President Trump Visits U.K. Amid Pomp and Protest
Whatever you and your employees are working for ADP, designing better ways to help you achieve it from HR talent, and time management to benefits and payroll. That's ADP always designing for people. President Trump lands in Britain for three day state, visit expect pomp and protests. Very interesting. There's a lot going on in the UK and trade. Worries are hurting emerging market. The announcement on possible new tariffs on Mexico was like a one two punch. You investors prepared for that, last, Kevin Hassett, the chairman of President Trump's council economic advisers will leave his post. This is what's news from the Wall Street Journal. I'm Kim Gittleson? Let's get started. Now, before we get into our main story this morning, just what's at stake during President Trump's visit to the UK this week. Here's what you missed over the weekend. Trump administration officials defended the use of tariffs to gain concessions from trading partners. Here's acting White House chief of staff, Mick Mulvaney, on NBC's, meet the press on President Trump's decision to Levy tariffs on Mexican imports fully expect these, these tariff to go into at least the five percent level on June tenth. The president is deadly serious about fixing the situation at the southern border. This is not the move which was announced last week is intended to put pressure on Mexico to reduce the flow of migrants to the US border in response Mexico's government said it would send a trade delegation to the US early this week to discuss immigration issues. And the prospect of more tariffs is worrying investors, particularly, those investing in emerging markets are reporter IRA use. Abeche view. He has more the asset class really started the year off promisingly, because investors were pretty sure that the US and China were on the way to resolving this dispute. And you had the Federal Reserve, which was signaling that they were unlikely to raise interest rates. Great environment for investing in emerging markets and fewer prepared for this kind of escalation, which is why you see this kinda really quick reversal. There are two types of emerging market investors there. The dedicated investors who will always be an emerging markets. And there are investors who will stay in emerging markets of global growth prospects, look good. But will be quick to exit once those prospects start getting cloudy and the, the trade wars are really making people doubtful that global growth will be as good as people thought maybe six months or a year ago. And President Trump announced on Twitter that Kevin Hassett the chairman of his council of economic advisers would be leaving his post, although the president didn't give a reason for his departure. Mr. Hassett told us in an interview that the move had quote been in the works for a good long time. He added that it was common for people to leave the post after around two years. President Trump said a successor would be named shortly. The position is largely seen as the chief economist of the White House duties include liaising with Federal Reserve officials and briefing, the president on economic data before it's released to the public. Now, our main story this morning. President Trump's three day state visit to the UK. The trip is time to Mark the seventy fifth anniversary of the d day embarkation of World War Two as well as to affirm the quote, special relationship between the US and the UK, but it comes at an awkward time with Prime Minister Theresa may said to leave office shortly after failing to get a Brexit deal past max Colchester is in London. So max talked me a little bit about the timing of this. Visit. This comes at quite an interesting time for British politics because Prime Minister Theresa may is on her way out. She's due to quit. Well, at least announce a resignation on Friday and the process is on the way to find replacements and the moment. The country's in a state of flux Brexit is still hasn't happened three years after the Brits voted to leave the EU. They're still in it and the UK which was supposed to be turning more towards the US trading partner as it sort of turns its back on the, the EU is innocent of no-man's-land between signing a deal with the EU all signing a deal with the US no one knows quite how it's going to pan out. So why is President Trump visiting now then what is he hoping to accomplish? Well, the president's visit of is state visit so he's coming to see the Queen and that offers the opportunity of some great photographs for him, and his family and the UK laying on a lot of pomp and ceremony. We're going to see gun salutes. We're gonna see inspections of the Household Cavalry will get us. See a state banquet. So there's going to be a lot of great photo ops for the president. He's also, hey, if d day commemoration seventy fifth anniversary of that of that event. And so, in the end, I think the president wants to reaffirm, the US is attachment to the UK and its willingness to do a trade deal with the UK. He's already made some. Let's say interesting comments regarding British politics. He landed this morning, talk to me a little bit, what he had to say there and also what he said in the past about potential successors Theresa May or as Johnson Nigel fraud. There's a list was actually hasn't even disembarked from the plane, and he was already assaulting some members of the British political class. He sent a tweet condemning the mayor of London's the Khan, and he's already Wade into the conservative party leadership election, saying that he backs or likes Boris Johnson. And he is a great friend of Michael Faraj, who is a Brexit cheerleader, and has done a lot to try and disrupt, British politics. Wchs. So he hasn't been afraid to, to break protocol way into the British political debate, but it shouldn't be forgotten. This is not the first time that a US president has done this. When President Obama came to the UK, head of that two thousand sixteen referendum Brexit referendum vote. He said, the UK will be the back of the line for any trade deal with the US President Trump has reversed that he's actually saying the UK's at the front of the line for any trade deal with the US however as I was saying, whether the UK is in a position to actually science such a trade deal remains very much up in the air there were a trade deal between the US and the UK. What would be in it? I'm not so very good question because it's extremely no one really knows at this point because if the UK breaks away from the EU fully it can then set its own tariffs on goods. And so they can do a very, very comprehensive trade deal. You know, importing US food importing other other products from America? But if it doesn't, if it stays in a customs union with the EU then at that point. I think we're looking at much more much smaller deal Webuye, it's mainly on services. It's negotiated state-by-state case, and it won't be as comprehensive as what Mr. Trump is talking about it sounds like most of those issues won't be figured out on this trip. No, I, I think this trip is very much about the, the Buckingham Palace leg of the trip. It's very much about meeting. The Queen is very much about meeting Prince Charles and Camilla and it's very much. It's about fostering goodwill between the two countries at this, particularly difficult time for the UK you can find our full coverage of the president's visit at WS J dot com. Capital. One knows life doesn't alert you about your credit card. That's why they've created Iino the Capital One assistant that catches things that might lef- wrong with your credit card, you know catches over tipping, duplicate, charges, or potential fraud. And then sends an alert sheer phone and helps you fix it. It's another way capital. One is watching after your money when we're not Capital One. What's in your wallet? See Capital, One dot com for details. On to markets. Asian markets were slightly lower this morning following steep falls in the US on Friday. But one thing that's cheering investors a paper published by the Chinese government over the weekend. It signals that the country might be willing to take a more conciliatory tone when it comes to trade negotiations from Hong Kong. Quentin Webb has more choice over the weekend released sort of government white paper, laying out some of the position on trade tensions. And I guess there's something for everyone in this, because on the one hand the optimists point to a certain kind of moderation in the tone. So we have had some quite vicinity comments in the Chinese press and elsewhere, recently, where the tension seems to be amping up a bit. And this actually does all of detail spent in this paper sort of toki, Matt, how the US and China can work together in a spirit of mutual cooperation, and everyone can benefit, so. It does look a bit more conciliatory. But I should say as well as being something for the optimist here. There's something for the pessimist too, which is that they very clearly reiterate these three conditions that they say have to be met for. That's be any trade deal one is that the US has to walk back all the tariffs they've imposed in the last year. Or so, the second is that the US has to be realistic about how much more China combine intensive extra goods on the third is that any agreement between the two sides needs to be balanced. And now the Scud, here's what to look forward to later today. Apple will host its worldwide developer conference this week starting at one pm eastern today. It's one of four annual events hosted by apple, and this one focuses primarily on new software for developers from San Francisco trip Mickle has more on what we can expect become a big area of emphasis for apple as they try to differentiate, what they offer consumers from what peers in the technology world offers such as Facebook and Google. They're, they're going to tail the ability to track users in kids apps were also into spitting some changes in terms of what advertisers are able to use developers are able to use in terms of what's called an advertising identifier. That allows them to learn and formation about how you interact with apps that, that could see some changes, as well. And Google is getting ready for a legal fight. We reported on Friday that the Justice department is preparing to launch a fresh. Antitrust probe into the company from Paris Sam Schechner has more meat rivals accuse them of a few different buckets of alleged misconduct. You know, it's used the powerful search engine in order to favorites own products over. There's Google for its part, says. Hey, listen, that's not our goal. Our goal is to reduce what we call friction for users, we want them to get the best answer as quickly as possible in effect means we provide at straight on Google and don't direct them to third party site. So much the better there's been. I guess some people in the antitrust community would say a little bit of a changing tide in terms of competition enforcement in the US, Google has been in the crosshairs of anti-trust authorities around the world. Particularly the EU for the better part of a decade, the difference now appears to be both perhaps changing political winds. President Trump has not shown himself to be a big fan of big tech. At the same time on the left, Elizabeth Warren has called for the break-up of big tech companies, including Google, plus pay attention to shares in Blackstone today. The company struck an eighteen point seven billion dollar deal to buy warehouses from the Singapore-based company. G L P. It's the largest private real estate transaction, ever, and big bet by Blackstone on the future of ecommerce. Finally, here's something to consider over your breakfast. This morning. Volkswagen's bestselling product isn't cars. It's cravers. I the company has been making the sausage for forty six years from a plant in Wolfsburg, Germany, listing the career versed in its parts catalog is one nine nine three nine eight five hundred a for much of the past decade, the sausages, which are typically served chopped up with ketchup curry powder, paprika, and a rural or fries have outsold VW branded cars, but a bit of bad news for you, although the sausages are available in eleven countries. Efforts by fans to get feed w to sell them in the US have failed. The company doesn't have a permit export pork products to America. There's definitely a German word for sausage disappointment here. That's what's news from the Wall Street Journal. Thanks for listening and have a great day.