Canada, for those who need a refresher, is one of the United States’ closest allies. It is the No.1 buyer of our goods, and its trade relationship with the U.S. is “largely balanced . . . totaling $635 billion in 2016.” Canada’s prime minister, Justin Trudeau, has very charitably claimed that President Donald Trump “actually listens and is opening to changing his mind,“ and he and the First Lady treated Ivanka Trump and Jared Kushner to a night at the theater last March. In the first several months of Trump’s presidency, our northern neighbors “flooded Washington with envoys” and “relentlessly talked up Canada-U.S. ties.” In other words, Canada is like one of those people whose perpetual friendliness you’re suspicious of until you come to realize they’re just genuinely that nice. So, naturally, Donald Trump has been done everything he can to provoke the country and on Tuesday, he finally succeeded.
Following a tense fourth round of NAFTA negotiations between the U.S., Mexico, and Canada, wherein even the U.S. delegation appeared to be “uncomfortable with the demands they [were] presenting” on the Trump administration’s behalf, representatives for the three nations announced on Tuesday that they would not reconvene until November 17. In contrast to a previously upbeat tone re: NAFTA, Canada slammed non-starter proposals from the U.S., such as one to end Canada’s dairy system, and another to increase the percentage of U.S.-made parts that must be used in cars imported from Mexico and Canada, which Foreign Minister Chrystia Freeland said would “put tens of thousands of jobs at risk.” Freeland was also skeptical of the proposal to insert a five-year “sunset clause” that would automatically end the agreement unless all parties decide to renew it, and she denounced the U.S.’s “winner-takes-all mindset,” saying the proposals from Team Trump would “undermine, rather than modernize, the agreement.” "In some cases, these proposals run counter to World Trade Organization rules,” she said, adding that Canadians should prepare in a “no-fuss Canadian way for the worst possible outcome.”
For its part, the U.S. claimed to be shocked that Canada and Mexico wouldn’t want to go along with a deal that would hurt their countries. “We have seen no indication that our partners are willing to make any changes that will result in a rebalancing and a reduction in these huge trade deficits,” U.S. trade representative Robert Lighthizer said. Meanwhile, Trump, who appears to make policy decisions based on whatever gets the most applause at his campaign-style rallies, is seemingly happy to blowup the agreement, with several reports suggesting he’s been pushing these ridiculous demands in order to jeopardize the deal.
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It was a big day for racists and Holocaust deniers on the fringes of the finance industry
On the same day that Anthony Scaramucci’s new media venture issued an apology “if anyone was offended” by a Twitter poll asking how many Jews died in the Holocaust, investor/markets commenter Marc Faber, a.k.a. Dr. Doom, has come under fire for a passage in his latest newsletter that said, basically, that the U.S. is great because white people are in charge. Writing that he didn’t want to “enter into a serious discussion of the tearing down of monuments of historical personalities,” Faber told his subscribers, “Thank God white people populated America, and not the blacks. Otherwise, the US would look like Zimbabwe, which it might look like one day anyway, but at least America enjoyed 200 years in the economic and political sun under a white majority. I am not a racist, but the reality—no matter how politically incorrect—needs to be spelled out as well.” When contacted by Business Insider about the commentary, Faber responded, “I am naturally standing by this comment since this is an undisputable fact.” He added in an e-mail to CNBC: “If stating some historical facts makes me a racist, then I suppose that I am a racist.”
Faber, who has previously discussed using hookers and had a Wall Street Journal reporter shadow him at a Hong Kong girlie bar where he complained about the price of beer, has been forced to resign from the board of Canadian asset manager Faber and has been banned from appearing on CNBC, Fox Business, and Bloomberg TV.
Happy Dow 23,000 Day
Congratulations to everyone who invested in hats.
Unsurprisingly, the president marked the Dow Jones Industrial Average crossing the 23,000 mark for the first time on his Twitter feed, despite the fact that he probably had very little to do with the milestone. As The Atlantic points out, “In the past year, there’s been little radical change to the broad policies that can impact the market, including fiscal and monetary policy,” and a lot of the uptick in the market “has been in the works for the past decade, when the recovery finally kicked in in 2009.”
Frankfurters don’t want Brexit bankers moving there, either
In the wake of the U.K.’s decision to withdraw from the European Union and become a xenophobic backwoods, global banks with a presence in London—which is to say, virtually all of them—must find new homes for thousands of employees. While Paris, Dublin, and Frankfurt have all been jockeying to become the next finance center of Europe, bankers have privately bemoaned the prospect of moving to “Yawnfurt,” with one telling Bloomberg that his family will stay in the U.K. and he’ll try to limit his time in the German city to a few days a week. And as it turns out, the locals aren’t too enthused about the situation either.
“Brexit will be very bad for people with a normal income,” Micha Hintz, an owner of a Karl Marx bookstore told reporters Steven Arons and Alessandro Speciale. “It may be good for the city’s international competitiveness, but what we need is affordable housing. And the population has no voice in this.” Or as Tobias Schmitz put it: “Frankfurt would be better off if more banks opted for Paris instead.”
Local man has no regrets about selling his family’s home, possessions to invest in Bitcoin
We look forward to Jamie Dimon’s next conference call being entirely devoted to this guy, who we can only assume the JPMorgan C.E.O. will refer to as a “mouthbreather.”
Didi Taihuttu, his wife, three kids, and their cat bet all they have on bitcoin. The Dutch family of five is in the process of selling pretty much everything they own—from their 2,500-square-foot house, to their shoes—and trading it in for the popular cryptocurrency. They have moved to a campsite in the Netherlands, where they’re waiting for bitcoin to really take off.
It’s only been a few months, but the 39-year-old father of three says he doesn’t regret a thing. “We were just like—sell it, sell it, what can we lose? Yeah, we can lose all the material stuff. Yeah, we can lose all our money. Yeah, we don’t have three cars anymore. We don’t have the motorcycle anymore. But in the end, I think we, as a family, will still be happy and just enjoying life.”
Tax Overhaul Off to Rocky Start as Senators Bicker Over Budget (Bloomberg)
Morgan Stanley’s Earnings Rise on Strength in Wealth Management (W.S.J.)
Goldman Sachs Had Good Earnings, but It Could Learn from Morgan Stanley (Dealbook)
No One, Not Even Trump, Knows Who the Next Fed Chair Will Be (CNBC)
George Soros Transfers $18 Billion to His Foundation, Creating an Instant Giant (W.S.J.)
Why Investors Can’t Get Enough of Tajikistan’s Debt (NYT)
Senate G.O.P. to Back Trump on Border Wall, Risking Shutdown Fight (Bloomberg)
Ivy League Fails to Keep Pace with Peers on Endowment Returns (Bloomberg)
Source : https://www.vanityfair.com/news/2017/10/only-donald-trump-could-make-canada-this-mad