China’s Foreign Minister Wang Yi told the press his country is ready to buy more farm products if Trump stops all the mean talk and shows more goodwill by dropping the tariffs. But Mr. Trump told the UN he won’t accept a bad deal even though Chinese importers bought 600,000 tons of soybeans, recently. China needs to buy another 6 million tons of soybeans now that China dropped the tariffs they put in place on pork and soybeans.
China bought 32 million tons of soybeans in 2017, but when Trump went tariff-crazy China filled those orders in Brazil and Argentina. New trade talks will begin October 10th in Washington. Trump told the press he’s looking for a complete deal which means he wants China to change the way they support companies like Huawei. Mr. Trump claims Huawei spies for the Chinese government.
Consumer confidence took a hit in September. Consumer spending is the key to Trump’s great economy. Seventy percent of America’s Gross Domestic Product growth comes from consumer spending. Trump’s round of December tariffs will impact all Chinese product, so Wall Street economists think consumer spending will drop dramatically, and that will bring on the recession most economists predict.
Mr. Trump let Iran know he will continue adding sanctions until President Rouhani agrees to rewrite the 2015 nuclear agreement. Foreign Minister Zarif told the press if Trump doesn’t drop the sanctions, more Saudi oil fields will burn, and the price of oil will jump around the world. The last thing Trump needs is higher prices at the gas pumps. But he continues to add sanctions that cripple Iran’s oil business with other countries like China. Trump just imposed sanctions on Chinese companies that buy Iranian oil.
Mr. Trump’s campaign manager Brad Pascale said Trump raised more than $3 million to help fight his upcoming impeachment. Mr. Trump started an official “Impeachment Defense Task Force.” Trump asked his voter base to contribute at least $5 to help him fight the Democrats. Trump election war chest continues to grow. He raised more than $210 million for his reelection campaign, according to Pascale.
Investors think Trump will face impeachment, but the Senate won’t convict him. Stocks dropped when Pelosi told the press she’ll open an impeachment inquiry. The gold market spiked after that announcement. Investors want to find assets that won’t take a major hit during the impeachment process. Cash and the precious metal market are kings in the investment world at the moment, according to CNN.
Dil Bole Oberoi
