Economy

Trump Announces Plan to Talk About Making Plans

JM Ashby
Written by JM Ashby

Trump appeared in the Rose Garden alongside European Commission President Jean-Claude Juncker yesterday evening where he announced that he, or more likely someone underneath him, plans to talk to the European Union about new trade deals.

Trump's announcement didn't include any specifics because there aren't any.

via TPM:

“We met right here at the White House to launch a new phase in the relationship between the United States and the European union, a phase of close friendship, of strong trade relations in which both of us will win,” Trump said during a brief press conference with European Commission President Jean-Claude Juncker. [...]

It will make trade fairer and more reciprocal. My favorite word: reciprocal,” Trump said.

Reciprocal. That's a nice word. A big word. Unfortunately, Trump doesn't know or at the very least doesn't appreciate what it means.

This rhetoric suggests that Trump wants to cut a deal to eliminate his tariffs on European products and, in exchange, Europe will reduce or eliminate their tariffs on American products. And that's a fine idea, except every time Trump's subordinates have tried to make deals he has undercut them. Trump has also undercut our allies in the European Union by trying to convince British Prime Minister Theresa May to pursue a "hard Brexit" rather than remain inside the European customs union.

Talk is cheap and, for the first time, the market may not be taking Trump's talk at face value.

Various industrial and consumer stocks have taken a beating over the past 24 hours and Trump's comforting words don't appear to have stemmed their losses. In one case, Trump's optimistic words have actually had the opposite effect.

Trump's tariffs that are already on the books are doing damage as we speak and, during his photo op with Jean-Claude Juncker, Trump stopped just short of saying he won't go through with his plan to impose tariffs on foreign cars and car parts.

I see no reason to believe Trump will roll back any of his tariffs until it actually happens. We're probably just a day or two away from another Twitter bender attacking the European Union.

  • Draxiar

    Time and again the pumpkinhead has proven that he only considers a deal good if he makes it and he wins and the other loses. Even when he does lose (which is a lot) he chats it up as a win or doesn’t chat it up at all hoping no one will notice. Anyone going into any negotiation with trump…well…shouldn’t.

  • katanahamon

    Pretty amazing..why aren’t reporters yelling “how many more porn stars did you fuck and then pay off?” “How many more tapes of you committing crimes are there?” “Do you think you would have been elected if your payments for sex cover ups were known at the time?” I mean come on ppl, impeach him already!!!

  • muselet

    If I thought for one nanosecond that or EU trade negotiators—or, for that matter, Jean-Claude Juncker—paid attention to the opinions of some random guy on the internet, I’d advise them to pursue other trade deals and come back to the US when someone else is president.

    No sense in having yet more people banging their heads against walls in frustration.

    –alopecia

  • Badgerite

    trump is fighting with just about everyone in the world except, of course, the person who put him into the Oval Office, Vladimir Putin and trump’s new BFF Kim Jung Un. It would be nice if someone in the gop had some kind of powers of, oh I don’t know, let’s call them ‘oversight’ ( just spit balling here) to reign in his destructive actions.