Happy Friday everyone. With a scattergun US leader, it has been another rollercoaster week. Wouldn’t it be nice if our leaders did their jobs to serve people and not their egos?
On the good news side, the Prime Minister of New Zealand became the second modern leader to give birth while leading a country. Jacinda Ardern and her partner Clarke Gayford had a healthy girl weighing in at 7 lbs., 3 oz., their first child. Well done down under.
Turkey’s President Recep Erdogan is out campaigning vigorously expecting a close race. Taking a page from Vladimir Putin, his opponent is vying for the spot from jail. At least he gets to run, as in Russia he could not. I have high expectations Erdogan will win, since he will be controlling the vote count.
The US President did something unusual and backpedaled on his absolutely awful and inhumane decision to separate children from parents who are seeking to enter the country. Of course, he is not being accountable that he set this fire, but at least he was convinced on this occasion he screwed up.
In spite of all of the hubbub with the separated children, the US President did find the time to insult Canadians, Mexicans and Germans. He accused Canadians of widespread smuggling of US goods, he doubled down on Mexican gang members rampantly using these kids to gain entry to our country and he said crime is up in Germany due to immigration, when in fact it has declined. The truth rarely gets in the way of a chance for Trump to demean some one or some group. By the way, I did see a news report that interviewed Canadians who are buying more Canadian goods as a result of Trump’s denigration of their country. He is good at galvanizing opposition.
The stock market continues to show concern over the tariff wars that have already started. The EU has accelerated their tariffs on select US products starting today There was an eight consecutive day drop in the Dow when Trump first raised the tariffs in March. The Dow just completed another eight consecutive day drop on Thursday. If it has another decline on Friday, that would be the longest decline since 1978. Even if it rebounds on Friday, don’t let anyone tell you the tariffs won’t have a negative impact on the global economy and capital markets. And, it was truly an unforced error on the part of the US President.
That is all folks. There was so much more that happened. Have a great weekend. May it be eventful and fun.