Category: Ill-Tempered

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 Ltd. WYNN, -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 Corp. AVYA, +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 Co. GE, -2.85% shares slid 2.9% a day after J.P. Morgan analyst Stephen Tusa downgraded the stock.

Shares of American Airlines Group Inc. AAL, -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 Slams Nonexistent ‘Judge Flores’ for Landmark Immigration Ruling Actually Named After Migrant Teen

President Trump had a lot to say Friday about a landmark immigration ruling that limits how long the government can detain undocumented migrant children. Unfortunately, his argument took a turn for the incoherent as soon as he publicly called out a nonexistent judge for a 20-day cap on detaining immigrant minors.

Complaining about a build-up of migrants at the border while visiting Calexico, California, Trump blamed it on “some very bad court decisions,” singling out the “Flores decision” as a “disaster.”

“I have to tell you, Judge Flores, whoever you may be, that decision is a disaster for our country,” Trump said during a meeting with border patrol officials.

The “decision” the president was referring to was Reno v. Flores—otherwise known as the Flores Settlement—which protects migrant children from being held indefinitely in custody and grants them certain basic rights, like the right to food, medical assistance, drinking water, and toilets while in detention. The Trump administration tried unsuccessfully to modify the agreement last year to allow for longer detention periods for minors.

The agreement was named not after a judge, but 15-year-old Jenny Lisette Flores, who fled El Salvador in the 1980s and was detained upon trying to enter the U.S. to live with her aunt. The teen was the lead plaintiff in the case, which came before the 9th U.S. Circuit Court of Appeals and the Supreme Court. It was settled in 1997, with Clinton-era Attorney General Janet Reno as the defendant.

The Flores Settlement has been an obstacle for the Trump administration since their family separation policy rollout and for current immigration policies, with lawsuits claiming the government is holding children indefinitely and violating the settlement.

Trump’s criticism of the imaginary judge sparked a barrage of mockery on social media, where many were quick to point out the flub came in the same week the president claimed windmills cause cancer and falsely said his father was born in Germany.

Earlier Friday, the president also claimed those approaching the southern border to seek asylum in the U.S. were running a “scam” during his visit to Southern California.

“Asylum, you know I look at some of these asylum people, they’re gang members. They’re not afraid of anything… and they say ‘I fear for my life,’ they’re the ones causing fear for life. It’s a scam, it’s a hoax,” he said, before fitting in a jab at Special Counsel Robert Mueller’s investigation into potential Russian interference in the 2016 election.

“I know about hoaxes, I just went through a hoax,” Trump said, referring to his previous remarks claiming the “Russia hoax” was “finally dead.”

Trump also claimed the United States no longer had the capacity to accept more asylum seekers or undocumented migrants entering through the southern border.

“The system is full. We can’t take you anymore. Whether it’s asylum. Whether it’s anything you want. It’s illegal immigration,” Trump said, according to CNN. “Can’t take you anymore. Can’t take you. Our country is full… Can’t take you anymore, I’m sorry. So turn around. That’s the way it is.”

[Daily Beast]

President Trump Ranted About ‘Getting Rid of Judges’

Apparently, we had something of an “episode” in the Oval Office Tuesday afternoon.

“Sure, it’s going to have a negative impact on the economy,” the president jovially admitted of his proposed shutdown. “It is one of the biggest trade deals in the world that we’ve just done with the USMCA. It is a very big trading partner. Trading is very important, the borders are very important, but security is what most important. I have to have security. And we’re going to have security in this country. That is more important than trade. Let me just give you a little secret, security is more important to me than trade, so we’re going to have a strong border, or we’re going to have a closed border. I’m totally prepared to do it.”

“Well I haven’t made that intention known and I’m ready to close it if I have to close it. Mexico has the strongest immigration laws in the world. Nobody has stronger. I guess some have the same but you can’t get any stronger than what Mexico has and we don’t want people coming up on this dangerous journey and coming in. And what we have to do is Congress has to meet quickly and make a deal. I could do it in 45 minutes. We need to get rid of chain migration, we need to get rid of catch and release and visa lottery and we have to do something about asylum and to be honest with you, I have to get rid of judges.”

Oh. And there were some pronunciation issues.

Meanwhile, those “rural voters” who, evidently, are the only voters that truly matter, are getting hammered all over the midwest. From NBC News:

Farmers will have to destroy any grains that were contaminated by floodwater, which could also prevent some growers from planting oversaturated fields. Near Crescent, Iowa, farmer Don Rief said the flood damaged more than 60,000 bushels of his grain, worth hundreds of thousands of dollars. He tried to move the crops before the flood, but dirt roads were too soft from the storm to support trucks. “We were just hurrying like hell,” Rief said. “Hopefully USDA will come in and minimize some of the damage.” The USDA does not have a program that covers flood-damaged grain because farmers have typically received more advance notice of rising waters, allowing them to move crops and limit losses, said Tom Vilsack, who ran the agency under former President Barack Obama.

That’s going to have to change, it seems. We don’t get many warnings about sudden calamities anymore and, the ones we get, we don’t listen to anyway.

[Esquire]

Trump Curses Out Democrats on Live Television: ‘Defrauding the Public With Ridiculous Bullsh*t!’

As President Donald Trump tore into the Russia investigations throughout his frenzied speech in Grand Rapids, Michigan on Thursday night, he surely offended television censors at one point by cursing out Democrats for their “ridiculous bullshit.”

“So the Russia hoax proves more than ever that we need to finish exactly what we came here to do: Drain the swamp,” Trump said to wild cheers. He then exclaimed: “The Democrats have to now decide whether they will continue defrauding the public with ridiculous bullshit, partisan investigations, or ways they will apologize to the American people and it join us to rebuild our crumbling infrastructure.”

Never a dull moment.

[Mediaite]

Trump Mocks and Jeers Media, Calls For Revenge as Crowd Chants ‘Lock Them Up!’

At President Donald Trump‘s rally in Michigan on Tuesday he went after the media hard several times over the Russia investigation and the Mueller report. At one point, he mocked cable news for slumping ratings and called Rep. Adam Schiff, “Little pencil neck.”

Referring to the media and Democrats and “deep state” together, Trump said “this group of major losers did not just ruthlessly attack me, my family, and everyone who questioned their lies. They tried to divide our country, to poison the national debate, and to tear up the fabric of our great democracy, the greatest anywhere in the world.”

“They did it all because they refused to accept the results of one of the greatest presidential elections, probably number one in our history.”

“Many people were badly hurt by this scam, but more importantly our country was hurt. Our country was hurt. And they’re on artificial respirators right now. They’re getting mouth-to-mouth resuscitation. Little pencil-neck Adam Schiff,” he said, pausing for a crowd reaction. “He has the smallest, thinnest neck I’ve ever seen. He is not a long ball hitter.”

He mocked Schiff’s voice, saying “there still could have been some Russia collision,” and then, describing Schiff, said, “Sick. Sick.

He brought up Rep. Jerry Nadler (D-NY) and the committee investigations and added, “These people are sick.”

“Sick. Every single deal, every single paper. All of the Democrat politicians. The media bosses. Bad people. The crooked journalists, the totally dishonest TV pundits — and by the way, they know it’s not true. They just got great ratings,” he said. “By the way, their ratings dropped through the floor last night, did you see that?”

There was another big crowd reaction, but it was even bigger as he praised Fox News hosts and their ratings.

“Our friends — Tucker, Sean, Laura — through the roof last night,” he said.

He then said that everyone who “perpetuated the single greatest hoax in the history of politics, they have to be — I’m sorry — they have to be accountable.”

The crowd then began chanting “lock them up” and “lock her up” mixed together.

“Just think of it. A fake dirty dossier, millions and millions of dollars paid for it. By who? Crooked Hillary Clinton, the DNC, and the Democrat party,” he said. The crowd booed and there were some renewed “lock her up” chants.

“They failed in one way. Can you believe it? Maybe I got lucky. They published and printed all of these horrible law lies, they couldn’t get any of the media to print it. Thank you very much, I appreciate it. You never know.”

He then gave the media “a lot of credit” for not publishing news about the dossier prior to the election, though there were no cheers for them from the crowd for that.

[Mediaite]

Trump attacks McCain again, saying he didn’t get a ‘thank you’ for approving late senator’s funeral

President Trump on Wednesday escalated his unrelenting attacks on the late senator from Arizona and former GOP presidential nominee John McCain, who even in death has remained one of Trump’s top targets for abuse as fellow Republicans have repeatedly begged him to stop.

In a five-minute diatribe during an appearance at a General Dynamics tank factory in Lima, Ohio, Trump argued that McCain, a lifelong Pentagon booster and former prisoner of war in Vietnam, “didn’t get the job done” for veterans while also grousing that he did not receive proper gratitude for McCain’s funeral last September.

“I gave him the kind of funeral he wanted, which as president I had to approve,” Trump said inaccurately, an apparent reference to allowing the use of military transport to carry McCain’s body to Washington. “I don’t care about this, I didn’t get a thank-you, that’s okay. We sent him on the way. But I wasn’t a fan of John McCain.”

He added, “I have to be honest, I never liked him much. Hasn’t been for me. I’ve really, probably, never will.”

The full-throated repudiation of a deceased and revered member of his party was remarkable even for a president constantly at war with his rivals, and it came amid an outpouring of statements in recent days praising McCain in the face of Trump’s attacks.

“It’s deplorable what he said,” Sen. Johnny Isakson (R-Ga.), chairman of the Senate Veterans’ Affairs Committee, said in an interview with Atlanta-based Georgia Public Broadcasting earlier Wednesday, referring to previous Trump attacks on McCain. “It will be deplorable seven months from now, if he says it again, and I will continue to speak out. . . . We should never reduce the service that people give to this country, including the offering of their own life.”

Trump’s comments are part of a longtime pattern in which he lashes into those he sees as challenging him — whether prominent or obscure, alive or dead.

In recent days, the president has also attacked George Conway, the husband of senior White House aide Kellyanne Conway, calling him a “stone cold loser,” “a whack job” and a “husband from hell” after Conway raised questions about the president’s mental health on Twitter. Others who have drawn the president’s ire in recent days have included weekend Fox News hosts and “Saturday Night Live” writers and performers.

Some close to the president have attributed his frustrations to worrying over the looming report on Russian election interference from the special counsel’s office — which he mocked Wednesday on the South Lawn of the White House en route to Ohio — while others said he simply has fewer advisers to restrain him from airing his grievances.Trump: ‘I was never a fan of John McCain, and I never will be’

President Trump lashed out at late senator John McCain (R-Ariz.) on March 19. (Photo: Jabin Botsford/The Washington Post)

Animosity between Trump, who received draft deferments from military service, and McCain stretches back decades and came to a head during the 2016 campaign when Trump declared that McCain was “not a war hero” because he had been captured after his plane was shot down over North Vietnam.

Aides say the new round of frustrations over McCain was fueled by a news report Trump saw recently about McCain’s role in handing over a copy of an intelligence dossier to the FBI after the 2016 election. Trump inaccurately blames the disputed document for kicking off the FBI’s investigation into Russian interference in the campaign to help Trump.

Trump has regularly railed about McCain in the nearly seven months since his death, complaining about the dossier and the senator’s vote against repealing the Affordable Care Act. Exasperated advisers have encouraged him repeatedly to drop the issue, but his grudge against McCain is particularly visceral, according to current and former aides.

Some of McCain’s supporters said the criticism would amuse McCain, who would have appreciated that the president was still tormented by his legacy. Mark Salter, McCain’s longtime friend and co-author, said that at first he was angered by the president’s mischaracterizations.

“It’s reaching a point of boredom for all of us. McCain is getting some kind of amusement out of it that he’s still in the guy’s head somewhere,” Salter said. “It doesn’t help him, but he can’t control himself. He obviously resents John. He obviously craves the admiration that John received in life. He may excoriate the establishment and fake news and everything else, but he craves its approval.”

At Trump’s event in Lima, Fred Creech, a 61-year-old welder from Wapakoneta, Ohio, said he was a Trump supporter who appreciated the president’s visit but said he was not thrilled by the extended anti-McCain diatribe.

“I can understand what he was saying, but I don’t know that it was totally necessary to explain all that to every single person out here,” Creech said.

Mike Phillips, 58, of Lafayette, Ohio, who works as a forklift driver at the plant, said he was a Trump supporter who appreciated the president’s political incorrectness. “We’ve got a president up there right now that has backbone,” he said. “And we’re sorry if we hurt a few feelings, if that’s the way it is, but we’ve got to be strong again.”

But Phillips was not eager to wade into the McCain controversy: “I do not have a comment on his comment. I’m not going there.”

Republicans have privately urged Trump to be more decorous about their late colleague, but most have done little in response to the continued attacks, aside from veiled criticisms. Senate Majority Leader Mitch McConnell (R-Ky.) posted a tweet before Trump’s Ohio speech that praised McCain but did not mention the president.

Sen. Lindsey O. Graham (R-S.C.), who was close to McCain and remains close to Trump, said at an event in South Carolina on Monday that he had repeatedly counseled the president against attacking his late friend, to no avail.

“He’s an American hero, and nothing will ever change that in my eyes. I want to help this president, I want him to be successful,” he said. “ . . . I think the president’s comments about Senator McCain hurt him more than they hurt the legacy of Senator McCain.”

A number of Democratic presidential candidates on Wednesday sharply criticized Trump’s attacks on McCain, including South Bend, Ind., Mayor Pete Buttigieg, who said Trump “faked a disability in order to avoid serving,” a reference to the president’s disputed medical deferment for bone spurs.

Beto O’Rourke, appearing at a campaign stop in Conway, N.H., pointed to McCain’s disavowal of racial attacks in the 2008 presidential race against Barack Obama.

“I think that kind of dignity and civility and mutual respect in our politics is missing right now,” O’Rourke said. “I hope that we go back to his example. Instead of focusing on the president’s comments I want to focus on Senator McCain and his example.”

The president is unlikely to change his posture toward McCain, aides say. He takes particular pride in the idea that GOP voters prefer him over McCain, and aides say he has bragged that Republicans might cringe but not punish him over the attacks.

On the day of McCain’s death, he scuttled issuing a statement drafted by White House aides honoring his life. He reluctantly lowered the U.S. flags over the White House briefly before they were raised — then under a fierce backlash, lowered them again.

The president also fumed about the wall-to-wall news coverage of McCain’s death and that he was not invited to the funeral at Washington National Cathedral, current and former administration officials said.

Trump said in Lima that he did not like McCain because he received a “fake and phony” dossier and handed it over to the FBI, “hoping to put me in jeopardy.” McCain had said he handed over the document after it was provided to him on the sidelines of a security conference because he thought it was important for law enforcement to investigate.

The president said, without providing examples or evidence, that McCain “didn’t get the job done for our great vets at the VA and they knew it.”

And he attacked McCain’s status as a longtime defense hawk who advocated a robust U.S. presence in the Middle East and Afghanistan. “We’re in a war in the Middle East that McCain pushed so hard,” Trump said.

After about five minutes of complaining about McCain, Trump seemed to realize he had flown to Ohio for another reason. Explaining his jeremiad, he said the news media had asked him about McCain — but only after he tweeted attacks on the late senator.

“Not my kind of guy, but some people like him and I think that’s great,” he said. “Now, let’s get back and get onto the subject of tanks and this economy.”

[Washington Post]

President Trump again blasts John McCain, says he was ‘never a fan’ and ‘never will be’

President Donald Trump again criticized the late Sen. John McCain Tuesday, pointing specifically to his vote against repealing Obamacare and saying was “never a fan” and “never will be.”

“I’m very unhappy that he didn’t repeal and replace Obamacare, as you know. He campaigned on repealing and replacing Obamacare for years and then they got to a vote and he said thumbs down,” Trump said. “Plus there were other things. I was never a fan of John McCain and I never will be.”

The president’s comments came during an Oval Office meeting with the president of Brazil and after a series of weekend tweets in which Trump blasted the senator, who passed away battling brain cancer in last August.

Trump accused him of “spreading the fake and totally discredited dossier” and of sending it to the FBI and the media “hoping to have it printed BEFORE the Election.” But the president’s claim is not accurate. McCain wasn’t made aware of the dossier until after the election when he passed it on to the FBI.

The dossier, compiled by former British intelligence officer Christopher Steele, alleged links between the Trump campaign and Russian officials. Along with other explosive allegations, it alleged that Russians held compromising information about Trump that could be used to blackmail him.

On ABC’s “The View” on Monday, McCain’s daughter Meghan fired back at Trump, saying he “spends his weekend obsessing over great men” because “he will never be a great man” like her father.

[ABC News]

Trump urges GM CEO Mary Barra to reopen or sell Lordstown, Ohio auto plant

President Donald Trump is pressuring General Motors to reopen the Lordstown, Ohio manufacturing plant that recently closed and put 1,700 people out of work. The president issued a series of tweets over the weekend and on Monday morning, urging GM to immediately begin discussions with the auto union.

Mr. Trump tweeted over the weekend and through Monday morning about his frustration with the plant’s closure, claiming that “car companies are all coming back to the U.S.” and touting the U.S. economy as “the envy of all.” On Sunday night, he disclosed in a tweet that he had vented his frustrations during a conversation with the company’s CEO, Mary Barra.

“I am not happy that it is closed when everything else in our Country is BOOMING,” Mr. Trump wrote. “I asked her to sell it or do something quickly. She blamed the UAW Union — I don’t care, I just want it open!”

The union is the United Automobile Workers, which represents the employees who lost their jobs in the Lordstown closure. Trump had previously told a UAW leader, David Green, to “get his act together and produce” for the Lordstown workers. Green didn’t respond to a request for comment Sunday.

Workers at the Lordstown plant worked their last shift earlier this month. More than 3,300 hourly workers were laid off indefinitely, representing about 7 percent of GM’s hourly U.S. employees. The cuts come as the automaker enjoyed a near-record $12 billion profit last year.

On Monday morning, Mr. Trump reiterated his support for the Lordstown plant to reopen quickly.

“General Motors and the UAW are going to start ‘talks’ in September/October. Why wait, start them now!,” he tweeted. “I want jobs to stay in the U.S.A. and want Lordstown (Ohio), in one of the best economies in our history, opened or sold to a company who will open it up fast!”

[CBS News]

Trump Blasts ‘Lowest Rated’ Shepard Smith and Other Fox Anchors: ‘Should Be Working’ at CNN

President Donald Trump lashed out at several Fox News anchors Sunday, writing in a tweet they “should be working” at CNN.

In a day packed with Twitter missives, Trump’s latest attack takes aim at Smith, a weekday anchor, and Leland Vittert and Arthel Neville, both weekend anchors at the president’s favorite network.

“Were @FoxNews weekend anchors, @ArthelNeville and @LelandVittert, trained by CNN prior to their ratings collapse?” Trump wrote. “In any event, that’s where they should be working, along with their lowest rated anchor, Shepard Smith!”

Trump’s attack on the hard news side of Fox News comes hours after he called for Jeanine Pirro — the opinion host suspended by the network for suggesting a congresswoman’s hijab meant she was anti-American — to be brought back on air.

[Mediaite]

Trump threatens an SNL Rerun with federal investigation for mocking him

Donald Trump is taking his fixation with Saturday Night Live to a new level.

The President tweeted in the early Sunday morning hours a threat to have the NBC late night comedy series investigated by a federal agency. The offense? Mocking him.

“It’s truly incredible that shows like Saturday Night Live, not funny/no talent, can spend all of their time knocking the same person (me), over & over, without so much of a mention of ‘the other side,’” the president wrote. “Like an advertisement without consequences. Same with Late Night Shows. Should Federal Election Commission and/or FCC look into this? There must be Collusion with the Democrats and, of course, Russia! Such one sided media coverage, most of it Fake News. Hard to believe I won and am winning. Approval Rating 52%, 93% with Republicans. Sorry! #MAGA”

Oddly, SNL didn’t even air a new episode last night, but rather a repeat that featured at least one Trump sketch (with Alec Baldwin reprising his role as Trump).

Of course, entertainment programming mocking newsworthy figures is protected as free speech. Trump seems to be referring to the “equal time rule” which mandates that U.S. broadcast TV stations give equal air-time opportunities to opposing political candidates in prime-time if requested. But Trump is president, not a candidate, and SNL is in late-night and, again, parody. There’s also FCC’s “fairness doctrine,” a regulation that required networks to give balanced coverage to matters of public controversy. The FCC eliminated the policy in 1987.

Trump has long slammed SNL, shown hostility toward mockery in general and is known to hardly ever laughthis link opens in a new tab (“I’ve never seen him laugh. Not in public, not in private,” former FBI Director James Comey told ABC). Trump’s former adviser Roger Stone has said Trump decided to run for president after President Obama mocked him at the 2011 White House Correspondents’ Dinner — a celebration and roast that Trump has refused to attend as president.  

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