NAFTA is no more.
Today, President Trump put the finishing touches on what he calls The United States-Mexico Trade Agreement (or, as Mexico’s President Enrique Peña Nieto probably calls it, the Mexico-United States Trade Agreement).
Does it benefit us? Well, read this excerpt from Fred Imbert, Michael Sheetz and Ryan Browne’s article for cnbc.com and draw your own conclusions:
Stocks jumped on Monday as the United States and Mexico closed a new trade deal, potentially removing a source of uncertainty that had been plaguing investors for months.
The S&P 500 gained 0.8 percent to close at 2,896.74 — a record high — with materials and financials as the best-performing sectors. The Nasdaq Composite climbed 0.9 percent to an all-time high, breaking above 8,000 points for the first time, as Facebook, Amazon, Netflix and Alphabet rose. Tech’s gains led the Nasdaq to close at 8,017.90.
The Dow Jones Industrial Average rose 259.29 points to 26,049.64 as Caterpillar outperformed. Monday also marked the first time since Feb. 1 that the Dow closed above 26,000.
Does this mean “the rich got richer”, as Nancy Pelosi and her dwindling crew of Pelosians will be quick to point out?
You’re damn right it will…
…as it will put more money in the pockets of just about everyone, rich or not, who has any stake in the stock market and/or any stake in the cost of goods coming into the United States, or any stake in the value of our goods being exported to Mexico – which is to say every one of us.
Quick: raise your hand if you personally are not rich but, because rich people will get richer from this deal, you intend to refuse the benefits you will receive from it.
Funny, I don’t see any hands.
This deal, which obliterates the NAFTA joke we were working with all these years, is another win for the United States – and, as I’m sure he will proudly remind you, for President Trump as well.
It also leaves Canada out in the cold, thus making it that much more imperative that Trudeau cuts a deal with Trump as quickly as possible. And you can bet your bottom dollar that deal will also be more beneficial to us than NAFTA was.
On the other hand….er…..stormy daniels! paul manafort! michael cohen!
Idunno….is it just me or does that fall just a bit short as an answer?