“No more stupid trade deals” ~ U.S. President Donald Trump
From the G7 Mission Statement outlining the objectives of their meeting: “From May 31 – June 2, 2018, G7 Ministers responsible for development cooperation met in Whistler, Canada, to discuss their shared priorities on some of the most pressing global development and humanitarian challenges, including advancing gender equality and the empowerment of women and girls.”
However, as the G7 finance ministerial sessions wrapped up today, all the talk centered around their collective, and stunningly hypocritical, angst at new United States trade policy; specifically the imposition of Steel and Aluminum tariffs on imported goods.
France, Canada, the United Kingdom, Germany, Japan and Italy all have trade tariffs and trade barriers far higher than the U.S. Each of the G7 nations has exploited the overwhelmingly one-sided access to the U.S. market for decades. As President Trump demands “reciprocal and fair” trade agreements – those same nations now balk at the same rules and duties they impose on the U.S. now being imposed against them.
The European Union is a non-enumerated member of the G7, and does not chair nor hosts Summits; however, the EU head joins with the G7 in collective angst against a U.S. trade reset. It’s hilarious to watch them going bananas.
WHISTLER, British Columbia (Reuters) – Finance leaders of the closest U.S. allies vented anger over the Trump administration’s metal import tariffs but ended a three-day meeting in Canada on Saturday with no solutions, setting the stage for a heated fight at a G7 summit next week in Quebec.
U.S. Treasury Secretary Steven Mnuchin failed to soothe the frustrations of his Group of Seven counterparts over the 25 percent steel and 10 percent aluminum tariffs that Washington imposed on Mexico, Canada and the European Union this week.
The other six G7 member countries asked Mnuchin to bring to President Donald Trump “a message of regret and disappointment” over the tariffs, Canadian Finance Minister Bill Morneau said at a press conference after the end of a three-day meeting in the Canadian mountain resort town of Whistler, British Columbia.
“We’re concerned that these actions are actually not conducive to helping our economy, they actually are destructive, and that is consistently held across the six countries that expressed their point of view to Secretary Mnuchin,” he added. (read more)
NBC is promoting an upcoming interview with Canadian Prime Minister Justin Trudeau surrounding the recently imposed steel and aluminum tariffs and the Canadian response.
Justin from Canada continues pushing the ridiculously obtuse narrative that tariffs to protect the U.S. steel and aluminum industry represent President Trump saying Canadians are a national security threat to the U.S.
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It’s too bad NBC’s Chuck Todd didn’t interrupt Justin from Canada after the “aluminum smelter” comment and ask: ‘well, now that you mention it, what ever happened to that smelter near the airbase you mention’?
Of course Todd couldn’t do that because Trudeau would have to admit environmental dictates of prior left-wing Canadian political leadership destroyed the aluminum smelting industry in Canada much like it was destroyed by similarly minded environmental ideologues in the U.S.
Which is exactly the reason why President Trump is reversing course and reminding everyone that Steel and Aluminum manufacturing are vital to national interests. Huh, funny that…
However, all of that said, this ridiculously absurd politicization of the reasoning for U.S. steel and aluminum tariffs, and the political narrative now being pushed by Trudeau is further evidence that NAFTA is now a “dead-man-walking” trade deal. Stick a fork in it, and conduct your financial affairs accordingly, because NAFTA is dead.
If there was any possibility of a renewed deal, and/or if Justin from Canada wasn’t told of the pending doom by his advisers therein, he would never get himself so far out in direct opposition to U.S. President Donald Trump.
The only thing missing is the official U.S. announcement withdrawing from NAFTA… But don’t worry, that announcement is coming. Both Canada and Mexico are fully aware #NAFTA is dead. Their political positioning is now entirely framed around blame casting.
Unfortunately for the politically-minded Justin Trudeau and Foreign Minister Chrystia Freeland what they both don’t understand is that President Trump doesn’t care about their delicate sensibilities and blame-casting maneuvers. POTUS Trump was elected specifically because he doesn’t apply a political prism in front of economic or national security decisions.
NAFTA is dead, all three countries know it, and the aspect that both Canada and Mexico have only recently become aware of is Trump is in no rush to announce it. President Trump is in no rush to announce it because the effects of withdrawal are already well underway. Investors are not going to invest in Canada and Mexico while the looming uncertainty of a U.S. NAFTA exit looms in the air.
As previously shared, prior to joining the administration NEC Chairman Larry Kudlow knew businessman Donald Trump tangentially. However, now that Kudlow’s got a front row seat to Trump’s trade and economic policy, he too has realized President Trump means what he says.
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What PM Trudeau doesn’t mention [nor FM Chrystia Freeland ] is that U.S. steel is actually U.S. auto-sector steel being shipped just across the border to be used in U.S. owned manufacturing plants in Canada. Take that away and the entire steel narrative is lost.
Canada doesn’t make much steel and aluminum, because the Trudeau-minded do-gooder environmentalists in Canada have killed off their heavy manufacturing industrial base. Which is exactly what President Trump is attempting to ensure doesn’t happen in the United States.
Did you see the list of items the dynamic duo Justin Trudeau and Chrystia Freeland selected as targets for their counter-tariff position? Check it out here. What do: “felt pens”, “rubber boats”, “orange juice” and Tomato Ketchup have to do with the U.S. steel and aluminum tariffs?
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North Korean Vice-Chairman Kim Yong Chol, the second most powerful political official in the DPRK, visited President Trump at the White House today to deliver a letter from North Korean Chairman Kim Jong-un. The topic was the ongoing dialogue between the U.S. and North Korea in advance of a meeting scheduled June 12th in Singapore.
It is important to note the body language, and the messages conveyed therein, between Kim Yong Chol, the emissary group and the U.S. leadership headed by President Trump and Secretary of State Mike Pompeo (video below). After their two-hour meeting, President Trump and Secretary Pompeo delivered remarks to the press pool:
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Keep in mind, Kim Yong Chol also participated in meetings between Chairman Kim Jong-un and the primary influence agent, Chinese Chairman Xi Jinping.
President Trump described the session with Kim Yong Chol as a positive, introductory session.”I think that we’re going to have a relationship and it will start on June 12,” the president said.
President Trump also said he did not discuss human rights Friday with Kim Yon Chol, but said he “probably will, and in great detail” during his upcoming meeting with Kim Jong-un. Trump said North Korean officials asked about sanctions, which Trump said will remain in place. However, in typical diplomatic form, POTUS Trump also softened the tone toward North Korea, saying “I don’t want to even use the term maximum pressure anymore, because we’re getting along.” President Trump said the relationship between the U.S. and North Korea “is as good as it’s been in a long time.”
Extended video from Fox10 News shows the exit and body language in greater detail:
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More footage:
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President Trump is providing the first opportunity North Korea has ever encountered in the modern era to establish an authentic version of itself.
Against the backdrop of President Trump’s unapologetic economic muscle flexing, National National Economic Council Director Larry Kudlow appears on CNBC to discuss the latest stunningly positive jobs and economic reports.
The Bureau of Labor Statistics released the May Jobs Report earlier today (pdf here) and has stunned forecasters and economic analysts with incredible results. Over 223,000 jobs were created in May, and the unemployment rate drops to 3.8%.
As the New York Times is forced to admit, there are not enough words to describe just how good these results are amid the continued growth of the U.S. economy. Accepting the BLS heavily manipulated jobs numbers during the Obama years, the BLS is forced to attempt to reconcile the scale of monthly job gains (223k) and an unemployment rate that has seemingly dropped below the floor of reasonable possibility. As a result 3.8% is the lowest unemployment rate since April 2000; and if the unemployment rate drops another 0.1% it will be the lowest unemployment number since the 1960s.
Average monthly employment growth in 2018 now averages a whopping 207,000 jobs per month. These monthly average gains are faster than gains in both 2016 and 2017. Collectively, the U.S. economy has added nearly 3 million jobs since President Donald J. Trump took office.
White House: “Job growth has been strong across the board during the first 16 months of this Administration, and the gains in the goods-producing industries (manufacturing, construction, and mining and logging) have been especially robust. After averaging gains of 27,000 jobs per month during President Obama’s second term, these industries have almost doubled the pace of hiring to 46,000 jobs per month since January 2017. Manufacturing gains have picked up even more speed: Monthly gains have averaged 19,000 per month since President Trump took office after increases of only 8,000 per month, on average, during the second term of President Obama.
Increases in manufacturing employment since January 2017 reflect increased confidence among America’s manufacturers, but they also reflect changes in the investment decisions of other American businesses. The Morgan Stanley measure of capital expenditure investment plans shows that these plans are at historically high levels, in part due to the incentives emerging from the Tax Cuts and Jobs Act. According to the second estimate of Q1 real GDP released earlier this week, real business fixed investment grew 9.2 percent at an annual rate during Q1, with strong growth in structures, equipment, and intellectual property investment. (more)
Total nonfarm payroll employment increased by 223,000 in May, compared with an average monthly gain of 191,000 over the prior 12 months. Over the month, employment continued to trend up in several industries, including retail trade, health care, and construction:
♦In May, retail trade added 31,000 jobs, with gains occurring in general merchandise stores (+13,000) and in building material and garden supply stores (+6,000). Over the year, retail trade has added 125,000 jobs.
♦Employment in health care rose by 29,000 in May, about in line with the average monthly gain over the prior 12 months. Ambulatory health care services added 18,000 jobs over the month, and employment in hospitals continued to trend up (+6,000).
♦Employment in construction continued on an upward trend in May (+25,000) and has risen by 286,000 over the past 12 months. Within the industry, nonresidential specialty trade contractors added 15,000 jobs over the month.
♦Employment in professional and technical services continued to trend up in May (+23,000) and has risen by 206,000 over the year.
♦Transportation and warehousing added 19,000 jobs over the month and 156,000 over the year. In May, job gains occurred in warehousing and storage (+7,000) and in couriers and messengers (+5,000).
♦Manufacturing employment continued to expand over the month (+18,000). Durable goods accounted for most of the change, including an increase of 6,000 jobs in machinery. Manufacturing employment has risen by 259,000 over the year, with about three-fourths of the growth in durable goods industries.
♦Mining added 6,000 jobs in May. Since a recent low point in October 2016, employment in mining has grown by 91,000, with support activities for mining accounting for nearly all of the increase.
The economic engine is firing with seemingly unstoppable momentum. Today started off with a payrolls report showing a gain of 223,000, well above market expectations of 188,000 – and with the unemployment rate hitting an 18-year low of 3.8 percent, things only look better.
The ISM Manufacturing Index registered a 58.7 reading — representing the percentage of businesses that report expanding conditions — that also topped Wall Street estimates. Finally, the construction spending report showed a monthly gain of 1.8 percent, a full point higher than expectations. This data is helping to fuel expectations the GDP growth in the 2nd, 3rd, and 4th quarter will defy all expectations.
CNBC – Already, the Atlanta Fed’s GDPNow tracker sees the second quarter rising by 4.8 percent. […] Andrew Hunter, U.S. economist at Capital Economics, said the ISM number alone is consistent with GDP growth of better than 4 percent, though he thinks the second quarter will be in the 3 percent to 3.5 percent range. (link)
The blowout numbers on job creation in the United States economy demonstrates that the USA is indeed holding up the world right now. The U.S labor market in May came in with Non-farm payrolls up 223,000. The unemployment rate now matches April 2000 as the lowest since 1969 coming in at 3.8%. You really have to wonder what will it take to re-educate the socialists. Cutting taxes creates private jobs and creating the incentive to bring the money home will boost the domestic economy in the USA. You would think the socialists would at least look. Instead, they only look at what they can rob from working people to create their fantasy world.
Grab your winnamins and hide the Ju-Ju bones. I thought this was going to be an issue when Prime Minister Trudeau publicly told reporters the content of a private conversation between Vice-President Mike Pence and himself. With incredibly bad diplomatic form, Justin from Canada has not only cemented the Steel and Aluminum tariffs as permanent – but Trudeau has likely destroyed any hope of the U.S. remaining in NAFTA.
The White House has delivered a statement to the media, with a request to ensure authorship is directly and personally cited from President Donald J Trump:
The United States has been taken advantage of for many decades on trade. Those days are over. Earlier today, this message was conveyed to Prime Minister Justin Trudeau of Canada: The United States will agree to a fair deal, or there will be no deal at all. (link)
For those unfamiliar; this is about as close to an ultimatum as President Donald Trump generally delivers to his adversaries. Look back on his history and you’ll note rarely does Donald J Trump deliver ‘either this / or that’ approaches; it’s just not his style…. He doesn’t bluff. However, when Trump has decided to walk away from a deal, any deal, he delivers the “either/or” right before walking to the door. The final terms hang in the air providing the opposition with a few fleeting moments to reflect prior to exit.
Once DJT exits the room, no deal. Even if the counter-party chases him down the hall with full agreement of terms; doesn’t matter. Once Trump exits, it’s done. Over.
During his public remarks earlier today, Prime Minister Trudeau said a DC meeting with President Trump didn’t occur earlier this week because Vice President Mike Pence told the prime minister if they were going to discuss saving NAFTA he must allow a five-year sunset clause to be included in the trade agreement in order for the meeting to even happen. Trudeau called the condition “completely unacceptable” and didn’t go to DC.
NAFTA is as close to dead as it has ever been.
Need more winnamins.
Consumer Alert: Currently unlawful to dispense, in Canada.
WHITE HOUSE – Today, President Donald J. Trump issued an Executive Grant of Clemency (Full Pardon) to Dinesh D’Souza, an accomplished author, lecturer, and scholar.
Mr. D’Souza was, in the President’s opinion, a victim of selective prosecution for violations of campaign finance laws. Mr. D’Souza accepted responsibility for his actions, and also completed community service by teaching English to citizens and immigrants seeking citizenship.
In light of these facts, the President has determined that Mr. D’Souza is fully worthy of this pardon.(link)
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