US Defence & Immigration Policies; US/China Trade; OZ Energy Policy
Trump’s sudden announcement that the US intends to “immediately withdraw” troops from Syria (and much reduced troops for Afghanistan) has caused much confusion as to US defence policy and, following the resignation of Mattis as Defence Secretary, Trump has found it difficult to get a replacement. While consistent with his election manifesto, Trump appears to have recognised that he was being too hasty and it appears he has accepted the view of National Security adviser, John Bolton, that the withdrawal be extended over a longer period and that it should first involve the elimination of IS (which Trump initially claimed had been achieved). Even so, policy uncertainty remains.
No Iran Nuclear Deal, Tax Cuts
It is difficult to understate the importance of Israel’s “discovery” that, after in 2005 Iran signed a deal with the US (under Obama) and major European countries, it did not in fact comply with the agreed restrictions on its nuclear activity in return for the lifting of sanctions which included considerable US dollar “reserves”. The press conference by Israel PM Netanyahu and initial reactions from Trump are reported in Trump on Iran. This report appeared in my inbox at about 10 am this morning but was not mentioned on “our” ABC’s lunch time news. Another one for CEO Michelle Guthrie to explain.
Some Important Policy Announcements
Just announced have been some important policy decisions both here and in the US. The US changes are the most important but Shorten’s proposed changes to restore double taxation are of course most significant too (see Shorten’s Tax Breaks). This shows today’s Letters to the Editor , which include one by former Treasury Head, John Stone and are headed“An attack on hard-working savers and job creators”. I envisage that I will include further comments in due course.
As to US developments, as Andrew Bolt points out in the attached (see Bolt on Tillerson Dismissal),