Attention to the Unseen

Axios reports: U.S. trade policy is making China great again — at the United States’ expense, per an analysis from Morning Consult that looks at global favorability ratings, and finds China’s rising while America’s falls. Why it matters: The drop in America’s reputation is already costing the country economically — through a fall in foreign visitors turned off by White House policies, and even the decline of the dollar. The big picture: There’s potential for more damage: “As views of the United States worsen, trade and investment opportunities for American…

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Politico reports: With President Donald Trump’s tariffs entangled in the courts, industry leaders are warning that continued confusion over his trade agenda could drag down an economy that was already in danger of slumping. They are urging Trump to abandon an aggressive policy that has been marked by chaos and reversals, and instead focus on delivering tangible, lasting deals that will allow businesses to plan ahead. A federal court on Wednesday froze the tariffs, but an appeals court on Thursday…

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The Guardian reports: Last spring, Carmelo Mendez was pruning peach trees in Colorado on a temporary visa, missing his children and wife back home, but excited about how his $17.70 hourly wage would improve their lives. This spring, he’s back in the Mexican state of Tlaxcala frantically searching Facebook for a job on one of the thousands of farms across the US that primarily employ guest workers like him. Mendez is one of the more than 300,000 foreign agricultural workers…

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Politico reports: Wall Street has a new shorthand about President Donald Trump — and he’s not happy about it. Traders have reportedly come up with the acronym TACO, which stands for “Trump always chickens out,” to take advantage of the trade environment created by the president’s habit of threatening to impose tariffs on countries, and then backing off at the last moment. He bristled when asked about it Wednesday in an Oval Office press conference. “Don’t ever say what you…

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The Guardian reports: The European Union’s trade chief has struck a defiant tone after Donald Trump threatened to place a 50% tariff on all goods from the bloc, saying any potential trade deal between Brussels and Washington must be based on “respect not threats”. The US president made his announcement after voicing frustration with the pace of progress on a trade agreement with the EU. The new rates would come into effect from 1 June. The EU trade commissioner, Maroš…

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CNBC reports: President Donald Trump on Friday said he is “recommending a straight 50% Tariff on the European Union” after complaining that trade negotiations have stalled. The steep new import duties would start June 1, Trump wrote on Truth Social. The EU “has been very difficult to deal with,” Trump wrote of the 27-nation bloc. “Our discussions with them are going nowhere!” Asked later Friday if he was looking to cut a deal with the EU in the next nine…

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The New York Times reports: The market for U.S. government bonds, the bedrock of the global financial system, continued to shudder on Thursday, as President Trump’s bill to extend expensive tax cuts and create new ones without significantly slashing spending passed through the House of Representatives. The bill has unnerved investors, deepening worries that the country’s debt is becoming unmanageable. Yields on U.S. bonds, which underpin consumer and business interest rates around the world, from mortgages to corporate loans, have…

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The New York Times reports: The United States hit its record debt level at the end of 1945, after a world war and the Great Depression. That record, in which the debt was briefly larger than the size of the entire economy, is almost certain to be broken in the next several years. Estimates from the Congressional Budget Office published in January showed that the country was on track to overtake it in 2032 — and that was before the…

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The Washington Post reports: President Donald Trump is trying to force down drug prices to specific levels. He has directed tariff rates on virtually every country. He declared that the Federal Reserve “must” lower interest rates. He takes a personal interest in the fate of individual companies like TikTok. He appears frequently with CEOs to tout investment deals, including many that were hatched before his presidency. And in his just-concluded Middle East trip, Trump pitched business leaders on doing business…

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The Guardian reports: Summarizing his befuddlement with numbers, Mark Twain observed that there were “lies, damned lies and statistics”. The acerbic phrase later become so deeply embedded in popular consciousness that it once formed the title to an episode of The West Wing, NBC’s portrayal of a fictitious US president played by Martin Sheen. Now professional economists and number-crunchers fear the aphorism could become a White House theme in real life. Buffeted by global markets and public opinion – both…

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The Wall Street Journal reports: The owner of a San Francisco card-game company cashed in his money-market funds. The founder of a tent maker is looking for investors. A watch and jewelry company in Colorado is holding off on signing a new office lease. And a New Hampshire consumer-product company has laid off more than half its staff. Around the country, small businesses that import goods made in China are taking actions—big and small—to try to outlast the current 145%…

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CNBC reports: The U.K. and U.S. agreed to a landmark trade deal on Thursday — yet the agreement appears to be far from free of tariffs. The deal is the first made by the United States since President Donald Trump unveiled his so-called reciprocal tariffs on countries around the world last month. The United Kingdom’s position as one of a handful of countries where the U.S. boasts a trade surplus in goods — meaning the U.S. exports more to the…

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