Day: December 4, 2019
U.S. President Donald Trump revived both his “Rocket Man” nickname for Kim Jong Un and the threat of military force against North Korea, in the latest sign of rising tensions ahead of Pyongyang’s year-end deadline.
The trade war looks to be back on in a big way after a series of pronouncements from President Trump and the White House. The latest: Trump told reporters in London Tuesday he had “no deadline” for a China deal and that he liked “the idea of waiting until after the election for the China deal.” That followed an early Monday announcement that the U.S. would reimpose tariffs on steel and aluminum imported from Brazil and Argentina for “presiding over a massive devaluation of their currencies.” U.S. stocks predictably performed poorly, with the S&P 500 closing 0.9% lower and the tech-heavy Nasdaq dropping 1.1%. “Trump’s tweets suggest a failure to understand how trade flows, exchange rates, or economies function at the most basic level,” Karl Schamotta, chief market strategist at Cambridge Global Payments, told Axios.
The Second Circuit Court of Appeals ruled on Tuesday that Deutsche Bank and Capital One must comply with a congressional subpoena for President Trump, his children and his company’s financial records. The backdrop: Trump filed an appeal in August after a New York district judge declined to block the subpoenas, which were issued by the House Intelligence and Financial Services committees in April as part of an investigation into foreign influence.