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More Tariffs

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The major averages struggle to begin the 2nd half on mixed economic data, entering the final hour about even. Canada responded in kind with their own trade tariffs to begin the month, while Europe threatens to apply tariffs to some 284 billion in US goods. The Trump administration continues to demonstrate that it’s all about bullying and the application of political power and to hell with the potential consequences. Concepts involving trade, economics, sound budgets, deficits and decent relations with our trading partners and allies be dammed. In the process running a significant risk of detonating both the economy and the markets and doing a repeat of the 2007-2009 financial crisis.

The Institute for Supply Management manufacturing index beat expectations in June with a 1.5-point gain to 60.2. Prices paid slipped a little but remain very high.

Construction spending missed expectations in May with a .4% gain. Residential construction advanced .8%, public construction increased .7%, while commercial construction slipped .3%.

This is Caleb Lawrence Registered Investment Adviser Scotts Valley Drive and Willis Road in the Scotts Valley Plaza, Suite 202 or call me toll free at 888-RICH PIG / 888-742-4744.

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