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- [00:00]
Joe Scarborough
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.
- [05:36]
Mika Brzezinski
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- [06:53]
Joe Scarborough
Take a look at what they're reporting in the Financial Times as well. They've got Donald Trump holding a rubber chicken. And they say Trump always chickens out on foreign policy, too. Trump, despite his rhetoric about fire and fury, the president is nervous about the use of force. And we see Trump threatening all these different things. I'm going to unleash hell. Hell like you've never seen before. I'm going to sanction you. I'm going to sanction you. And then when push comes to shove on foreign policy, Trump backs down and the international community sees his utter weakness. Take a look right here as well. And this is some alarming stats in terms of people who could be losing health care. The number of legally eligible Americans who would lose health care coverage due to the House GOP budget bill is somewhere between 15.9 million and 46 million. The total current combined enrollment in the ACA exchange plans plus Medicaid via the Affordable Care act expansion. Not a good fact. I mean, on the low end, we think that it could be closer to, you know, 10 to 13 million people losing their health care, but it could actually mean a lot more people. We're also seeing auto manufacturing hurt by United States trade war against China as we're struggling to get these rare earth minerals that are needed. The US Dependence on China for rare earth magnets is causing shortages. American automakers are the hardest hit. Production at factories across the Midwest and South could cut back in the coming days. Carmakers need the magnets for the electric motors that run brakes, steering and fuel injectors. Also travel foreign tourism to the United States doing very, very, very bad. We've been flagging this for months right now. This is from the Wall Street Journal, page one. US Travel declines crimping businesses. The summer vacation season has begun missing this year in the U.S. canadians, Europeans and other foreign travelers who usually flock to the United States. And here's a 53 year old Canadian long haul truck driver who says there is not a lot politically I can do, but what I can do is not spend my money in the United States. This morning we have MAGA Republican Congress members attacking Elon Musk and saying that Elon Musk, because Elon Musk is not happy with the disastrous budget bill that they're saying Elon Musk doesn't even know how the budget bill works. Here, play this clip.
- [09:34]
Mark Wayne Mullen
Even an Elon Musk would say, I mean he said it on tv, not happy.
- [09:38]
Elon Musk
Well, I would disagree with Elon in the sense that he doesn't understand how the tax bill works. Again, look at the statistics from 2017, right? Higher wages, lowest unemployment, six and a half million people moved out of poverty. And think about the provisions we have in here, 199A bonus, depreciation, estate tax, R and D tax credit. This is going to be rocket fuel for the economy.
- [10:05]
Joe Scarborough
And here you have MAGA Republican senator from Oklahoma, Mark Wayne Mullen lying on cnbc and they just allow him to lie that the disastrous budget bill is not going to cut people's Medicaid when it's literally going to cut Medicaid for tens of millions of people. It's like in the bill. Play the clip.
- [10:23]
Mark Wayne Mullen
You know, Medicaid though, there's a lot of confusion that the Democrats have lied about. They went out there, Joe, and said that, you know, we're cutting Medicaid benefits, we're not cutting Medicaid.
- [10:33]
T-Mobile Advertiser
No one believes.
- [10:35]
Joe Scarborough
I know, I'm serious believes.
- [10:36]
Mark Wayne Mullen
Senator, how much do you focus on what might be described as the bond vigilantes, this idea that the bond market is a little nervous, maybe a lot nervous about what this bill may do to the long run fiscal situation and economic situation in the country longer term? Well, speculation is what always drives a market. We know this. And in fact, I think the bond market is going to respond well once this bill's passed because it brings certainty, right? It brings certainty to the tax code. It's going to.
- [11:06]
Joe Scarborough
Well, there you have it. Folks. We'll keep you posted every step of the way. Hit subscribe let's get to 5 million subscribers and thanks for watching. Can't get enough Midas? Check out the Midas plus substack for ad free articles, reports, podcasts, daily recaps from Ron Filipkowski and more. Sign up for free now@midasplus.com.
- [11:35]
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