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A big win for the US and a win-win for the European Union in the sense that it brings stability to the trade relationship. For the US it brings a level playing field in world trade that had suffered fo far too long from unfair advantages taken by Japan, Canada, European Union and other nations, in addition to the serious distortions of the world trade system with China's state version of capitalism financing an export model. So the first step was to straighten out the situation with partners and allies the US has supported in the past 75 years. US European Union Trade Agreement is reached July 27, 2025, at meeting between Von Der Leyen of Eu and DJT of the US in Scotland. It includes $750 billion EU purchases over 3 years of US oil and gas, LNG, nuclear fuel, semiconductors, etc and $650 billion in investments in US, including military purchases. It puts a 15% tariff on all products from the EU entering the US, replaces the tariff of about 5% under Biden. On Pharmaceuticals it is what the US president decides says Leyen, though for now it is included.  The EU Trade Commissioner Maros Sefovic says- “I think that what was most important for us was to make sure we would have this predictability and we would have stability for our businesses." ...

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Sir Kevan Williams sets forth his vision for British education recovery after coronavirus disrupted students lives. He was appointed education recovery commissioner in February 2021. Keven resigned yesterday after his 15 billion pound plan for students getting extra time at school was rejected by Boris Johnson, the British prime minister. Boris Johnson has only 3 billion pounds set aside for education recovery at what the Times cites at 50 pounds per student, compared to 1600 pounds per student in the US under president Biden. Mrs. Biden is a teacher at community college for most of her life and is a strong supporter for free education at community colleges.

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EpiPen shows the second highest executive compensation of all U.S. drug and biotech companies over the last 5 years, according to WSJ analysis. Just 5 top managers at EpiPen were paid $292.1 million  over the 5 years ending Dec. 2015, according to WSJ.

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Over 50% of Israelis support Iran war, only 30% oppose. As Israelis see it Iran under religious clerics is the only real threat to Israel in 2025 because of Iran's policy of proxies for attacking Israel in Lebanon and in Gaza, and because of it's development of nuclear weapons and openly threatening Israel. The US involvement in Iranian politics dates from the Dulles and Eisenhower era with the CIA's involvement in the overthrow of the democratically elected Iranian prime minister Mossadegh in 1953. Working with British intelligence and for British oil interests, US oil interests, the US made a serious mistake as seen from today's perspective. The moral is British or French colonial policy stay from it America- George Washington himself would advise. Israel is paying the price and is asked to correct what was done by the British in Iran since 1850's- to bring back a peaceful democracy with the kind of struggles even Greece experienced. The unelected wholly unrepresentative government of the Shah who was put in the place of a democratically elected government was a serious mistake. The British and French colonialism and oil interests of Britain plus American oil companies have led to US getting on the wrong side of the Vietnamese people in the war in Vietnam against the French that ended at the battle of Dien Bien Phu in 1954. It had repercussions in the Vietnam war under Kennedy and Johnson. This has happened in the case of Iran where the US has gained so little and lost so much in lives and resources sunk in the ensuing was in Syria, Iraq, Kuwait, Afghanistan, Yemen. The European Union suffered from the huge migrant flow from Syria with splits in its ranks. The distractions of these 30 years through Reagan and Rumsfeld who supported Hussein in Iraq against Iran in a balancing act is now foolishness, of elder Bush as he diverted attention to a long desert war in Kuwait, of Bush and then Obama in Afghanistan, who wasted enormous resources and impoverished the American people. Leaving legacy wars for Trump and Biden to handle. After Vietnam another failed chapter of Iran in the US for the American people by incompetent leaders who were taken in by French and British colonial and oil interests in wrong directions.   ...

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WSJ Lingling Wei's interview with Ding Xuedong, chairman of China Investment Corporation on its plans and strategies for 2015-2016, and future years. China's government formed CIC in 2007 to improve the returns on its foreign exchange reserves, estimated at $3.8 trillion in 2015. China Investment Corporation had largely stayed with low yields on U.S. Treasury debt till 2007. CIC has about $650 billion in assets in 2015. Its strategies provide insights into how China sees the outlook for the global economy. Ding sees opportunities in real estate and infrastructure, with a focus on the U.S. and Europe for steady cash flows. He singles out the U.S. as of particular interest as its economy rebounds. Strategies also include paring down of energy holdings. Foreign holdings are now $220 billion and have increased by 16.6% since 2009. A special unit CIC Capital was formed recently to more directly participate in managing foreign holdings with a long term view. Earlier focus of CIC on natural resources and commodities is now shifting as the commodities crisis has reduced long term prospects in that sector. The plan for the future is to shift to an allocation where financial products such as stocks and bonds are about 50%, and long term assets such as infrastructure investments, real estate and other investment take up the other 50%. At the end of 2013 equities and fixed income represented 57.4% of CIC global assets, and 28.2% were in long term assets. Ding wants to see China as the No. 2 engine for the global economy after the U.S. as No. 1. He sees the prospects for Brazil, Russia and South Africa as poor, and is optimistic about good performance from India, Mexico and Nigeria. On Japan Ding is skeptical of prime minister Abe's plans because he sees the lack of structural reforms in the efforts leading to a kind of lazy effort in his view. CIC is learning from the experience of other national investment funds and improving its in-house investment and management capabilities. Ding has many years of experience with China's Finance Ministry, the Cabinet, and the State Council. ...

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The Economist describes the odd situation where only 17% of Republican voters voted in the presidential election primaries with the television media talking about huge voter turnout. Donald Trump wins a series of primaries by March 2016 with about 35-40% of the vote, securing less than 8% of eligible voters and headed for the Republican presidential nomination. In the fall 2012 election in the U.S. voter turnout was 54% and 129.1 million Americans voted, just to get an idea of how things change in the fall of 2016.

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Public opinion experts in Israel say President Obama's policy in the Middle East is seen by a majority of Israelis as reflecting a sound judgement. Obama's approval ratings in Israel are up 13 percentage points compared to 2010. It is now 54%, according to December opinion polls by Mr. Telhami, a University of Maryland professor who supervised the surveys on Israeli opinion. Only 19% of Israelis now support Israel attacking Iran's nuclear facilities without U.S. support, according to the University of Maryland survey by Mr. Telhami of 500 people, that was annouced last week.

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Better balance sheets, higher resale values, the trend away from subprime financing, and a lineup of vehicles that give better mileage (even with trucks acounting for 50% of sales) with the shift to lighter crossover vehicles, will help Detroit automakers face higher gas prices. These factors should help prevent a replay of the very serious problems of 2008, when gas prices exceeded $4.00 a gallon and the U.S. faced a financial crisis. At that time in 2008 vehicle sales declined by 18% and truck sales were down by 25%, according to Credit Suisse.

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Any hopes that the U.S. would compromise on its position on trade issues were dampened after the G-7 Summit meetings in Canada. Europe and Canada are frustrated at their inability to move Mr. Trump on trade issues. Mr. Trump made jabs on trade, terrorism and immigration during 2 days of meetings. There is also uncertainty about the NAFTA though trade negotiations on NAFTA continue in Quebec. Trump says the negotiations were friendly and moving along until Mr. Trudeau made his own remarks about not being pushed around by its larger neighbor. On some issues there is not even an agreement on facts as president Trump says the U.S. has a trade deficit of $100 billion with Canada, Trudeau says the U.S. has a surplus. Trump says the high cost dairy industry is protected by Canada.

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Liz Sly of the Washington Post provides this exceptional account of the different phases of the war in Syria originating in 2011 with the Syria democracy protests, suppression of protests by the Assad regime, civil war by 2012 , Russian intervention by Putin, the U.S. under Obama and France under Hollande on the sidelines in 2012-2014. The result is a breakup of Syria by 2014 with coastal areas under the Assad regime supported by Russia and Iran, the Kurdish controlled areas, areas controlled by various rebel groups, and the control of other areas by Islamic State which also gained control of Mosul in Iraq. France conducting an air campaign in Syria in 2015 in response to terrorist attacks originating in Syria. With a number of foreign countries involved in support of Sunni and Shia factions in the conflict, the Turks opposing Kurdish autonomy, the U.S. supporting Kurdish forces after withdrawal from Iraq under president Obama, the situation by the beginning of 2016 was much more complex than in 2011. The five year period led to a situation where half of the population of Syria of 22 million is displaced or turns into refugees, about 2 million in refugee camps in Turkey, and 500,000 seeking asylum in Germany and Austria. In Iraq an additional 2 million are displaced or refugees with the Sunni-Shia conflict. Understanding of the events and insights over these 5 years can be gained from the group- "Events for the democracy protests and the struggle for freedom in Syria." The intervention of foreign countries and the missing element of U.S. leadership in the region in 2011-2015 as the U.S. and France remain preoccupied with economic crisis, lead to a situation where most Syrians decide to leave the country entirely. ...

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Under a new law going into effect on Oct. 1, 2017 and supported by Angela Merkel's government, all social networks will be required to delete within 24 hours "all illegal content." This is an effort to take immediate action against hate speech, libel and other illegal content. Companies could be fined upto $57 million. Germany's Justice Minister Heiko Maas said "we cannot accept that social networks ignore our laws." Mr. Maas says the voluntary effort setup earlier had not worked as the social media companies were too slow. The law now means the networks will devote more resources, with Facebook increasing the staff for this purpose doubling it almost from 4500 to 7500, showing that the problem had not been addressed the way it needed to be. The new law details 22 sections of the criminal code that social networks need to enforce. Including laws banning libel, character defamation, hate speech, insults against religions, offensive statements and privacy violations. Britain's May and France's Macron have also called the efforts of the networks insufficient. A similar law in the U.S. before the 2016 election could have saved the country from many of the problems arising from illegal content being posted, including damage to the image of the U.S., inciting deep divisions, racial tensions, hate rhetoric and defamation leading to coarsening of public dialogue and debate.  During 2016 many European leaders were exposed to hate speech including Angela Merkel. The social networks were slow to respond and did not take their civic duty as seriously as they should have considering the grave damage to the social and political fabric of the U.S. and the European Union countries. The governments also took time to act, studying the problem carefully before taking action leading to further damage, one reason the current legislation was passed quickly and decisively. Experts say other countries will act following the German example to preserve civil dialogue and strengthen democracy. ...

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Egyptian president Morsi appoints a new defense minister and two leading generals are asked to retire and continue as advisers. Because Gen. Tantawi was 76, and the new defense minister who comes from the military body the SCAF is 58, it appears to observers that this is a shift to a new generation within the military. In the background is the situation in Syria with the Assad military regime at risk of falling in a civil war, and the focus of Sunni nations in the Middle East and the U.S. on Iran, which could have led to a U.S. effort led by Secretary of State Panetta during his recent visit to mediate between the different factions for a rapprochement. The rapprochement would benefit the retired generals and the military to continue operating businesses that constitute about 25% of the economy, a younger generation in the military better able to adapt to the changes in the Middle East to assume control under civilian leadership, for the Muslim Brotherhood and other political parties the reversing of military decrees subverting the election results, and for the U.S., Sunni nations in the Middle East and European allies better able to focus on the situation with Iran. For all side a win-win negotiation through efforts by Leon Panetta....

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Honda plans to move more of its manufacturing to the U.S. as the value of the yen drops below 80 to the dollar in 2011. Honda faces problems from parts shortages after floods in Thailand, and U.S. market share down 1.5 percentage points to 9% in 2011. Honda's profit declined by more than 50% for the third quarter of 2011. The yen trading at 77 to the dollar in Dec 2011 is making it impossible for Honda to make a profit from vehicles made in Japan and sold in the U.S. Honda plans to double the capacity of the Civic plant in Greensburg, Indiana, increase capacity at its other assembly plants. It will build a new plant in Celaya, Mexico, in 2014, to manufacture the Fit subcompact. This will raise North American production from 1.29 million vehicles to close to 2 million. About 200,000 to 300,000 of these vehicles will be exported to other international markets. Profits on small subcompacts are small, making manufacture of the Fit more economical in North America than in Japan. In 2011 Honda manufactured between 30-40% of vehicles in Japan, the new plans are to reduce this to 10-20% in the next 10 years, a major shift....

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Jon Gertner makes several critical points about the importance of supporting and investing in manufacturing. The U.S. private sector in new industries such as alternative energy, and electric cars is competing not just with the private sector in Germany, S. Korea or Japan. It is competing with the governments of these countries which are investing heavily to build innovation and jobs in their home countries. Innovation, design and manufacturing are woven together in these new industries in a manner that is different from the iPhone/ iPad/ Search algorithms /Facebook software type industries dominated by names such as Apple, Google and Facebook. The software industries are the opposite of jobs intensive industries with Facebook having 2000 employees and Google having 29,000 employees. By comparison the lithium battery industry could generate over 62,000 jobs in the next 10 years, and the electric car industry as a whole with its supplier networks could generate much larger numbers of jobs. Because of the advanced technology involved these are good well paying jobs. The finance industry in the U.S. is attracted to the quick returns in the software related fields, leaving a gap for the American government to fill a role nurturing these industries. This would be similiar to the manner that the German and Japanese governments do working with their own private sector. The private sector in the U.S. needs only the early nurturing and can operate on its own by innovating its way to competitiveness in manufacturing and cost after the early years. Because of missteps in failing to support manufacturing in the U.S., the U.S. may have to import some of the technology from countries such as Japan and S.Korea to make up for these missteps. This is happening in the lithium ion battery manufacturing technology and facilities, which experts say is being successfully imported from these countries to the U.S.. The Obama administration has provided $2.5 billion dollars from the stimulus investments to support projects of 30 companies operating in the advanced battery technology field. This includes companies such as A123 Systems and LG Chem Power in Michigan. As a result of these efforts the Department of Energy estimates that by 2015 the U.S. will have the capacity to manufacture 40% of the world production of lithium batteries for the autombile industry. In 2009 the U.S. had capacity to manufacture 2% of the batteries....

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State and local governments in the US with private industry can cut US carbon emissions by about 60% in 10 years by 2035. This goal will formally be submitted by the US to the United Nations to cut emissions by 59% by 2035. It means the federal government is not the deciding factor when it comes to cutting emissions as the new DJT administration does not support active effort on climate change till 2028.

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Mike Pompeo is a four term Congressman from Kansas, who was educated at West Point and Harvard Law School, and served for 1 year as CIA Director under president Trump. He now becomes the new Secretary of State for the U.S. after winning Senate nomination 57 to 42. He comes to a State Department that lost top diplomats and suffered from a downsizing effort that has left it demoralized during the period former Exxon CEO Mr. Tillerson headed the department. Pompeo has to meet several challenges including restoring morale in the State Department, better relations with the UN Representative Nikki Haley, setting the best course on the Iran nuclear deal which he now supports, negotiations with North Korea where he was sent as an emissary recently. In doing this he has built trust with president Trump with his intelligence briefings as CIA Director, and his military background brings him closer to Gen. Mattis at the Defense Department. Also a challenge is setting a path for the strained relations with Russia. His first visit is to Brussels and NATO headquarters for discussions with European allies. ...

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China is competing directly in advanced industrial goods such as semiconductors, EV's, machine tools and other products that German industry produces, shrinking the market for German products. By keeping its markets open after the US limited access to its markets for highly subsidized products made in china -with the goal of displacing American goods, jobs and factories under China's successive 5 year plans- Germany now faces the same direct threat the US faced and which took away America's production base. America's textbook based economists, and their followers in American business, who added loads of meaningless math to economics - adding lack of transparency for financial shenanigans- and took out the economic history, who lacked humility to see that other rivals could emerge from nowhere, bear a great deal of responsibility. Germany is now awakening to this experience of the United States and the threat it poses to its own industry.

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Mike Pompeo, U.S. Secretary of State meets with Tory group of MP's that want to see other issues relating to China tackled following exclusion of Huawei from UK 5G networks, and suspension of the extradition treaty with Hong Kong. This includes 120,000 Chinese students attending British universities and many students involved in advanced scientific research. Both Labour party leaders and Conservative party leaders support taking action to protect British interests relating to sharing sensitive technology, and national security. The U.S. is moving forward with a decoupling of economic relations with China on issues of sensitive technology, transfer of technology,  ownership of American tech companies, manufacturing jobs and regaining industrial strength, and on trade that transfers wealth from America to China. Britain is having to restructure its relations with China based on the general trend in U.S. China relations. China is the UK's 6th destination for exports of goods and services, only 3.6%. U.S. is far larger about 14%. The UK also has one third of its investments overseas going to the U.S. The U.S. has total investments in the UK of 758 billion dollars in 2018, showing that Britain's relationship with the U.S. is very close. ...

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The US Federal Reserve Report on Economic Wellbeing of US Households 2024-May 2025 gives some insights into the well being of American households. It shows food insufficiency households the same in 2023-2025 at 7%. The situation for cost of living remains a concern in 2024 as well as 2025. Retirement savings have improved for many middle class Americans, as confirmed by reports from Fidelity and Vanguard. The people earning less than 25,000 are 19% and about the same in 2024 under Biden as under DJT in 2025. 39% make $100,000 or more and 26% make $50,000 -$100,000. Combining the 19% making less than $25,000 and the 16% making between $25,000 and $50,000 shows about one third of the population under $50,000 living paycheck to paycheck. It would appear that $2000 DJT rebate putting $160 billion out of $550 billion of tariff revenues for 2025-2026  in the hands of 79 million households that make less than $100,000 would go a long way to keep the situation stable with optimism and hope arising from the restructuring of world trade that would bring trillions of dollars of investment into the US from Europe and Asia. A this investment plus domestic investment should bring back jobs and higher incomes to US manufacturing in small towns across America. The rest of $550 billion tariff revenue of $390 billion would go to reducing the deficit which would improve prospects for the economy in 2027 and produce a more resilient economy in 2027-2028. As shown on this page the popular Democratic Governor of Michigan in her op-ed in Washington Post supports strategic tariffs, and supports using the revenue for a check to American workers of $2000 per worker or per worker household and offers to work with the opposite party to get a WIN-WIN for the American People.  In the whole process of trade tariffs it must be remembered when seeing the inconsistent cases of tariff use by this Republican administration that these were special reason situations not aberrations or whimsical. First, it should be borne in mind that behind the appearance of DJT making tariff decisions is a carefully thought out process that took ten years to form under Reagan era Trade Representative Lighthizer who negotiated with Japan, and his deputy Jamieson for 2016-2024, and the economic and capital markets experience of Scott Bessent as Treasury Secretary. The two cases of inconsistent application of tariffs relate to the 50% tariff on India and the reduction of tariffs on China agreement on rare earths, and the imposition of a large tarif on Japan and the EU. In the first instance with India it was intended to give Ukraine breathing room from Russian attacks as Germany steps up its military preparedness and assistance to Ukraine. With both countries it was about saving face important in Asian or any societies and it has achieved it's purpose. Reports show both Indian and Chinese refiners have quietly cut purchases of oil from Russia leading to Russian oil selling at about $20 discount to Brent crude oil. In the case of Japan the quick action to raise tariffs was intended not to get into long drawn negotiations and show serious intent- Japan is known for dragging out negotiations for years if not decades. The same is true for the European Union. With the Swiss it was about a certain disrespect of the US coming from attitudes that Swiss products were somehow superior. Not just in the long run, in 2026-2028 history will show that the effort done right - and it takes effort to get this right- to restructure world trade so that other nations are not siphoning off the benefits and leaving the US to lose its manufacturing and factories is the right one. And taken with courage and sincere desire to create a fair distribution of the benefits of world trade for too long distorted by egregious practices of competitors. It has nothing to do with 2 senators from the 1930's who were from places like the Mountain West in the US, having no concept of world trade, Smoot and Hawley, who under a irresponsible president Hoover got everything wrong. This is a carefully set out plan to evenly balance the benefits of world trade to all nations.   ...

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Joe Biden will hit the campaign trial in key states of Michigan, Pennsylvania, and Wisconsin starting Labor Day. This is the Joe Biden who stood on a picket line in Detroit. Across these states white working class voters see Biden as having their interests at heart. The United Auto Workers endorsed Biden and Harris. And Kamala Harris says this of Biden in interview with CNN Dana Bash- "History is going to show, not only has Joe Biden led an administration that has achieved those extraordinary successes, but the character of the man is one that he has been in his life and career, including as a president, quite selfless and puts the American people first.” The extraordinary successes are the bipartisan legislation only Biden with 50 years in Congress could have achieved in this century- trillions of dollars going to fight the pandemic, fight inflation, fight the battle for bringing manufacturing home to America. And instead of Trump doing nothing for infrastructure after talking for years about it Biden has launched the biggest infrastructure effort in the US in 50 years. Never in recent history has so much been done in so short a time, with so much to follow, and never has it been so little reported or discussed. Yet history will show what Biden has set out to do and given the opportunity for his vice president to do in her turn.  ...

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When Daniel Henninger of WSJ Editorial Board says in the adjoining article/video that to get anything done with something like the current split Congress a newly elected Republican president would have to operate by executive orders and could get little done, he is referring to the stalled Ukraine aid legislation in the US Congress after passage 70-20 by bipartisan vote in the US Senate. Legislation is stalled in the 2022 newly elected US House of Representatives with a group of Republican Congressmen called the Freedom Caucus seeking to block all legislation if it does not get its way. The now famous line "dead on arrival" line of Speaker Mike Johnson of Louisiana for legislation passed in the Senate for Ukraine aid. Pew Research looks at the change in the House and explains. It says about 49 members of Congress are part of or aligned to this group. About 71% or 35 of 49 members have less than six years of experience which includes 9 freshmen, compared to 58% or 100 of 173 Congressmen of all other Republican members of Congress. And two thirds of Freedom Caucus are from the South compared to 46% of all other Republicans in Congress. It is striking that only three are from states such as Wisconsin, Illinois and Pennsylvania or a mere 6% for Northeast and Midwest.  ...

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An August survey by Japan's Ministry of Economy, Trade and Industry, shows 40% of the country's manufacturers saying they would shift production and R&D facilities overseas if the yen remains at 85 to the dollar. It has dropped below that. Nissan will make 71% of its cars overseas in 2010, compared to 66% in 2009. Murata Manufacturing plans to double its foreign output to 30% by March 2013. By buying Dutch printer maker Oce NV in March, Canon Inc., saw its overseas output jump to 48% for the first half of 2010. Toyota is on track to produce 57% of its output overseas in 2010 , compared to 48% in 1995. The popular Prius will now be built at a plant in Bangkok, Thailand. Sony did 20% of its television manufacturing in Japan in 2010, it is aiming to do 50% in 2011. As a result Sony showed a profit for the April-June quarter, after 6 straight years of losses. Its also important to note that when inflation is taken into account the yen has not strengthened the way it appears, which reduces domestic pressures to dampen the yen's rise. Tohru Sasaki, head of foreign-exchange research at J.P. Morgan Chase & Co. in Tokyo, says that in inflation-adjusted terms, the yen is 30% below the rate it reached in April 1995. U.S. consumer prices have risen by 69% since 1990, in Japan the prices rose only 8.5% during the same period. In inflation adjusted terms the April 1995 exchange rate of 80 yen to the dollar would be 56 yen to the dollar today. Japan's exporters can also benefit from the fact that a large part of Japanese trade is denominated in yen- according to Japan's Ministry of Finance 48% of exports to Asia were paid for in yen in 2009. Like China and Germany, Japan remains highly dependent on exports for growth- which provide two thirds of its growth. The yen's strength increases the outflow of production facilities. In July 2010, 10.3 millon workers were employed in manufacturing in Japan, down from 12 million in 2002. Japan's unemployment rate was 5.6% in 2009....

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After the first round of elections Mauricio Macri threw his support to Milei. Macri was president from 2015 to 2019 when pro-market reforms led to unrestrained borrowing from overseas investors. It failed leading to high inflation and turning to the IMF for loan of $57 billion. Any time there is a drought or agriculture in Pampas fails reserves dry up as in 2016 and again recently. Macri was ousted in the next election and replaced by Peronist Fernandez. The problems persist with a return to Macri and Milei who was just elected president turning to dollarization when the country lacks the $9 billion needed to convert pesos to US dollars. Argentina has net reserves of $20 billion, borrowing from China of $17 billion and net reserves of  negative $10 billion. 

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If the wording in the Pew Research Survey were to include that only the government can tackle huge problems in climate change, infrastructure, and manufacturing, the over 50% of Americans that support government taking on these responsibilities might just as well be closer to 60-70 percent. The tide is turning as the whole culture since Reagan and the key adopters of Reagan's theory  successive Democratic administrations of Clinton and Obama is being reversed- Democrats and Independents supporting the change to get government to tackle these problems is up 15 percentage points. Another shift is the young people who are filled with frustration by the lack of government taking on a bigger role to solve problems such as climate change, manufacturing jobs in US, infrastructure rebuilding that only the government can do.