As China Slashes Car Tariffs, Rumors Fly: Did Trump ‘Cave’ Or Is Good News Just Good News?

“Trump changed the dynamic regarding China but in one weekend Secretary Mnuchin has given it away” — local moron.

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‘Continued Hard Work Is Required’: China, U.S. Agree To Disagree At Trade Summit And I’m Not Sure That Counts As ‘Winning’

“…other issues remain relatively big.”

‘He’ll End Up Shooting Us In The Foot’: Trump’s $100 Billion Tariff Gamble Is Going To Cost You At The Cash Register

“Habitually. He’s a habitual line stepper.”

Hello, This Is President Dennison, Turn My Trade War Down To ‘Simmer’ For Now

A bit of calm amid the still-brewing storm.

Navarro Says He’d Short Navarro In Cohn Replacement Race

If the best thing Peter said was that he wasn’t in the running to take Gary’s position, the worst thing he said was this…

As Navarro Ratchets Up Trade Rhetoric, Take A Minute To Meet Mr. ‘Death By China’

Peter Navarro needs no introduction, or maybe he does because as it turns out, a lot of Americans aren’t fully apprised of the extent to which America’s trade policy is now being dictated by a pseudo-academic whose claim to fame is “Death By China”, a documentary that features a Bowie knife with a yuan note wrapped around the handle literally stabbing America in the heart(land). 

‘Unglued’ Trump Was ‘Looking For A Fight’, Was Goaded Into Tariff Decision By Ross, Navarro: NBC

Not only were Congress, State, DoD, and Treasury left out of this, even the White House itself outside of Trump, Ross, and Navarro was kept in the dark.

“Hold My Beer While I Meet Xi.” And Everything Else You Need To Know On Thursday

It’s Thursday, which means today’s Donald Trump gets to look the Donald Trump who refused to shake Angela Merkel’s hand square in the eyes and say “hold my beer.” Chinese President Xi Jinping (also known as the most important person on the planet) will visit Trump at the President’s Mar-a-Lago club in Florida (where else, right?)…

It’s Quiet Out There: G-20 Leaves Markets Feeling “Damp And Grey”

It feels quiet out there. Maybe a little too quiet. There’s plenty of G-20 banter about the US/Trump having “won” at the weekend gathering in Germany. In this context, “winning” means successfully getting the “resist all forms of protectionism” language removed from the communique. Remember, in Trump/Navarro make-believe land, free trade is a bad thing, so telling everyone…

Monday Humor: Compare & Contrast

Courtesy of a guy who no one except Donald Trump takes seriously…

Making America Great Again, One Recession At A Time

“According to research from the Peterson Institute, under a full trade war, the US economy would be pushed into a recession over the next 2 years and the unemployment rate would push above 8%.”

Goldman: Trump Threatens Europe With Strongman “Bilateral World Order”

So you know, the percentage of the European population that’s still sane (and that’s an ever dwindling number apparently) would have really appreciated it if Trump would have just been satisfied with the damage he’s already done rather than piling it on by dispatching Peter Navarro to weigh in on the legitimacy of the common currency.

Daily Kickstart (Chinese FX Reserves Fall Below $3 Trillion, Euro On The Back Foot, Senate Weighs Risk Of School Grizzly Attacks)

The “big” news overnight should have been Chinese FX reserves just like China should be back in the global spotlight more generally as it becomes increasingly apparent that the PBoC is leaning towards financial stability at the possible expense of growth (i.e. they’re in tightening mode). Overnight we learned that Beijing’s FX reserves fell below the magic $3…

The Latest From Albert Edwards Or, Proof That “The Concept Of Heroes Is Never Great”

I’m not into hero worship. You might say that this is one time where I agree with Donald Trump who, when asked about heroes last month, hilariously said the following: “I don’t like the concept of heroes. The concept of heroes is never great.”

FEER-mongering

Tuesday’s most read post, oddly, was this one: “Trump’s Idiot Trade Czar Tanks Dollar With Absurd Attack On Germany.” I say “oddly”, but I guess I shouldn’t be entirely surprised. After all, Peter Navarro – who I’ve taken to calling Trump’s “economic spirit animal” – is an exceedingly controversial fellow. In academic circles, he’s considered something…