May 31, 2019 - Economy & Business

AMLO to Trump: "America First is a fallacy"

Dion Rabouin, author of Markets

Mexican President Andrés Manuel López Obrador. Photoz: Pedro Pardo/AFP/Getty Images

In a toned-down and largely peaceable two-page letter, Mexican President Andrés Manuel López Obrador (AMLO) wrote to President Trump that he disagreed with his decision to add 5% blanket tariffs to all Mexican goods.

Details: "With all due respect, although you have the right to express it, 'America First' is a fallacy because until the end of times, even beyond national borders, justice and universal fraternity will prevail," AMLO wrote.

  • He added that Mexico wanted to avoid a confrontation with the U.S. on the issue of Central American migrants coming through Mexico to the U.S., and was doing "as much as possible" to stem the flow "without violating human rights."

What to watch: The Mexican president also ordered his foreign minister to travel to Washington on Friday and Jesus Seade, AMLO's trade negotiator, said that if the tariffs are implemented, "we should respond in a forceful way."

Go deeper: Global markets did not like Trump's Mexico tariff tweet

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China-Iran deal envisions massive investments from Beijing

Illustration: Aïda Amer/Axios

China and Iran have negotiated a deal that would see massive investments flow into Iran, oil flow out, and collaboration increase on defense and intelligence.

Why it matters: If the proposals become reality, Chinese cash, telecom infrastructure, railways and ports could offer new life to Iran’s sanctions-choked economy — or, critics fear, leave it inescapably beholden to Beijing.

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Axios
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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 13,048,249 — Total deaths: 571,685 — Total recoveries — 7,215,865 — Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 3,353,348— Total deaths: 135,524 — Total recoveries: 1,031,856 — Total tested: 40,282,176 — Map.
  3. World: WHO head: There will be no return to the "old normal" for foreseeable future — Hong Kong Disneyland closing due to surge.
  4. States: Houston mayor calls for two-week shutdown — California orders sweeping rollback of open businesses — Cuomo says New York will use formula to determine if reopening schools is safe.
  5. Education: Los Angeles schools' move to online learning could be a nationwide tipping point.
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House Judiciary Committee releases transcript of Geoffrey Berman testimony

Geoffrey Berman. Photo: Alex Wong/Getty Images

The House Judiciary Committee on Monday released the transcript of its closed-door interview with Geoffrey Berman, the former top federal prosecutor in Manhattan who was forced out by Attorney General Bill Barr last month.

Why it matters: House Democrats have seized on Berman's testimony, in which he claimed the attorney general sought to "entice" him into resigning so that he could be replaced by SEC chairman Jay Clayton, to bolster allegations that the Justice Department has been politicized under Barr.

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