The trade deal with the UK should have been the easiest one to nail. The US has a surplus in both goods and services. There's nothing here to squeeze out. The fact that it hasn't been agreed to is a canary in the coal mine.
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DJT will drag negotiations out to feed his ego. Inflation expectations can't be anchored. The way out of stagflation is unfortunately bringing down inflation first. We already tried everything else in the 1970s. This DJT/Fed showdown is gonna happen.
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