US President Donald J Trump is holding a press conference and is now taking questions from the press following the outcome of the Mid-Term Congressional Elections whereby the Democrats have taken the House of Representatives and the Republicans have kept their majority in the Senate. The immediate reaction in the markets was to sell the dollar which is now making a slight bullish correction – now down just -0.28% into the Presser, 0.10% higher than where we were going into the Presser.
However, in general, the impact on markets has been relatively modest as the outcome was widely expected. Stocks are now at the highs of the day into the presser. S&P +1.59%, NASDAQ +2.15% and DJIA +1.45%. (US Stocks are still making a comeback with a sigh of relief as these midterm elections results will not lead to the removal of President Trump through impeachment & conviction as markets had been concerned for).
Questions & Answers:
Key Answers:
- “China would have superseded us as a superpower. Got rid of their insulting 2025 – I said that is not happening. We are going to make a deal with China. I have a great relationship with Xi and China.”
- “I will ‘probably’ meet NK leader early next year”
As they came and went:
- Q: How will the Bipartisanship playout? A: I want to see unity. elections are over and now everyone is in love. I extraordinarily happy.
- Q: Weill you build the Wall? A: We are building ‘The Wall’.
- Q: If Dems go after-tax returns will you provide – A: Trump says they are under order. People don’t understand tax returns.
- Q: Why characterise the Caravan as an evasion? A: I consider Caravan as an evasion. I want people to come in through the correct process. We need the people.
- Q: Russian investigation – Are you concerned? A: Russian investigation is a hoax.
- Q: Why are you pinning Americans against each other? A: We are not. Look, Democrats are very weak on crime. We want to be strong on borders and law enforcement. ICE does a fantastic job.
- Q: Muller investigation – Is this an opportunity to end it? A: I could have ended it before and I didn’t. There is no collusion. It’s very bad for our country. Poll says the majority of people do not agree and it wasn’t improved. It should end as it is very bad for the country. A tremendous expense. Organised by angry Democrats and unfair to the country.
- Q: With recent seat won by American/ Somali for the first time, a sign of change?: A: Employment at record highs for minorities.
- Q: What did you learn from the results?. A: That people like me.
- Q: Trade how is it going on farms and trade? A: Very good.
- Q Evidence that China or Russia intervened?: A: We have done work on this issue, spent a lot of time, working very hard on China and Russia and everyone else looking into our elections
- What will you talk about with Xi and Putin?: A: I have a good relationship with both. I know Xi better. I had a good meeting in Russia with Putin. We discussed Syria, Ukraine, security Obama’s regime let a large part of Ukraine to be taken.
- Q: IF a tax cut for the middle class, means raising rates on corporations? A: We need votes in the Senate if so we could pass it easily in the house. If Dems come up with the idea for tax cuts, I would pursue – Even if means adjustment I would love to see a tax cut for the middle class.
- Q: Will you meet Putin this weekend, did he call to congratulate you? A: We may meet in Paris but maybe not. going there celebrate World War heros. We will meet at the G20.
- Q: It has been a challenging campaign – people died during the course of this campaign. We will see change or more of the same? A: I want to see peace love and unity. I want the media to cover things properly. I would love to see unity including with the media.
- Q: Nov 2016 victory speech, I asked you what you attribute your victory – you said it was God. How would you say God plays in the day to day execution of your role now? A: god plays a big role in my life.
- Q: Will you change the tone to pass things through Congress? A: I would be very good a lower tone. But when things are done incorrectly about you, you have to defend yourself. When you are not treated fairly, you have no choice when you have to fight when being misrepresented.
- Q: how will you focus on trade with Japan: A: We are dealing with Japan but I tell him all the time Japan doesn’t treat the US fairly. Do not take our cars, we take theirs.
- Q: What is happening in North Korea? A: We are happy with how it’s going – We are in no rush. Sanctions are on. Missles and rockets stopped. Hostages are home. I would love to take sanctions off. We made more progress that has been made in 70 years – No one else could have done what ive done. Meeting will be rescheduled for sometime early next year.
Key notes:
- US: President Trump feeling blue – ING
- US Elections: Blue wave hits the house – Rabobank
- US Macro: What the midterms mean for growth, the Fed, and markets – ABN
About the Midterm elections:
The members of the United States Congress are elected for 4 years period usually 2 years after the presidential election. This year, 435 members to the US House of Representatives and 35 members to the US Senate. In addition, 39 states will elect Governors, while minor political charges will also be refreshed in local elections.
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