In other news, the Wall Street Journal reports dozens of employees have accused Vegas billionaire and RNC finance chairman Steve Wynn of sexual harassment and assault. Wynn settled with at least one manicurist that he allegedly raped for $7.5 million. The WSJ spoke to 150 sources for their report.
Meanwhile, European Central Bank (ECB) chief Mario Draghi says that if America manipulates the value of the dollar as Treasury Secretary Steve Mnuchin implied, Europe will respond in kind. Heck'uva job, Steve.
Finally, the U.S. International Trade Commission (ITC) voted unanimously 4-0 to rejecte a demand made by Boeing to place tariffs on jets produced by Canadian manufacturer Bombardier.
U.S. companies and workers aren’t being harmed by sales of 100- to-150-seat aircraft from Canada, the International Trade Commission said Friday. The panel’s ruling blocks a Commerce Department decision last month to impose duties of almost 300 percent.
Friday’s vote deals a blow to Chicago-based Boeing Co., which said Bombardier sold the C Series in the U.S. at less than fair value while benefiting from government subsidies. The decision also opens the door for Bombardier to add new U.S. customers while potentially easing trade tensions with Canada and the U.K., where the company builds wings for the aircraft.
It's rich to see American officials accusing other governments of subsidizing industry. We subsidize the shit out of everything in America. Some of our biggest manufactures are actively subsidized with negative tax rates. The Department of Defense dumps tens of billions of dollars into research and development every year that directly benefits companies like Boeing.
Trump recently slapped a tariff on foreign solar panels, accusing foreign governments of subsidizing them, but we have done exactly the same thing here in America over the past 8 years. We have lobbyists and coal barons in Washington begging for (bigger) subsidies.
And that's my last rant for the week. Have a good weekend.