Category: Great Buisnessman

Trump says Kim Jong Un ‘knows that I am with him’ after North Korea fires tactical guided weapons

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President Donald Trump said Saturday that a deal with North Korea ‘will happen,’ hours after the South Korean military said Pyongyang had fired new tactical guided weapons.

Trump said he believes Kim Jong Un will do nothing to interfere with the “great economic potential” of North Korea.

“He also knows that I am with him & does not want to break his promise to me,” Trump said. “Deal will happen!”

The South Korean military said Sunday that North Korea fired multiple rocket launchers including new tactical guided weapons. A military official told NBC News that Pyongyang did not launch ballistic missiles.

Seoul originally said the North had launched a single missile, but subsequently changed its language and said Pyongyang had launched several unidentified, short-range vertical objects.

Secretary of State Mike Pompeo said the projectiles landed in the sea east of the Korean peninsula and never posed a threat to South Korea, Japan or the United States.

“We know that they were relatively short range and beyond that we know they weren’t intercontinental ballistic missiles either,” Pompeo said.

The South Korean president’s office said Seoul and Washington are sharing detailed information and analyzing the material used in the projectiles and what exactly they were.

“In particular, we do notice that North Korea’s action this time has taken place when the de-nuclearization dialogue is in lull state,” presidential spokeswoman Koh Min Jung said. “We do hope that North Korea would positively participate in efforts to resume the dialogue.”

A senior U.S. administration official told NBC News that National Security Advisor John Bolton had “fully briefed” Trump on the situation.

White House spokeswoman Sarah Sanders said the administration is aware of North Korea’s actions: “We will continue to monitor as necessary,” she said.

In April, North Korea claimed to have “tested a powerful warhead” in the first public weapons test for the regime since Trump and Kim met for a historic summit in Singapore last year.

Trump and Kim held a second round of talks in Vietnam February of this year, but negotiations collapsed after Trump reportedly handed Kim a note demanding he turn over the North’s nuclear weapons and bomb fuel.

[CNBC]

Trump urges GM CEO Mary Barra to reopen or sell Lordstown, Ohio auto plant

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President Donald Trump is pressuring General Motors to reopen the Lordstown, Ohio manufacturing plant that recently closed and put 1,700 people out of work. The president issued a series of tweets over the weekend and on Monday morning, urging GM to immediately begin discussions with the auto union.

Mr. Trump tweeted over the weekend and through Monday morning about his frustration with the plant’s closure, claiming that “car companies are all coming back to the U.S.” and touting the U.S. economy as “the envy of all.” On Sunday night, he disclosed in a tweet that he had vented his frustrations during a conversation with the company’s CEO, Mary Barra.

“I am not happy that it is closed when everything else in our Country is BOOMING,” Mr. Trump wrote. “I asked her to sell it or do something quickly. She blamed the UAW Union — I don’t care, I just want it open!”

The union is the United Automobile Workers, which represents the employees who lost their jobs in the Lordstown closure. Trump had previously told a UAW leader, David Green, to “get his act together and produce” for the Lordstown workers. Green didn’t respond to a request for comment Sunday.

Workers at the Lordstown plant worked their last shift earlier this month. More than 3,300 hourly workers were laid off indefinitely, representing about 7 percent of GM’s hourly U.S. employees. The cuts come as the automaker enjoyed a near-record $12 billion profit last year.

On Monday morning, Mr. Trump reiterated his support for the Lordstown plant to reopen quickly.

“General Motors and the UAW are going to start ‘talks’ in September/October. Why wait, start them now!,” he tweeted. “I want jobs to stay in the U.S.A. and want Lordstown (Ohio), in one of the best economies in our history, opened or sold to a company who will open it up fast!”

[CBS News]

Trump announces second round of farm aid to offset trade damage

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President Trump on Monday announced his administration was planning to disburse a second tranche of aid as part of a $12 billion package meant to assist American farmers stung by retaliatory trade measures enacted by China and other foreign governments.

“Today I am making good on my promise to defend our Farmers & Ranchers from unjustified trade retaliation by foreign nations,” Trump tweeted. “I have authorized Secretary Perdue to implement the 2nd round of Market Facilitation Payments. Our economy is stronger than ever–we stand with our Farmers!”

After this latest round of payments, farmers will have received about $9.6 billion in aid, according to Department of Agriculture figures. The largest payments will be for soybeans.

Agriculture Secretary Sonny Perdue said in a statement Monday that farmers “are continuing to experience losses due to unjustified trade retaliation.”

“This assistance will help with short-term cash flow issues as we move into the new year,” he added.

The Trump administration announced in July it was dispersing $12 billion in aid to farmers amid escalating trade disputes with China, Mexico, Canada and the European Union. The administration said it would dole out the first $6 billion in August.

Reuters reported earlier this month that the second portion of aid had been delayed by the administration.

The $6 billion that was dispersed in August included about $4.7 billion to producers of corn, cotton, dairy, pork, sorghum, soybeans, and wheat.

Perdue said in a statement at the time that “all of this could go away tomorrow, if China and the other nations simply correct their behavior.”

“But in the meantime, the programs we are announcing today buys time for the President to strike long-lasting trade deals to benefit our entire economy,” he said.

Trump has engaged in an escalating trade war with China that has hurt farmers in the U.S. who rely on China for exports.

The second portion of aid announced Monday was initially delayed because the Trump administration was worried about the cost of the program and was hopeful that China would resume buying soybeans from the U.S., according to Reuters.

[The Hill]

Trump Administration Paid Firm Nearly $14 Million For Just 2 New Recruits

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The Trump administration paid an astonishing $13.6 million to an outside contractor this year to increase border protection staffing, but that effort has resulted in only two new job offers, according to a scathing report by a federal watchdog that called for “immediate” action to rectify “serious performance issues.”

U.S. Customs and Border Protection granted Accenture Federal Services — a subsidiary of the global Accenture consulting company headquartered in the tax haven of Dublin — a $297 million contract last year to boost staffing by thousands in the wake of President Donald Trump’s crackdown on the border and immigration.

The company is “nowhere near satisfying its 7,500-person hiring goal over the next 5 years,” declared the report, which was released last week by the inspector general of the Department of Homeland Security. “Further, CBP has used significant staffing and resources to help Accenture do the job for which it was contracted. As such, we are concerned that CBP may have paid Accenture for services and tools not provided.”

CBP “risks wasting millions of taxpayer dollars on a hastily approved contract that is not meeting its proposed performance expectations,” the report concluded.

The firm has already been paid $13.6 million. But when the inspector general audited the company’s actions, it discovered that as of Oct. 1 — more than 10 months into the contract — Accenture had successfully processed only two accepted job offers. In addition, it did so largely using CBP resources instead of its own, the report said.

CBP officials argued with the inspector general’s conclusion, insisting that not only did Accenture recruit two staffers, but has set up a hiring process and helped move “thousands” of applicants into the pipeline for consideration. The Office of the Inspector General responded that no records tracking these applicants exist, and therefore “we question the veracity” of CBP’s argument.

The OIG noted that it requested evidence during its review of CBP oversight of Accenture. But CBP “did not provide any supporting documentation of its oversight and indicated it was still developing performance metrics.”

Despite disputing the report’s particulars, CBP agreed to all four recommendations from the inspector general to address the situation. One of the recommendations involves determining whether Accenture should reimburse the Department of Homeland Security for services not delivered.

[Huffington Post]

Trump on Coming Debt Crisis: ‘I Won’t Be Here’ When It Blows Up

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Since the 2016 presidential campaign, Donald Trump’s aides and advisers have tried to convince him of the importance of tackling the national debt.

Sources close to the president say he has repeatedly shrugged it off, implying that he doesn’t have to worry about the money owed to America’s creditors—currently about $21 trillion—because he won’t be around to shoulder the blame when it becomes even more untenable.

The friction came to a head in early 2017 when senior officials offered Trump charts and graphics laying out the numbers and showing a “hockey stick” spike in the national debt in the not-too-distant future. In response, Trump noted that the data suggested the debt would reach a critical mass only after his possible second term in office.

“Yeah, but I won’t be here,” the president bluntly said, according to a source who was in the room when Trump made this comment during discussions on the debt.

The episode illustrates the extent of the president’s ambivalence toward tackling an issue that has previously animated the Republican Party from the days of Ronald Reagan to the presidency of Barack Obama.

But for those who have worked with Trump, it was par for the course. Several people close to the president, both within and outside his administration, confirmed that the national debt has never bothered him in a truly meaningful way, despite his public lip service. “I never once heard him talk about the debt,” one former senior White House official attested.

Marc Short, who until recently worked for Trump as his legislative affairs director, said he believed the president recognized “the threat that debt poses” and he pointed to Trump’s concern “about rising interest rates” as evidence of his concern for the matter.

“But there’s no doubt this administration and this Congress need to address spending because we have out-of-control entitlement programs,” Short said, adding, “it’s fair to say that… the president would be skeptical of anyone who claims that they would know exactly when a [debt] crisis really comes home to roost.”

Recent reports have suggested that Trump is determined, at least rhetorically, to address the issue. Hogan Gidley, a spokesman for the president, noted that the president and his team have proposed policies to achieve some deficit reduction, “including in his first budget that actually would’ve balanced in 10 years, a historic, common-sense rescissions proposal.”

[The Daily Beast]

Stock markets plunge after Trump’s ‘Tariff Man’ tweet

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Stocks took a nosedive on Wall Street as investors worried that a US-China trade truce reached over the weekend wasn’t all it was cracked up to be.

The Dow Jones Industrial Average sank almost 800 points Tuesday.

Boeing and Caterpillar, two major exporters which would have much to lose if trade tensions don’t ease, weighed the most on the Dow.

Bond prices soared sharply, sending yields lower, as traders shoved money into lower-risk investments.

The sharp drop in yields hurt banks because it makes it harder to earn money from lending. JPMorgan Chase sank 4.5 percent.

The S&P 500 lost 90 points, or 3.2 percent, to 2,700.

The Dow dropped 799 points, or 3.1 percent, to 25,027. The Nasdaq fell 283 points, or 3.8 percent, to 7,158.

The markets plunged after President Donald Trump unleashed a threatening tweet Tuesday morning.

“President Xi and I want this deal to happen, and it probably will. But if not remember, I am a Tariff Man,” Trump tweeted.

[New York Post]

Trump says he will withdraw from NAFTA, pressuring Congress to approve new trade deal

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President Donald Trump said he intends to formally notify Canada and Mexico of his intention to withdraw from the nearly 25-year-old NAFTA agreement in six months. The move would put pressure on Congress to approve his new trade deal with the two U.S. neighbors.

“I’ll be terminating it within a relatively short period of time. We get rid of NAFTA. It’s been a disaster for the United States,” Trump said on board Air Force One after departing Buenos Aires, where he signed the U.S.-Mexico-Canada Agreement with the leaders of those two countries.

“And so Congress will have a choice of the USMCA or pre-NAFTA, which worked very well,” Trump added.

Trump’s comments confirmed what many have long suspected — that he would use the act of withdrawing from NAFTA as a cudgel to force Congress into passing the new deal.

But it also could be seen as an admission that the new agreement is not popular enough to be approved on its own merits, so Trump has to use the threat of disrupting the entire North American economy to round up the votes in Congress to get the deal past the finish line.

While a number of business groups do support the new deal because it contains new provisions on digital trade and strengthens intellectual property rights protections, others are simply relieved that it would keep much of the original agreement in place.

House Democrats, who are likely to hold the key to whether the new agreement is approved, have complained that labor and environmental provisions are not strong enough and have signaled they would like those concerns addressed as part of the implementing legislation.

Trump’s untested move would send the administration and Congress into a legal wilderness. The NAFTA deal includes a provision that allows a withdrawal after providing a six-month notice, but opinions differ on whether the president can act on his own.

Lawmakers passed legislation to implement the original deal in 1993. It’s uncertain whether a withdrawal initiated by the president would repeal the law that put the deal into force.

The president needs to take a look at the Constitution — it gives Congress authority over trade,” Sen. Ron Wyden (D-Ore.) said in September. “The president cannot pull America out of NAFTA without Congress’s permission.”

A 2016 report from the Congressional Research Service seems to be back up that position.

“It could be argued that because international trade is an area of shared constitutional authority, Congress must have a role in any decision by the United States to terminate or withdraw from an FTA,” CRS said.

Others argue Congress ceded authority to the executive branch decades ago that would allow Trump to terminate trade deals. They say Section 125 of the Trade Act of 1974 provides the underlying legal basis for a president to terminate or withdraw from an agreement and revoke any tariff reductions.

[Politico]

Trump Organization planned to give $50 million penthouse to Putin amid Moscow deal

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The Trump Organization planned to offer a $50 million penthouse suite to Russian President Vladimir Putin amid negotiations over a real estate deal to build a Trump Tower in Moscow, according to a report by BuzzFeed News. 

The bombshell report includes Felix Sater, a longtime Donald Trump associate accused of having Russian mafia ties, telling BuzzFeed News that he and Michael Cohen, the president’s former attorney and fixer, thought giving the suite to Putin could help sell other apartments.

“In Russia, the oligarchs would bend over backwards to live in the same building as Vladimir Putin,” Sater told BuzzFeed News. “My idea was to give a $50 million penthouse to Putin and charge $250 million more for the rest of the units. All the oligarchs would line up to live in the same building as Putin.”

BuzzFeed notes other unnamed officials confirmed the existence of the plan and the officials said Cohen discussed the idea with a representative of Dmitry Peskov, Putin’s press secretary.

It’s unclear whether Trump was aware of the plan, which never came to fruition due to the Trump Tower deal in Russia falling through.

Sater, a Russian immigrant who spent a year in prison for a 1991 stabbing, told the news organization that Cohen, at the time, remarked that it was a “great idea.”

Cohen’s attorney, Lanny Davis, declined to comment on the report when reached by USA TODAY. Rudy Giuliani, a lawyer for President Trump, said the story was “unknown to the president.”

Giuliani added the project was “too premature for anything like that” and called the idea to give Putin a suite “crazy.”

The revelations come at a time where the president’s Trump Tower deal in Moscow has come under intense scrutiny by special counsel Robert Mueller, who is examining Russian interference in the 2016 election.

On Thursday, Cohen pleaded guilty in federal court in New York to lying to Congress about the plan to build a Trump Tower in Russia all in the hope of shielding Trump from criticism.

Court documents filed as part of Cohen’s plea deal detailed Trump’s business dealings in Russia lasted longer during his campaign than previously acknowledged.

Federal prosecutors said Cohen lied when he submitted an Aug. 28, 2017, letter to the Senate and House intelligence committees. The letter said the project had ended by January 2016, when planning continued months longer during the presidential campaign.

Prosecutors said that Cohen lied to the committees to “minimize links between the Moscow Project and (Trump) and give the false impression that the Moscow Project ended before the Iowa caucus and the very first primary in hopes of limiting the ongoing Russia investigations.”

Sater, who had a large role in developing the Trump SoHo Hotel in New York, is also under scrutiny in Mueller’s investigation.

He wrote an email to Cohen in 2015 bragging about his ties to Putin, according to the New York Times. “Our boy can be president of the USA and we can engineer it,” Sater wrote in one of the emails. “I will get all of Putin’s team to buy in on this.”

The Times noted that Cohen never replied to the emails and viewed them as “puffery.” Sater, who spent a year in prison for stabbing a man and later scouted for Trump investments in Russia, said he was simply expressing “enthusiasm” for the Trump Organization.

[USA Today]

Trump Says Sears Was Mismanaged. Mnuchin Was on Its Board for Years

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President Donald Trump said that Sears Holdings Corp. had been mismanaged for years before it declared bankruptcy. Among those responsible for its management: his Treasury secretary.

Steven Mnuchin was a member of Sears’s board from 2005 until December 2016, and before that was a director for K-Mart Corp., which was acquired by Sears in 2005.

“Sears has been dying for many years,” Trump told reporters as he departed the White House on Monday to inspect hurricane damage in Florida. “It’s been obviously improperly run for many years and it’s a shame.”

Treasury didn’t immediately respond to questions about Mnuchin’s service on the company’s board.

Mnuchin was a college roommate of Sears Chairman Eddie Lampert, who attended Mnuchin’s confirmation hearing for Treasury secretary in January 2017. Mnuchin cut his ties to Sears when he joined the Trump administration.

Mnuchin said during his Senate confirmation hearing in January 2017 that he had invested about $26 million in Lampert’s hedge fund, ESL Investments Inc. He defended Lampert’s management of Sears, which he said “was already a failing issue” before Lampert invested in the company.

As Treasury secretary, Mnuchin sits on the board of the Pension Benefit Guaranty Corporation, which considers applications from companies to terminate their pension plans. During the hearing, Mnuchin told Senator Bob Menendez, a New Jersey Democrat, that he would recuse himself if the PBGC receives an application from Sears. Menendez noted that would leave the PBGC board with just two voting members.

“I’m not sure that the remaining two can ultimately make a decision on such a case which involves 200,000 people’s pensions,” Menendez told Mnuchin.

The retailing icon filed for chapter 11 bankruptcy protection on Monday and said it will attempt to reorganize around a smaller number of profitable stores. Lampert resigned as CEO, but he is negotiating a financing deal with the company.

“Somebody that is of my generation, Sears Roebuck was a big deal,” Trump said. “So it’s very sad to see.”

[Bloomberg]

Trump On Trade Wars With China, U.S. Allies: ‘We’ve Been the Stupid Country for So Many Years’

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During his broad-ranging interview with 60 Minutes, President Trump said America has been a “stupid country” in the past, while also defending his approach to international economics and foreign policy.

Lesley Stahl pressed Trump on his escalating trade wars with China and their retaliation across multiple markets. Trump disputed her “trade war” characterization and that eventually led to a chat on the Trump Administration’s tariffs against American allies.

“I mean, what’s an ally?” Trump said. “We have wonderful relationships with a lot of people. But nobody treats us much worse than the European Union.”

Stahl continued to ask about this “hostile” approach, and whether Trump would consider dissolving the western alliance under NATO.

“We’ve been the stupid country for so many years,” Trump said. “We shouldn’t be paying almost the entire cost of NATO to protect Europe, and then on top of that, they take advantage of us on trade.”

[Mediaite]

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