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Head to this international summ summit. in addition to everything you just mapped out, the president calling for russia to be readmitted to the g 7 is another matter that s roiling allies, specifically the host country. president macron saying they violated international law back in 2014 when they annexed crimea. that situation hasn t changed. there needs to be progress before we can have a real conversation. really echoing what a number of the other g 7 leaders feel, andrea. when you talk about some of the past tensions, think about what happened at the last g 7 summit when president trump agreed to sign onto the communique and then pulled out of it last minute, citing the fact he felt as though he d been insulted by canada s prime minister. so those are just some of the tensions that will be at the backdrop when president trump leaves. again, this escalating trade war which we re watching esclate in ....
President that suggests he doesn t have the leverage he thinks he does and he s losing badly to china. and jeff mason, you re going to be on air force one at 11:00 tonight flying to this summit. this president right now is not surrounded by senior people, there s a disagreement among his trade advisors, economic advisors, he just did decide in favor of mike pompeo and the state department against mick mulvaney, the acting chief of staff who wanted $4 billion taken out of this year s current spending on foreign aid and that was an argument in the oval office yesterday. he s flying to the g7 where he ll be meeting with leaders with whom he has major disagreements on the economy and whom he s upset with his trade policies. you were referring to it earlier, the china trade war is not only affecting china and the united states, it s affecting the entire country. germany has been affected by ....
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Summ summit. it s a sign of just how far the united states has fallen in terms of our standing in the world. president trump is again criticizing our allies he s planning to meet with. he said this about the european union. the european union is worse than china. just smaller. it treats us horribly. barriers, tariffs, taxes. and we let them come in. and last month, the president threatens to place tariffs on french wine in response to the country s new tax affecting technology companies. he tweeted, i have always said american wine is better than french wine. now, the question there, and it s a legitimate question, he doesn t drink. he said the labels on the bottles look prettier, and that s what makes it good. he happens to own a vineyard in virginia, okay, so there s a business interest. why does he make statements that don t mean anything? this is a fascinating pattern. in addition to the mic drop moment the president did in canada when he was leaving, he ....
Did come at the u.s. today and the president is going to a summit. we ll talk about that in the next block. there is a great deal of instability economically. germany is seeing a downturn. the president doesn t seem to be responding to the global nature of how our own markets are affected. right now china is the story for the market today. theoretically if china had not raised tariffs this morning, i m thinking the stock market would be higher with chairman powell hinting that he was open to further interest rate cuts next month if they were needed. that would be good news for wall street. they hate trade wars on wall street. what they mean is higher prices, slower growth and by escalating this trade war is what that means. i should point out, as you know, the mandate for the federal reserve, two things. full employment and stable ....