07.07.18 Weekly Market Wrap Up With Tom And Shane [Listen]
Listen to this informative discussion below.
Shane starts us off with the markets in the US and worldwide. America is looking pretty good at the moment. Some foreign markets, particularly in Asia, are faltering some.
Facebook propelled Mark Zuckerberg into third place of the world’s richest people with the rise in the Facebook stock price.
Oil and gas are up because so many refineries have to make so many blends of gas on the West Coast, Chicago and some other localities.
Tariffs never go away, but a caller brought it up and Shane and I took it on. I think Trump will wait for China and/or Canada to blink.
Since 1994 when China joined the WTO (World Trade Organization) there has not been a single year that the US has not filled an action against China and we’ve won every one of the challenges.
Trump has also made noises like we might leave the WTO. Inquiring minds want to know.
Middle East has had a 30-year tariff on oil. If we stay on our present course the US should be oil independent by mid 2019.
If there are tariffs on BMW’s or Mercedes, then people might start looking at Cadillac’s and other American made vehicles to save some bucks.
These markets that we talk about each week pay a major part in our daily lives and people need to pay more attention to how they affect your lifestyle.
We charge almost nothing for countries to have access to 320 million of the most affluent customers in the world.
I think we’ll see a hit on our GDP over the summer but in the long run I think the other countries will realize the free ride is over.
Will there be some pain? You bet. But in the long run if the disease is cured isn’t that worth it?
Shane feels that if the current deficit of $781 billion is still less than $1 trillion by the end of the year that will be a success for Trump’s policies. Since it’s been much higher in previous years.
Money guru Mike McCormick will join us on July 14th so don’t miss that show. See everyone on Saturday.