Donald Trump needed another distraction yesterday, so he announced that he had reached a trade deal with Mexico to replace NAFTA.
Yeah, not even close.
As Steve Benen notes, Trump doesn’t seem to realize his new trade deal isn’t a trade deal:
Let’s back up to provide some context. For about a year, the Trump administration has engaged Canadian and Mexican officials in renegotiating the terms of the existing NAFTA agreement, which the president claims to hate, despite never fully explaining why. The months-long process has been a struggle, and by all accounts, the countries are not yet close to a trilateral deal.
Recently, however, Trump’s team has been working directly with Mexico on a provision related to auto manufacturing, and yesterday, the White House announced that those talks resulted in an agreement. That’s not nothing, and it may move the administration closer to its goal.
But it’s only a step. The Atlantic’s David Frum joked yesterday, “Congratulations to the Trump administration on reaching a preliminary agreement in principle to begin negotiations with half of America’s NAFTA counterparties with a view to revising one section of the trade agreement!”
Posted in AZBlueMeanie, Congress, Economics, GOP War On..., International, Media, Party Politics, President
Tagged Canada, free trade, Mexico, NAFTA, trade deal, Trade War
The June jobs report released today may be the apex of job growth after 93 consecutive months of job creation — the longest streak on record — because today marks the official start of the Trump vs. The World Trade War. As Trump’s trade war starts, China vows retaliation:
The United States imposed the first duties on $34 billion in Chinese goods early Friday, officially launching a trade war between the world’s two largest economies. Moments later, the Chinese side fired back, accusing the United States of violating WTO rules setting off “the largest trade war in economic history to date.”
Cadet bone spurs says Trade Wars Are ‘Good, and Easy to Win’, but history says otherwise. “Trade wars are never won. Trade wars are lost by both sides,” Sen. Ben Sasse of Nebraska has warned. “[I]t will kill American jobs — that’s what every trade war ultimately does. So much losing.” More about this later in the post.
Steve Benen has the June jobs report. Job growth remains steady, but jobless rate ticks higher:
Ahead of this morning’s new jobs report, most projections pointed to totals of roughly 200,000 new jobs last month. Those projections turned out to be correct.
The Bureau of Labor Statistics reported this morning that the economy added 213,000 jobs in June, while the unemployment rate inched a little higher, climbing from 3.8% to 4%.
Posted in AZBlueMeanie, Congress, Economics, GOP War On..., International, Labor, Mexico Border, Party Politics, President, Taxes, War
Tagged China, NAFTA, Tariffs, Trade War
Russia’s Vladimir Putin is laughing today at his unimaginable success in undermining America’s role as the leader of the post-war economic order of the liberal western democracies, and undermining the European Union and the Western alliance (and NATO). Putin’s puppet, Donald Trump, the president of the United States, is doing his bidding for him.
What was the G8 Summit until Russia was kicked out after its annexation of Crimea, became the G7 Summit. With Putin’s puppet Donald Trump doing his bidding, it has now become the “G6 plus one” Summit: Allies’ frustration with U.S. mounts ahead of G7 summit:
President Trump is expecting tough talks with U.S. allies Canada, France, Britain, Germany, Italy, and Japan at the G7 summit Friday. Relations are tense after the president put new tariffs on imported steel and aluminum from the European Union, Mexico, and Canada. Those nations are threatening new tariffs of their own on U.S. goods. President Trump tweeted Friday morning: “Looking forward to straightening out unfair Trade Deals with the G-7 countries. If it doesn’t happen, we come out even better!”
Mr. Trump’s “America first” mantra has led to policy decisions that have angered U.S. allies. G7 finance ministers met ahead of the summit and described the group as “G6 plus one,” with the U.S. in the rare role of an outlier.
Posted in AZBlueMeanie, Campaigns, Congress, Corruption, Economics, Elections, Ethics, International, Legislation, McCain, Party Politics, President, Russian Affair, Scandals
Tagged European Union, free trade, NAFTA, Trade War, Western Alliance
The headline in the Sunday Washington Post blares ‘Pure madness’: Dark days inside the White House as Trump shocks and rages:
Trump’s friends are increasingly concerned about his well-being, worried that the president’s obsession with cable commentary and perceived slights is taking a toll on the 71-year-old. “Pure madness,” lamented one exasperated ally.
NBC News reported last week that Trump was angry and ‘unglued’ when he started a trade war, officials say:
Trump’s policy maneuver, which may ultimately harm U.S. companies and American consumers, was announced without any internal review by government lawyers or his own staff, according to a review of an internal White House document.
According to two officials, Trump’s decision to launch a potential trade war was born out of anger at other simmering issues and the result of a broken internal process that has failed to deliver him consensus views that represent the best advice of his team.
On Wednesday evening, the president became “unglued,” in the words of one official familiar with the president’s state of mind.
* * *
Trump, the two officials said, was angry and gunning for a fight, and he chose a trade war, spurred on by Commerce Secretary Wilbur Ross and Peter Navarro, the White House director for trade — and against longstanding advice from his economic chair Gary Cohn and Treasury Secretary Steve Mnuchin.
* * *
No one at the State Department, the Treasury Department or the Defense Department had been told that a new policy was about to be announced or given an opportunity to weigh in in advance.
Posted in AZBlueMeanie, Congress, Economics, Ethics, GOP War On..., International, Legislation, Party Politics, President, War
Tagged free trade, NAFTA, Tariffs, Trade War