A growing number of companies are complaining about Trump's tariffs. Nancy Pelosi is as clueless as Trump.
Strange Bedfellows
Please consider Democrat-led House seen backing Trump’s China trade war, scrutinizing talks with allies.
House Democratic leader Nancy Pelosi, who made a pitch to return as speaker on Wednesday, has applauded Trump’s initial round of tariffs on China as a “leverage point” to negotiate fairer trade for U.S. products in the country.
Trump has signaled in the past week that he believes a deal with Chinese President Xi Jinping is achievable. The two are due to meet on the sidelines of the G20 leaders’ summit at the end of November.
If things do not go well, he has threatened to impose tariffs on about $267 billion worth of remaining Chinese imports to the United States. Currently, 10 percent tariffs on $200 billion of products are scheduled to rise to 25 percent on Jan. 1, 2019.
“House Democrats are the most protectionist group in Congress,” said Derek Scissors, a China scholar at the American Enterprise Institute in Washington. If Trump makes a deal that fails to achieve significant changes to China’s practices, “they’ll jump all over him,” he said.
Canada Upset Over Trade Agreement Changes
In other tariff news, Canada at Odds with U.S. Changes to Text of Trade Deal.
Canada is pushing back against U.S. attempts to change the text of a recently concluded trade pact and the issue may have to be referred to ministers to settle, a Canadian source with direct knowledge of the matter said on Thursday.
“Some of the stuff they (the Americans) have been putting forward is not at all what we agreed to. So some of it may have to come up to the ministerial level before it gets resolved,” said the source, who requested anonymity given the sensitivity of the situation.
Real World
Meanwhile, in the real world, Soybeans Pile Up, So Do Worries of Bean Rot.
Also note the Tariff Scorecard: 57 Companies Bitch About Trump's Tariffs, 7 Give Positive View
In the perverse way in which government "works", when both sides agree, they are typically both wrong.
This material is based upon information that Sitka Pacific Capital Management considers reliable and endeavors to keep current, Sitka Pacific Capital Management does not assure that this material is accurate, current or complete, and it should not be relied upon as such.
Recommended Content
Editors’ Picks
GBP/USD remains on the defensive below 1.2450 ahead of UK Retail Sales data
GBP/USD remains on the defensive near 1.2430 during the early Asian session on Friday. The downtick of the major pair is backed by the stronger US Dollar as the strong US economic data and hawkish remarks from the Fed officials have triggered the speculation that the US central bank will delay interest rate cuts to September.
EUR/USD extends its downside below 1.0650 on hawkish Fed remarks
The EUR/USD extends its downside around 1.0640 after retreating from weekly peaks of 1.0690 on Friday. The hawkish comments from Federal Reserve officials provide some support to the US Dollar.
Gold: Middle East war fears spark fresh XAU/USD rally, will it sustain?
Gold price is trading close to $2,400 early Friday, reversing from a fresh five-day high reached at $2,418 earlier in the Asian session. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row.
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu, WIF token’s show of strength was not just influenced by Bitcoin price reclaiming above $63,000.
Israel vs. Iran: Fear of escalation grips risk markets
Recent reports of an Israeli aerial bombardment targeting a key nuclear facility in central Isfahan have sparked a significant shift out of risk assets and into safe-haven investments.