Trump bizarrely claims tariffs have previously paid for America’s highways and military in bonkers ‘no debt’ tweet

In a late Sunday morning tweet, President Donald Trump claimed that past administrations paid cash collected from tariffs to fund America’s military and build highways.

Skipping over U.S. taxation collections and government borrowing, the president claimed, “When our Country had no debt and built everything from Highways to the Military with CASH, we had a big system of Tariffs. Now we allow other countries to steal our wealth, treasure, and jobs – But no more! The USA is doing great, with unlimited upside into the future!”

You can see the tweet below:

[Raw Story]

Trump repeatedly flashes piece of paper he claims is part of secret Mexico deal

President Donald Trump continued to insist Tuesday that there is a secret component of his migration deal with Mexico, even flashing a piece of paper to reporters that he claimed spelled out the undisclosed portion.

“In here is the agreement,” Trump said, pulling the paper from a coat pocket and repeatedly holding it up as he spoke to reporters. “Right here is the agreement, it’s very simple. In here is everything you want to talk about, it’s right here,” he said, without opening it up.

“This is one page. This is one page of a very long and very good agreement for both Mexico and the United States,” Trump said.

“Without the tariffs, we would have had nothing,” the president said.

“Two weeks ago, I’ll tell you what we had: We had nothing. And the reason we had nothing is because Mexico felt that they didn’t have to give us anything. I don’t blame them. But this is actually ultimately going to be good for Mexico, too. And it’s good for the relationship of Mexico with us,” he continued.

Trump said he couldn’t show reporters what was on the paper. “I would love to do it, but you will freeze action it. You will stop it. You will analyze it, every single letter. You’ll see. But in here is the agreement.”

The president said that it’s his “option” as to whether the undisclosed agreement will go into effect.

“It’s not Mexico’s, but it will go into effect when Mexico tells me it’s okay to release,” Trump said, adding that first Mexico has to ratify whatever agreement they’ve made. “It goes into effect at my option.”

Washington Post photographer Jabin Botsford captured and tweeted a photo of the piece of paper, a portion of which can be read to say “the Government of Mexico will take all necessary steps under domestic law to bring the agreement into force with a view to ensuring that the agreement will enter into force within 45 days.”

Despite the president’s insistence that there is a secret deal, the Mexican government has denied that there are any undisclosed parts of the U.S.- Mexico deal.

“Outside of what I have just explained, there is no agreement,” Mexico’s Foreign Affairs Minister Marcelo Ebrard said on Monday.

[ABC News]

Trump claims ‘a National Holiday would be immediately declared’ if Obama made the deals he has


President Trump
 on Sunday claimed that “a National Holiday would be immediately declared” if former President Obama made the deals on immigration and the economy that he has. 

“If President Obama made the deals that I have made, both at the Border and for the Economy, the Corrupt Media would be hailing them as Incredible, & a National Holiday would be immediately declared,” Trump wrote in a post on Twitter. “With me, despite our record setting Economy and all that I have done, no credit!”

Trump in a series of tweets on Sunday morning touted his border security deal with Mexico, which averted tariffs on the U.S.’s southern neighbor, and knocked the media for its coverage of the agreement.

On Friday, he struck a deal with Mexico that called for the U.S. to drop plans to impose sweeping tariffs on the country in exchange for Mexico’s promise to crack down on illegal migration.

[The Hill]

Mexico Agreed to Take Border Actions Months Before Trump Announced Tariff Deal

 The deal to avert tariffs that President Trump announced with great fanfare on Friday night consists largely of actions that Mexico had already promised to take in prior discussions with the United States over the past several months, according to officials from both countries who are familiar with the negotiations.

Friday’s joint declaration says Mexico agreed to the “deployment of its National Guard throughout Mexico, giving priority to its southern border.” But the Mexican government had already pledged to do that in March during secret talks in Miami between Kirstjen Nielsen, then the secretary of homeland security, and Olga Sanchez, the Mexican secretary of the interior, the officials said.

The centerpiece of Mr. Trump’s deal was an expansion of a program to allow asylum-seekers to remain in Mexico while their legal cases proceed. But that arrangement was reached in December in a pair of painstakingly negotiated diplomatic notes that the two countries exchanged. Ms. Nielsen announced the Migrant Protection Protocols during a hearing of the House Judiciary Committee five days before Christmas.

And over the past week, negotiators failed to persuade Mexico to accept a “safe third country” treaty that would have given the United States the legal ability to reject asylum seekers if they had not sought refuge in Mexico first.

Mr. Trump hailed the agreement anyway on Saturday, writing on Twitter: “Everyone very excited about the new deal with Mexico!” He thanked the president of Mexico for “working so long and hard” on a plan to reduce the surge of migration into the United States.

It was unclear whether Mr. Trump believed that the agreement truly represented new and broader concessions, or whether the president understood the limits of the deal but accepted it as a face-saving way to escape from the political and economic consequences of imposing tariffs on Mexico, which he began threatening less than two weeks ago.

Having threatened Mexico with an escalating series of tariffs — starting at 5 percent and growing to 25 percent — the president faced enormous criticism from global leaders, business executives, Republican and Democratic lawmakers, and members of his own staff that he risked disrupting a critical marketplace.

After nine days of uncertainty, Mr. Trump backed down and accepted Mexico’s promises.

Officials involved with talks said they began in earnest last Sunday, when Kevin K. McAleenan, the acting secretary of homeland security, met over dinner with Mexico’s foreign minister. One senior government official, who was not authorized to speak publicly about the closed-door negotiations that took place over several days, insisted that the Mexicans agreed to move faster and more aggressively to deter migrants than they ever have before.

Their promise to deploy up to 6,000 national guard troops was larger than their previous pledge. And the Mexican agreement to accelerate the Migrant Protection Protocols could help reduce what Mr. Trump calls “catch and release” of migrants in the United States by giving the country a greater ability to make asylum-seekers wait in Mexico.

But there remains deep skepticism among some American officials — and even Mr. Trump himself — about whether the Mexicans have agreed to do enough, whether they will follow through on their promises, and whether, even if they do, that will reduce the flow of migrants at the southwestern border.

In addition, the Migrant Protection Protocols already face legal challenges by immigrant rights groups who say they violate the migrants’ right to lawyers. A federal judge blocked the Trump administration from implementing the plan, but an appeals court later said it could move forward while the legal challenge proceeds.

During a phone call Friday evening when he was briefed on the agreement, Mr. Trump quizzed his lawyers, diplomats and immigration officials about whether they thought the deal would work. His aides said yes, but admitted that they were also realistic that the surge of immigration might continue.

“We’ll see if it works,” the president told them, approving the deal before sending out his tweet announcing it.

On Saturday, Mike Pompeo, the secretary of state, said the government looked forward to reducing illegal immigration and making the border “strong and secure” by working with Mexico to fulfill the agreement.

Mr. Trump’s decision to use trade as a bludgeon against Mexico was driven in part by his obsession with stopping what he falsely calls an invasion of the country and in part by a desire to satisfy his core supporters, many of who have grown angry at his inability to build his promised border wall.

Many of his top advisers, including those who oversee his political and economic agendas, were opposed to the tariff threat. But the president’s ire is regularly stoked by the daily reports he receives on how many migrants have crossed the border in the previous 24 hours.

Mr. Trump’s top immigration officials had repeatedly warned the president that results from their work to curb the flow of migrants might not be evident until July, and urged patience.

But that effort became more difficult in May, when the numbers spiked to the highest levels of his presidency. During the week of May 24, 5,800 migrants — the highest ever for one day — crossed on a single day. That was quickly followed by a group of 1,036 migrants who were caught on surveillance cameras crossing the border en masse.

Mr. Trump later tweeted out the video, and the tariff threat soon followed.

Throughout the week’s negotiations, officials on both sides worried about what Mr. Trump would be willing to accept in exchange for pulling back on his tariff threat. That question hung over the talks, which were led one day by Vice President Mike Pence and included Mr. Pompeo and Mr. McAleenan.

Mexican officials opened the negotiations with the offer to deploy their new national guard troops against migrants, using a PowerPoint presentation to show their American counterparts that doing so would be a breakthrough in their ability to stop migrants from flowing north through Mexico, often in buses.

In fact, Mexican officials had already made the same promise months earlier when Ms Nielsen met in Miami with Ms. Sanchez and aides to Marcelo Ebrard, the Mexican foreign minister. The purpose of the meeting, according to people familiar with it, was to press the Mexicans to act faster.

Ms. Sanchez also told Ms. Nielsen that the Mexican government’s new national guard, which had been created just a month earlier to combat drugs and crime, would be redirected to the border with Guatemala, the entry point for most of the Central American migrants.

At the time, Ms. Nielsen and the other American negotiators referred to the Mexican promise as the “third border” plan because the Mexicans proposed creating a line of troops around the southern part of their country to keep migrants from moving north.

Mexicans had begun to follow the plan, but not quickly enough for the Trump administration, which said that only about 1,000 Mexican national guard troops were in place by May.

Friday’s agreement with Mexico states that the two countries “will immediately expand” the Migrant Protection Protocols across the entire southern border. To date, migrants have been returned at only three of the busiest ports of entry.

But officials familiar with the program said Saturday that the arrangement struck by the two countries last December always envisioned that it would expand along the entire border. What kept that from happening, they said, was the commitment of resources by both countries.

In the United States, migrants must see immigration judges before they can be sent to wait in Mexico, and a shortage of judges slowed the process. The Mexican government also dragged its feet on providing the shelter, health care, job benefits and basic care that would allow the United States to send the migrants over.

The new deal reiterates that Mexico will provide the “jobs, health care and education” needed to allow the program to expand. But the speed with which the United States can send more migrants to wait in Mexico will still depend on how quickly the government follows through on that promise.

Perhaps the clearest indication that both sides recognize that the deal might prove insufficient is contained in a section of Friday’s agreement titled “Further Action.”

One official familiar with the negotiations said the section was intended to be a serious warning to the Mexican government that Mr. Trump would be paying close attention to the daily reports he received about the number of migrants crossing the border. The official said that if the numbers failed to change — quickly — the president’s anger would bring the parties back to the negotiating table.

“The tariff threat is not gone,” the official said. “It’s suspended.”

[The New York Times]

Trump Invents Quote From Kevin McCarthy to Tout Support on Tariffs, Border Policy

It would appear that President Donald Trump drastically twisted a recent quote from House Minority Leader Kevin McCarthy (R-CA) in order to claim he’s on solid political footing with his plans to put tariffs on Mexico.

On Wednesday, Trump thanked McCarthy on Twitter because he supposedly said this about the president’s plans:

There’s just a slight problem: that quote doesn’t seem to exist anywhere except in Trump’s tweet.

Politico traced the so-called quote to an interview McCarthy gave to Laura Ingraham on Tuesday night, during which, the Fox News host asked him about Trump’s tariffs.

Here are those remarks in full:

“No. No, we support this president. And why, when you’re about to have a meeting – the secretary of State, Mike Pompeo, is meeting with Mexico tomorrow. We want to solve this crisis at the border – Why wouldn’t you help them be as strong as they can be? Stand up with him, and you know what, if you give the president his strongest hand, you’ll never end up with tariffs and we’ll have a border that is secure.”

As you can see, this is rather different from how McCarthy supposedly said that support for Trump’s tariffs “makes any measure the President takes on the Border totally Veto proof.”

[Mediaite]

Trump brags about his China trade war ‘success’ as stock ticker shows market tanking

President Donald Trump on Monday boasted about how successful his trade war with China has been — even though stock markets took an absolute beating on the news that China was about to slap tariffs on $60 billion of American goods.

While giving remarks to White House reporters on Monday, Trump bragged that his tariffs were making the United States richer, while a stock-market ticker showed that the Dow Jones Industrial Average was falling by more than 600 points.

“We’re taking in right now hundreds of billions of dollars,” Trump said of his tariffs on Chinese goods. “We’re taking in billions of dollars of tariffs, and those tariffs are going to be tremendously, if you look at what we’ve done thus far with China, we’ve never taken in ten cents until I got elected, now we’re taking in billions of billions.”

Trump also falsely credited the tariffs for economic growth in the first quarter of 2019, even though the majority of economists say the tariffs had nothing to do with strong GDP growth.

“This is a very positive step,” Trump said as the stock ticker continued showing a bloodbath in the markets. “I love the position we’re in.”

[Raw Story]

Stock Market Falls as Trump threatens tariffs on $11 billion of EU goods

U.S. stocks closed lower Tuesday, with the S&P 500 snapping its eight-day winning streak, on fears over escalation of trade tensions with the European Union and a weaker global outlook from the International Monetary Fund.

How did the benchmarks fare?

The Dow Jones Industrial Average DJIA, -0.72%  dropped 190.44 points, or 0.7%, to close at 26,150.58, while the S&P 500 index SPX, -0.61% fell 17.57 points. or 0.6%, to 2,878.20. The Nasdaq Composite Index COMP, -0.56% declined 44.61 points, or 0.6%, to 7,909.28.

What drove the market?

The office of the U.S. Trade Representative threatened to levy tariffs on many European goods late Monday. The threat is a retaliation against European companies’ subsidies for aircraft manufacturer Airbus SE EADSY, -1.82% If the U.S. follows through, the proposed tariffs would affect about $11 billion in imports to the U.S., including helicopters, bicycles, cheese and wine.

Lighthizer said the Trump administration would wait for World Trade Organization clearance to implement the duties. President Donald Trump Tuesday morning tweeted that the EU has taken advantage of the U.S., adding that it would “soon stop!”:

The U.S.-EU tensions comes with the administration reportedly close to resolving a yearlong spat with China, which has roiled markets amid fears the clash between the world’s largest economies could disrupt global economic growth.

The IMF lowered the outlook for global economic growth in 2019 to 3.3% from 3.5% projected in January, marking its third reduction of growth expectations in six months. The decline has been broadly felt, with all advanced economies, including the U.S., and most major emerging-market economies seeing deterioration in their outlook.

Meanwhile, data pointed to a tightening of the U.S. labor market. The number of job openings in the U.S. fell by 538,000 to 7.1 million on the last business day of February, marking the smallest number of job openings since March of 2018.

The National Federation of Independent Business’s small-business optimism index edged up 0.1 point to a seasonally adjusted 101.8, marking the third month in a row in a narrow range.

What were strategists saying?

“The tariff threat is probably what’s moving markets negatively,” Karen Cavanaugh, senior market strategist with Voya Investment Management, told MarketWatch, though she noted that tariffs being discussed are relatively small. “We’re in an information vacuum before earnings season, and right now any little thing could move markets until we get something substantial to sink our teeth into.”

“Sentiment in continental Europe is holding up well, considering the heightened tensions between Washington, D.C., and Brussels in relation to the threat of $11 billion worth of tariffs being imposed on European imports,” wrote David Madden, market analyst at CMC Markets, in a research note.

Which stocks were in focus?

Apple Inc. AAPL, -0.30%  surrendered early gains to fall 0.3%, bringing its nine-day win streak to a close as its effort to reclaim $1 trillion in market cap took a pause.

Shares of Wynn Resorts LtdWYNN, -3.86% dropped 3.9% after the company terminated talks to purchase Australia’s Crown Resorts.

Shares of Paris-listed Airbus SE AIR, -1.86%  were off 1.9% amid the U.S. tariff threat. U.S. listed shares EADSY, -1.82% also fell 1.8%.

Avaya Holdings CorpAVYA, +4.17% shares gained 4.2% after Bloomberg reported that the communications software company is organizing a sales process for the company, following the receipt of unsolicited bids.

General Electric CoGE, -2.85% shares slid 2.9% a day after J.P. Morgan analyst Stephen Tusa downgraded the stock.

Shares of American Airlines Group IncAAL, -1.68% fell 1.7% after the company cut its first quarter guidance.

How were other markets trading?

Markets in Asia closed on a mixed note, with Japan’s Nikkei 225 NIK, -0.61%adding 0.2%, Hong Kong’s Hang Seng Index HSI, -0.35% rising 0.3%, while the Shanghai Composite Index SHCOMP, -0.39% lost 0.2%. European stocks were lower, with the Stoxx Europe 600 SXXP, -0.47% down 0.5%.

In commodities markets, the price of oil CLK9, +0.19% retreated from five-month highs, while gold futures GCM9, -0.13% settled higher. The U.S. dollarDXY, +0.02% was mostly unchanged.

[MarketWatch]

Trump Makes All-Caps New Year’s Decree: ‘MEXICO IS PAYING FOR THE WALL’

With the Federal government in its 10th day of a shutdown as President Donald Trump tries to secure funds in the budget for a Southern border wall, the commander-in-chief is reverting back to his original campaign promise about where the money is coming from.

In a Monday night tweet fired off just a few hours before the ball drop in Times Square, the president claimed that Mexico will be financing the wall by way of the trade pact they signed earlier in 2018.

“MEXICO IS PAYING FOR THE WALL through the many billions of dollars a year that the U.S.A. is saving through the new Trade Deal, the USMCA, that will replace the horrendous NAFTA Trade Deal, which has so badly hurt our Country,” Trump wrote. “Mexico & Canada will also thrive – good for all!”

Earlier, Trump also taped a brief New Year’s message for his followers:

“While I’m at the White House working, you’re out there partying tonight. But I don’t blame you. Enjoy yourselves. We’re gonna have a great year. Have a really, really Happy New Year.”

[Mediaite]

Trump announces second round of farm aid to offset trade damage

President Trump on Monday announced his administration was planning to disburse a second tranche of aid as part of a $12 billion package meant to assist American farmers stung by retaliatory trade measures enacted by China and other foreign governments.

“Today I am making good on my promise to defend our Farmers & Ranchers from unjustified trade retaliation by foreign nations,” Trump tweeted. “I have authorized Secretary Perdue to implement the 2nd round of Market Facilitation Payments. Our economy is stronger than ever–we stand with our Farmers!”

After this latest round of payments, farmers will have received about $9.6 billion in aid, according to Department of Agriculture figures. The largest payments will be for soybeans.

Agriculture Secretary Sonny Perdue said in a statement Monday that farmers “are continuing to experience losses due to unjustified trade retaliation.”

“This assistance will help with short-term cash flow issues as we move into the new year,” he added.

The Trump administration announced in July it was dispersing $12 billion in aid to farmers amid escalating trade disputes with China, Mexico, Canada and the European Union. The administration said it would dole out the first $6 billion in August.

Reuters reported earlier this month that the second portion of aid had been delayed by the administration.

The $6 billion that was dispersed in August included about $4.7 billion to producers of corn, cotton, dairy, pork, sorghum, soybeans, and wheat.

Perdue said in a statement at the time that “all of this could go away tomorrow, if China and the other nations simply correct their behavior.”

“But in the meantime, the programs we are announcing today buys time for the President to strike long-lasting trade deals to benefit our entire economy,” he said.

Trump has engaged in an escalating trade war with China that has hurt farmers in the U.S. who rely on China for exports.

The second portion of aid announced Monday was initially delayed because the Trump administration was worried about the cost of the program and was hopeful that China would resume buying soybeans from the U.S., according to Reuters.

[The Hill]

Stock markets plunge after Trump’s ‘Tariff Man’ tweet

Stocks took a nosedive on Wall Street as investors worried that a US-China trade truce reached over the weekend wasn’t all it was cracked up to be.

The Dow Jones Industrial Average sank almost 800 points Tuesday.

Boeing and Caterpillar, two major exporters which would have much to lose if trade tensions don’t ease, weighed the most on the Dow.

Bond prices soared sharply, sending yields lower, as traders shoved money into lower-risk investments.

The sharp drop in yields hurt banks because it makes it harder to earn money from lending. JPMorgan Chase sank 4.5 percent.

The S&P 500 lost 90 points, or 3.2 percent, to 2,700.

The Dow dropped 799 points, or 3.1 percent, to 25,027. The Nasdaq fell 283 points, or 3.8 percent, to 7,158.

The markets plunged after President Donald Trump unleashed a threatening tweet Tuesday morning.

“President Xi and I want this deal to happen, and it probably will. But if not remember, I am a Tariff Man,” Trump tweeted.

[New York Post]

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