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Federal Reserve undercuts Trump with data showing manufacturers and consumers are hardest hit by his tariffs

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According to a report issued on Friday by the Federal Reserve, manufacturers are admitting that tariffs instituted by President Donald Trump are cutting into their bottom lines and some of the costs are being passed along to consumers in the form of increased pricing.

Bloomberg reports that the New York Fed’s Empire State Manufacturing Survey and Business Leaders Survey included new questions about costs and tariffs and the results paint a damning portrait of the damaging effect on companies affected by the president’s trade war with China among other countries.

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The report states the questionnaire “…showed a clear increase in the number of respondents who reported tariffs raising input costs, compared to their answers in August 2018. About two-thirds of manufacturers saw an upward effect on prices paid and some 45% saw an upward effect on selling prices. The numbers were slightly lower but similar in the services sector.”

Getting into the numbers, the Federal Reserve report states, “among manufacturers, 51 percent perceive a negative effect in 2019, and 47 percent anticipate a negative effect in 2020.”

Bloomberg adds, “The New York Fed survey findings also chime with a report Friday from Deere & Co. that it is seeking cost savings amid a 24% fall in operating profit from its agriculture machinery unit, which was hit with higher production costs and lower shipping volumes. That makes sense, given U.S. farmers complain that they’ve been big losers in the trade war.”

You can read more here (subscription required).

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Fox News reporter and right-wing conspiracy theorists planned to wiretap family of slain DNC staffer Seth Rich: report

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The Daily Beast on Monday evening broke a bombshell report on a secret 2017 meeting in Texas on a right-wing conspiracy theory where espionage was discussed.

"One of their topics was responding to online critics of wealthy Texas businessman Ed Butowsky, who had recently been outed as a driving force behind a retracted Fox News story about murdered Democratic National Committee staffer Seth Rich," The Beast reported. "The group that gathered at Butowsky’s home included a conspiracy theorist, a Fox reporter fighting for her career, a former private intelligence contractor married to star journalist Lara Logan, and a Democratic PR operative who lost his business in the face of sexual assault allegations."

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Maddow breaks down potential ‘direct financial connection’ between the Russian government and Donald Trump

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MSNBC anchor Rachel Maddow read bombshell excerpts from a new book set for release on Tuesday.

The host interviewed David Enrich, finance editor at The New York Times, about his forthcoming book Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction.

The host of "The Rachel Maddow Show" read excerpts from the book.

"There was no doubt that Deutsche Bank had extensive business dealings with Russia, and those dealings included acting as a conduit for dirty money to get out of Russia and into the western financial system," Enrich wrote.

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Trump said he ‘loved’ the fact that America is more divided than ever: ex-GOP congressman

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President Donald Trump bragged about increasing divisions in America during a White House meeting, a former Republican congressman explained on MSNBC on Monday.

Former Rep. David Jolly (R-FL) told host Joy Reid that "Donald Trump has intentionally tried to create the anxiety" that Americans are explaining.

"Garry Kasparov, the Russian freedom activist, has said the point of disinformation isn't to manipulate the truth, it's to exhaust your critical thinking," Jolly explained. "To exhaust your critical thinking, that's what we're experiencing as voters."

"I had a colleague that was in a meeting in the Roosevelt Room and he said he heard Trump say, 'Have you ever seen the nation so divided?' My colleagues and others said, 'No, we haven't.' Trump said, 'I love it that way.' This is the currency that he's peddling as political strategy, but it's not one we have to accept," Jolly explained.

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