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Guns. we begin with the latest escalating trade war between the united states and the top trading partners including some of the closest allies and this one comes from mexico. the mexican president signed an order immediately imposing 15 to 25% tariffs on u.s. steel. also a 25% tariff on u.s. cheese and bourbon. plus a 20% tariff on american agricultural productncluding po potatoes, apples and cranberries. u.s. pork farmers alone could use $100 million a year. that s according to an estimate by the iowa farm bureau. this is after the trump administration eliminated tariff exemptions for our partners, mexico, canada, and the european unn. it also imposed a 25 % tariff on steel imports and 10% tariff on aluminum imports effective june 1st. with all this, the world bank has issued a warning that the escalating trade tensions ....
Of protests through a mix of bribery and appeasement. qatar, saudi arabia, kuwait. they re all net oil exporters with vast cash reserves. that s why the dichotomy is actually getting worse because oil importers need to spend more to buy the same amount of gas. also, to keep political support at home, they need to increase subsidies on things like food, po potatoes, carrots because everything costs more thanks to oil-driven inflation here. and then there s this. unlike previous years, the gulf countries, the oil-rich countries, actually want oil prices to be priced higher because they need the cash. they need to support their own spending plans for more cities, for more payouts. for the first time in history oil is averaging nearly $100 a barrel for more than a year. even the saudis need that cash. if egypt s economy doesn t stabilize soon, the imf will soon come knocking on its door. and what will it demand? economic reform to promote ....
ironic story about egypt s plummeting economy. and finally, the two top presidential candidates in egypt, two former office mates now rivals. let me first give you some of my own thoughts, having spent some time in cairo and actually listened to president obama s speech from here in tahrir square. the president s speech was remarkably comprehensive. it described the events that we now call the arab spring, explain their causes and consequences. he placed the united states squarely behind the democratic wave everywhere. though he didn t specifically mention one country. saudi arabia. the place where america s interests and values most obviously clash. i don t blame him. street protests in saudi arabia might warm our hearts, but they could easily lead to $250 a barrel oil and a global recession. that s a tough one. obama outlined specific policies to help the arab revolutions get consolidated. all good stuff. and he also talked about the need for a resolution of the i ....