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TOP OF MIND TODAY…
► President Trump was talking to reporters in London today alongside French President Emmanuel Macron when he announced that there is no end in sight to his trade war with China. You could literally watch the Dow Jones tick downward as Trump was speaking. From CNBC:
U.S. equities sank on Tuesday after President Donald Trump suggested he may want to delay a trade deal with China until after the 2020 presidential election.
The Dow Jones Industrial Average fell more than 400 points in morning trading, led lower by trade-vulnerable Apple, Caterpillar and Boeing. The S&P 500 slid 1% amid losses in chip stocks like Nvidia, Micron and Advanced Micro Devices. The Nasdaq Composite lost more than 1%…
…“In some ways, I like the idea of waiting until after the election for the China deal, but they want to make a deal now and we will see whether or not the deal is going to be right,” Trump told reporters earlier on Tuesday.
When asked if he had a deal deadline, he added: “I have no deadline, no … In some ways, I think it is better to wait until after the election if you want to know the truth.”
When informed about the damage inflicted by his comments, Trump later told reporters that he “doesn’t watch the stock market,” which is pretty silly.
Trump: “I don’t watch the stock market”. pic.twitter.com/QMF40KEZPj
— Sven Henrich (@NorthmanTrader) December 3, 2019
► As The Washington Post reports, President Trump made sure to hurt American diplomacy as much as he was harming the stock market today:
President Trump on Tuesday slammed as “very, very nasty” and “very disrespectful” recent comments by his French counterpart about the diminished state of the North Atlantic Treaty Organization alliance.
Referring to comments President Emmanuel Macron made last month in an interview with the Economist magazine — in which Macron described the “brain death” of NATO resulting from America’s failure to consult with its allies — Trump attacked Macron on the first day of the NATO 70th anniversary summit in London, calling the comments “very insulting.”
“You just can’t go around making statements like that about NATO,” Trump said, sitting next to NATO Secretary General Jens Stoltenberg at a one-on-one meeting between the two leaders Tuesday morning. Though Trump himself has long been a vocal critic of NATO — a combative stance that has alarmed Western allies and seemed to prompt Macron’s comments — Trump took umbrage at the French assessment of the alliance, and he depicted France as the beneficiary of American largesse.
Macron, for his part, was fact-checking Trump in real time as the discussion unfolded in front of reporters.
► The House Intelligence Committee will likely vote today to move its impeachment inquiry report to the House Judiciary Committee as the latter prepares to begin drawing up articles of impeachment.
► “Nuh-uh!” That’s essentially what House Republicans are saying in their latest defense of President Trump. As Politico reports:
According to a draft copy of the GOP’s formal rebuttal, Republicans will assert that Democrats failed to unearth evidence that Trump committed impeachable offenses when he asked Ukraine’s president to investigate former Vice President Joe Biden.
The Republicans’ 123-page report largely reiterates their previous defenses of the president and blasts House Democrats for pursuing impeachment, painting the effort as an attempt to reverse the results of the 2016 presidential election. The report forms the basis of their response to allegations that Trump abused his power to solicit foreign assistance in the 2020 election…
…House Intelligence Chairman Adam Schiff (D-Calif.) dismissed the GOP report’s conclusions as “intended for an audience of one,” and said it “ignores the voluminous evidence” against the president.
In response to Schiff’s comments, House Republicans declared, “I know you are, but what am I?”
The Denver Post, meanwhile, has more on how two Colorado Congressmen are about to take a center stage in the impeachment inquiry.
► Check out this week’s episode of The Get More Smarter Podcast, with Alan Franklin filling in for Ian Silverii and Jason Bane filling in for dead air.
Get even more smarter after the jump… (more…)