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US Dysfunction: the House of Representatives failed to pass immigration legislation, while the Supreme Court upheld the Trump travel ban. The Democratic and Republican primary processes suggest increasing polarization amongst legislators being sent to Washington. A massive fight began when another Supreme Court position opened up (Justice Kennedy retiring) with only a simple majority needed for confirmation.
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CFIUS: the update of existing U.S. processes for evaluating/monitoring (regarding national security concerns) incoming FDI passed the House of Representatives 400-2. The Senate version still has wording seeking to reverse Trump’s ZTE deal. Reporting suggested that Trump advisors were split again – with one group seeking to specifically target Chinese investment and others seeking to build on the status quo.
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China/Trade: the ability of a single party state to mobilize the full range of state capabilities to contest a trade war was demonstrated as reserve requirements were reduced for banks – aimed at providing additional liquidity to the real economy – and tariffs were cut when importing substitute agricultural products from Asian countries (not the U.S.). Will this lead to long-term increases in competition/supply?
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