PARTLY FACETIOUS: Ministry of Finance operates like President Trump
'So, is plausible deniability, people specific?'
'I think the right question is whether it is individual specific or portfolio specific.'
'Portfolio!'
'Well, to put it starkly: is it President Trump specific or is it specific to whoever is the President of the United States?'
'And'
'And what?'
'What is the answer?'
'The answer will depend on who is asked. Trump's supporters think that when he disclaimed knowledge of the Ukrainian attack on Russian nuclear bomber sites it was specific to Trump – maybe the briefers told him they will not inform him of the details so he could have plausible deniability or perhaps his mind wandered when he was being given the briefing or….'
'Right but Iran says they have irrefutable proof that the US is engaged in the attacks and the US President has denied any….'
'Well, who has the information that Israeli bombers do not have the capacity to refuel midair and the US does.'
'Hmmm I reckon plausible deniability doesn't really make sense because modern day war is less about narratives.'
'Irrespective of the credibility of the narrative – Israel attacked Iran but it was in self-defence, Iran retaliated and it needs to stop, accept all Israeli conditions and…'
'Yeah anyway what portfolios have plausible deniability in the Land of the Pure?'
'The Ministry of Finance operates like President Trump: they issue a set of indicators that are constantly challenged and always ignored.'
'True and I say the glass as more than half full – consistency in economics is something that governments must strive for.'
'Their narrative has been the same as that of the previous three to four administrations – the only time the narrative is challenged and implausible deniability sets in is when how shall I put it: push comes to shove…'
'Or someone turns over the page.'
'Again glass is more than half full - we may have very low literacy rates, but we are a nation of readers though we tend to focus on the one page of a book.'
'The most important page…'
'Precisely.'
Copyright Business Recorder, 2025
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
39 minutes ago
- Business Recorder
US and UK announce a trade deal, but steel imports unresolved
KANANASKIS: US President Donald Trump signed an agreement on Monday formally lowering some tariffs on imports from Britain as the countries continue working toward a formal trade deal. The deal, announced by Trump and British Prime Minister Keir Starmer on the sidelines of the G7 Summit in Canada, reaffirmed quotas and tariff rates on British automobiles and eliminated tariffs on the U.K. aerospace sector, but the issue of steel and aluminum remains unresolved. Other critical industries, such as pharmaceuticals, were not mentioned. Trump said the relationship with Britain was 'fantastic,' as he waved, and then briefly dropped, a document that he said he had just signed. 'We signed it and it's done,' he said, incorrectly calling it a trade agreement with the European Union, before making clear the deal was with Britain. Starmer called it 'a very good day for both of our countries, a real sign of strength' The U.S. intends to impose a quota on steel and aluminum imports from the United Kingdom that would be exempt from 25% tariffs, but it is conditioned upon Britain's demonstrating security on steel supply chains and production facilities, according to an executive order released by the White House. The quota level will be set by Commerce Secretary Howard Lutnick, the White House said. Britain had avoided tariffs of up to 50% on steel and aluminum that the U.S. imposed on other countries earlier this month, but it could have faced elevated tariffs starting July 9 unless a deal to implement the tariff reduction was reached. The two leaders reaffirmed a plan to give British carmakers an annual quota of 100,000 cars that can be sent to the United States at a 10% tariff rate, less than the 25% rates other countries face. The plan will go in effect seven days after it is published in the Federal Register, the White House said. The agreement also eliminates tariffs on the UK aerospace industry, including parts and planes, according to the executive order. G7 leaders in Canada to discuss Israel-Iran conflict, hope to avoid Trump clash Britain was the first country to agree on a deal for lower tariffs from Trump, with the U.S. reducing tariffs on imports of UK cars, aluminum and steel, and Britain agreeing to lower tariffs on U.S. beef and ethanol. But implementation of the deal has been delayed while details were being hammered out and some issues remain outstanding. Britain called the deal a huge win for its aerospace and auto sectors, noting the UK was the only country to have secured such a deal with Washington. 'Bringing trade deals into force can take several months, yet we are delivering on the first set of agreements in a matter of weeks. And we won't stop there,' UK Trade Secretary Jonathan Reynolds said in a statement. Reynolds said the two sides agreed to reciprocal access to 13,000 metric tons of beef, while making clear that U.S. imports would need to meet tough UK food safety standards. He said both countries remain focused on securing 'significantly preferential outcomes' for the UK pharmaceutical sector, and work would continue to protect industry from any further tariffs imposed as part of Section 232 investigations underway by the U.S. Commerce Department. Asked if the deal protects the United Kingdom from future tariff threats, Trump responded: 'The UK is very well protected. You know why? Because I like them. That's their ultimate protection.'
Business Recorder
39 minutes ago
- Business Recorder
Russia attacks Kyiv with waves of drones, missiles
Waves of Russian drones and missiles struck districts across the Ukrainian capital Kyiv early on Tuesday, damaging an apartment building, sparking fires and injuring up to 16 people, city officials said. Reuters witnesses said drones swarmed over the capital and they heard what appeared to be missiles overhead. An air raid alert remained in effect more than seven hours after it had been proclaimed. Other parts of the country also came under attack, including areas outside the capital and the southeastern city of Zaporizhzhia, where the regional governor reported at least four strikes. Kyiv Mayor Vitali Klitschko said on Telegram that most of the 16 injured were in Solomianskyi district, near the city centre, where a drone damaged the top floor of an apartment building and other non-residential areas. Tymur Tkachenko, head of Kyiv's military administration, noted 12 strikes in five districts. Among the targets was a kindergarten in the city's eastern edge. Ukraine says received another 1,200 bodies from Russia 'The capital is coming under a combined attack,' Tkachenko wrote. 'The Russians are deploying missiles and strike drones. There are fires in different districts and emergency crews are at work.' Waves of drones had attacked Solomianskyi district, he said. 'This is a very difficult night,' he wrote, adding that there had been power cuts in some areas. Both Ukraine and Russia have launched mass drone attacks in recent weeks as the two sides have held two sessions of direct talks on ending the more than three-year-old war. The talks have produced agreements on freeing prisoners of war and returning the bodies of fallen soldiers, but little more. 'More strikes by Russian drones on residential buildings in Kyiv,' Ukrainian President Volodymyr Zelenskiy's chief of staff, Andriy Yermak, wrote on Telegram. 'Russia is continuing its war on civilians.' Klitschko reported that a 62-year-old U.S. citizen had died in a dwelling opposite a site where medics were providing assistance. He gave no further details and it was not clear how the man had died. In Moscow, Mayor Sergei Sobyanin said Russian air defence units had repelled an attack on the city by two Ukrainian drones. The city's airports were briefly closed.
Business Recorder
an hour ago
- Business Recorder
Oil prices rise as Iran-Israel conflict fans supply worries
Oil prices climbed over 2% on Tuesday as Iran-Israel tension intensified and U.S. President Donald Trump urged 'everyone' to evacuate Tehran, increasing the prospect of deepening unrest in the region and disruption to oil supply. The Brent crude futures contract was up $1.17, or 1.6%, at $74.4 a barrel as at 0005 GMT and U.S. West Texas Intermediate crude was up $1.34, or 1.87%, at $73.11 - both having risen more than 2% earlier in the trading session. Both contracts settled more than 1% lower on Monday on hope of easing geopolitical tension after media reports of Iran seeking an end to hostilities. However, the conflict took a turn for the worse on its fifth day on Tuesday as Iranian media reported explosions and heavy air defence fire in the capital Tehran. Over in Israel, air raid sirens sounded in Tel Aviv in response to Iranian missiles. Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries. Hostilities could disrupt its supply of oil and thereby increase prices. On Monday, an Israeli strike hit Iran's state broadcaster and the head of the U.N. nuclear watchdog also indicated extensive damage to Iran's biggest uranium enrichment plant. Trump said Iran should have signed a nuclear deal with the U.S. before Israeli strikes began and that he believes Iran now wants to reach an agreement. Oil prices fall more than $2 barrel Easing of U.S. sanctions as part of any deal would allow Iran to export more oil, weighing on global crude prices. Elsewhere, OPEC and allies including Russia - or OPEC+, which pumps about half of the world's oil - said on Monday it expected the global economy to remain resilient in the second half of the year. It also trimmed its forecast for growth in oil supply from the U.S. and other non-OPEC+ countries in 2026.
