White House Council of Economic Advisers Chair Kevin Hassett discusses the U.S. economy’s 2.6 percent growth in the fourth quarter, and the outlook for the U.S. economy through the rest of 2019.

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Notice how most of the financial pundits are focusing on what the “global economy” needs; specifically what the EU and China need to do to gain economic growth.  From that position, the U.S. trade reset is adverse to their financial interest; those financial interests are driven by Wall Street not Main Street.
Economic nationalists who understand the concept of ‘America First’ focus on what the USA economy needs, and do not accept a position that the U.S. should acquiesce our position to benefit the economic needs of other nations.  That’s the primary difference.
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National Economic Council Director Larry Kudlow appears on CNBC to discuss the latest releases of economic stats and the on-going trade talks between the U.S. and China.  Kudlow notes the U.S. and China are making progress specifically due to USTR Robert Lighthizer.  Interesting interview.

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Nuance and team subtlety are important here. Larry Kudlow is a loyal soldier, no question, but his economic leaning is toward trade outcomes that benefit Wall Street… Robert Lighthizer is a fierce battle-hardened trade expert, with an outlook that is multi-generational toward Main Street.
Listen to Lighthizer talk about the economic future for his grandkids in his congressional testimony yesterday and you’ll see what I mean. NO COMPROMISE with China.  Lighthizer is prepared to fight all of Main Street’s enemies, including congress.
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The Bureau of Economic Analysis, BEA, finally released the fourth quarter growth rate estimate for 2018.  The 4th quarter growth result at 2.6% exceeded expectations, and shows the U.S. economy is growing stronger than almost all economic forecasts.

WASHINGTON DC – In the fourth-quarter, U.S. gross domestic product grew at an annualized rate of 2.6%, according to the latest data from the Bureau of Economic Analysis.
Thursday’s report beat expectations, with consensus economists polled by Bloomberg looking for growth to slow to 2.2% during the final three months of the year. The domestic economy grew at a pace of 3.4% in the third quarter and 4.2% in the second quarter.

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Despite several positive and remarkable comments from Kim Jong-un, President Donald Trump and the North Korean Chairman could not come to a substantive agreement after two days of negotiations on the process to denuclearize the Korean peninsula.
During a press conference prior to departing Hanoi, Vietnam, President Trump cited two issues: (1) A North Korean demand for the immediate removal of all multinational economic sanctions; and (2) The unwillingness of North Korea to be fulsome about their missile and nuclear locations. WATCH:

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UPDATE:  Here is a link to the transcript.  Additional Thoughts:
In the backdrop of the Hanoi summit, and as U.S-China trade negotiations continue, the Trump administration suspended the implementation of the March 1st tariff increase on Chinese goods.  Unfortunately, attaining this goal may have empowered a cunning Chairman Xi Jinping to influence the demands of DPRK Chairman Kim.
A covert influence connection will become clear if President Trump now takes an even more firm trade and tariff position toward China. We’ll keep watching closely.
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Update from the White House:
Statement from the Press Secretary Regarding the Hanoi Summit:

“President Donald J. Trump of the United States and Chairman Kim Jong Un of the State Affairs Commission of the Democratic People’s Republic of Korea had very good and constructive meetings in Hanoi, Vietnam, on February 27-28, 2019. The two leaders discussed various ways to advance denuclearization and economic driven concepts. No agreement was reached at this time, but their respective teams look forward to meeting in the future.”

As the Summit concludes with no agreement, President Trump will be holding a press conference shortly.
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We can somewhat throw out the schedule; President Trump and Chairman Kim held a much longer one-on-one, and informal small group discussion….. Culminating in this historic moment with the media present and the formal bilat about to begin.
First, watch Chairman Kim Jong-un take questions from U.S. media.  That’s historic. Second, and more importantly, listen carefully to the answers: MUST WATCH

U.S. Journalist: “Chairman Kim are you willing to denuclearize?”

Chairman Kim Jong-un: “If I’m not willing to do that, I won’t be here right now.”

POTUS Trump injected: “That might be the best answer you’ve ever heard.”

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President Trump and Chairman Kim initial one-on-one meeting to begin day two. Both leaders appear engaged and cautiously optimistic. Again, President Trump focuses on the economic potential for a denuclearized North Korea.  [Transcript will follow]

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[Transcript] President Trump: “Well, thank you very much Chairman Kim, and it’s great to be with you again. And, I’m sure over the years we’ll be together a lot, and I think we’ll also be together after the fact, meaning after the deal is made. We had very good discussions last night at dinner, and the pre-dinner was very good. And, there were a lot of great ideas being thrown about. I think very importantly, the relationship is, you know, just very strong, and when you have a good relationship, a lot of good things happen. So, I can’t speak necessarily for today, but I can say that this, a little bit longer term, and over a period of time, I know we’re going to have a fantastic success with respect to Chairman Kim and North Korea. They’re going to have an economic powerhouse. I’ve been writing about it, I’ve been talking about it. I think it’s going to be an economic powerhouse. And it’s something I very much look forward to helping with because with a little bit of help in the right location and the right place, I think it’s going to be something very special.”
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You might want to bookmark this congressional testimony from U.S. Trade Representative Robert Lighthizer to the House Ways and Means Committee for specific purposes…
There are many people who are understandably worried that any U.S. trade agreement between the U.S. and China might not have the most ferocious teeth behind a binding enforcement provision.  If you listen to Ambassador Lighthizer he makes clear that President Donald Trump, and the negotiating team, will not accept any agreement that does not have the strongest enforcement mechanisms at every level.

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In his testimony Lighthizer walks through the basic outline of what a U.S. successful agreement would look like.  While increased Chinese purchases to lower the deficit are a part of the goal, they are a VERY SMALL part of the goal.
The protection of U.S. intellectual property; the removal of non-tariff trade barriers; the confrontation of currency manipulation and the sector by sector enforcement provisions are the primary objective.
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President Donald Trump and North Korean Chairman Kim Jong-un conduct their first one-on-one discussion during the historic Hanoi Summit (interesting remarks):

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[Transcript] Sofitel Legend Metropole Hanoi, Hanoi, Vietnam – 6:33pm (local)
CHAIRMAN KIM: (As interpreted.) So it’s exactly 261 days since we met last time in Singapore, in June, last year.
PRESIDENT TRUMP: Yes.
CHAIRMAN KIM: (As interpreted.) And I truly believe that this successful and great meeting that we are having today is thanks to the courageous decision — political decision that your team, Mr. President, reached.
So, during that 261 days since we last met, there have been some misunderstandings. There have been all these eyes from the world who are misunderstanding the situation. But — and there was some hostility that still remains from the very, very past period that — from the outside.
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The majority of the political engagements between U.S. President Donald Trump and North Korean Chairman Kim Jong-un will take place early Wednesday morning (U.S. EST). Vietnam is 12 hours ahead of U.S. Eastern time.

Wed. Hostage Rescue Schedule and Livestream Below:

• 5:55am EST / 5:55pm (local) – President Trump departs his hotel en route to the Sofitel Legend Metropole Hanoi, Hanoi, Vietnam
• 6:15am EST / 6:15pm (local) – President Trump arrives at the Sofitel Legend Metropole Hanoi, Hanoi, Vietnam
• 6:30am EST / 6:30pm (local) – President Trump participates in a greeting with the Chairman Kim Jong-un of the State Affairs Commission of the Democratic People’s Republic of Korea (DPRK), Hanoi, Vietnam
• 6:40am EST / 6:40pm (local) – President Trump participates in a one-on-one conversation with Chairman Kim Jong-un of the State Affairs Commission of the Democratic People’s Republic of Korea, Hanoi, Vietnam
• 7:00am EST / 7:00pm (local) – President Trump participates in a social dinner with Chairman Kim Jong-un of the State Affairs Commission of the Democratic People’s Republic of Korea, Hanoi, Vietnam
• 8:35am EST / 8:35pm (local) – President Trump departs the Sofitel Legend Metropole Hanoi en route to his hotel, Hanoi, Vietnam
• 8:55am EST / 8:55pm (local) – President Trump arrives back at his hotel, Hanoi, Vietnam

Day #1 (Wednesday Local) concludes.
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