Tag: Prime Minister Viktor Orban

Trump brags about his China trade war ‘success’ as stock ticker shows market tanking

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President Donald Trump on Monday boasted about how successful his trade war with China has been — even though stock markets took an absolute beating on the news that China was about to slap tariffs on $60 billion of American goods.

While giving remarks to White House reporters on Monday, Trump bragged that his tariffs were making the United States richer, while a stock-market ticker showed that the Dow Jones Industrial Average was falling by more than 600 points.

“We’re taking in right now hundreds of billions of dollars,” Trump said of his tariffs on Chinese goods. “We’re taking in billions of dollars of tariffs, and those tariffs are going to be tremendously, if you look at what we’ve done thus far with China, we’ve never taken in ten cents until I got elected, now we’re taking in billions of billions.”

Trump also falsely credited the tariffs for economic growth in the first quarter of 2019, even though the majority of economists say the tariffs had nothing to do with strong GDP growth.

“This is a very positive step,” Trump said as the stock ticker continued showing a bloodbath in the markets. “I love the position we’re in.”

[Raw Story]

Trump praises ‘respected’ Hungary Dictator Viktor Orbán

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At a press conference, the US president said Mr Orbán was “respected all over Europe” and had “kept [Hungary] safe”.

The conservative Hungarian premier is a controversial figure over his stances on immigration, press freedom and Russia.

Critics of the visit, including some Republicans, argue that Mr Orbán has eroded democracy in Hungary.

Why is Orbán visiting?

US officials say the two leaders had a private meeting aimed at strengthening American “re-engagement” in central Europe, and to negotiate trade deals in arms and energy.Hungary PM defiant as EU debates action

Orbán’s spokesman, Zoltán Kovács, said in a statement that both countries have “much that keeps us close”, including “Nato, security co-operation, energy security, migration, pro-family policies, and the protection of our Judeo-Christian heritage”.

Why is the visit controversial?

Mr Orbán is a divisive figure in European politics and has been criticised for moves to consolidate power and curb the power of the judiciary and media.

Like Mr Trump, he is tough on immigration.

Critics also worry about his desire to strengthen Hungary’s ties with Russia.

He has been shunned by US presidents in the past. He first visited in 2001 during his initial term as prime minister, but was refused a meeting with President Bush.

In a joint letter, several Democrat lawmakers condemned the visit, saying Mr Orbán “represents so many things that are antithetical to core American values”.

What did Trump and Orbán say?

Speaking to reporters, Mr Trump said: “I know he’s a tough man, but he’s a respected man, and he’s done the right thing, according to many people, on immigration.”

Mr Orbán, in response, said Hungary was “proud to stand together” with the US “on fighting illegal migration, on terrorism and protecting Christian communities all around the world”.

[BBC]

Trump tells an absurdly brazen lie while he rants about tariffs at White House event

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President Donald Trump repeatedly claimed the federal government is taking in “tens of billions of dollars” in tariffs leveled on foreign goods, suggesting those taxes are being paid by foreign nations, when in reality they are being paid for by U.S. consumers.

The President also claimed that no president before him has ever leveled tariffs on foreign goods, which is tremendously false.

“We’ve never taken in ten cents [in tariffs] until I got elected,” Trump told reporters Monday from the Oval Office. That’s a lie.

“I love the position we’re in,” Trump added, as the markets tumbled on news China may retaliate in Trump’s tariff war. The DOW has been down about 600 points much of the day, following rough days for markets Thursday and Friday last week.

[Raw Story]

Reality

The reality is tariffs were the main source of all Federal revenue from 1790 to 1914. At the end of the American Civil War in 1865 about 63% of Federal income was generated by the excise taxes, which exceeded the 25.4% generated by tariffs. In 1915 during World War I tariffs generated only 30.1% of revenues. Since 1935 tariff income has continued to be a declining percentage of Federal tax income.