Dow jumps more than 250 points, Nasdaq hits 8,000 as US and Mexico strike trade deal

[jimnyc]

Nice! And I also read this puts Canada on the hot seat now.

---

Dow jumps more than 250 points, Nasdaq hits 8,000 as US and Mexico strike trade deal

Stocks jumped on Monday as the United States and Mexico closed a new trade deal. Investors also digested reassuring comments from Federal Reserve Chair Jerome Powell on the central bank's policy-tightening path.

The Dow Jones Industrial Average rose 260 points as Caterpillar outperformed. The Nasdaq Composite climbed 1 percent to an all-time high, breaking above 8,000 for the first time, as Facebook, Amazon, Netflix and Alphabet rose. The S&P 500 gained 0.8 percent to hit a record high with materials and financials as the best-performing sectors.

"The market has been buffeted with a lot of headwinds lately, and the biggest one is trade," said Art Hogan, chief market strategist at B. Riley FBR. "If you were to take trade out of the picture, you would have a smoother ride higher in this market."

President Donald Trump said the deal would be called The United States-Mexico Trade agreement, getting rid of the NAFTA name. "The name NAFTA has a bad connotation because the United States was hurt very badly by NAFTA," he said. Trump added that the deal with Mexico is also very special for farmers and manufacturers.

Rest - https://www.cnbc.com/2018/08/27/us-stocks-to-open-higher-after-powell-signals-further-rate-hikes.html

[Black Diamond]

But trump will crash the economy they said. Hoover they said.

[jimnyc]

NAFTA No More: President Trump Announces United States-Mexico Trade Agreement

President Donald Trump announced a new bilateral trade deal with Mexico on Monday morning from the Oval Office alongside U.S. and Mexican officials.

“It’s a big day for trade, big day for our country, a lot of people though we’d never get here because we all negotiate tough. We do, so does Mexico,” said Trump.

Trump told reporters he wanted to do away with the name NAFTA (North American Free Trade Agreement) in favor of a new trade deal, The United States México trade agreement. He said the name NAFTA has a bad connotation because the U.S. has been hurt badly by it. He called the new deal a really good deal for both countries, the U.S. and Mexico.

He added, “we’ll see if Canada can be part of deal.” President Trump spoke of possibly making a separate bilateral trade deal with Canada and that negotiations on that would start soon.

Mexican President Enrique Peña Nieto joined the group by phone for the announcement.

In the room with Trump were U.S. Trade Representative Robert Lighthizer, Mexico’s Foreign Minister Luis Videgaray Caso, and Mexico’s Economic Minister Ildefonso Guajardo. Chief of Staff John Kelly, National Security Advisor John Bolton, and Senior Advisor to the President Jared Kushner.

News of the deal began breaking Monday morning ahead of the announcement. It comes on the heels of days of trade negotiations between the two countries.

“We’ve all worked very hard and your brilliant representatives are sitting right in front of me and I thought we would congratulate each other before it got out,” Trump told Nieto. “I know we’ll have a formal news conference in the not-too-distant future.”

Through a translator President Nieto thanked Trump and remarked that this is “very positive for the United States and Mexico.” He went on that the call was to “celebrate the understanding that [they] have had between both negotiating team on NAFTA.”

Rest - https://www.breitbart.com/big-government/2018/08/27/president-trump-announces-united-states-mexico-trade-agreement/

[pete311]

Just a nitpick, they reached a preliminary trade deal. and fyi, my IRA looks great!

[jimnyc]

Just a nitpick, they reached a preliminary trade deal. and fyi, my IRA looks great!

Nitpick til the cows come home, it's happening. And of course you point out how the economy is also helping you. Not sure why you do so, but glad to see Trump's various decisions are in some way helping you as well. Spend wisely. I know I don't! But Trump does, and he makes great deals sometimes, and here comes another one rockin, even though we were told Mexico hated us, would never do business again and the relationship was ruined and what not. (no, not you, just pointing out the many stories over the past few years, that can be flushed).

[jimnyc]

Trump replaces NAFTA and triumphs -- New trade deal with Mexico is YUGE win for both countries

President Trump won a major victory on trade on Monday, supplanting the North American Free Trade Agreement (NAFTA) and replacing it with something far more beneficial. The new deal will help American workers and manufacturers. It’s also a win for Mexico.

One of the most fundamental parts of Trump’s campaign for president was his promise to change America’s deeply flawed trade arrangements. These deals left us with massive $500 billion trade deficits—a huge drag on the economy—and devastated forgotten communities across America that are dependent on manufacturing jobs.

Second only to the booming economy, Monday’s announcement of a deal with Mexico is the most visible manifestation of Trump’s fulfilment of his campaign promises. Last year, the USA had a large $71 billion trade in goods deficit with Mexico, owing in part to much lower worker pay. This new deal will limit Mexico’s ability to take U.S. manufacturing jobs by underpaying workers.

Another key part of the new trade deal increases the percentage of a car that must be made in North America to qualify for lower-tariff import into the USA. This will be a major boon to American automotive workers and that industry’s domestic supply chain.

Rest - http://www.foxnews.com/opinion/2018/08/27/trump-replaces-nafta-and-triumphs-new-trade-deal-with-mexico-is-yuge-win-for-both-countries.html