President Donald Trump meets with Prime Minister of the Netherlands Mark Rutte in the Oval Office at the White House.
During remarks President Trump notes a phone call with Mexico’s winning presidential candidate Andres Manuel Lopez Obrador; and ongoing interviews/discussions with possible Supreme Court nominees. [Four SCOTUS nominees were interviewed today and three or four more will come in the next few days.]
On the trade front President Trump notes the ongoing issues with the WTO (World Trading Organization), and a possible confrontation looming over structural changes needed to reset global trade disparities and establish open markets.
Mexico’s president-elect Andres Manuel Lopez Obrador “AMLO” easily won yesterday’s election with 54% of the vote; the highest vote total in three decades. In addition his MORENA party won an absolute majority in both the Mexican Senate (38% +/-) and the Chamber of Deputies (38% +/-).
The multinational financial community is in the process of evaluating how the nationalist win will impact all prior investing. One of the key issues is NAFTA. Multinational corporations have poured billions into Mexico as a structural method to utilize the trade deal to gain access to the U.S. market.
Despite his campaign position, AMLO is now affirming a positive intention to renegotiate NAFTA; however, he is speaking from both sides of the current issue. Example:
[Today] Lopez Obrador said he supports reaching a deal on renegotiating the North American Free Trade Agreement with the United States and Canada.
[…] Lopez Obrador said he will propose that his own team of experts be included in the talks. The winning candidate said he will make that proposal in a meeting Tuesday with current President Enrique Pena Nieto.
The official announcement is coming momentarily. All other candidates have conceded. Looks like Andrés Manuel López Obrador, an avowed soft-Marxist, will EASILY end up with 53 to 59% of the vote and is the next President of Mexico: Primary platform points: ♦Amnesty to all drug cartels. ♦No longer will work with U.S. immigration enforcement. ♦Nationalize oil industry. ♦Farm subsidies. ♦Elimination of multinational corporate influence on farming. ♦Support and assistance for economic growth plan: using •mass migration of Mexican nationals into Southern U.S., •create AmeriMex border region, and •remittance of earnings back to Mexico as initiative for rapid domestic economic growth. (more…)
Earlier today in response to questioning about the current Democrat platform to abolish ICE (Immigration and Customs Enforcement), President Trump said he hoped his political opposition would run on that issue because they are out of touch with the American voter.
A Harvard Harris poll (full pdf below) shows President Trump’s instincts are spot-on. 1,448 polled voters. [Poll ideology: Democrat 37%, Republican 32%, Independent 29%]
An overwhelming majority of American registered voters, 70 percent, support tougher immigration enforcement to include a border wall (60% support), deportation (64% support), and repatriation of all illegal border crossers including families with Children (61% support). Additionally 69% of voters do not support the position of disbanding I.C.E.
♦ Page #67 – Do you think current border security is adequate or inadequate? 61% Inadequate / 39% Adequate
♦ Page #69 – Do you support or oppose building a combination of physical and electronic barriers across the U.S.-Mexico border? 60% Support / 40% Oppose
♦ Page #72 – Do you think that the Immigration and Customs Enforcement officers, known as ICE, should be disbanded or not? 31% Disbanded / 69% Not Disbanded (more…)
Maria Bartiromo continues to distance herself from all Sunday talk-show competition with some of the best and most insightful interviews and topics available. Today Mrs. Bartiromo interviews President Donald Trump. The substantive content is excellent.
From a position of understanding Trump policy, and expanding/predicting how each policy will carry forward, this really is one of the best interviews to date. Bartiromo hits on most topics of interest and expands on the topics of greatest consequence. Anyone who seeks to understand where the administration is going with economics and trade only needs to keep revisiting this one interview – it’s all there.
Domestic discussion includes the Supreme Court, trade and tariffs, immigration, border security, ICE, mid-term election, taxes, jobs and the ongoing battle between congress and the DOJ/FBI. Foreign discussion includes trade and geopolitics with Canada, China, the EU, North Korea, Iran and the upcoming summit with Russia. The intersection of economics and geopolitics via the Trump Doctrine is clear as day.
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[There was a time, not too long ago, when Bartiromo didn’t *get* the Trump doctrine and how economic leverage is used to achieve strategic geopolitical benefits; ultimately ending with massive wins for America. You can tell she understands the strategy now.] (more…)
Hear Ye; Hear Ye;… it is officially announced, proposed, reactified and triggeringly proclaimed by the ICC that Froglegs vaccinations are once again available.
Within the German economy the auto-sector holds the largest political influence. Because of this dynamic all German politicians kneel at the knee of the big industrial auto manufacturers. It has been said that losing support from within the auto-sector is much worse on a German politician than losing support from party or parliament.
Because of this dynamic; and specifically because the German auto-sector is dependent on the United States as their biggest customer, President Trump holds leverage over German Chancellor Angela Merkel. This makes Fraulein Merkel unhappy.
President Trump wants three EU issues resolved: 1) Germany to contribute the minimum 2% of GDP for their own NATO defense. 2) Germany/EU to support enhanced sanctions against Iran; and 3) President Trump wants all German/EU protectionist trade barriers and tariffs lowered or eliminated – and new trade deals negotiated.
To gain momentum on these initiatives, President Trump is using the economics of trade as leverage. Trump has suggested a 20% tariff on all EU automobiles shipped into the U.S. [The same standard now likely proposed toward Canada] The German auto-sector, and as a consequence the German economy, simply cannot survive without low cost access to the U.S. market, their biggest customer. (more…)
Interesting how two different articles (Reuters HERE) and (CBC HERE) hit on the same issue; a call between Prime Minister Justin from Canada and U.S. President Trump. According to both reports Justin from Canada reached out prior to the listing of the counter tariffs to the U.S. Steel and Aluminum duties.
BEDMINSTER, N.J./OTTAWA (Reuters) – U.S. President Donald Trump spoke with Canadian Prime Minister Justin Trudeau late on Friday to discuss trade and other economic issues, White House Press Secretary Sarah Sanders said on Saturday.
During the call, Trudeau told Trump that Canada had no choice but to announce reciprocal countermeasures to the steel and aluminum tariffs, according to a separate statement issued by Canada late on Friday. The two leaders agreed to stay in close touch on a way forward, the statement added.
With new spark plugs, Kuddles was thrilled to discuss the latest economic key performance indicators. National Economic Council Chairman Larry Kudlow talks about the health and growth of the U.S. economy with Maria Bartiromo.
Today Canada released an updated list of retaliatory tariffs designed as countermeasures to the U.S. Steel and Aluminum tariffs [SEE HERE] which will begin Sunday, July 1st.
Additionally, Foreign Minister Chrystia Freeland, Innovation Minister Navdeep Bains, and Employment and Labour Minister Patty Hajdu, announced they would initiate an emergency program to use Canadian taxes compensate workers, expand unemployment benefits, and subsidize impacted industry. Yes, in a transparent display of political ideology (throwing capitalism directly out the window), Canada doubles-down on centralized government subsidies to offset market impacts. Brilliant ‘eh!
Chrystia Freeland made the announcement on the floor of a Hamilton steel factory Friday. In a rare backdrop, Ms. Freeland actually entered a factory with machines and things, to deliver the carefully choreographed political message (video below – watch the last minute to understand).
Team U.S.A. have applied tariffs to Canadian softwood lumber, Steel and Aluminum as Canada refuses to negotiate new terms for NAFTA where North American products are prioritized. Canada demands the ability to continue importing Asian, mostly Chinese, products for their assembly-based market.
With the latest counter-move by Justin and Chrystia from Canada, it is increasingly likely President Trump will levy a 20% tariff on imported Canadian automobiles. Last month (May) the Canadian economy dropped over 31,000 Full-Time jobs. (more…)
