll see what happens. But they definitely want to make a deal. (more…)
Last Friday President Trump had dinner with Tim Cook, aka “Tim Apple.”
The dinner came on the heels of USTR Lighthizer announcing a postponement of “next step” 10 percent tariffs against Chinese manufactured products… Interestingly, the one of the product groups within the delay is personal computers…. Interestingly, Tim Apple was going to launch production assembly of the Macintosh personal computer in China.
Now, consider this:
CHINA – When ground was broken in March 2017 for a new US$9 billion factory owned by a subsidiary of Foxconn Group, the event was witnessed by then Guangdong party secretary Hu Chunhua and Terry Gou Tai-ming, the Taiwanese billionaire who created Foxconn, the world’s largest assembler of Apple’s iPhones and tablets.
