The week beginning the 26th February 2018, has arguably been one of Trump’s worst – his week from hell! Highlights include:
Feb 28 – Trump criticizes Sessions for lack of action on FISA reporting to Inspector General – Sessions fires back
Feb 28 – Jared Kushner’s security clearance gets downgraded after John Kelly stipulated new changes to the security clearance system.
Mar 1 – Trump announces 25% tariff on imports of steel and 10% tariff on imports of Aluminum.The tariffs are being imposed in an attempt to combat cheap metals flooding into the United States, particlarly China and are inteded to protect the US steel and aluminum industry.The tariffs will however have a negative impact on US indiustry dependant on Steel and Aluminum.Stocks fell in response to the tariffs, including shares of American automakers and Boeing.
Mar 1 – Hope Hicks, Trump’s fourth communications director resigns
Mar 1 – Ben Carson, the US secretary for housing and urban development (Hud), cancelled an order for a $31,000 dining set for his Washington office amid a growing ethics controversy.
Mar 2 – The United States ambassador to Mexico said Thursday she will resign from her post in May
Mar 2 – Trump suggests that drug dealers should get the death penalty. He said:
“Some countries have a very, very tough penalty – the ultimate penalty. And by the way, they have much less of a problem.”
Mar 2 – Trump tweets:
“When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!”
European commission president, Jean-Claude Juncker, warned:
“If the Americans impose tariffs on steel and aluminium, then we must treat American products the same way.”
“We must show that we can also take measures. This cannot be a unilateral transatlantic action by the Americans. I’m not saying we have to shoot back, but we must take action.”
“We will put tariffs on Harley-Davidson, on bourbon and on blue jeans – Levi’s.”
The International Monetry Fund stated:
“The import restrictions announced by the US President are likely to cause damage not only outside the US, but also to the US economy itself, including to its manufacturing and construction sectors, which are major users of aluminium and steel.”
The Business Roundtable, one of Washington’s most powerful lobby groups, said it:
“strongly disagrees… because it will hurt the US economy and American companies, workers and consumers by raising prices and resulting in foreign retaliation against US exporters”
Mar 3 – Trump attacks the press with following tweet:
“Mainstream Media in U.S. is being mocked all over the world. They’ve gone CRAZY!”
Mar 3 – It is reported that former Trump advisor, Carl Icahn dumped $31.3 million in steel relatred stocks shortly before Trump announced steel and tariffs.
Icahn sold off nearly 1 million shares of Manitowoc Company Inc. Manitowoc is a “is a leading global manufacturer of cranes and lifting solutions” and, therefore, heavily dependent on steel to make its products.
The filing came just seven days before a White House event where Trump announced his intention to impose a 25 percent tariff on steel imports
Mar 3 – Trump praises Xi Jinping’s powergrab, which eliminates the two term limit for the presidency and states:
“He’s now president for life, president for life, and that’s great,”
“And look, he was able to do that. I think it’s great. Maybe we’ll have to give that a shot someday.”