Steve Moore: China Will Be the Biggest Loser on Nippon Steel Deal

JIMENEZ: “And look, tariffs, just one piece of the economic picture right now. Obviously, we‘re watching to see what comes out of any Senate markups to what passed on the House side of the bill. But also, you‘ve got the downgrading, the Moody‘s downgraded the credit rating. There are a lot of just different factors. I‘ll leave it there. But if you were working as an economic advisor for President Trump right now, what would you tell him the priority should be or if there is anything in particular that, hey, we should keep an eye on this?”
MOORE: “Well, there was some other breaking news, if I may, in terms of that press conference that dealt with the economy. And that was one of the strongest comments I‘ve heard from Trump saying, ‘Look, I want this deal to get done on Nippon Steel.’ That is the Nippon Steel buying U.S. Steel, which I believe is a good deal for investors, it‘s a good deal for American workers, it’ll bring a lot of money into the United States. Trump has been reluctant to do that, but he basically said they have a new deal where the structureship, America will still own a significant part of that. I think that means that this deal is well on the way to getting done. And as I said, I‘ve always been very supportive of that multi-billion dollar deal. And by the way, the big losers in that are China, because China is trying to take over the steel industry. On the tax bill, my advice to Trump is, let‘s get this done. Get the Senate — he‘s got to crack the whip. Get the Senate to move on this, get it done by the 4th of July, because I think it will be very positive for the economy. As the president mentioned, you know, you don‘t get this done and the average family is facing a 30 or 40 or 50% increase in their taxes on January 1st. The other thing is so important for both the economy and for investors, to get these trade deals done, put the tariffs a little bit behind us. People want certainty about where that‘s all headed. If that happens, I‘m pretty bullish on the U.S. economy, frankly.”