Baltic Dry Index. 1521 -32 Brent Crude 67.77
Spot
Gold 3274 U S 2
Year Yield 3.73 +0.03
US
Federal Debt. 37.034 trillion
US
GDP 30.100 trillion
The difference between stupidity and genius is that genius has
its limits.
Albert Einstein
Did President Trump
just kill the US stocks rally?
Irate that his
attempt to make Canada the 51st US State failed dismally, President
Trump, on Friday, lashed out at Canada and all Canadians.
I suspect most
Canadians know only too well how to hit back against US made products and
services, plus avoiding tourism into the USA.
Following Trump’s announcement, the S&P 500 and the Nasdaq Composite both turned
negative, retreating from the record
highs they had reached earlier in the day.
Unfortunately, this
sends out a signal to the EU and rest of the world that it’s pointless in
trying to negotiate with an unstable and unreliable US President.
After re-negotiating
NAFTA into the USMCA in his first term, President Trump reneged on USMCA in his
first days in office in his second term
Even if Canada
placated Trump on the digital service tax, how long before Trump reneged on
that deal?
But I want to thank everybody for coming — coming to
the White House on this very momentous, historic, and joyous occasion.
It’s been a long time. Everybody said this was a deal that could not be
done. “Too complicated, too big. It couldn’t be done.” We got
it done.
And today, we’re finally ending the NAFTA nightmare
and signing into law the brand-new U.S.-Mexico-Canada Agreement. Very
special. Very, very special.
President Trump, January
29, 2020. USMCA signing ceremony.
Trump
ends all U.S. trade talks with Canada over digital services tax
Published
Fri, Jun 27 2025 1:51 PM EDT Updated Fri, Jun 27 2025 5:18 PM EDT
President Donald Trump on Friday said
the United States is immediately “terminating ALL discussions on Trade
with Canada”
in response to Ottawa’s decision to impose a digital
services tax on American tech firms.
Trump’s surprise announcement on Truth Social accused Canada of “copying the European
Union” with the “egregious” tax.
“We will let Canada know the Tariff that they will
be paying to do business with the United States of America within the next
seven day period,” Trump added.
Read Trump’s full post:
“We have just been informed that Canada, a very
difficult Country to TRADE with, including the fact that they have charged our
Farmers as much as 400% Tariffs, for years, on Dairy Products, has just
announced that they are putting a Digital Services Tax on our American
Technology Companies, which is a direct and blatant attack on our Country. They
are obviously copying the European Union, which has done the same thing, and is
currently under discussion with us, also. Based on this egregious Tax, we are hereby
terminating ALL discussions on Trade with Canada, effective immediately. We
will let Canada know the Tariff that they will be paying to do business with
the United States of America within the next seven day period. Thank you for
your attention to this matter!”
“We have such power over Canada,” Trump said in the
Oval Office later Friday.
“They were foolish” to go forward with the new tax,
Trump said.
He said the U.S. would “stop all negotiations with
Canada right now until they straighten out their act.”
The office of Canadian Prime Minister Mark Carney
did not immediately respond to CNBC’s request for comment.
The president’s angry declaration suddenly imperils
America’s trade relationship with a close ally that has long been one of its
top two global trading partners.
U.S. goods trade with Canada totaled roughly $762
billion last year, according to the office of the U.S.
trade representative.
Following Trump’s announcement, the S&P 500 and the Nasdaq Composite both turned
negative, retreating from the record
highs they had reached earlier in the day.
The first payments from Canada’s digital services
tax, which was enacted last year and applies retroactively to 2022, are set to
be collected Monday. The tax would hit both domestic and foreign tech
companies, including U.S. giants such as Amazon, Google and Meta.
Canadian officials said this month that they would not pause the digital services tax, despite ferocious
opposition from the United States.
“Obviously, we think it’s patently unfair to do it
retroactively,” Treasury Secretary Scott Bessent said later Friday on CNBC’s “Closing Bell: Overtime.”
Bessent said the Trump administration was hoping
that Carney’s government would “put a brake on” the tax “as a sign of
goodwill.”
He now expects that Trump trade representative
Jamieson Greer will start an unfair trade practice investigation under Section
301 of the Trade Act of 1974 “to determine the amount of harm” that the new
Canadian taxes pose to the U.S.
Trump
ends all U.S. trade talks with Canada over digital services tax
Trump shrugs off July tariff deadline: ‘We can do whatever we want’
Published Fri, Jun 27 2025 4:06 PM EDT
President Donald Trump said Friday he may not stick to the deadline in early July when massive U.S. tariffs are set to snap back into effect on a slew of countries.
“No, we can do whatever we want,” Trump said at the White House when asked if his deadline was set in stone. “We could extend it. We could make it shorter.”
The question had specifically been about July 9, the deadline for the U.S. and the European Union to negotiate a trade deal or else trigger a 50% tariff on EU imports to take effect.
But the president’s answer appeared to refer to a July 8 deadline when a three-month pause on his self-described “reciprocal tariffs” on many nations ends, sending country-specific tariff rates back up to their initial, much higher levels.
Despite Trump’s apparent flexibility as to the dates, the executive order he signed on April 9 is not flexible unless it’s formally updated.
That order reduced Trump’s country-specific tariffs down to a rate of 10% across the board for 90 days, and specified that the temporary reprieve would only last for three months.
Unless Trump revises his order, the sweeping tariffs will return to their sky-high rates in 12 days.
That could have a major impact on a slew of U.S. trading partners, and risks repeating the global economic turmoil that Trump set off when he announced the initial tariff rates on April 2.
Countries were blindsided by the massive import duties — some as high as nearly 50% — that Trump rolled out on what he called “liberation day.”
What immediately followed were days of highly volatile markets and criticism and alarm from investors, world leaders and importers. One week later, Trump announced a 90-day pause on the new tariff rates.
The White House initially suggested in April that it would hammer out individual trade deals with scores of countries in the intervening months.
But with less than two weeks remaining in the 90-day interim period, the White House has so far only struck limited trade agreements with China and the United Kingdom.
Both of those deals have been described as more akin to frameworks than to finalized deals. Beijing’s Commerce Ministry said earlier Friday that China and the U.S. have confirmed the details of the trade framework that both sides agreed to in prior talks.
More
Trump July tariff deadline: 'We can do whatever we want'
Core
inflation rate rose to 2.7% in May, more than expected, Fed’s preferred gauge
shows
Published
Fri, Jun 27 2025 8:35 AM EDT
Prices
that consumers pay rose slightly in May, while the annual inflation rate edged
further away from the Federal Reserve’s target, according to a Commerce
Department report Friday.
The personal
consumption expenditures price index, the Fed’s primary inflation reading,
rose a seasonally adjusted 0.1% for the month, putting the annual inflation
rate at 2.3%. Economists surveyed by Dow Jones had been looking for respective
levels of 0.1% and 2.3%.
Excluding
food and energy, core PCE posted respective readings of 0.2% and 2.7%, compared
to estimates for 0.1% and 2.6%. Fed policymakers consider core to be a better
measure of long-term trends because of historic volatility in the two
categories. The annual rate was 0.1 percentage point ahead of the April
reading.
Along
with the inflation numbers, consumer spending and income showed further signs
of weakening. Spending fell 0.1% for the month, compared to the estimate for an
increase of 0.1%. Personal income declined 0.4%, against the forecast for a
gain of 0.3%.
Markets
had little reaction to the data, with stock market
futures indicating
a positive open on Wall Street while Treasury yields also rose.
The
report comes with the Fed contemplating its next move on interest rates.
Markets
largely expect the central bank to remain on hold at its late July meeting.
However, a few officials of late have been advocating a cut as long as
inflation data shows muted pressures from the tariffs President Donald Trump
has instituted since taking office in January.
Trump
has been pushing the Fed to ease, insisting that inflation is low and the Fed
can always switch gears if prices start moving higher again.
Fed
Chair Jerome Powell, though, has advocated a more cautious report, despite
increasingly aggressive pressure from the president. Trump has been criticizing
Powell on a regular basis lately, earlier this week calling him “stupid” and
indicating that he will name a successor soon.
Inflation
pressures generally were muted in May.
Food
prices increased 0.2%, but that was offset by a 1% decline in energy-related
goods and services costs, including a 2.2% slide in gasoline and other energy
goods. Shelter prices increased 0.3%.
PCE inflation report May 2025:
In other news, was AI
171 brought down by a failed bus and faulty Boeing software?
Bus
or Bus-Bar
Description
Electrical power is supplied to the various
electrically energised components in an aircraft via common points called
bus-bars or busses. The electrical power distribution system is based on one or
more busses, the number of which varies as a function of the size and the
complexity of the aircraft. Bus naming convention varies by manufacturer but
names such as Essential AC Bus, Left DC Bus and Battery Bus are commonly used
to denote importance, power source and voltage.
Accidents
and Incidents
Related
Articles
Bus or Bus-Bar | SKYbrary Aviation Safety
Global
Inflation/Stagflation/Recession Watch.
Given our Magic Money
Tree central banksters and our spendthrift politicians, inflation/recession now needs an entire
section of its own.
US GDP Revised Lower as Consumers Slash Services
Spending
26 June 2025
(Bloomberg) -- US
consumer spending grew in the first quarter at the weakest pace since the onset
of the pandemic on a sharp deceleration in outlays for a variety of services.
Spending on services
contributed 0.3 percentage point to gross domestic product in the first three
months of the year, the least since the second quarter of 2020, according to
Bureau of Economic Analysis figures published Thursday. That was down sharply
from a previously reported 0.79 point boost.
Overall consumer spending
increased at a 0.5% pace, instead of the previously reported 1.2%. GDP declined
at a downwardly revised 0.5% annualized rate in the first quarter as a result.
The numbers indicate the
economy’s woes early in the year weren’t entirely related to the deterioration
in the trade balance related to the Trump administration’s tariffs.
“Recreational services
and travel are among the components of spending that we flagged as being
sensitive to shocks in consumer sentiment,” Ryan Sweet, chief US economist at
Oxford Economics, said in a note. “High-frequency data that we track on US
travel continue to deteriorate and will be a drag on Q2 GDP.”
All seven major
categories of services spending were revised lower in the figures published
Thursday. Recreation services spending led the downward revision, subtracting
0.14 percentage point from GDP instead of the previously reported 0.04 point
boost.
The contributions from
other services, includes net foreign travel, and transportation were also among
the categories posting the largest downward revisions.
US GDP Revised Lower as Consumers Slash
Services Spending
Heathrow warns of weakening demand for US business
travel
UK’s largest airport says US economic uncertainty
has made market ‘challenging’
27 June 2025
Heathrow has warned of a more “challenging” market
for transatlantic flights triggered by economic uncertainty in the US, as the
UK’s biggest airport said it was seeing “early signs of softness” on business
routes.
The airport, Europe’s busiest by passenger numbers,
said on Friday there was an “overhanging uncertainty” over transatlantic
demand, even as it forecast a 0.5 per cent increase in passenger numbers this
year to 84.2mn.
The investor update is the latest sign of the
fallout from US President Donald Trump’s trade war and rising consumer
nervousness about the economic outlook in the country. It follows warnings from
several major airlines this year about slowing demand from US travellers, many
of whom have started delaying holiday bookings and paring back plans.
Heathrow said early weakness on US routes used by
business travellers appeared to be linked more to “economic uncertainty than
geopolitical reasons”, while leisure routes were holding up better.
It added that while passenger and cargo volumes on
North American routes had risen for the first five months of the year compared
with 2024, the impact of “economic uncertainty across North America” had made
this market “more challenging”. “We are maintaining a close watching brief on
traffic trends,” the airport said. Passenger growth in the first five months of
the year had been driven by growth in routes to and from Latin America, the
Middle East and Asia-Pacific, it said.
That growth came despite Heathrow’s near-total
closure on March 21 after a fire at a nearby electricity substation cut off
power supplies to the airport.
The statement said the airport was implementing the
28 recommendations of a report into the incident by Ruth Kelly, a former
transport secretary.
More
Heathrow warns of weakening demand for US business travel
If you can't explain it simply, you don't
understand it well enough.
Albert Einstein
Technology
Update.
With events happening
fast in the development of solar power and graphene, I’ve added this section.
This weekend,
China’s COMAC gets ready to take Boeing and Airbus in widebody commercial jets
next decade. Approx. 16 minutes.
Boeing & Airbus STUNNED As China’s C929 Aircraft NAILS
12,000km Test Flight!
Boeing & Airbus STUNNED As China’s C929 Aircraft NAILS 12,000km Test
Flight!
Next, the
world global debt clock. Nations debts to GDP compared.
World Debt Clocks (usdebtclock.org)
Exponent
Calculator
Enter
values into any two of the input fields to solve for the third.
This
weekend’s music diversion. A rare, for me, minor key concerto, I much prefer
major key music. Approx. 13 minutes.
Johann
Friedrich Fasch - Concerto per liuto in re minore FWV L:d 2
Johann Friedrich
Fasch - Concerto per liuto in re minore FWV L:d 2
Next,
a diversion from today’s terrible wars. The
Ridgeway, the UK and Europe’s oldest “road”.
I
have seen the Ridgeway in Berkshire, climbed man-made Silbury Hill, (you can’t
do that anymore,) been inside the West Kennet long barrow. Been to Avebury
circle and village several times. Visited Uffington hill fort and white horse
in winter and summer, summer is best, ice cream van and refreshment vans in the
car park. Well, you didn’t think I walked there, did you? Approx.14 minutes.
Is
the RIDGEWAY really 5000 years old?
Is the RIDGEWAY
really 5000 years old? - YouTube
Uffington
White Horse
Uffington White
Horse - Wikipedia
Finally, June 24th, 1982. BA flight
9. When all four 747 engines failed. Approx. 36 minutes.
HORRIFYING - all 4 engines FAILED! | British
Airways flight 9
HORRIFYING - all 4
engines FAILED! | British Airways flight 9 - YouTube
The more I study science, the more I believe in God.
Albert Einstein
No comments:
Post a Comment