White House National Trade Council Director Peter Navarro Discusses U.S. Trade Tariffs…


Focusing a lot of today’s information on the economic front and the implementation of the U.S. America-First trade discussion because this is the very heart of the Trump MAGA initiatives.  Everyone who voted for President Trump should be grinning ear-to-ear today at how steadfast POTUS has been – against all economic adversaries foreign and domestic.

White House Trade Council Director Peter Navarro discusses the implementation of countervailing U.S. duties; the transshipment issues, NAFTA and the intended trade reset therein. “Economic Security is National Security“!

Canadian Prime Minister Justin Trudeau Holds Press Conference on Steel and Aluminum Tariffs…


Justin from Canada presents one of the most ridiculous contexts for the U.S. 232 Steel and Aluminum tariff decision. Justin proclaims the imposition of countervailing duties by the U.S. indicates that President Trump considers Canada a national security threat. Seriously, I’m not kidding, that’s what he is stating – watch.  Additionally, his feelings are hurt.

Apparently Justin from Canada cannot draw a distinction between an industry being lost, and that loss being a national security risk, and the hurt feelings of the Canadian Prime Minister. Intensely ridiculous… even for Justin. Obviously the irrational liberals in both the U.S. and Canada will likely draw the same ridiculous and illogical conclusions.

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China, the EU, Canada and Mexico have been exploiting weak U.S. trade policy for years. Through the effective utilization of targeted tariffs, with multiple opportunities -and warnings- to avoid the outcome, President Trump and Wilbur Ross cut the Gordian Knot.

The Big Club, driven almost entirely by the U.S. Chamber of Commerce and Tom Donohue are going bananas….. They can’t believe Trump actually did it. He actually followed through. The Wall Street consortium of multinationals are apoplectic.

Decades of economic gaslighting upon the U.S. electorate; massive manipulative multinational corporate influences; hundreds of millions spent purchasing U.S. politicians; and POTUS has just punched it all square in the face.

Amid ongoing trade stalemates with NAFTA and the EU, Commerce Secretary Wilbur Ross announced the U.S. Commerce Department will no longer provide exemptions for the European Union, Canada or Mexico on Steel/Aluminum tariffs.

In addition, a week ago, President Trump “instructed Secretary Ross to consider initiating a Section 232 investigation into imports of automobiles, including trucks, and automotive parts to determine their effects on Americas national security.

Section 232 of the Trade Expansion Act of 1962 (19 U.S.C. §1862) authorizes the Secretary of Commerce to conduct comprehensive investigations to determine the effects of imports of any article on the national security of the United States. As often stated by President Trump, Treasury Secretary Mnuchin and Commerce Secretary Wilbur Ross: “economic security is national security.”

In its current form NAFTA became an exploited doorway into the coveted U.S. market. Asian economic interests, large multinational corporations, invested in Mexico and Canada as a way to work around any direct trade deals with the U.S. By shipping parts to Mexico and/or Canada; and by deploying satellite manufacturing and assembly facilities in Canada and/or Mexico; China, Asia and to a lesser extent EU corporations exploited a loophole.

Through a process of building, assembling or manufacturing their products in Mexico/Canada those foreign corporations can skirt U.S. trade tariffs and direct U.S. trade agreements. The finished foreign products entered the U.S. under NAFTA rules. This exploitative approach, a backdoor to the U.S. market, was the primary reason for massive foreign investment in Canada/Mexico; it was also the primary reason why candidate Donald Trump, now President Donald Trump, wanted to shut down that loophole and renegotiate NAFTA.

Why ship directly to the U.S., or manufacturer inside the U.S., when you could just assemble in Mexico and Canada and use NAFTA to bring your products to the ultimate goal, the massive U.S. market?

All nuanced trade-sector issues put aside, the larger issue is always how third-party nations will seek to gain access to the U.S. market through Canada and Mexico. [It is the NAFTA exploitation loophole which has severely damaged the U.S. manufacturing base.] President Trump, Secretary Wilbur Ross and U.S.T.R. Lighthizer well understand this structural problem. ONLY Trump, Ross, Mnuchin and Lighthizer were willing to confront this problem. If Trump had lost the election, Clinton would have joined the multinationals and U.S. workers would have suffered greatly.

The issue of Canada/Mexico making trade agreements with other nations (especially China), while brokering their NAFTA position with the U.S. as a strategic part of those agreements, is a serious issue that could not adequately be resolved while U.S. remains connected to NAFTA. With the tax reform benefits, American workers are realizing they are getting more money in their paychecks; and as the U.S. economy continues to gain momentum, that’s the backdrop timing for President Trump/Sec Ross making the announcement today.

The Automobile Sector is one of the biggest points of contention within varying trade negotiations. In the NAFTA discussion the auto-sector, via rules of origin, runs at the heart of NAFTA’s fatal flaw. The fatal flaw = use of Asian, mostly Chinese, auto components within auto manufacturing. Mexico and Canada arguing to allow more Chinese auto parts in North American manufacturing; and President Trump demanding more North American parts for North American auto manufacturing.

The auto-sector is representative of much of the manufacturing exploitation by multinational corporations beyond vehicle production. China has supported the exploitation because they produce the components for multiple sectors (furniture, appliances etc).

The auto-sector is much more than just complete assembled vehicles. In many ways the core trade issues of part origination, manufacturing and assembly of multiple durable goods sectors are represented within the auto industry process.

Current trade negotiations with the EU, China and NAFTA reached a loggerhead status around these core issues. Multinational ‘Wall Street’ corporations unwilling to lose their prior multi-billion investments and take a new ‘America-First’ approach. POTUS Trump is rightly angered by many of them because he specifically offset any investment losses with a new U.S. corporate tax structure.

All of that said, the issues with the auto-sector have now rippled out into other trade sectors with discussions coming to a standstill until the auto issues are resolved. Enter President Trump and Commerce Secretary Wilbur Ross with the plan.

Knowing all of the outlier, generally lesser, trade sectors are being impacted over the Chinese auto component issue, President Trump cuts the Gordian Knot and tells Commerce Secretary Wilbur Ross to consider a Section 232 review of auto industry as it pertains to imports.

Additionally, amid ongoing trade stalemates with NAFTA and the EU, Commerce Secretary Wilbur Ross has announced the U.S. Commerce Department will no longer provide Steel and Aluminum tariff exemptions for the European Union, Canada or Mexico. During a telephone briefing with reporters today Secretary Ross announced at midnight tonight the 25% steel, and 10% aluminum, tariffs on imported goods will begin.

Australia, Brazil and South Korea (KORUS) have completed trade agreements with the U.S. and will remain exempt from any countervailing steel and aluminum duty. However, Canada and Mexico (NAFTA), as well as the EU, have been unwilling to reach reciprocal and balanced trade agreements with the U.S. and will now be subject to the tariff.

White House:

“The United States was unable to reach satisfactory arrangements, however, with Canada, Mexico, or the European Union, after repeatedly delaying tariffs to allow more time for discussions.”

The U.S. Chamber of Commerce representing Wall Street multinational interests are going bananas. DC politicians, and the multinational media, who are fully purchased by the U.S. CoC lobbyists are attacking the Trump administration….. all predictable.

Secretary Mike Pompeo Press Conference Following Meetings With DPRK Vice-Chair Kim Yong-Chol…


U.S. Secretary of State Mike Pompeo and North Korea Vice-Chair Kim Yong-chol have concluded two days of discussions and meetings surrounding an agreement for the DPRK to eliminate all nuclear weapons and retreat from their nuclear ambitions.

Secretary Pompeo and Vice-Chairman Kim Yong-chol continue working toward a possible meeting between President Trump and North Korean Chairman Kim Jong-un in Singapore on June 12th.   After their meetings Secretary Pompeo held a press conference:

President Trump spoke briefly about the ongoing negotiations:

Wilbur Ross Delivers – No More Steel and Aluminum Tariff Exemptions For EU, Canada or Mexico (video)…


Amid ongoing trade stalemates with NAFTA and the EU, Commerce Secretary Wilbur Ross has announced the U.S. Commerce Department will no longer provide exemptions for the European Union, Canada or Mexico.

As anticipated, during a telephone briefing with reporters Secretary Ross announced at midnight tonight the 25% steel, and 10% aluminum, tariffs on imported goods will begin.

Via Reuters: U.S Commerce Secretary Wilbur Ross told reporters on a telephone briefing that a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports from the EU, Canada and Mexico would go into effect at midnight (0400 GMT on Friday).

“We look forward to continued negotiations, both with Canada and Mexico on the one hand, and with the European Commission on the other hand, because there are other issues that we also need to get resolved,” he said.

Ross offered little detail about what the EU, Canada and Mexico could do to have the tariffs lifted. (link)

The imposition of the import tariffs will likely break the impasse on current trade negotiations with multiple countries as they will now move to try and get their products exempted.

Australia, Brazil and South Korea (KORUS) have completed trade agreements with the U.S. and will remain exempt from any countervailing steel and aluminum duty.  Japan is close to signing a similar trade agreement.  However, Canada and Mexico (NAFTA), as well as the EU, have been unwilling to reach reciprocal and balanced trade agreements with the U.S. and will now be subject to the tariff.

The U.S. Chamber of Commerce representing Wall Street multinational interests will likely go bananas.  Those DC politicians who are fully purchased by the U.S. CoC lobbyists will likely attack the administration….. all predictable.

(Via NBC) […] The European Commission fired back at the White House’s trade decision with a lawsuit, saying the E.U. “stands now ready to react to the U.S. trade restrictions on steel and aluminum in a swift, firm, proportionate and fully WTO-compatible manner. The E.U. will launch legal proceedings against the U.S. in the WTO on 1 June. The level of tariffs to be applied will reflect the damage caused by the new U.S. trade restrictions on E.U. products.”

Mexico’s Ministry of Economy released a statement saying “Mexico deeply regrets and rejects the decision of the United States to impose these tariffs on imports of steel and aluminum from Mexico as of June 1, under the criterion of national security. Mexico will impose equivalent measures to various products in the face of U.S. protectionist measures.”

[…]  “These tariffs are totally unacceptable,” said Canadian Prime Minister Justin Trudeau in a press conference Thursday afternoon. “Over the past 150 years, Canada has been the most steadfast ally. The idea that Canada could be considered a national security threat to the United States is inconceivable.”

Starting July 1, Canada will levy “dollar-for-dollar” tariffs on a selection of American-made goods, said Foreign Minister Chrystia Freeland, announcing that the government had drawn up two lists of products that would be subject to either 25 percent or 10 percent taxation, until the U.S. changed its position.  (read more)

This Guy Thinks He Can Forcibly Disarm This Guy


Published on May 30, 2018

The left is finally revealing their true gun agenda: to get rid of ALL guns. Who will lead this disarmament charge? Buzzfeed’s resident hero! Want even more Right Angle each week? Become a member at BillWhittle.com! https://www.billwhittle.com/subscribe Right Angle is brought to you by the paying members of BillWhittle.com and by donations from viewers like you! Show your support by making a donation at: https://www.billwhittle.com/donate

 

Debt is Only Money that Pays Interest


QUESTION: Mr. Armstrong; I listened to your interview with Greg Hunter on USA Watchdog. For the first time, I really understand that debt is money that pays interest. That is the real money supply which is leveraged. It is the interest that keeps expanding the debt and forcing taxes higher and higher until it can’t expand anymore. Is this the end game?

I only hope when this house of cards comes tumbling down, you will be there to help.

Please keep up your

PL

 

ANSWER: We will see interest expenditures exceed military next year in the USA. Only then will people perhaps begin to pay attention to what I have been saying. Can you imagine that the debt of all nations is about to explode with the slightest uptick in interest rates? We will be going over this issue at the WEC. Just look at Italy when rates soared from 0.3% to 2.5% in a single day. When I say interest rates can rise DRAMATICALLY, this is no joke. The Quantitative Easing in Europe and Japan have destroyed their bond markets. The central banks buy everything. The Bank of Japan bragged how they bought 97% of the new debt. Hello! That means there is no market!

People always ask me why I do what I do meeting with political governments around the world and I do not charge them a dime! The answer is simple. If I took money from them, then I would be beholding to them. Strangely enough, they call me because they know I will tell the truth. The research we put out is NOT for sale to the highest bidder to be manipulated to support some agenda like they do in everything else right down to Global Warming. Yes, there are governmental agencies that pay for Socrates. That is different from meeting with me personally.

I am called (1) because there is no conflict of interest and (2) our computer is tracking the entire world and its forecast cannot be manipulated. So do you want to call someone who you pay to fashion studies to support whatever political agenda you have today? Or do you really want to know when the shit will hit the fan?

 

 

Paper money used to pay interest during the civil war. Nothing has really changed. Debt is now just money that pays interest. We have returned full circle

Cryptocurrency Changing the World?


 

I do not know how else to say this. Cryptocurrencies are an ASSET CLASS and they are something to TRADE. All this stupid nonsense that they will revise the world monetary system with no pain and governments will be brought to the knees without firing a shot, I really do not know who makes up this nonsense. They clearly do not look at history nor do they understand human nature. We WILL crash and I hope the BURN then becomes possible where we get reasonable reform without the totalitarianism that is so common.

Cryptocurrencies are a trading vehicle – that’s it! It will by no means produce sweeping reform without the crash and burn. New ideas are adopted ONLY after a crash and burn. They called Keynes a nutjob and his ideas would be inflationary because the prevailing view was austerity. ONLY after the Great Depression did they turn to Keynes – NOT before.

As for the smartass remark, I am “too old” to understand the new age, I have been a programmer my whole life and what we have developed is still far ahead of the current norm. The last time I heard that remark was when I was an adviser to Temple University. Merrill Lynch was trying to see the way to leverage your returns which ended blowing up Orange County California and resulted in lawsuits of over $2 billion from various sources back in 1994. The scheme was to buy 30-year bonds, short 10-year against them, and capture the difference. Then leverage $1 million into $10 million and the tiny spread would double the interest rate on the original capital. The Temple Board told them I had to approve it. The analysts/salesmen flew in, showed me the scheme, I rejected it and warned them that if interest rates rose, the trade would explode in their face. Their losses would be reversed leveraged. They went back to Chicago, reworked the numbers, flew back and said see it would be a break even. I laughed, told them they assumed they would be able to get out of a trade that went bad without volatility. That was a fool’s game. I explained that this was the trust fund for the university they wanted to speculate with. I would not approve it. They then told the board I was “too old” to understand the “new way” to make money.

So the last time I was “too old” to understand the “new way” to make money was when I was 45. Human nature is always the same. When they have to say I’m “too old”, it means they have no legitimate argument to put forth. Such transformations of this magnitude take decades. NOT a single one of the big IT companies are doing ANYTHING with cryptocurrencies. Just trade it and be happy. Why put out this nonsense how it will change the world in a matter of weeks or months why that is absurd. They rejected Keynes. It took the collapse of the world monetary system before that adopted Keynesianism. There is NO POSSIBLE WAY that cryptocurrencies will just change the world without a CRASH & BURN.

Secretary Pompeo Meets Kim Yong-Chol in New York To Negotiate DPRK Denuclearization Terms…


U.S. Secretary of State Mike Pompeo began the first meeting with North Korean emissary Kim Yong-chol today in New York.  Over the next two days the two leaders are anticipated to discuss terms of North Korean denuclearization and the possibility of a summit in Singapore between President Donald Trump and North Korean Chairman Kim Jong-un.

Pompeo arriving like a boss

Kim Yong-chol, is one of the most influential North Koreans outside of the Kim Jong-un family.  Premier Kim Yong Chol has been closely involved in with talks with South Korea and is the most senior DPRK official to set foot in the US since 2000.

Over the next two days Secretary Pompeo and Premier Kim Yong-chol are anticipated to discuss the granular details of North Korea giving up all nuclear weapons.  There is a great deal of responsibility on the shoulders of Pompeo to ensure clarity of expectations in advance of any further diplomatic meetings.

North Korean’s leader’s right hand man, arrived at a New York apartment near the UN headquarters for a steak dinner meeting shortly after Secretary Pompeo arrived: VIDEO:

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Strong Possibility EU Will No Longer Benefit From Exemption on Steel and Aluminum Tariffs…


The Wall Street Journal is publishing a report the European Union is likely to lose their exemption on Friday June 1st, from the U.S. Steel (25%) and Aluminum (10%) tariffs. Despite their article outline almost everything is still speculation at this point; however, our own review of the trade position indicates the administration is very prepared to begin delivering the metal tariffs on all nations, including NAFTA partners, without reservation.

President Trump positioning the auto-industry 232 review, May 23rd, was one of the key ‘leverage signals‘ something was about to change.

Despite massively one-sided EU imposed tariffs against U.S. products, the EU is demanding to be permanently exempted from any U.S. reciprocal tariff measures or they will block the import of U.S. products. The hypocrisy is typically European.

Adding fuel to the speculation the tariff exemptions will be allowed to expire Commerce Secretary Wilbur Ross stated earlier today, at the Organization for Economic Co-operation and Development (OECD) summit – a multinational trade conference, that any/all trade discussions are entirely possible regardless of whether the U.S. begins the tariff against steel and aluminum imports.

WSJ – […]  Mr. Trump has threatened to punish EU car exports if the bloc retaliates, and Mr. Ross is pursuing a study of car and auto-part imports similar to the one he completed on steel and aluminum.

Officials in some EU member states are already angry at Washington over Mr. Trump’s decision to pull out of the Iran nuclear deal. Still, others, including some German officials, want to seek a solution that prevents economic damage.

French President Emmanuel Macron said Wednesday the EU shouldn’t respond to pressure with weakness.

“The day before an important decision I want to repeat this: Unilateral responses and threats of trade war resolve none of the serious imbalances in global trade,” Mr. Macron said at the gathering with Mr. Ross. “A trade war is always a war lost by everyone.”

“Independently of this decision we must do everything to protect our interests and act with self-confidence and yet preserve free trade as much as possible,” said Peter Altmaier, Germany’s minister of economic affairs, following a meeting with Mr. Ross.

Mr. Ross said in Paris that “every country’s primary obligation is to protect its own citizens and their livelihoods.”  (read more)

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Expanded discussion segment:

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