“Right away, you’re ready to sell it.”
As we saw this week, they’re not so good at being subtle.
“Yes, is this customer service? I’d like to report an outage in the magic money machine.”
All eyes on (geo)politics. And Canada. Of course.
Thank God it’s Friday.
“So it probably came as a shock that one of Canada’s main goals in this renegotiation is to get the United States to treat our own workers better. Canada doesn’t want its workers competing with poorly-treated laborers — including workers in the United States.”
“Our nation’s ballooning trade deficit has gutted American manufacturing, killed jobs and sapped our wealth. That is going to change under President Trump, and rules of origin are just the beginning.”
On the bright side…
As usual, he has managed to cram so much absurdity into 140 characters that it’s impossible to parse it all, but the first question that comes to mind is this: why the fuck is that posed as an interrogative?
Ok, so as detailed earlier this morning, the first thing you should note about the overnight session was the action in the loonie and peso following Donald Trump’s decision to avoid ripping apart NAFTA (for the time being). You can read the full story on that with some additional color from FX trader Mark Cudmore…
“It is my privilege to bring NAFTA up to date through renegotiation,” Trump said, adding that he “believes that the end result will make all three countries stronger and better.”
“It doesn’t really matter. For a while, investors will assume the rot spreads deeper than just one company. The entire Canadian real estate sector will now be guilty until proven innocent.”
“At the same time, tariffs would weigh on US growth. If we assume that Mexico and China retaliate with equivalent tariffs, this would substantially reduce demand for US exports, depressing US GDP by around 0.7pp by 2019. In fact, tariffs would likely hit US GDP so sharply that the Federal Reserve would be prompted to reduce interest rates to cushion the blow—despite an increase in inflation.”