not a sense of he didn t want to disrupt what was already going to be a difficult conversation. one of the concerns you mentioned, turkey is a nato ally. but they ve been purchasing with sophisticated military equipment from russia. which is obviously a significant concern to the u.s.. the entire nato alliance was built in distress of the soviet union and now russia. but the g20 is at its heart an economic summit you. mention the big headline yesterday will, either s agreed to move forth with a global minimum tax. we also heard the announcement of breakthrough with the european union and united states, relaxing some of those trade war tariffs that were imposed under president trump. u.s. allowing more steel and aluminum in from your. europe will be allowing and not terrifying, on whiskey and motorcycles. a truth there. a big item on the agenda for today for the president is a meeting he s going to be convening to discuss global supply chain issues. the undercurrent of this summit has b
on chinese goods. but would that have a positive effect on this, or not really relevant? there s so many layers with that trade war tariffs, it wasn t just about trade. there were other things in there. but thinking about china, they ve been at 6% growth gdp, far ahead of the pandemic in reco recovering. china will become a larger part of the trade. the question for the u.s. and president biden, how much can you hold out? do you need the chinese trade goods? can you get it from somewhere else? and part of that is a negotiation of other things, particularly with security, foreign investments flowing back and forth. there s a lot more to this than just trade. but, yeah, we re going to see both superpowers having to come to the table eventually. i wanted to ask you in the broader economic world, when people have been buying because of stimulus money, then goods
get it. no. they re going to try to move the attention away from that because there are open items on the to-do list. again, he was also facing major pushback from republicans for really the first time. here is a guy who has come in and contradicted all republican orthodoxy on free trade. once you saw the potential of a trade war tariffs with mexico on top of the trade war with china particularly along the border state, people said this would be economic death for the country, at a time when things had been a rocky patch for the past month. the china trade war is far from resolved. to the larger issue, the numbers have spiked under president trump. that s not what he promised. the numbers of people showing up at the border, the u.s./mexico border have spiked, i mean to record levels. two of the senators, democratic senators that we ve had on, one on friday, one today, chris
not lowering them faster now. i think this plays into the idea that maybe the united states was willing to give mexico more than they would have otherwise in this deal because the president may be concerned this economy isn t going to be where he wants it to be headed into the election. the markets are nervous. it might be losing steam and he s on the attack on the fetd. remember, it was may 3rd larry kudlow stood in front of the white house and said we re killing it on the economy. then the stock market proceeded to tank. the trade war with china is causing a lot of problems, as well as underlying numbers, not only the jobs numbers which dramatically underperform, but questions about manufacturing, not only at home but worldwide. look, the president understands his re-election prospects are directly tied to the economy. it s the economy, stupid. what you re also seeing here, look at his comments. he was talking president xi controls the fed.
speaking about that power for himself. jerome powell is the shock absorber for the larger economy, the administration, basically counteracting some of the president s irresponsible actions with saying look, we ll cut rates if necessary. if the economy slows down because of the trade war, he s going to cut rates. a really strange tail bagging the dog. we ll do a reality check on that, john avlon. red sox legend and boston icon david ortiz was shot in the dominican republican. poppy harlow and jim sciutto next. biopharmaceutical researchers. driven each day to pursue life-changing cures.