China keeps eating away at the American economy. But Trump likes his tariff plan. He thinks it will bring China back to the bargaining table. And he likes the way he doubled down by banning Huawei from doing business in the United States.
Trump told his voter base he holds the winning trade hand. The Chinese will have to let him mess with their laws, or he will make sure every American citizen financially suffers in the process.
But China was ready for Trump’s hardball approach. They know Mr. Trump must have some trade deal in the books before the 2020 election. But China is in no hurry to give Trump what he wants. Little by little, the Chinese take bites out of America’s economy while Trump claims he has the upper hand. China fined Ford’s China division $24 million for breaking Chinese laws. And the government wants to fine FedEx as well as other American companies doing business in China.
According to CNN, chinese tourists may keep their $34.4 billion in the bank instead of spending it in the United States. The Chinese government said the U.S. police might give them a hard time for no reason, and they might be a crime victim. The soybean farmers got a kick in the face when China did not write any future soybean contracts. According to the Brazilian press, Brazil will fill those contracts.
The China trade war may prompt the Feds to cut the interest rates, according to Fed Chair Jerome Powell. Powell didn’t say he would cut rates right away. The Reserve Board doesn’t know how long Trump’s tariff game will continue. But some financial analysts say the Feds may cut the rates in September and December because of Trump’s economic missteps.
British spy Christopher Steele will tell investigators what he knows about Trump’s salacious behavior in Russia in 2015. Mr. Steele wrote a report for the Democrats. Former FBI director James Comey saw the report, and he put an FBI tail on the Trump campaign. There were signs Trump had a close relationship with Russian officials.
Mr. Trump feels very British now that the Royal Mother let him pat her on the back. Trump tried to get Prince Charles to change the subject when he brought up climate change. Trump was too busy picking the next prime minister to bother with Charles concern over what the Trumpster calls the weather. He interviewed conservative candidates as if he was in the process of filming a segment of Celebrity Apprentice. Several candidates sucked up to the Trumpster. They want to part of his growing worldwide cult.