U.S. stock indexes are sitting at record highs after stocks pushed higher late last week following comments from President Donald Trump on Thursday in Chicago during a meeting with airline executives in which he spoke about tax cuts coming soon and his desire to rebuild America’s airports.
“We are going to be announcing something I would say over the next 2-3 weeks that will be phenomenal in terms of tax” President Trump said on Thursday in Chicago.
The details of Trump’s tax plan remains unknown and will require some level of bipartisan support.
It is also unknown where President Trump can find billions of dollars for airport infrastructure spending when his tax cuts will work against lowering the federal deficit which is now closing in on a new record of $20 trillion.
Lowering taxes is expected to help businesses to increase their bottom lines and could serve to boost profit margins with corporate earnings.
U.S. President Trump Meets With Japanese PM Abe
U.S. President Trump met with Japanese Prime Minister Abe on Friday in the East Room where he spoke during a joint press conference about the strong ties between the two nations.
President Trump often talked about the importance of Japan defending themselves during his presidential campaign and even suggested that the Pacific island country should develop their own nuclear weapons, but on Friday he said that his administration is committed to bringing the ties between the countries even closer and pledged that the U.S. is committed to strengthening security in Japan.
“We are committed to the security of Japan and all areas under its administrative control, and to further strengthening our very crucial alliance” Trump said.
“The U.S.-Japan alliance is the cornerstone of peace and stability in the Pacific region” Trump added.
The two world leaders went golfing on Saturday at the Trump National Jupiter Golf Club in Palm Beach, Florida.
On Saturday North Korea conducted a ballistic missile test that flew off its eastern coast.
CNN reports that a source within the South Korean Defense Ministry said that North Korea launched a “projectile” from the North Pyongan Province that traveled 500 kilometers (310 miles) and landed in the Sea of Japan.
President Trump and Japanese PM Abe are providing a joint press conference this evening about the topic.
Johnathan is a Seattle based writer specializing in finance, politics, and tech