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| Howard Lutnick |
The Trump administration would be wise to drop Commerce Secretary Howard Lutnick as the chief defender of the president’s disastrous tariffs.
He is more intent on defending his long-term buddy Trump’s scattershot economic policies than dealing with economic reality.
Lutnick spewed nonsense such as tariffs on foreign countries would make imported goods more expensive but US products cheaper.
The Wall Street Journal took Lutnick to task on that, noting in an editorial that American companies using foreign components would have to raise their prices or suffer narrower profit margin.
It deliver this zinger: “Does Mr. Lutnick understand, well, commerce?” Hats off!
Lutnick then told Maria Bartiromo of Fox News that the Atlanta Federal Reserve’s forecast that the economy would contract 2.4 percent was ridiculous, adding that things are “awesome” right now.
That comes as Dollar General CEO Todd Vasos said that many of his chain’s low-income customer base are struggling to make ends meet.
Given the already stressed financial condition of its customers, Vasos told a March 13 earnings call that Dollar General is closely monitoring Trump’s tariff policy and any changes to the government’s entitlement programs.
Pessimism is rampant in the US.
The Financial Times reported March 14 that the University of Michigan’s consumer sentiment index fell to a preliminary reading of 57.9 in March, the third consecutive monthly drop and the lowest reading since November 2022.
Many of the surveyed consumers are upset with the uncertainty around Trump’s economic policy.
“Frequent gyrations in economic policies make it very difficult for consumers to plan for the future, regardless of one’s policy preferences,” said survey director Joanne Hsu.
Things aren’t awesome, Howard. Get your head out of the sand.
Sign of the the times. The right-wing John Birch Society has registered as a federal lobbyist.
The self-described “educational and advocacy organization focused on Constitutional government” has put forth a busy agenda.
It will push for killing Federal Reserve Bank, promoting free trade and advocating for the withdrawal of the US from the United Nations.
The JBS also is 100 percent in line with Trump’s goal of taking back the Panama Canal.
It maintains the 1977 treaty turning the Canal over to Panama was not only foolish and compromised US security, but is illegal since the US and Panama agreed to different texts in the treaties.
JBS says a so-called “understanding” was added to the treaty in which Panama disagreed with part of the pact that gave the US the permanent right to use military force in Panama without the government’s consent in order to guarantee the Canal’s security.
The US never accepted that understanding.
The Society, which is based in Appleton, WI, stands ready to educate Congress about the need to support Trump on taking over the Canal.
Hold the champagne. The Federal Trade Commission has requested additional information and documentary material from Omnicom and Interpublic connected to their merger.
The proposed partners maintain that the so-called “second request” from the FTC is “a standard part of the regulatory process and was issued under notification requirements of the Hart-Scott-Rodino.
Shareholders of both companies are to vote virtually to approve the merger on March 18.
The firms hope the deal will be completed during the second half of year.
We trust Trump’s threatened 200 percent tariff on champagne won’t spoil the OMC/IPG celebration of the closing of the deal.
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