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.

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During an oval office press conference today, President Trump took several questions about China and the U.S. trade confrontation.  After receiving the third question, on the same subject, President Trump paused and then went deep into the heart of the issue.
The question was: ” Mr. President, you keep insisting that your trade war with China — the trade war with China is not affecting the U.S. economy. But a lot of economists disagree with that. And they worry that if China goes into a recession, they’ll pull us down with it.”
Here is President Trump’s response:

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[Transcript] … PRESIDENT TRUMP: Well — well, okay. Let me — let me tell you something. Number one, we’re doing very well as an economy. But somebody had to take China on. You know, I read and I see so much and I read so much, and I’ll see these economists saying, “Oh, give up. Give up on China. Give up.”
China has been ripping this country off for 25 years — for longer than that. And it’s about time, whether it’s good for our country or bad for our country short term. Long term, it’s imperative that somebody does this because our country cannot continue to pay China $500 billion a year because stupid people are running it.
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Earlier today President Donald Trump welcomed President Klaus Iohannis of Romania to the White House.  During the Oval Office media availability by both leaders President Trump took multiple questions from U.S. media. [Video and Transcript Below]

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[Transcript] – PRESIDENT TRUMP: Well, thank you very much, everybody. It’s an honor to be with the President of Romania, who’s highly respected and done a great job. And I hear there’s a little political season going on in Romania, but I would imagine you’re going to do very well because you’re very talented, you love the people.
And we’ve had a great relationship with Romania. The United States and Romania have gotten along better than ever before. So, I want to thank you for that.
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According to the White House:

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.
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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.

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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.

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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.
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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.

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White House Trade and Manufacturing Advisor Peter Navarro appears on CBS ‘Face the Nation’ and ABC ‘This Week’ to outline the strength of the U.S. economy, and the current U.S-China trade reset, including tariffs.
There are trillions at stake.
Food for thought – contemplate how Sunday media bookings take place.  The ‘subject‘ for  Sunday interview discussions, and who they need for their narrative engineering sessions (ie. interview schedules), are made by MSM *corporate media early in each week.  [*U.S. Media are owned by Wall Street multinational conglomerates]
Obviously, as noted in the WH scheduling requests, the corporate MSM was planning to follow up and exploit their 48 hour engineered narrative (Tue/Wed) surrounding a false recession.  Unfortunately the excellent Commerce Dept. economic data released Thursday crushed their objectives… Thus, the corporate media were tripped up mid-plan.

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White House Trade and Manufacturing Policy Advisor Peter Navarro appears on CNN to debate economic policy with Jake Tapper. As customary Tapper attempts to use the Multinational Big AG talking points to identify farmers as victims.
♦The yield on the benchmark 10-year Treasury note dropped to 1.623% Wednesday for less than one hour; momentarily below the 2-year bond rate of 1.634%. The cause was a rapid influx of foreign capital, mostly from the EU (due to negative interest rates), into the U.S. to secure a return. This is not comparable to the historic ‘bond rate inversion’.
♦The biggest fallacy pushed in this interview, YET AGAIN, surrounds price impacts on Chinese imports. Tapper takes the talking points of the Wall Street multinationals, and their paid think-tanks, to push an empirically false assertion of the U.S. consumer paying for tariffs on China. Here’s the easiest refutation of that nonsense:

• The Steel (25%) and Aluminum (10%) tariffs have been in place for two years.
• The 25% tariff on $250 billion Chinese goods have been in place over a full year.
• The current inflation rate (Consumer Price Index) is only 1.4%.

(Bureau of Economic Analysis – Personal Income and Consumer Price Index)

If the tariffs on China were impacting consumers, inflation would be much higher. In fact the exact opposite is happening. Because the protectionist Chinese and EU currency manipulation hits *ALL* imports, including non-tariff products, we are actually importing deflation.

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