From a nice castle museum in Trieste Italy:
The history of modern Trieste coincides with the decision by Austrian emperors to transform the city into a marketplace and into the main port of the Adriatic Sea. Karl VI officially granted the city the status of free port in 1719; No taxes were to be paid either on incoming or outgoing goods. This brought many merchants from Europe and the Mediterranean to Trieste, causing a dramatic growth in the city and its population.
Modern day Trieste is part of the EU. Its members trade freely with each other without border checks and without tariffs.
Europe in July and August is a wonderful time for Europeans, The beaches are packed. The outdoor restaurants have great food and wine. There are free concerts and dance performances in city squares. Everyone is building themself a country house.
These guys do a good job living. Come enjoy. The Euro is cheap — about 11% higher than a dollar. It has been as high as $1.50.
I thought about the U.S. while riding my bike on the perfect roads of little countries — Slovenia (2 milllion people) and Croatia (four million).
These countries pursue policies everyone seems to agree on — like free health care, free education and taking care of their country’s incredible beauty. Mountains. Valleys. Beaches. Simple stuff.
They’re not socialistic either. You can rent this for 100 euros for the day in the Croatia’s Adriatic Sea. Look closely. It’s a bed.
Or this stationary one for only 50 euros for the day:
From afar on superb WiFi, I read in the New York Times:
WASHINGTON – President Trump, frustrated by increasingly fruitless negotiations with China, said the United States would impose a 10 percent tariff on an additional $300 billion worth of Chinese imports next month, a significant escalation in a trade war that has dragged on for more than a year.
Mr. Trump had agreed in June not to impose more tariffs after meeting with the Chinese president, Xi Jinping, and agreeing to restart trade talks. But the president said he was moving ahead with the levies as of Sept. 1 as punishment for China’s failure to buy more American agricultural products and stem the flow of fentanyl into the United States, as it had promised.
The new tariff would be in addition to the 25 percent levies that Mr. Trump has already imposed on $250 billion of Chinese imports and would result in the United States taxing nearly every Chinese product sent to America, from toys to televisions to tires.
I wonder do the Chinese respond to “punishment?” Do I? Do my children? Does anyone?
The good news is that our charts still look good. This is the past two years comparing the three major indices.
More later. I gotta rush for a plane to Newark.
I couldn’t get on the earlier JFK Lufthansa flight from Frankfurt.. Every one of its 511 seats was taken.
Every one.
See you later,
Harry Newton
