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JPMorgan warns investors that Trump’s tweets on purported China deal appear ‘completely fabricated’

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A new note from investment bank JPMorgan advises traders to not buy into the hype that President Donald Trump has ended his own trade war with China.

As reported by CNBC’s Carl Quintanilla, JPMorgan is telling investors that Trump’s declaration this week that China will immediately drop all tariffs on American cars has no basis in reality.

In particular, the note said that investors should have “valid reason for caution” when it comes to investing on the hopes that Trump is on the verge of a major breakthrough with China.

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“It doesn’t seem like anything was actually agreed to at the dinner and White House officials are contorting themselves into pretzels to reconcile Trump’s tweets (which seem if not completely fabricated then grossly exaggerated) with reality,” the note states.

Shortly after a dinner meeting with Chinese President Xi Jinping during the G-20 summit in Argentina, Trump excitedly declared that China would eliminate tariffs on American cars and would also start bulk buying American soy beans once again.

However, the only concrete measure to have come out from the meeting seems to have been a decision to not further escalate trade tariffs while the United States and China try to hammer out a new deal.

See an excerpt from JPMorgan’s note below.

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There’s no respite from Trump’s vindictiveness and foolishness

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As we know, even in the midst of a national emergency, Donald Trump could find time and bandwidth to continue his retribution campaign.

He dismissed Michael Atkinson, the inspector general for the intelligence agencies, for doing “a terrible job,” satisfying his own thirst for vengeance for anyone who actually adhered to law and practice over blind loyalty to Trump himself. Indeed, asked about it the next day, Trump underscored his action by saying, Atkinson “was no Trump supporter, that I can tell you.”

It was an act that we once would have labeled corruption, by Democrats and Republicans – that is using the office for personal purposes – if Congress and too many Americans had not since become inured by so many like instances.

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This is how Taiwan and South Korea bucked the global lockdown trend

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As the coronavirus pandemic sparks global lockdowns, life has continued comparatively unhindered in places like Taiwan, South Korea and Hong Kong after their governments and citizens took decisive early action against the unfolding crisis.

At first glance Taiwan looks like an ideal candidate for the coronavirus. The island of 23 million lies just 180 kilometres (110 miles) off mainland China.

Yet nearly 100 days in, Taiwan has just 376 confirmed cases and five fatalities while restaurants, bars, schools, universities and offices remain open.

The government of President Tsai Ing-wen, whose deputy is an epidemiologist, made tough decisions while the crisis was nascent to stave off the kind of pain now convulsing much of the rest of the world.

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Republican ex-lawmaker with coronavirus scolds Wisconsin GOP for forcing voters to risk their health

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On CNN Tuesday, former Rep. Charlie Dent (R-PA), who is himself dealing with a bout of COVID-19, chastised the Wisconsin GOP for doing everything in their power to block the state elections from being moved — and forcing many voters to stand in line and risk exposure to the virus to cast their ballot.

"I have to tell you, here in Pennsylvania we have a Democratic governor and Republican legislature," Dent told host Don Lemon. "They postponed the election here from April 28 until June 2. Without any controversy. Everybody agreed it was the right thing to do and they moved on. I'm surprised Wisconsin took this risk, knowing they don't have to."

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