Good morning, today is May 10 and here are the stories I am following:
1) U.S. increases tariffs on Chinese goods as trade talks resume. President Trump increased tariffs on $200 billion of Chinese goods to 25% as he ratcheted up pressure on Beijing and threatened to impose additional levies on virtually everything China exports to the U.S. Beijing said it would retaliate.
MY TAKE: It will be interesting to watch the global stock markets Friday. My fear is stocks take a beating today, but even so the fundamentals of the economy are strong for now. Things will be ok. Trump should stay the course.
2) U.S. seizes North Korean ship. Authorities seized the 17,000-ton cargo ship Wise Honest, alleging Pyongyang used it to illicitly transport coal in violation of U.S. and international sanctions, the Justice Department said. North Korea has 60 days to respond to the allegations in federal U.S. court.
MY TAKE: As I noted yesterday during my 10am broadcast on TeamDML.com, there is a perfect storm brewing with NKorea, Iran, China trade, and Putin. Trump is about to be truly tested.
3) Uber prices its IPO at $45 a share. The pricing sets the stage for Uber’s much-hyped trading start today, the biggest moment in a year that could break records for IPO activity. How the shares trade could help set the tone for the rest of the year, with other big technology startups like WeWork and Slack still waiting in the wings.
MY TAKE: Uber is a bad bet.
4) Comey defends Obama’s handling of Russian interference in 2016 election
Former FBI Director James Comey defended President Barack Obama’s handling of Russian interference during the 2016 election, placing more blame on Republican lawmakers for not wanting to disclose Russia’s involvement to the public sooner. During a televised town hall, CNN anchor Anderson Cooper asked Comey about President Trump’s repeated criticism of his predecessor for not taking more action against Russia on his watch. “That’s a hard question. President Obama faced a very difficult choice. The No. 1 goal for the Russians is to damage our democracy and undermine faith in our electoral process,” Comey responded. “If he makes an announcement that the Russians are coming for the election, has he just accomplished their goal for them and has he given Donald Trump an excuse to say, ‘Obama fixed the election’? So I get why he struggled with it.” Meanwhile, Fox News Chief Intelligence correspondent Catherine Herridge reports that the Justice Department’s inspector general is focusing on how the Democrat-funded anti-Trump dossier was used to secure surveillance warrants for former Trump campaign adviser Carter Page in 2016, despite questions about its credibility.
MY TAKE: Dig deeper. We may learn that the Russia collusion delusion was ALL the doing of Hillary and Obama, and Comey was the cleanup man who went rogue.
5) The radical AOC-Sanders team-up
Two of the major faces of the Democratic socialist movement teamed up Thursday to unveil a sweeping legislative proposal that even they described as a “radical” crackdown on financial institutions. Sen. Bernie Sanders, I-Vt., and Rep. Alexandria Ocasio-Cortez, D-N.Y., revealed their plans for legislation that would target the credit card and banking industries by capping interest rates at 15 percent. In a joint announcement that streamed live on Twitter and Facebook, they claimed existing practices target people in financial straits. Fox Business anchor Charles Payne, in an appearance Thursday on “America’s Newsroom,” said the AOC-Sanders measure has very little chance of passing the Senate.
MY TAKE: Dumb & Dumber Part II