He's getting inflated but data on Tuesday shows a British economy struggling for air.
Brexit at least partially to blame, say its critics.
If for its fans, it would make new trade deals possible - and possibly one of the biggest of all.
(SOUNDBITE) (English) UNITED STATES PRESIDENT, DONALD TRUMP, SAYING: "I think we'll have a very very substantial trade deal.
It'll be a very fair deal, and I think that is something your folks want to do, my folks want to do, we want to do and we're going to get it done." It's a pledge that may have symbolic value only for a UK prime minister leaving office on Friday.
That is if the two sides can resolve differences over Huawei: the British government has appeared to defy White House demands and allow the Chinese company a limited role in building 5G networks.
And differences over some likely areas of contention in a deal, such as U.S. access to UK agriculture and health services.
For now, the language remains diplomatic.
(UPSOT) (English) BRITISH PRIME MINISTER, THERESA MAY, SAYING: "And of course our honourable guest, Donald Trump, who knows a thing or two about business himself as well ...." The data is less polite: Construction had its worst month in over a year in May as customers postponed investment in the face of Brexit uncertainty.
The sector lost jobs at the fastest rate since 2012, a survey shows.
And, raising questions over consumer confidence, the British Retail Consortium says shoppers slashed spending last month by the most in more than 20 years.
More evidence of a UK economy itself stuck too, perhaps, in a compromising position.
Former prime minister Theresa May clashes with Michael Gove in the House of Commons, over the decision for the next national security adviser (NSA) to be a political appointee, rather than a civil service appointment.The role of national security adviser has been filled by Sir Mark Sedwill since April 2017 – he was later also appointed to head up the civil service as Cabinet Secretary in June 2018.Following the announcement that Sir Mark will step down in September, the UK’s current EU negotiator David Frost is set to take up the role.
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Pharmaceutical companies have been advised by the Government to stockpile sixweeks’ worth of drugs to guard against disruption at the end of the Brexittransition period. The Department of Health and Social Care has written tomedicine suppliers advising them to boost reserves. In the letter, itreiterates that ministers will not ask for an extension to the transitionperiod past December 31, despite the coronavirus pandemic.
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The United States will take action in coming days on the popular short-video app TikTok and other Chinese apps, White House spokeswoman Kayleigh McEnany told reporters at a briefing on Tuesday, but gave no other details.
China's ByteDance has agreed to divest the U.S. operations of TikTok completely in a bid to save a deal with the White House, after President Donald Trump said on Friday he had decided to ban the popular short-video app, two people familiar with the matter said on Saturday. Ciara Lee reports
China blamed the United Kingdom on Thursday for deteriorating ties after Prime Minister Boris Johnson slapped a 5G ban on Huawei, accusing London of poisoning the relationship by meddling in Hong Kong's affairs.
Liu Xiaoming, China's Ambassador to the UK, has accused the UK of 'seriously poisoning' relations between the countries over issues with Hong Kong and Huawei. Mr Xiaoming also suggested that politicians 'clamour for a new cold war' with China.
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Disputes between the UK and China over Hong Kong, tech giant Huawei and humanrights abuses in Xinjiang have “seriously poisoned” relations between the twocountries, Beijing’s ambassador to London said. Liu Xiaoming said the UK wasat a “critical historical juncture” in how it wanted to treat China. In anonline press conference, Mr Liu said: “China respects UK sovereignty and hasnever interfered in the UK’s internal affairs. “It is important the UK will dothe same – namely, respect China’s sovereignty and stop interfering in HongKong’s affairs, which are China’s internal affairs, so as to avoid furtherdamage to the China-UK relationship.”
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US stocks rose on Tuesday as investors weighed second-quarter earnings results for US banks against spiking coronavirus cases. JPMorgan gained after earnings beat Wall Street expectations. Wells Fargo slumped after reporting a loss and cutting its dividend. Coronavirus cases continue to climb in the US, forcing states to rollback reopening plans and threatening the economic recovery from the pandemic recession.
JPMorgan Chase, Citigroup and Wells Fargo collectively set aside nearly $26 billion for potential loan losses. As Fred Katayama reports, quarterly profit at JPMorgan and Citi tumbled while Wells Fargo swung to a loss.
CBC reported that McDonald’s ended its Canadian trial of Beyond Meat in April with no plans to continue. According to Business Insider, the plant-based burger dropped as much as 10% because of the news. While Beyond Meat said in an email they were “pleased with the test,” a JPMorgan analyst said usually if a test goes well, it doesn’t end. Beyond Meat CEO Ethan Brown said the plan with McDonald’s hasn’t changed. Despite the recent drop, Beyond Meat is up more than 90% year-to-date.
Netflix is on the verge of reporting a blockbuster second quarter earnings report, according to Goldman Sachs. Business Insider reports that Goldman Sachs is basing their judgement on strong app download trends On Friday, Goldman raised its Netflix price target to $670, representing upside potential of 32% from Thursday's close. The firm said COVID-19 continues to accelerate the trend towards video streaming services. Goldman Sachs said Netflix is a prime beneficiary of that trend.
Reuters / Shannon Stapleton David Solomon, CEO of Goldman Sachs, says the US economy still has jobs to shed. The comments come after May unemployment figures showed a slight uptick in employment after mass layoffs due to the coronavirus. "All businesses are learning and seeing ways where there are efficiencies," he said, speaking of companies broadly and not just banks.
The S&P 500 ended lower Friday after a choppy session as investors weighed spiking cases of COVID-19 and Apple's announcement of fresh store closures against anticipated stimulus and continued economic recovery. Fred Katayama reports.
Donald Trump told British Prime Minister Theresa May on Tuesday that the United States would do a very substantial trade deal with the United Kingdom after Brexit. As David Pollard reports, the pledge..