Mr. Trump read remarks about the El Paso and Dayton violence that consumed American thoughts and prayers from a teleprompter. Trump has a hard time reading from a teleprompter especially when he didn’t write the script. Americans watched the president half-heartedly address the out-of-control gun violence in America.
Trump’s 2020 campaign plan is to divide the country. He knows he has to win over independents and some conservative Democrats if he wants to win in 2020. The independents and Democrats Trump needs are the people who believe being a racist is okay especially in politics. Senate Speaker Mitch McConnell thinks keeping guns in the hands of people who love the Trumpster works for him. McConnell blocked two Congressional bills before he broke his shoulder while he spread his southern-type Trump snake oil in his hometown of Louisville.
President Putin wants Trump to meet with him so he can remind him who he works for. Mr. Putin thinks Trump wants to put new advanced missiles in Europe. Putin knows Congress won’t lift the Russian sanctions so most Russian importers and exporters use euros instead of dollars to avoid the sanctions. Putin and China know Trump wants to rule the global trade and currency markets, and they plan to stop him, according to the New York Times.
China threw a monkey wrench in Trump’s new tariff threat when the Chinese central bank devalued the yuan on the foreign exchange. The devaluation helps offset Trump’s tariffs in China. China’s GDP growth slipped at the end of June. But it didn’t slip as much as U.S. GDP growth. The American farmers caught in the trade war won’t receive any new orders from China. Last year, American farmers sold more than $260 billion worth of farm products to China.
The war with China gave stock market investors a reason to run to the bond market and then buy gold while they licked their investment wounds. Trump’s new tariff threat gave retail, transportation, and tech stock investors a reason to dig in and watch Trump torch the economy.
According to Goldman Sachs economists, the Feds will have to cut interest rates in September and October. Wall Street knows the Chinese economy can endure Trump’s tariffs. But they don’t believe the U.S. economy can avoid a recession. Most Wall Street economists say the trade war won’t end before the 2020 election. China’s central bank plans to inject money into its consumer economy as needed to maintain six percent GDP growth, according to the Washington Post.