Earlier today President Trump tweeted concern about the politicization of border security and the unwillingness of Mexico to confront their side of the equation. [the three tweets from POTUS Trump follow the video snippet]
Before attending Easter Mass today, President Donald Trump briefly paused and responded to a question about his calling out Mexico for not helping the U.S. secure the border. WATCH:
Today President Trump is traveling to Richfield, Ohio, to visit a union technical training facility for welding and heavy equipment. While there the President will deliver a speech about rebuilding infrastructure in America. Anticipated start time 2:00pm EST.
UPDATE: Video Added
United States Trade Representative Robert Lighthizer releases the final report into Chinese trade practices including intellectual theft:
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Ambassador Lighthizer also appeared on CNBC for a discussion of content:
The final quantification of the Bureau of Economic Analysis fourth quarter GDP growth rate was released today, reflecting an anticipated increase from the prior two estimations. The last revised estimation of GDP growth (February) was +2.5%, the final revised estimate is +2.9% growth.
A massive increase in consumer spending (+4%) around the October through December 31st time-frame (Q4) was offset by those dollars purchasing a large portion of imported products. The GDP growth deduction from import purchases was 1.99%. [See table #2, line 50 pdf here]
In short, American consumers spent significantly more than usual in the holiday season; however, many of those purchases were foreign goods.
From the BEA Report – Real gross domestic product (GDP) increased at an annual rate of 2.9 percent in the fourth quarter of 2017 (table 1), according to the “third” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.2 percent.
White House Director of Trade and Manufacturing policy Peter Navarro discusses the revamp of the KORUS trade deal with South Korea. In addition Navarro discusses the ongoing Trump administration’s tariffs on steel and aluminum, as well as plans to impose tariffs on Chinese products surrounding violations of intellectual-property rights.
[NOTE: Final USTR 301 Report on China was released last night]
JOINT STATEMENT – Today, Ambassador Lighthizer and Minister Kim are pleased to announce that the United States and the Republic of Korea have reached an agreement in principle on the general terms of amendments and modifications to the United States-Republic of Korea Free Trade Agreement (KORUS FTA). The nations have also agreed on terms for a country exemption for the Republic of Korea from tariffs imposed on steel imports under Section 232 of the Trade Expansion Act of 1962 pursuant to Presidential Proclamation 9705, as amended. The arrangement with respect to steel imports is expected to take effect on May 1, 2018. (link)
Ever since the original 2012 US-Korea free trade agreement (KORUS) went into effect, the U.S. trade deficit in goods with Korea increased by over 73 percent from $13.2 billion to $22.9 billion (2017), while the overall deficit increased by 70 percent from $6.3 billion to $10.7 billion (2017). President Trump committed his administration to changing this immediately and renegotiating a deal that benefited the United States.
“The improved KORUS agreement reflects the President’s leadership in delivering more reciprocal trade outcomes benefiting U.S. workers, exporters, and businesses. The United States and Korea have strengthened an important economic relationship by agreeing to substantial improvements to KORUS that will help rebalance our trade, reduce our trade deficit, and expand U.S. export opportunities.” ~ U.S. Trade Representative Robert Lighthizer
Here’s the historic details:
The actual announcement of KORUS (“KOR”+”U.S.”), the renegotiated U.S. and South Korea trade deal, has yet to be made by U.S. Trade Representative Robert Lighthizer, Commerce Secretary Wilbur Ross and U.S. President Donald Trump. However, more details are surfacing inside KORUS media leaks. Fantastic job by Lighthizer!
TOP LINES:
(Via AP) The new deal doubles — to 50,000 — the cars each U.S. automaker can export annually to South Korea, reduces bureaucratic barriers to American products and extends a 25 percent U.S. tariff on South Korean pickup trucks by 20 years, through 2041.
South Korea escapes America’s new 25 percent tariff on imported steel — but must accept quotas on steel exports equal to 70 percent of its average annual shipments to the United States between 2015 and 2017.
The officials spoke on condition of anonymity in order to discuss the policy ahead of an official announcement.
Commerce Secretary Wilbur Ross appears on Fox Business News for an extensive interview with Maria Bartiromo. The interview covers a wide spectrum of important topics attached to the U.S. economy and ongoing trade deals. Two great video segments for the interview will get you up to speed on ongoing initiatives:
♦Segment #1 outlines the upcoming announcement of KORUS, the South Korea and U.S. trade deal. Additionally, Secretary Ross discusses the steel and aluminum tariffs and how they enmesh in the larger objective of the ongoing trade negotiations with China:
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♦Segment #2 outlines more on the aluminum and steel tariffs; ongoing trade talks with Europe; efforts to renegotiate NAFTA, and the possibility of a deal being reached; Saudi Arabian investment in the U.S. and the Commerce Department plans to bring back a citizenship question in the 2020 Census.
Earlier today President Donald Trump led the largest ever coalition response in response to Russia’s alleged use of a nerve agent to poison a former Russian spy living in the United Kingdom. In total, 21 countries simultaneously expelled Russian diplomats.
The Trump administration ordered the expulsion of 60 Russian diplomats from the US identified as intelligence agents, and the closure of the Russian consulate in Seattle. 48 of the intelligence agents worked at the Russian embassy in Washington DC and 12 were posted at the United Nations in New York.
President Trump was joined by simultaneous action from: France, Albania, Australia, Canada, Norway, Ukraine, Sweden, Spain, Romania, Poland, Netherlands, Lithuania, Latvia, Italy, Hungary, Germany, Finland, Estonia, Denmark, Croatia, Czech Republic and the U.K.
London – It’s the biggest collective expulsion of alleged Russian intelligence officers in history, according to British Prime Minister Theresa May.
National Trade Council Director Peter Navarro appeared on CNBC, prior to today’s massive U.S. stock market increase, to discuss ongoing trade initiatives.
U.S.T.R. Robert Lighthizer is currently conducting simultaneous bilateral trade negotiations with South Korea, Philippines, Vietnam, Australia, China (way-points), Japan, Mexico/Canada (NAFTA) and the European Union.
Trade talks going on with numerous countries that, for many years, have not treated the United States fairly. In the end, all will be happy!
— Donald J. Trump (@realDonaldTrump) March 27, 2018