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President Trump shifts the mission of the White House Task Force to Safety and Reopening the Economy. Worldwide cases reach 3.72 million and death toll passes 261,000, according to John Hopkins University. U.S. deaths at 72,000 are about one third of the global total. U.S. confirmed cases are at 1.21 million.

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Former president Trump is indicted by a federal grand jury for his efforts to reverse the results of the 2020 election. Charges in this criminal case include attempt to defraud the US, obstructing an official proceeding, and conspiring against the rights of voters. The 45 page indictment by special counsel Jack Smith says Trump leaned on election officials in Arizona, Georgia and Michigan to support his efforts to overturn election results, and later on vice president Mike Pence. WSJ shows a graph of the series of indictments Mr. Trump now faces including payments to a porn star, Georgia election interference, handling of classified documents, Jan. 6 violence, and in other cases.

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Former president Trump's idea of a loan provision was included in the final bill that passed for Ukraine aid in the US Congress. 

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As part of the trade deal with the Trump administration China agreed to buy $54 billion of oil and liquified natural gas from the U.S. by the end of 2021. This is showing up in U.S. oil making up 7% of China's imports by mid September 2020 from 0.4% in January. By the endo of October forecasts show U.S. exporting 700,000 barrels a day to China. The U.S. is displacing Saudi and Middle East oil as Saudi exports now make up 15% of China's oil imports from 19%. This also shows that president Trump's trade deals are working to help balance trade with China and remove the disadvantageous position the U.S. was placed in by three previous administrations.

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The White House event related to the nomination of Amy Barrett to the U.S. Supreme Court that reports suggest may have led to President Trump's infection with the coronavirus. The Rose garden party was attended by guests being at close quarters and many maskless with guests later entering the spaces inside the White House. As a result many of the people in the upper echelons of the Trump administration are now infected with the coronavirus as reported here in The Times. Many testing positive include a University president (Notre Dame), Senator Mike Lee, and others.

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U.S. president Trump pulls back from a threat to pull out of NAFTA trade agreement after calls from U.S. business, and calls from the leaders of Mexico and Canada. Mexico said the threat would hurt constructive negotiations, Mr. Trudeau told Trump it would hurt jobs on both sides of the border. Canada is facing headwinds for growth as business is reluctant to invest under the uncertainty for NAFTA. U.S. businesses lobbied heavily including the American Chamber of Commerce. Trump administration aides say they had used this as an effort to get Congress to act- delays resulting from a 90 day rule and from negotiations not to start till Congress approves of the new trade representative Mr. Lighthizer. Helping the situation was the effort by Commerce Secretary Wilbur Ross showing Trump the states that had voted for Trump that would lose jobs, and that nothing was to be gained from the action of pulling out when constructive negotiations were possible- and when Mexico and Canada were eager to start negotiations to reach a new agreement. Mexico is also eager to renegotiate NAFTA because president Nieto faces a strong competitor from the left parties in coming national elections. ...

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U.S. president Trump's 2017 budget is an effort to reshape spending priorities by the Republican party. Apart from Medicare and Social Security all other entitlement programs from the days of Lyndon Johnson's Great Society are subject to cuts. Deep cuts to Medicaid and food stamps, including introducing work requirements. The philosophy behind it is that compassion will now be measured not by how large these programs are but by how much the government can get people "off these programs and back in charge of their lives,"  according to Budget Director Mulvaney.  The cuts are $616 billion to Medicaid and Children's Health programs, $193 billion in cuts to Food Stamps, $143 billion in student loans, $72 billion in disability programs. The overhaul of the Affordable Health Care Act is part of this change. The reallocation would put more money into infrastructure for $200 billion, and in tax cuts, $19 billion in a parental leave program and $29 billion for veterans programs, plus added spending on the military. William Hoagland of the Bipartisan Policy Center, a Republican who worked on budget issues says it will be politically difficult as the cuts to lower income groups come with tax cuts for small businesses and higher income individuals.  Beyond the policy priorities there is an area where both Republicans and Democrats are skeptical of the budget. This is how it impacts the U.S. debt. Under Congressional Budget Office estimates the U.S. debt as a percentage of GDP which rose to about 75% after the Great Recession starting in 2008, is projected to grow to about 85%. In sharp contrast the Trump administration estimates of the Office of Management and Budget are for it to drop to 65% based on rosier estimates of 2% inflation, 3% growth for the decade ahead. Experts say this is unlikely once the Fed raises interest rates and the unemployment rate currently at 4.4% leads to rising inflation, undercutting growth which has remained below 2% for a long period. These concerns are also voiced by Hilsenrath in the WSJ based on the experience of other countries such a Britain that cut corporate taxes without seeing an uptick in economic growth. ...

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Mr. Trump says he will wear a mask on a visit to soldiers at Army's Walter Reed Hospital. Trump says its "a very appropriate thing. I have no problem with a mask." As cases hit 3 million in the U.S., close to 1 million in India and Russia, Mr. Trump joins the movement for masks worldwide. Early on Mr. Trump  took up the issue of transmission from Wuhan by banning flights from China, failed to get WHO and China to respond quickly to the pandemic requests from U.S. by providing information and allowing a team to visit Wuhan quickly in January. A stumbling block appeared within the health ministry in the U.S. with poor leadership which Trump had to overcome by relying on Vice President Pence to lead the stop coronavirus team at the White House.   Trump's reopening decision came under criticism and he says he had to balance the damage to jobs and economic well being that also affected health. Some of the states and young people responded in ways that led to public gatherings that have led to surges in the south and the western states such as Calfornia. The WSJ reported that in Los Angeles County on June 20 half a million people went to bars after they reopened, showing that culturally even counties in states like California lacked what is accepted good sense. For instance Tokyo bars were paid by the Japanese government not to reopen, according to one report. By wearing a mask Trump is simply acknowledging facts about transmission - a German study shows 40% reduction in cases with face coverings. ...

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The EU with its $15.4 trillion economy is a bloc comparable in size to the U.S. $19.4 trillion economy. The French State Secretary for Europe, Mr. Lemoyne, says EU does not need to be worried about the way the USMCA, new version of NAFTA was negotiated with pressure from president Trump, as the Europeans are the largest trading power in the world. The EU exports to the U.S. are $252 billion, and up 5% in the seven months of 2018 over the preceding period. The U.S. by comparison exports $153 billion which has remained at the same level with a $600 million decline in the same period in 2018.  President Trump has put pressure on the EU to help improve the trade imbalance. Soya bean exports are pointed to by the EU as this has doubled in 2018, after China responded to U.S. sanctions by limiting soyabean imports. President Trump has stated his intention to impose tariffs on European car imports - trade worth $60 billion- to get the EU to offer concessions.  ...

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The Trump Accounts for children born 2025-2028 and the Dell $6.5 billion expansion to include earlier born children may be one of the single biggest actions to rebuild the bank accounts of the next generation. It looks at the shrivelled bank accounts of today's older generation with lack of enough savings for a medical crisis and says it has got to be different from now on. The median bank account of Americans over 65 and over is $13400 which means there is little for medical health emergencies and little for needs of older Americans. Median means half have less and half have more than $13400. This is astounding for the wealthiest nation at a time when the total wealth is the highest ever in history. This report by WSJ unfortunately does not mention this at all and dwells on how this is an opportunity for banks and investment companies to get in the door to get your business. DJT as US president with a mandate from lower income Americans has designed this so that it shows the value of careful investments of small seed money. With $1000 to begin with from the government, added amounts from parents and grandparents and invested in a mutual fund that tracks the S&P 500 it will grow with the economy for 18 years, doubling two to three times on the way. It would provide funds for education increasing enrollment in higher education, increase financial literacy by showing how money grows in broad S&P 500 type index funds such as Vanguard type funds. Much of the shriveling of bank accounts for the shocking figure of $13400 median for American 65+ year olds is a result of job losses, high health care costs, wage decline  with factories outshored, hits from 2009 financial crisis caused by bank irresponsible behaviour, drug epidemics and fentanyl allowed to pour into the country, covid pandemic and stock bubbles, decline in higher education enrollment, other. The US president DJT is seeing his mandate as one that reverses these adverse situations one by one to take America back to post war prosperity and rising incomes, rising bank acocunt savings and rising hopes and aspirations for the next generation. ...

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U.S. stocks drop sharply, the DOW by 850 points, as China responds to president Trump's threat of 10% tariff on additional $300 billion of Chinese goods by suspending all purchases of agricultural products from U.S. China also lets its currency the yuan weaken to 7 to the dollar to offset effect of tariffs.

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The impeachment inquiry in the U.S. House of Representatives set off by a release of president Trump's conversation with the new Ukrainian president, involves vice president Joe Biden and his son Hunter Biden. Mr. Trump had called for the Ukrainian government to look into corruption. The Washington Post gives this story of how Hunter Biden joined the board of an obscure Ukrainian gas company set up by a former minister and that this was brought to the attention of Joe Biden by advisers. At the time Joe Biden was representing the U.S. in Ukraine during a period in Ukraine when there was little clarity or transparency on what was happening in the country with changing governments. This story describes the thinking of people in the Biden circle who thought this was a bad idea.  This includes Hunter Biden's partner in the investment firm, a stepson of John Kerry, Secretary of State in the Obama administration, and other advisers of the Bidens. It has raised questions about why steps were not taken to prevent the perceived conflict of interest.  As a result of this Ukraine, a country at war with Russia and having elected a new president outside the conventional politics, is now at the centre of the impeachment inquiry. It is also likely to reshape the 2020 presidential election with differing views on this inquiry from president Trump who sees it to be about corruption in Ukraine, and Democrats about the president's effort to pressure Ukraine for his political campaign as U.S. provided critical aid to Ukraine.    ...

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DJT puts a 50% tariff on Brazil on JUly 9, 2025 following the trial of former president Bolsonaro's. In a long letter DJT says the trial of Bolsonaro was similar to the trial he Trump faced in the US in 2024 by zealous prosecutors. Da Silva is president of Brazil and says Brazil is a sovereign country. He was briefly jailed during the Bolsonaro government but won the election in Brazil in 2022.

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U.S. president Trump says he would take unilateral action to blunt North Korean threat, if China does not offer to help. He also said on Twitter that China would gain in its trade negotiations with a better deal "if China solved the North Korean problem." This follows the visit by president Xi Jinping of China to the White House in April 2017.

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With 22 million people in the U.S. on unemployment benefits and the economy severely affected by coronavirus, president Trump suspended all immigration to the U.S. This will protect American jobs during the recovery.

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As Neil Irwin points out in the NYT the effects of the steel tariffs announced by president Trump are negligible on the U.S. economy- the impact of $30 billion in steel imports and $17 billion imports of aluminium on a $20 trillion economy. As Commerce Secretary Wilbur Ross pointed out in a television interview it is the impact of a fraction of a penny on a food can, and tenths of one percent in the price of a new car.  What markets when settling down look at is the facts from how situations were handled from tariffs on solar panels to action on NAFTA. Twitter comments of Trump have not reflected actual policy as it was carried out as Neil Irwin points out. On tariffs for solar panels this has fitted in with action from preceding administrations says Irwin and also fits in with Trump administration policy to send a message when lower prices subsidized by foreign governments hurt U.S. producers. On NAFTA Commerce Secretary Wilbur Ross and other key economic advisers around Trump have acted along with the calls from prime minister Trudeau and contacts with Economics minister Videgaray of Mexico, to a policy of making some changes to NAFTA, very different from the calls for rejecting NAFTA made earlier by president Trump.   ...

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President Trump announced that he is declaring a national emergency to bypass Congress and pursue building a wall on the U.S.-Mexico border. This comes as the president accepted $1.4 billion, a fourth of the $5.7 billion he had asked for from Congress. Mr. Trump hopes to add additional funding by declaring a national emergency as the U.S. Congress turned down his request for a longer wall. Congress only included funding for a 55 mile long fence along the Rio Grande River at the border with Mexico. To keep a campaign pledge to build that wall Mr. Trump acted with the support of Republicans including Senator Graham. Trump said he expected that "we'll be sued, and they will sue us in the ninth circuit, and then we will end up in the Supreme Court and hopefully we will get a fair shake." Under Trump's declared national emergency about $3.6 billion would be taken from the Pentagon's military construction fund and $2.5 billion from the Pentagon's drug interdiction programme. This will be challenged in the courts. Trump is under pressure from his support base to show that accepting the Congress offer of $1.4 billion and a 55 mile fence was equal to surrender. ...

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The Trump administration has pulled together $18 billion of the funding for the border wall, the fencing that will replace inadequate exiting barriers along 885 mile stretch on the U.S.- Mexico border. This includes the current budget proposal for $2 billion in funding request. The remainder was collected by shifting funds from the military. During the initial request to Congress it was given only $1.325 billion. President Trump made up the difference by declaring a state of emergency in February 2019, allowing funds for military construction projects to be shifted to the border wall funding- $6.7 billion in 2019 and $7.2 billion in 2020. A lot of the construction will happen in 2021, assuming Mr. Trump wins a second term. The Trump administration hopes to have built or under construction 450 miles in 2020. Much of it is concentrated on federally owned land, across vast regions of Texas, because of no legal obstacles from private landowners unwilling to give up land. ...

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U.S. president Trump set up a separate task force called the Great American Revival Industry Groups. He read each of the names out loud during his press conference on Monday, a list of about 200 industry leaders from all the main industry groups, many of whom he personally knows. The first meeting of this group met in a hour long call with about 35 participants.  Most of the leaders praised the strong action taken by the president. On the task of reopening the economy the participants told president Trump that current testing levels were inadequate for effectively reopening the economy.  This is the first of four calls the president plans to make and included leaders from banking, retail, hospitality,  and food industries. The tasks facing the task force are to provide advice on how to reopen the economy and how to respond to the economic damage.  The U.S. president decided to set up this task force after talking to his friends in the business world so that he could get the broadest possible range of advice and thinking. Dr. Fauci, the leading helth expert on the president's team along with Dr. Birx, said on April 14 that reopening would require testing and virus tracking that was efficient and reliable and that the U.S. was not there yet. U.S. has conducted about 3 million tests. Health experts say there should be millions of tests per day before people can return to work. ...

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The Editorial Board of the WSJ says in this editorial that president Trump showed his negotiating skills to arrange the oil deal with the Saudis and Russia for cuts in production of 9.7 million barrels a day, including cuts by non OPEC G20 countries. The drop in U.S. production, cuts by Canada and the effects of sanctions on Venezuela and Iran should take out about 20 million barrels a day. Demand has fallen by 30 million barrels a day from the pandemic. This should help 11 million workers in the U.S. oil industry.

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The firing of John Bolton as National Security Adviser opens up the possibility of a meeting of Trump with President Rouhani of Iran. There is a need for both sides to begin talks on a nuclear deal that would replace the one Iran signed with president Obama to address issues raised by Mr. Trump and Republicans. Iran and countries that buy oil from Iran such as India, China and Japan have an interest in relief from sanctions imposed by the Trump administration on imports of Iranian oil. The European Union is keen to preserve aspects of the nuclear deal. Relief from sanctions is critical for Iran to develop its economy. The last two decades have seen Iran struggle to develop its economy with the sanctions imposed by  different U.S. administrations.   President Trump expressed flexibility on sanctions saying "we will see what happens. I think Iran has potential. They are incredible people." President Rouhani urged Mr. Trump "to put warmongers aside." Mr. Trump told reporters that he had resisted Mr. Bolton's opinions on issues and realized he had moderate views when compared to someone like Bolton.  Trump told Iran "We are not looking for regime change. We hope we can make a deal and if we can't make a deal thats fine too. But I think they have to make a deal." Helping the U.S. and Iran come to talks is president Macron of France who hopes to setup a meeting at the UN General Assembly which meets next week following his efforts at the G-7 meeting in France last month. In the past when tensions were high in the Straits of Hormuz President Trump refrained from aggravating this by saying actions that are "disproportionate" should not be taken and respected Iranian intentions. The tone of the conversation between the two sides has moderated to the point where both sides realize the need for coming to some compromise. This is in sharp contrast to the period a few months ago with rising tensions in the Straits of Hormuz and the seizure of an Iranian ship. Bolton's opinions were not the only issue for president Trump. He was also seen as the source of leaks including one that said Mike Pence, the Vice President, had opposed Mr. Trump's plan to bring the Taliban to Camp David. Also contributing to the new climate for talks is Mike Pompeo the Secretary of State, who has promoted the idea of talks with Iran. He told the media about such a meeting at the UN General Assembly in New York- "Sure. The president has made it very clear that he is prepared to meet with no pre-conditions." The willingness to try new ideas even contrary ones to policy pursued only a short while ago as long as the desired goal is reached is a feature of this presidency and key advisers. From the beginning of the Trump administration there is a firm sense of the need to end the wars in Afghanistan and Iraq. and reduce foreign entanglements that have dragged on wasting resources and destroying priorities. With a willingness to try all sorts of approaches even ones that appear to be contradictory always keeping the end goal in sight. ...

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Hilsenrath describes how the Federal Reserve missed the signs of the mortgage financial crisis of 2008, the bubble economy, and how low interest rates and other actions of the Fed to rescue the economy led to a situation which hurt savers. The lack of a serious plan for homeowner rescue as part of the actions by the government further hurt the working and middle class. The rescue also lacked credibility because the banks ended up becoming bigger than they were, and no action was taken in the U.S. which had been pushed by the U.S. in similiar situations overseas- for example on South Korean banks for overborrowing during the 1997 Asian financial crisis.  At the 2014 Boston Fed sponsored conference on Inequality, Fed chairman Janet Yellen described what she called the largest inequality in the U.S. not seen since the 19th century. The average net worth of the lower half of the distribution, said Yellen, of 62 million households, was $11,000, and a quarter of them had zero net worth. These were the shocking statistics that propelled two unlikely outsiders forward- Donald Trump to the Republican nomination for president, and Bernie Sanders who coming close to getting the Democratic nomination settled for a big part of setting the Democratic agenda supported by nominee Clinton in 2016. ...

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Greg Ip points out in this WSJ analysis that the new NAFTA after negotiations and warnings from Mr. Trump to scrap NAFTA, is not very different from the old NAFTA. Mexico made concessions on auto exports and labor rights, wages. Canada made concessions for the dairy industry. Yet the combined influence of business interests, Canada's lobbying in U.S. Congress and state governments, and the restraint shown by Trump's own advisers prevailed in limiting Mr. Trump's tendencies to go for a "America first" agenda. It shows, says Ip, that there is resilience in the existing order.  It also shows what future trade negotiations with the European Union and Japan over steel and autos could look like. President Trump will continue to face resistance within from his advisers and from exporters, business, Congress, on following an exclusively "America First" agenda. President Trump will need to extol NAFTA in its current version the USMCA, U.S. Mexico Canada Agreement, to get it through the U.S. Congress in 2019.   Mexico's main concessions on autos were to agree to potential tariffs if exports exceed 2.6 million vehicles.  This keeps Mexico's status as a major auto export hub intact. Auto experts say VW and Mazda may simply pay the tariff of 2.5% for lower priced models assembled in Mexico that do not qualify for duty free entry instead of shifting production to the U.S. Current shipments from Mexico are not affected as U.S. demand is weak. Labor rights and higher wages in Mexico's auto industry are a win-win for Mexico and the U.S.. They are supported by the socialist administration of newly elected Mexican president Obrador. Canada's main concession was to expand U.S. access to Canada's protected dairy industry, with Canada already prepared to make the concession. Mr. Trump had also to consider the possibility that excluding Canada from the USMCA would have not passed Congress, and face even more resistance in a Democratic controlled Congress after 2019 elections.  The support Canada has received in Congress does not extend to China, which gets much less support in Congress, leading to higher uncertainty in the negotiations with China and possibly different outcome with the size of the trade imbalance of $1 billion a day factored in.   ...

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Borchers of the Washington Post reflects on why president Trump gave the long rambling interview in July 2017 to the NYT.  President Trump has  called the NYT both "failing" and "a crown jewel." He particularly respects the reporter Maggie Haberman, a reporter with whom Trump has a long relationship and whose reporting he respects. Haberman is seen by Trump as an influential political reporter, whose view counts, and who can be critical but also seeks to be fair in reporting. During the election campaign the NYT carried reporting critical of Trump, yet it also had reporters who were critical of Hillary Clinton. In many ways both the NYT and the WSJ from different points of view seek a place in the middle with fair reporting, needed particularly in today's politics where ideology sometimes trumps common sense and U.S. traditions of fairness.

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China's president Xi Jinping visiting a trade fair in Shanghai, says China will shift to larger imports as it responds to calls from the U.S. and Europe to further open its markets, and buy more rather than focus on selling to the world. He said "it is China's sincere commitment to open the Chinese market." More than 80% of China's trading partners have trade deficits with China with severe complaints and tariffs imposed on Chinese goods by the U.S. president Trump.