As Wall Street’s Big Club politicians go bananas over the pending tariffs on Mexico, House Judiciary Committee ranking member Doug Collins appears on Fox morning to discuss his own visit to the border, the growing crisis and the political intransigence in DC.
Vice-President Mike Pence traveled to Canada today as an emissary of the Trump administration to support Canadian passage of the USMCA trade agreement.
According to Reuters media reports the vice-president was focused on the importance of a strong North American economic alliance, and how a united tri-lateral agreement can form a geopolitical hedge against influence from communist China and socialist ideologies in Cuba and Venezuela. Justin from Canada expressed his perspectives over diminished women’s rights, U.S. abortion laws, the important contributions of a transgender workforce, climate change and the NBA championship playoffs…. Yes, really:
Today is a very good day. Despite the professional punditry and their doomsayer predictions of Trump tariffs driving up costs for consumers, exactly the opposite is happening.
Despite large growth in the Main Street USA economy; and despite large wage gains by U.S. blue-collar workers; inflation remains low and mysteriously detached from the Fed monetary policy.
WASHINGTON (Reuters) – U.S. inflation was much weaker than initially thought in the first quarter amid a sharp slowdown in domestic demand, which could cast doubts on the Federal Reserve’s view that the benign price pressures were largely because of temporary factors.
The personal consumption expenditures (PCE) price index excluding the volatile food and energy components increased at a 1.0% rate last quarter, the government said. The so-called core PCE price index, which is the Fed’s preferred inflation measure, was previously reported to have risen at a 1.3% pace.
The increase last quarter was the smallest in four years and pushed inflation further below the Fed’s 2% target. (read more)
They just don’t get it. For over three years CTH has been explaining how President Trump’s maganomic policy will reverse three decades of stagnant Main Street economic growth. Today the Bureau of Economic Analysis (BEA) once again confirms our earlier predictions, and releases the data showing inflation is essentially nonexistent.
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Despite the professional doomsayer predictions from the professional financial class of Wall Street investment punditry, Main Street is upbeat and consumer confidence is strong.
Tariff-Man Winning
“Consumer Confidence posted another gain in May and is now back to levels seen last Fall when the Index was hovering near 18-year highs,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “The increase in the Present Situation Index was driven primarily by employment gains.
Consumers expect the economy to continue growing at a solid pace in the short-term, and despite weak retail sales in April, these high levels of confidence suggest no significant pullback in consumer spending in the months ahead.” (more)
Never is the disconnect between Wall Street and Main Street more visible than in the predictions -vs- reality for the growing/strengthening American middle-class.
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Tokyo Japan is 13 hours ahead of U.S. Eastern timezone. As a result, much of the diplomatic activity for the final day of the state visit happens in the late night hours.
Today is the final day of the official visit which included the first state visit hosted by the Emperor Naruhito and Empress Masako to celebrate the new imperial era of “Reiwa”.
The visit has been a resounding success for Japan and the United States of America.
Today, the President and First Lady will honor the military. Specifically and purposefully the President will showcase the strategic U.S-Japan military alliance, and deliver remarks to commemorate Memorial Day. At the conclusion of events the President and First Lady will bid farewell to our good friends in Japan.
9:15am (Tokyo) / 8:15pm (U.S. EDT) THE PRESIDENT and THE FIRST LADY participate in a Farewell Call with Their Majesties the Emperor and Empress, Tokyo, Japan
9:35am (Tokyo) / 8:35pm (U.S. EDT) THE PRESIDENT and THE FIRST LADY depart the Palace Hotel en route to the Hardy Barracks Landing Zone, Tokyo, Japan
9:45am (Tokyo) / 8:45pm (U.S. EDT) THE PRESIDENT and THE FIRST LADY arrive at the Hardy Barracks Landing Zone, Tokyo, Japan
9:55am (Tokyo) / 8:55pm (U.S. EDT) THE PRESIDENT and THE FIRST LADY depart Hardy Barracks Landing Zone en route to JS Kaga Landing Zone, Tokyo, Japan [JS Kaga (DDH-184) is a helicopter carrier (officially classified by Japan as a helicopter destroyer) and the second constructed ship in the Izumo class of the Japan Maritime Self-Defense Force (MSDF)]
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Based on time zones (Japan is 13 hours ahead), and considering Lighthizer left on Thursday; it would appear Japanese Economy Minister Toshimitsu Motegi and U.S. Trade Representative Robert Lighthizer are meeting right about now.
(Reuters) – Japanese Economy Minister Toshimitsu Motegi said on Friday that he will meet with U.S. Trade Representative Robert Lighthizer in Tokyo on Saturday for trade talks ahead of a summit meeting between leaders from the two nations on Monday.
Japanese Prime Minister Shinzo Abe and U.S. President Donald Trump are expected to discuss topics including North Korea’s nuclear programs, trade issues and the coming Group of 20 leaders’ summit. (link)
Following the State Dinner to celebrate the beginning of the Reiwa Era, introduced with the coronation of Japanese Emperor Naruhito, President Donald Trump and Prime Minister Shinzo Abe are scheduled to hold a summit and joint press conference on Monday.
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President Trump is holding a White House event to support Farmers and Ranchers and announce a transitionary aid package to help during the restructuring of the global supply chain and a reset in U.S-China engagement. Anticipated start time 3:15pm EDT.
Quite a remarkable presser.
UPDATE: Video Added
The headlines are once again examples of an ideological media. “Stunning”, “surprising”, “unexpected”, etc. However, far from the headline ideology; in a result that is splendidly falling into place for a much more consequential geopolitical landscape; things are going swimmingly…
Reuters Headline: “India’s Modi stuns opposition with huge election win”
NEW DELHI/AYODHYA (Reuters) – Indian Prime Minister Narendra Modi scored a dramatic election victory on Thursday, putting his Hindu nationalist party on course to increase its majority on a mandate of business-friendly policies and a tough stand on national security.
His re-election reinforces a global trend of right-wing populists sweeping to victory, from the United States to Brazil and Italy, often after adopting harsh positions on protectionism, immigration and defense.
Steve Bannon appears on Fox Business news to discuss his new label as global “demon” to Beijing for Bannon’s strategic opposition to the rise of Chinese dragonomics.
Louisiana congressional representative and house minority whip Steve Scalise discusses current trade and economic initiatives from President Trump’s agenda. Representative Scalise outlines the importance of the challenge to China and the benefits within the USMCA agreement.
Beyond the economics, Scalise notes the recent report about running for Louisiana governor stemmed from a short, off-the-cuff, conversation with President Trump and he dismisses the seriousness of the discussion.