Speaking on CNBC to Rick Santelli

  • The vision is to get to a world not dominated by massive trade balances, but on free trade
  • Taking steps through active trade policy to get to free trade.
  • Our strategy is bullish for the economy
  • It is counter factual to say trade policy is not systematic
  • Trump outlined his plans when he was running for President
  • The US will go through 60 days of comment
  • Meanwhile there will be discussions with China with Mnuchin and Lighthizer and Chinese officials
  • Lose over 1 million jobs because of unfair trade.
  • If run unsustainable trade deficits for years and years, the foreigners buy our assets
  • Need to get to a world which is more balanced.
  • US will seek to increase US exports of LNG (light natural gas) to China and other countries but not a panacea for the deficit
  • "Growth is good"

The US stocks are trading down a little but not much. The S&P is up 12.38 points. The Dow is up 210. So not much of a change from the interview.

The EURUSD has move to new session lows and the USDJPY continues to move higher. So the USD is feeling more comfortable (or so it seems).