Wednesday, May 30
From Bloomberg Politics this morning:
Canadian Prime Minister Justin Trudeau may be biting his tongue when it comes to his personal views on Donald Trump — but he’s not holding back about his U.S. counterpart’s signature tax cuts. His message? He’s not Trump. “We have to ask the question whether the tax cuts that they’ve brought in in the United States are sustainable,” Trudeau told Bloomberg’s Stephanie Flanders in an interview yesterday in Toronto in which he outlined his economic vision.
In pursuit of his goal of building an economy that can thrive over time, Trudeau said he’s willing to accept losing a short-term edge to the U.S. “We’re not engaging in a race to the bottom,” he said, rejecting what he described as a “ruthless” economic approach in the U.S. propped up by deficit spending.
Instead, Trudeau championed investments in education and healthcare, targeted immigration and responsible borrowing as ways to quell populist unrest. It’s an economic philosophy he’s set to advance when he hosts the Group of Seven leaders’ summit next week in Quebec, and one that raises fresh questions about how directly he will take on his more powerful southern neighbor.
Read more: Trudeau Says U.S. Borrowing is Unsustainable (Bloomberg)
Most Read Stories on the Terminal (Last 8 Hours):
Treasuries Slide as Italy Panic Fades; Euro Jumps (Bloomberg)
French Banking Giant BNP Paribas is Looking Like ‘the JPMorgan of Europe’ (Bloomberg Markets magazine)
China Slams Trump’s ‘Flip-Flop’ on Tariffs as Trade Spat Worsens (Bloomberg)
Italy’s Establishment Faces Populist Push With No Champion (Bloomberg)
Next Up: Spain. Spanish Opposition Plan to Topple Prime Minister Rajoy Seen Gaining Momentum; No Confidence Vote Coming Friday (Bloomberg)
North Korea Update: A Worldwide Scramble to Pull Off a Trump and Kim Summit (New York Times)
Ever since President Trump pulled out of planned talks with Kim Jong-un, officials from the U.S. and North Korea have been scrambling to salvage the summit meeting and keep it on track for June 12 in Singapore.
Volcker Rule Is About to Lose Some of Its Bite (Bloomberg)
The revamp of the Volcker Rule is among Wall Street’s biggest wins under Trump. The Fed meets today to start rolling back the trading rule.
Where Are the ‘Family Values’ Proponents? Trump’s ‘Zero Tolerance’ at the Border is Causing Child Shelters to Fill Up Fast (Washington Post)
California Must Be Doing Something Right in Trump’s America (Bloomberg Opinion – Matt Winkler)
The president loves to hate on the Golden State, but the proof is in the profits. California’s 4.9 percent increase in GDP last year was more than twice the gain for the U.S. and enabled the state’s jobless rate to slide to 4.2 percent, the lowest on record. Per capita income since 2013 grew 20.5 percent, making California the perennial Number 1.
Kim Kardashian Heads to the White House to talk Prison Reform (Vanity Fair)
Months of talks between Jared Kushner and Kim Kardashian will culminate in an Oval Office meeting with President Trump, in which the reality-TV star will ask him to pardon a 62-year-old great-grandmother serving a life sentence without parole for a first-time drug offense.
Roseanne Barr Has More To Say on Twitter: Blames Ambien, and says ‘I’m not a racist, just an idiot.’ (CNN Money)
Before signing off to go to sleep at 3:45am Los Angeles time, she zig-zagged between apologizing for her remarks and retweeting memes that made her apology sound insincere. All told, she posted more than 100 times.
Valerie Jarrett’s Response: This is a “Teaching Moment” (Slate)
Headlines from around the world.
The Independent: Theresa May under pressure over childhood obesity as MPs back crackdown on junk food ads
China Daily: Xi urges expanding relations with UK
Korea Times: Trump or Kim: who is more strategic?
Japan Times: North Korea sees US economic handouts as threats
Bloomberg: Brazil Trucker Strike Eases; Soybean, Sugar Exports Stall
Best of satire.
While most late night TV shows are in reruns this week in the U.S., The New Yorker satirist Andy Borowitz weighs in on the aftermath of ABC cancelling Roseanne Barr’s TV show.
“White House staffers are reportedly combing through Trump’s thirty-seven thousand tweets, searching for ones that could be deemed fireable offenses, and have so far flagged more than thirty-six thousand of them.”
“The only people who can fire Donald Trump right now are congressional Republicans, and they don’t have the high moral standards that TV executives have.”
–The Borowitz Report
Read more here.