Trump caused further controversy on Friday by threatening to withdraw from the World Trade Organization (WTO). In an interview with Bloomberg, the president said the US will quit the WTO if they don’t shape up. Quite what he means by this is currently anybody’s guess, but others were quick to dismiss the idea.
The markets were understandably jittery as a result and fell across the world. On a day dominated by headlines about Trump, we also learned that the US is to cut all funding for the UN’s main Palestinian refugee programme. Five million people are likely to be affected. A new national survey showed that Trump’s approval rating has sank to a new low. 60% of people disapprove of his performance as president.
There are no economic data releases on the schedule this week, but we will have the manufacturing PMI figures tomorrow. On Wednesday we will see the balance of trade for July and the unemployment change figures on Thursday. On Friday, the all-important non-farm payrolls are set for release. They are expected to have significantly increased to 190,000 in August from 157,000 the month before.