Wednesday, March 7, 2018

President Trump Claims the U.S. Has a Trade Deficit With Canada. That’s Not So Clear - TIME Business

Posted: 05 Mar 2018 07:57 AM PST

President Donald Trump has one again claimed that the U.S. has a “large” trade deficit with Canada as part of a series of tweets about the proposed U.S. tariffs on steel and aluminum and the final round of North American Free Trade Agreement (NAFTA) talks.
But, whether this is true depends on whom you ask. Both the U.S. and Canada say they are running trade surpluses with each other.
“We have large trade deficits with Mexico and Canada. NAFTA, which is under renegotiation right now, has been a bad deal for U.S.A. Massive relocation of companies & jobs,” Trump tweeted on Monday. “Tariffs on Steel and Aluminum will only come off if new & fair NAFTA agreement is signed.”

Statistics from the Office of the United States Trade Representative refute Trump’s claim of a trade deficit. The U.S. government agency said U.S. had a $12.5 billion trade surplus for goods and services in 2016, exporting $320.1 billion and importing $307.6 billion.
However, data from Statistics Canada says the U.S. had a $14.6 billion trade deficit for goods and services with its neighbor to the north in 2016, according to Bloomberg.
Data from both countries say that the U.S. imports more goods from Canada than it exports – the U.S. says the good trade deficit was $12.1 billion. Canada has complained that the the U.S. Trade Representative is falsely inflating that number by counting goods that merely pass through Canada from other countries.
Either way, the trade imbalance with Canada –America’s second-largest trading partner – is nothing like the $55 billion trade deficit with Mexico, or the $385 billion deficit with China – America’s largest trading partner. The trade deficit with European Union nations was $92 million, according to the U.S. Trade Representative.
In a sign of how much these numbers matter, Canada’s ambassador to the U.S., David MacNaughton, cited U.S. data – not his country’s own – in refuting Trump claiming a trade imbalance in December.
Statistics Canada has previously identified discrepancies between U.S. and Canadian records, and attempts to explain them on its website, citing the “different data sources and statistical methods” the two countries use.
“In 2016, Canada reported a US$24.4 billion trade in goods surplus with the United States, while from the US perspective this surplus was reported as US$16.3 billion, a difference of US$8.1 billion,” the website cites.
“It may be expected that the bilateral trade statistics of one country would mirror those of its trading partners. In practice, this is rarely the case, as countries use different data sources and statistical methods.”

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Stormy Daniels sues Trump over 'hush agreement' - BBC News

7/3/2018
Stormy Daniels sues Trump over 'hush agreement'
Stormy Daniels says she began an intimate relationship with Mr Trump in 2006
An adult film actress embroiled in allegations of an affair with Donald Trump has filed a lawsuit against him alleging that a nondisclosure contract she signed is invalid.

Stormy Daniels says the agreement, drawn up before the 2016 election, is "void" because he did not sign it.

Mr Trump's personal lawyer, Michael Cohen, confirmed last month he had privately paid her $130,000 (£95,000).

The lawsuit alleges that Mr Cohen tried to "intimidate her into silence."

In a 2011 interview with InTouch magazine, the actress said she began a sexual relationship with Mr Trump in 2006, shortly after his wife Melania had given birth to his son Barron.

The reports re-emerged in January when the Wall Street Journal reported that she was paid to sign a non-disclosure agreement in the run up to the 2016 election, which prevented her from discussing the alleged liaison.

Mr Cohen has said the president "vehemently denies" any romantic involvement with the adult film star.

A Stormy (Daniels) situation: A porn star scandal Trump can't shake
The civil lawsuit, filed in Los Angeles on Tuesday, says that only days before the election, Ms Clifford and Mr Cohen signed the "hush agreement" but Mr Trump did not, "thus rendering it legally null and void and of no consequence".

It adds: "To be clear, the attempts to intimidate Ms Clifford into silence and 'shut her up' in order to 'protect Mr Trump' continue unabated."

Although Mr Cohen confirmed that he paid the money to Ms Clifford, he did not say what it was for.

He said last month that neither Mr Trump nor the Trump Organization was a party to the transaction.

"The payment to Ms Clifford was lawful, and was not a campaign contribution or a campaign expenditure by anyone," he said.
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North Korea used VX nerve agent to kill leader's brother, says US - BBC News

7/3/2018
North Korea used VX nerve agent to kill leader's brother, says US
Kim Jong-nam was late North Korean leader Kim Jong-il's oldest son
The half-brother of Kim Jong-un was killed by a chemical attack in Malaysia on the orders of the North Korean government, the US has concluded.

Kim Jong-nam died after a bizarre encounter at Kuala Lumpur airport in 2017, when two women smeared his face with VX nerve agent.

The women, who say they believed they were carrying out a prank for a TV show, are on trial for murder.

The US said it would impose new sanctions on North Korea in response.

"This public display of contempt for universal norms against chemical weapons use further demonstrates the reckless nature of North Korea and underscores that we cannot afford to tolerate a North Korean WMD program of any kind," said State Department spokeswoman Heather Nauert.

The US has consistently accused North Korea of being behind the attack on Kim Jong-nam.

North Korea denies any involvement.

Kim Jong-un has been pictured smiling with South Korea ministers in Pyongyang in recent days
The new sanctions, which came into force on 5 March, are largely symbolic, joining a vast array of punitive economic measures the US has taken against North Korea.

The announcement comes a day after a high-level South Korean delegation returned from Pyongyang where they had cordial meetings with Mr Kim.

Capitalising on warmer ties after the Pyeongchang Winter Olympics, Mr Kim and South Korean President Moon Jae-in have arranged a landmark meeting for next month.

It would be the first such meeting for more than a decade and the first since Kim Jong-un took power in North Korea in 2011.

US President Donald Trump has said the developments, including North Korea's suggestion that it might discuss getting rid of its nuclear weapons, "are positive" but might be a "false hope".

In previous programmes to halt its nuclear ambitions, the North has failed to keep its promises.

Kim Jong-nam: Main players in mysterious killing
The women accused of killing Kim Jong-nam
Kim Jong-nam was largely estranged from his family and was bypassed for the leadership in favour of his younger half-brother, Kim Jong-un. He spent most of his time overseas in Macau, mainland China and Singapore.

Media captionCCTV footage shows the alleged attack at the airport in February 2017
He had spoken out in the past against his family's dynastic control of North Korea and in a 2012 book was quoted as saying he believed his half-brother lacked leadership qualities.

He died in February 2017, shortly after Siti Aisyah and Doan Thi Huong accosted him as he checked in for a flight at Kuala Lumpur airport.
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Gary Cohn: Key Trump economic policy adviser resigns - BBC News

7/3/2018
Gary Cohn: Key Trump economic policy adviser resigns

Gary Cohn was director of the National Economic Council under President Trump
US President Donald Trump's top economic adviser Gary Cohn is resigning, the White House has said.

It is the latest in a series of high-profile departures from President Trump's team.

There has been speculation that Mr Cohn, a supporter of free trade, was angered by Mr Trump's plans to impose tariffs on aluminium and steel imports.

In a statement released by the White House, Mr Cohn said it had been "an honour to serve my country".

The 57-year-old former president of the Goldman Sachs bank had helped Mr Trump push through his sweeping tax reforms late last year.

The people around Donald Trump
Why Trump is hanging tough on trade
Trump: EU makes business 'impossible'
Why has Mr Cohn gone?
Gary Cohn and President Trump were never believed to be close.

Mr Cohn wasn't specific about the reasons, saying in a statement it had been "an honour to serve my country and enact pro-growth economic policies to benefit the American people, in particular the passage of historic tax reform".

Once that mission had been achieved, a number of differences may have prompted the departure, including the possible looming trade tariff war and his differences on that issue with trade adviser Peter Navarro and Commerce Secretary Wilbur Ross.

Mr Cohn had reportedly set up a meeting between Mr Trump and business executives who opposed the tariffs move. But Mr Trump pulled out of that meeting and on Tuesday reportedly asked Mr Cohn in the Oval Office to back the tariffs publicly. Mr Cohn did not answer, sources told Bloomberg.

In August last year, Mr Cohn had also criticised Mr Trump over his reaction to a far-right rally in Charlottesville, Virginia, saying the administration "can and must do better". He was reported to have drafted a resignation letter after the event.

What has the White House said?
An official said: "For several weeks Gary had been discussing with the president that it was nearing time for him to transition out."

The exact departure date had yet to be determined.

@realDonaldTrump
The new Fake News narrative is that there is CHAOS in the White House. Wrong! People will always come & go, and I want strong dialogue before making a final decision. I still have some people that I want to change (always seeking perfection). There is no Chaos, only great Energy!
11:55 PM - Mar 6, 2018
End of Twitter post by @realDonaldTrump
In a statement, Mr Trump said: "Gary... did a superb job in driving our agenda, helping to deliver historic tax cuts and reforms and unleashing the American economy once again.

"He is a rare talent and I thank him for his dedicated service to the American people."

And the markets?
Analysts were pointing to the resignation of Mr Cohn, a free market advocate, as one reason behind a drop in shares across Asia on Wednesday. The Nikkei closed 0.77% down and the Hang Seng 1.03%.

Rick Meckler of LibertyView Capital Management told Reuters that Mr Cohn was "very credible" and the resignation announcement "certainly causes short-term downward pressure".

The dollar continued its retreat against the yen, down from 113 at the start of the year to 105.6 on Wednesday.

European stocks also opened lower, the FTSE 100 and pan-Europe STOXX 600 falling about 0.5% after opening.

Does this herald a new direction?
Analysis by Anthony Zurcher, BBC News, Washington

Gary Cohn was a bit of a stranger in a strange land. He was a Democrat in a Republican White House; an economic globalist working for a president who campaigned on economic nationalism. Now, it seems, Donald Trump's protectionist bent has pushed the top administration economic adviser to the exit.

This was not an unexpected development. By many accounts, there had been a contentious White House fight over whether to impose sweeping sanctions on US steel and aluminium imports - a tug-of-war that was settled, precipitously, by the president himself last week.

There were the rumours that Mr Cohn was only sticking around to see last year's tax bill over the finish line, after his extreme discomfort following the president's warm words about some of the white nationalist marchers involved in violent clashes in Charlottesville last August.

Mr Cohn was reportedly viewed by many Trump loyalists in the White House as an unwelcome interloper. Some on the outside, particularly in the financial world, welcomed him as a moderating influence - along with son-in-law Jared Kushner and daughter Ivanka.

Now the former is leaving and the latter two seem greatly weakened. All this could mark a sharp new direction in White House policy.

What's the trade tariff dispute about?
Last week, Mr Trump announced he would be imposing steep tariffs on steel and aluminium imports - 25% and 10% respectively. He is yet to sign them into effect.

He has regularly argued that other countries have been "taking advantage of" the US on trade for decades.

Trading partners reacted angrily. The EU, which says the steel and aluminium tariffs could cost it €2.8bn ($3.48bn; £2.5bn) a year, has now drawn up a $3.5bn hit list of retaliatory tariffs.

There are now fears of a global trade war. Mr Trump said on Tuesday: "When we're behind on every single country, trade wars aren't so bad."

But there is disquiet at his proposals even among members of Mr Trump's Republican party.

House Speaker Paul Ryan was one of those urging Mr Trump to have a "smarter" plan that was "more surgical and more targeted" and avoided the "unintended consequences" of a trade war.

Who will replace Mr Cohn?
Mr Trump tweeted that he would pick Mr Cohn's replacement "soon".

"Many people wanting the job - will choose wisely!" he added.

Media captionTrump: 'Everybody wants to work in the White House'
Possible candidates mooted by US media include Peter Navarro and Larry Kudlow, a conservative commentator and 2016 campaign adviser.

President Trump tweeted that there was no chaos at the White House but there were "still... some people that I want to change".

Who else has left the White House this year?
A number have gone, adding to the string of senior figures who have left since Mr Trump took office.

Hope Hicks - Mr Trump's press secretary quit a day after testifying to a congressional panel investigating Russian influence on the 2016 election, telling them she had occasionally told "white lies" for her boss

Rob Porter - The White House staff secretary resigned after two of his ex-wives publicly accused him of physical and emotional domestic abuse

Andrew McCabe - The FBI deputy director was forced out amid repeated criticism from Mr Trump that he was impartial in the Russia investigation
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