Stocks And Dollar Still Facing Pressure From Trump’s Travel Ban

U.S. stocks are set for a lower open on Tuesday and the U.S. dollar continues to weaken after global investors react negatively to the hardline immigration executive order issued late on Friday from the Trump administration to temporarily close the door to refugees and citizens from 7 Muslim majority countries across the Middle East and North Africa.

Imposing a draconian travel ban at a time when the U.S. is not in a state of war and hasn’t faced terrorist attacks from refugees or any citizens of the banned 7 countries has left many people questioning the motives of the Trump administration, particularly since President Trump’s closest adviser, Steve Bannon, who was just handed an important seat on the security counsel, is associated with the alt-right, and was previously the head of Breitbart News, a right wing new site that is popular with white nationalists and gained a reputation for reporting conspiracy theories and anti-multi-culturalism views.

Steve Bannon has called the media the “opposition party” and said the media should “keep its mouth shut.”

Yet when Bannon was head of Breitbart News, he ran critical stories about President Obama and directly benefited from freedom of speech enshrined in the U.S. constitution.

“The media should be embarrassed and humiliated and keep its mouth shut and just listen for a while,” Bannon said last Wednesday.

President Trump is the first elected president to receive an initial job approval rating below the majority level since Gallop began polling.

He started his term with a 45 percent approval rating which is even lower than former President Reagan’s 51 percent approval level in January 1981.

The international community has reacted negatively to Trump’s travel ban issued on Friday that sparked protests across many U.S. cities which led former U.S. President Barack Obama to issue a statement through his spokesman Kevin Lewis supporting the protests and stating that he “fundamentally disagrees with the notion of discriminating against individuals because of their faith or religion.”

In Britain an Internet petition has gained more than 1.5 million signatures urging British Prime Minister Theresa May to cancel an invitation for a state visit from U.S. President Donald Trump.

However, Downing Street confirmed that they don’t plan to withdraw their invitation to the U.S. leader.

Besides the large protest movements across U.S. cities over the week-end, numerous tech leaders from a variety of tech companies including Apple, Facebook, Google, and Netflix have spoken out publically against Trump’s executive order travel ban.

Republican Senators John McCain (R-Arizona) and Lindsey Graham (R-South Carolina) also criticized President Trump’s executive order for having the potential to be used a recruitment tool for terrorists and for being implemented with little communication from the Trump administration.

In a joint statement released on January 29th, Senator McCain and Senator Graham wrote that they fear this executive order will become a “self-inflicted wound in the fight against terrorism” and rebuked the Trump administration for failing to communicate effectively with other government departments about the new restrictive immigration decision.

The joint statement pointed out that Trump’s executive order “went into effect with little to no consultation with the Departments of State, Defense, Justice, and Homeland Security” and acknowledged that it has the potential to do more harm than good in the the war on terror.

“This executive order sends a signal, intended or not, that America does not want Muslims coming into our country. That is why we fear this executive order may do more to help terrorist recruitment than improve our security” Senator McCain and Senator Graham wrote.

Written By:

Johnathan Schweitzer

@SchweitzFinance

Schweitz31@gmail.com


 

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