Trump gave a presidential speech with no concrete details - Rabobank

Michael Every, Head of FMR at Rabobank, notes that the US President Trump gave a speech that even his critics had to admit was presidential, but which still provided no concrete details on anything other than that.

Key Quotes

“(i) US immigration policy is going to get tougher, and will be aimed at stopping downward pressure on low-end wages - an argument some might recall was floated as likely to occur eventually back in the Thinnest Ice special; (ii) a Lincoln-esque trade policy is going to be pursued – and that means tariffs or a border-adjustment tax considering Lincoln’s quote, “Give us a protective tariff and we will have the greatest nation on earth”; and (iii) yes, the wall with Mexico is going to be built. Somehow that US policy mix was suddenly bullish rather than bearish for our efficient markets.”