Finally today we see a significant loss for the “Big Club”. Speaker Paul Ryan, the GOPe professional business class, Wall Street and the U.S. CoC accept the Border Adjustment Tax is not going to be a part of any larger tax reform agenda under the Trump administration.

Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and President Trump win the policy argument with the removal of the B.A.T.
In a joint statement outlining the forward plans for tax reform the “Big Six” tax negotiators (Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, Treasury Secretary Steve Mnuchin, National Economic Council Director Gary Cohn, Senate Finance Committee Chairman Orrin Hatch, House Ways and Means Committee Chairman Kevin Brady), announce the consumer punishing BAT will not be included.

[…] “While we have debated the pro-growth benefits of border adjustability, we appreciate that there are many unknowns associated with it and have decided to set this policy aside in order to advance tax reform.” (more)

The B.A.T was to revenue collection on imported products and impact on consumers – what the Obamacare mandate was to revenue collection on healthcare and impact on consumers.
The B.A.T  was simply a scheme to embed the cost of renegotiated trade import tariffs, directly onto the consumer, isolated away from any responsibility on the corporation to reduce their own internal efficiencies as a method to keep the price down. It was a dubious and manipulative effort.
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Earlier this afternoon President Trump joined the American Legion Girls and Boys Nation organization in the Rose Garden.    After spending time taking pictures and meeting the individual members and leaders, President Trump delivered remarks to the group:

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There’s great raw feed video from earlier in the event below. Looks like everyone participating was having a grand time at the White House, the president included.
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President Trump’s MAGAnomic and foreign policy agenda is jaw-dropping in scale, scope and consequence. There are multiple simultaneous aspects to each policy objective; they have been outlined for a long time even before the election victory in November ’16.
If you get too far into the weeds the larger picture can be lost. CTH objective is to continue pointing focus toward the larger horizon, and then at specific inflection points to dive into the topic and explain how each moment is connected to the larger strategy.
Today we dive into how MAGAnomic policy interacts with Wall Street, the stock market, the U.S. financial system and perhaps your personal financial value.  Again, the ongoing reference and source material is included at the end of the outline.
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David Mamet famously said (paraphrased): ‘when questioned on policy and consequence, in order to avoid the conflict within their ideological message, modern liberals will always pretend not to know things.’
In today’s audio/visual example we find top national democrat leadership pretending not to know their rebranding message, “A Better Deal“, is nothing short of an almost identical policy platform created by the current President, Donald Trump. A policy platform they are committed to blocking.
You just can’t make this stuff up folks.

“We Haz Plans“

Seriously, it took months of carefully poll tested review of each specific point to create the agenda that Democrats hope will help them win election in 2018. However, if you look at the substance of their “Better Deal” proposals a person cannot help but find themselves feeling deja vu, all over again.
The platform includes: •a $15 minimum wage (economically inadvisable and already having devastating consequences in local areas of enactment), •a $1 trillion infrastructure plan (hey, isn’t that Trump’s idea?), •new trade laws more beneficial to American workers (wait, what, yup, Trump again?), •and a plan to engage in job training and national apprenticeship initiatives (yup, more Trump). Heck, if they throw in a modern Glass-Stegall they can just call it “Trump’s Better Deal 2.0”, or something.
What makes the entire exercise intensely ludicrous is the amount of energy, effort and execution they put into the roll-out:
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We received a tip a few weeks ago that President Trump might be attending the national Boyscout Jamboree in West Virginia this year.  Well, it appears to be confirmed for Monday night July 24th:  VERY EXCITING

(Boy Scouts of America) On Monday evening, July 24, the President of the United States, Donald J. Trump, will become the eighth president to visit a national jamboree. President Trump’s visit will precede that evening’s stadium show. Experiencing a presidential visit is a once-in-a-lifetime experience — all Scouts, Venturers, leaders, and staff should begin preparing for one of the Jamboree’s signature moments.  (read more)

The Monday night event takes place at the Boy Scouts of America venue AT&T Summit Stadium, which is located on 10,600 acres of property adjacent to West Virginia’s New River Gorge National River, the Summit Bechtel Family National Scout Reserve.
The Jamboree has a scheduled gathering at 7:30pm titled “Fellowship and Service”.  President Trump’s visit and remarks appear scheduled just before this event.  President Obama never attended, however President George W Bush and President Clinton did attend.  History of Presidential Attendance HERE

The U.S. building industry is a manufacturing sector made up of individual smaller material sectors.  Steel rebar is one such sub-sector.
WILBUR ROSS – U.S. Secretary of Commerce Wilbur Ross today announced the affirmative final determination in this antidumping duty (AD) investigation, finding that steel concrete reinforcing bar from Taiwan is being sold in the U.S. market at unfair prices.
The Commerce Department determined that exporters from Taiwan have sold steel concrete reinforcing bar in the United States at 3.50 percent to 32.01 percent at less than fair value based on factual evidence provided by the interested parties.
The Commerce Department will instruct U.S. Customs and Border Protection (CBP) to collect cash deposits from importers of steel concrete reinforcing bar from Taiwan based on these final rates.
“The United States can no longer sit back and watch as its essential industries like steel are destroyed by foreign companies unfairly selling their products in the U.S. markets,” said Secretary Ross. “We will continue to take action on behalf of U.S. industry to defend American businesses, their workers, and our communities adversely impacted by unfair imports.”
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Earlier today President Trump met with survivors of the attack on Pearl Harbor and the sinking of the U.S.S. Arizona.

[Transcript] 2:51 P.M. EDT – THE PRESIDENT: Thank you very much. Today it’s my distinct privilege to welcome to the White House three of the five living survivors of the USS Arizona. This is their first time to our nation’s capital — Ken, Lauren, and Don. I hope this trip does honor to you and your truly heroic service and we wanted to thank you all. That is so good. Thank you very much. Thank you for giving me the nicest hardware, plus a beautiful patch. Thank you.
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If you alert your family not to schedule anything important on round-one NAFTA days, well, you might just be a trade and economics nerd.  LOL  Seriously, this is one of the biggest economic processes that falls almost exclusively outside of the reach of lobbyists.
And within this entire NAFTA trade construct there is little to zero downside to walking away. If Team Trump don’t get what they want from a completely reworked trilateral agreement, they can always just eliminate NAFTA and work on bilateral agreements with Mexico and Canada as individual trade partners. Team USA hold all the leverage.  

USTR is anticipating seven rounds of talks which will take place at three week intervals.
The first round is scheduled for August 16th through 20th in Washington DC.

Washington, D.C. – United States Trade Representative Robert Lighthizer today announced arrangements for the first round of negotiations for the North American Free Trade Agreement (NAFTA).
The first round of the negotiations between the United States, Canada and Mexico will take place in Washington, D.C. from August 16 – 20, 2017.
The negotiations immediately follows the 90-day consultation period with Congress and the public initiated on May 18, 2017. On that day, Ambassador Lighthizer notified Congress of President Trump’s intent to renegotiate NAFTA to get a better deal for America’s workers, farmers, businesses and manufacturers.

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Those who have followed the MAGAnomic trade and economic policy closely were aware a tonal shift had taken place in the last several weeks.
Specifically because of their weak position, and faced with the first U.S. President in their modern economic history who intends to stop the erosion of American wealth, China intentionally used North Korean aggression in order to create trade leverage with the U.S.
Today, at the U.S./China Comprehensive Economic Dialogue in Washington DC Commerce Secretary Wilbur Ross left no room to doubt the approach President Trump and the U.S. trade team are going to take in the upcoming trade standoff.
At opening remarks between the two sides, Ross outlined the U.S. trade gap with China in unusually blunt terms. While U.S. exports to China have grown in recent years, imports have expanded even faster, leading to a $309 billion trade deficit.

“If this were just the natural product of free-market forces, we could understand it, but it’s not,” Ross said, as Chinese Vice Premier Wang Yang looked on. “So it’s time to rebalance in our trade and investment relationship in a more fair, equitable and reciprocal manner.”  (video below)

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In February U.S. President Donald Trump and China’s President Xi Jinping agreed to a format for ongoing trade discussion and economic dialog.  The outcome of their discussions was a 100 day road map to include way-points for economic dialog.
An outcome from the way-point approach was a showing of good faith with China opening their market to U.S. Beef export and the purchase of U.S. liquefied natural gas (LNG), while allowing greater access to its financial services sector to U.S.   However, significant trade imbalance remains and ongoing U.S./China economic dialog was scheduled.
Today Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross, USTR Robert Lighthizer and White House Adviser Jared Kushner  attended the next phase US – China Comprehensive Economic Dialog meeting.

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*NOTE* after Wilbur Ross delivered his brutally honest remarks the Chinese contingent to the talks cancelled a 5:00pm press conference.
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