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Fake News Media Protects Trade Status Quo by Pushing Deceptions on Trump’s Tariffs

The fake news is trying to incite panic in the masses about economic damage that isn’t happening.

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The corporate fake news is trying to incite panic and hysteria about President Donald Trump’s tariff push, as he pushes to get more favorable trade terms with China.

On Monday, the Dow Jones dropped 617.38 points, or 2.4 percent, to 25,324.99. The Nasdaq Composite Index dropped 269.92 points, or 3.4 percent, to 7,647.02. These were the biggest one-day losses since Jan. 3.

The Wall Street corporate class, which has supported NAFTA and open borders for decades to boost their profit margins, used this small slump to create uncertainty in the hopes of manipulating public opinion against Trump’s policies.

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“The escalation of trade tensions is likely to weigh on risk assets quite meaningfully in the next few weeks and months because the year-to-date rally was build on two premises: no escalation of trade tensions, and global policy easing,” said Alessio de Longis, portfolio manager for the global multiasset group at OppenheimerFunds, to MarketWatch.

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“One of these pillars has been taken away, and that’s even more important because we are also dealing with the negative underlying force of deteriorating economic data,” de Longis added.

“The escalation of the U.S-China trade war is unequivocally a negative for the growth outlooks for both countries and the global economy,” Veneta Dimitrova, senior U.S. economist at Ned Davis Research, wrote in a note to CNBC. “Tariffs result in higher inflation, increased policy uncertainly, slower capex and employment growth, and weaker productivity growth.”

“Investors are increasingly worried an anticipated second-half profit rebound may now evaporate as President Trump’s threat to tariff the remaining $325 billion in Chinese imports would disproportionately target consumer products like iPhones, thereby posing a greater threat to the consumption-driven U.S. economy,” wrote Alec Young, managing director of global markets research at FTSE Russell, in an email to MarketWatch.

However, it took less than two days for markets to rebound. The Dow Jones gained by 156 points on Wednesday while the S&P 500 gained 0.7 percent and the Nasdaq Composite improved by 1.2 percent.

Economic reporter Brett Arends of MarketWatch pointed out some numbers that put the fake news media’s tariff hysteria into proper context.

He made note of the closed nature of China’s massive economy to U.S. imports. If China cut off all U.S. exports from their market, it would only impact 0.6 percent of the U.S. gross domestic product, which is tantamount to a drop in the bucket.

Arends also noted that Trump’s tariff push is a tax hike of roughly $30 billion a year imposed on importers and consumers. The total tax bill paid by all Americans combined was $5.51 trillion in 2018, so this increase accounts for another drop in the bucket.

Trump is not buying the deceptions made by the fake news. He is re-doubling his efforts as he uses all the leverage at his disposal to level the playing field with China.

President Trump is re-writing the rules on world trade, shattering the neoliberal globalist status quo, and the corporate fake news will just have to get used to it.

Big League Trade

POLL: Truck Drivers Won’t Deliver to Cities With Defunded Police Departments

They will be on their own.

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A poll conducted among truck drivers by an industry organization reveals that a substantial majority of drivers will decline to deliver shipping loads to cities that “defund” their police departments, a new progressive policy proposal gaining acceptance in many Democratic cities in the wake of the death of George Floyd and the race riots that followed.

The poll was conducted by trucking industry news site CDLLife. The company polled CDL license holders on its app, asking “Would you pick up/deliver to cities with defunded or disbanded police departments? Why or why not?”

A whopping 77% of truck drivers who use the app said that they would not engage in trucking in cities without police departments. Some drivers explained their reasoning.

I will not deliver to an area with a disbanded police department. My life matter and I do this for my family. We are already at the mercy of these towns and cities with laws and hate against us for parking, getting a meal or even using a restroom.

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For my own safety and security of my customers’ loads, I have already informed my dispatcher that I will refuse all loads to cities that have defunded their police departments.

Trucking remains one of the most dangerous jobs in the country, more so than actually being a police officer. Department of Labor research has indicated truck driving is the most dangerous job in the country, rated through fatalities per capita.

One Minneapolis truck driver was attacked by a mob of rioters staging a roadblock on a public highway. The rioters were seen attacking the man’s truck and assailing his windshield after he tried to drive through their dangerous checkpoint. Remarkably, the driver himself was detained by the Minneapolis Police Department after the permitted rioters to shut down the highway, but was later released from custody without charges.

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