Pay To Play; A Sort-Of-Deal With The UK; The Fed’s Mission Creep; A Meeting With China

Pay To Play In The USA. That’s the label I would affix to the trading system President Trump is erecting to replace the global world trading system he inherited. The new trading order involves tariffs, of course, but it will have more to do with bilateral trade deficits. Trump has always viewed America’s trade deficits as his bête noire, and now wants t…