Daily Archives: December 6, 2018

The Trump Slump: ‘Tariff Man’ roils the markets with false claims of trade war ceasefire (Updated)

The stock market surged on Monday after a 90-day ceasefire of the trade war between the U.S. and China was announced after the G20 Summit, with the hope that it would ratchet down tensions between the two nations in the long term and provide relief for companies that have been feeling the pain from tariffs.

Then investors came to the realization that President Trump’s claims of Chinese concessions in his trade war with China were not actually agreed upon. “We don’t yet have a specific agreement on that”: White House backtracks on China deal:

President Donald Trump’s victory lap on a temporary detente in the trade war with China might be a little premature — and misleading.

In a series of tweets over the weekend, the president celebrated the modest compromise on trade he reached with Chinese President Xi Jinping in Buenos Aires on Saturday in which Trump agreed to temporarily hold off on increasing tariffs on $200 billion of Chinese goods in exchange for China purchasing a still-to-be-defined amount of American-made products.

Trump declared that China had agreed to reduce and remove tariffs on cars coming into China from the US, and he wrote that China intends to “start purchasing agricultural product immediately” from the US.

“Relations with China have taken a BIG leap forward!” he tweeted.

It’s not clear, however, how much Trump’s declarations line up with reality. White House aides and China have told different stories than the one Trump is offering on what exactly was agreed to, and what’s going to happen and when.

“It doesn’t seem like anything was actually agreed to at the dinner and White House officials are contorting themselves into pretzels to reconcile Trump’s tweets (which seem if not completely fabricated then grossly exaggerated) with reality,” one JPMorgan analyst wrote in a note to clients reported by CNBC’s Carl Quintanilla.

“This is a situation that’s played out over and over again throughout Trump’s presidency — he makes a declaration, only to leave aides, his counterparts, and reporters scrambling to figure out what the truth actually is.”

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Our lawless Tea-Publican legislature loses in court again

A Maricopa County Superior Court judge has blocked efforts by Gov. Doug Ducey and the Republican-controlled Legislature to create new exceptions to laws that require disclosure of campaign finance spending. Ruling restores expanded oversight by Clean Elections Commission over campaign finances:

In a ruling released Wednesday, Judge David Palmer said a 2017 measure unconstitutionally conflicts with a 1998 voter-approved law designed to reduce the influence of money on politics.

Wednesday’s decision most immediately limits the ability of political parties to spend unlimited dollars on behalf of their candidates without disclosing the expenditures. It also voids some exemptions that lawmakers created in campaign finance laws, like allowing people to pay the legal fees of candidates without it counting against the legal limit of how much financial help they can provide.

But attorney Jim Barton, who represented those challenging the 2017 law, said the most significant part of the ruling is it restores the right of the voter-created Citizens Clean Elections Commission to police and enforce campaign finance laws against all candidates and their donors, not just those who are running with public financing.

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