24th January 2017, GTC Advisors – Trumps Starts the Week as He Means to Go On

GENEVA - Jan. 24, 2017 - PRLog -- With his first week in office starting yesterday, it was an interesting insight into the immediate direction he was looking to take.

Strong statements on the South China Sea and the removal of the US from the TPP took the headlines, below are some of the other key factors from his first full day of business:

TRADE

Trump formally withdraws the United States from the Trans-Pacific Partnership trade deal, distancing America from Asian allies as China's influence in the region rises.

Mexican President Enrique Pena Nieto says his country will aim to keep tariff-free commerce with North American Free Trade Agreement partners Canada and the United States in its talks with the Trump administration.

Canada has a "very special status" and is unlikely to be hit hard by changes the United States wants to make to the NAFTA trade accord, the head of a business advisory council to Trump says.

BUSINESS

Trump meets with a dozen prominent U.S. manufacturers, promising to cut regulations and corporate taxes but warning them of penalties if they move production outside the country.

Trump meets at the White House with leaders of construction, carpenters, plumbers and sheet metal unions, the administration says.

Trump will have breakfast on Tuesday with the chief executives of General Motors Co, Ford Motor Co and Fiat Chrysler Automobiles NV as he pressures automakers to boost American employment.

CABINET

The U.S. Senate confirms Representative Mike Pompeo as Trump's CIA director.

Trump's choice for secretary of state, former Exxon Mobil Corp Chairman Rex Tillerson, narrowly wins approval from a Senate committee and is expected to be confirmed by the full Senate.

The White House says national security adviser Michael Flynn held just two phone calls with Russia's ambassador to Washington, amid reports that Flynn's communications are being scrutinized by U.S. counterintelligence agents.

FOREIGN RELATIONS

The Trump administration vows to prevent China from taking territory in international waters in the South China Sea, something Chinese media has said would require Washington to "wage war."

Egyptian President Abdel Fattah al-Sisi discussed terrorism and extremism in a call with Trump, and Trump applauded Egypt's efforts on those fronts, Sisi's office says.

The US markets started the day in positive territory but managed to retreat and record minimal loses over the course of the day. Gains seen previously leading up to the inauguration are expected to hold and many analysts believe most of Trumps initial policy changes have already been weighted into the markets

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