On Friday, Treasury Secretary Steven Mnuchin halted a market selloff with a single word, "constructive". That lie was exposed over the weekend. The trade talks with China are not constructive.

Trade Lie of the Day Today

Trade Lie of the Day Sunday

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We are definitely not where we want to be. Trump wanted a trade deal did he not? Did he get one?

Trade Lie of the Day Saturday

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The US does not collect tariffs. They are a tax on consumers and businesses.

Note that Trump's economic adviser, Larry Kudlow Admits the Obvious: Trump is Wrong.

Lies of the Day Friday

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Joke of the Day

Trump takes credit for performance of the Boston Red Sox.

Peter Schiff Rebuttal of Trump's Position on Trade

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I agree with Schiff on every point above.

Ka-Blam

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Trump claimed there would be "money left over"after feeding the world's poor to fund other needs.

“With the over 100 Billion Dollars in Tariffs that we take in we will buy agricultural products from our Great Farmers, in larger amounts than China ever did, and ship it to poor & starving countries in the form of humanitarian assistance. ... Our Farmers will do better, faster, and starving nations can now be helped. ... If we bought 15 Billion Dollars of Agriculture from our Farmers, far more than China buys now, we would have more than 85 Billion Dollars left over for new Infrastructure, Healthcare, or anything else.”

That's the biggest lie of all. Effectively, Trump is in favor of a tax on US consumers to protect his political base in the agricultural states from his unwinnable trade war.

Note that Wisconsin Dairy Farmers Going Bankrupt in Record Numbers, Blame Trump Tariffs.

Beaten Badly?

Logic would dictate that you can only be beaten badly in a trade deal if the deal is closed.

Win-Win

Placing demands the other side will never agree with is not beating them badly.

Such foolishness by Trump is why he has not closed a single deal.

In Trump's perverse world there is a winner and a loser in every deal. In practice, both sides have to believe they gain, or they do not make a deal.

Stop the Damn Lies

Trump's trade lies prompted me to pen on Friday Dear President Trump: Stop the Damn Trade Lies.

The lies continue nonstop. More are certain to come.

In regards to Peter Schiff's GDP rebuttal, I said the same things in Explaining the First-Quarter GDP 3.2% Surprise.

Mike "Mish" Shedlock

Dear President Trump: Stop the Damn Trade Lies

Today, Trump told his biggest lie yet about trade. I am sick of this nonsense.

Trump to Hike Tariff Rate on $200 Billion in Chinese Goods: Two Tweets Two Lies

Trump announced in Tweets he is hiking tariffs on China. He told two lies in those Tweets. There's an implied third lie.

Constructive Lies

On Friday, Treasury Secretary Steven Mnuchin halted a market selloff with a single word, "constructive".

China May Cancel Trade Talks if Trump Extends Tariffs

After Trump reached out to China offering trade talks, he then gave the go-ahead for more tariffs. China may back out.

Trump's No Meat on the Bones Trade Announcement With China

The market rallied yet again on Friday on still more rumors of a trade deal with China. Details are lacking.

Trump and Juncker Supposedly Agree to Trade Deal: Lies All Around

The US and EU agree to resolve trade differences. Color me skeptical as to how long this lasts and what happens next.

Acting Man Defends Marc Faber

Acting Man founder Pater Tenebrarum (an alias name) defends Marc Faber. Tenebrarum says the Faber quotes are out of context. He provides a link to the complete statements.

Senator Grassley Warns "Trump’s Tariffs End or His Trade Deal Dies"

Chuck Grassley, a Republican Senator from Iowa warns Trump in a Wall Street Journal Op-Ed: End the tariffs.

Corn Exports Plunge but Trump "Not Ready to Make a Deal With China"

Trade tensions will not go away as Trump keeps fanning the flames while putting on an air of nonchalance.