Transcript
Joe Scarborough (0:00)
Donald Trump is once again hiding in his Virginia golf club right now spending today golfing on the taxpayer dime. There's nothing on his public schedule in terms of any work we are aware that he is doing at least publicly today. Again, over the weekend, Donald Trump was also golfing while ranting and raving that former President Biden and this was actually a post that Donald Trump made, that former President Biden was actually executed in 2020 and that a robotic version of former President Biden is the one that we now see today. But folks, there are real serious issues going on in our country and internationally while Donald Trump is taking another day off golfing on the taxpayer dime. Let's just take a look at some of these charts and graphs and take a look at what's actually happening with objective data. Okay, so via the Kobiasi letter, they track these things. Trade between the US And China is coming to a halt again. But wait a minute. I thought Donald Trump did some great deal with China a few weeks back. As I said, of course he didn't. There was a consensus where Donald Trump did another taco. Trump always chickens out and reduced 145% tariffs to 30% tariffs. And then he said, oh, maybe we'll talk to Xi Jinping in the future. It was not a deal at all. It was the United States caving. What we see right now when we take a look at the number of container ships sailing from China to the United States. The number of ships departing from China to the US over the last 15 days has dropped to its lowest since February. But if you exclude, if you exclude the Chinese New Year related decline in February, this is the lowest level in over a year. So remember how we were reporting here, how those ships from Shanghai were not reaching our ports and say Long beach and Oakland and elsewhere in the United States. Yeah. We're having a major crisis again, which could lead to shortages on our shelves. Small businesses, medium sized business and large businesses are feeling the pain right now as well. Also, this from an exclusive Axios Morning Consult poll. Morning Consult finds that due to trade policy, the, the global favorability of China is rising while the global favorability of America is falling. You know, while those ships aren't reaching the American ports, guess where they're going? They're going to ports of other countries. And whereas China used to, let's say, import beef from the United States, now they look more to Australia. Whereas China used to import, say, soy from the United States, they now look more to Brazil. In other words, other countries are replacing the United States as reliable and stable trading partners in the international free trade system that the United States is currently attacking and destabilizing. And China is forging ahead, making relationships while Donald Trump makes the United States look unstable and someone who you can't do good business with. We've also got bad data today regarding manufacturing. The U.S. iSM Manufacturing Report in May shows a big contraction in the manufacturing from the United States. Remember all of Donald Trump's bluster. I'm going to make manufacturing again. There was actually a manufacturing boom taking place under former President Biden. Not anymore. The Biden manufacturing construction boom is now over. When you take a look at the total private construction spending and manufacturing in the United States, you take a look right here and you will see an increase, an increase through 2024 and then a decrease right now with Donald Trump. When we take a Look at the US ISM manufacturing for May right here. This is the fourth consecutive prices paid reading above 60 in a row, the third consecutive sub 50 headline number. And you take a look at the prices paid, you look at the estimate versus the previous. It's heading in the wrong direction right here. Manufacturing prices cooler than expected. Manufacturing employment, manufacturing in general weaker than expected. Also you take a look at the US Stocks. US Stocks have underperformed international stocks by significant amount year to date. This is the biggest gap in 32 years where international stocks markets are outperforming the United States stock market. And when you take a look at the ISM Manufacturing survey comments and you see why people in the manufacturing sector say things aren't going as well, they're saying we see, quote, supply chain disruptions rivaling that of COVID The administration tariffs alone have created supply chain disruptions rivaling that of COVID The production index increased from an alarmingly low reading the previous month, but factory output continued to contract in May, indicating the panelist companies are still revising production plans downward amid economic uncertainty. We have entered the waiting portion of the wait and see. It seems business activity is slower and smaller this month. Chaos does not bode well for, for anybody.