Associated Press is out with the key headlines from the text of US President Donald Trump's 2020 State of the Union address, as provided by the White House.
Key Quotes:
“Jobs are booming, incomes are soaring, poverty is plummeting, crime is falling, confidence is surging, and our country is thriving and highly respected again!
I am thrilled to report to you tonight that our economy is the best it has ever been. Our military is completely rebuilt, with its power being unmatched anywhere in the world — and it is not even close. Our borders are secure. Our families are flourishing. Our values are renewed. Our pride is restored. And for all these reasons, I say to the people of our great country, and to the Members of Congress before me: The State of our Union is stronger than ever before!
The vision I will lay out this evening demonstrates how we are building the world's most prosperous and inclusive society — one where every citizen can join in America's unparalleled success, and where every community can take part in America's extraordinary rise.
One of the single biggest promises I made to the American people was to replace the disastrous NAFTA trade deal. In fact, unfair trade is perhaps the single biggest reason that I decided to run for President.
Six days ago, I replaced NAFTA and signed the brand new United States-Mexico-Canada Agreement (USMCA) into law.
I also promised our citizens that I would impose tariffs to confront China's massive theft of American jobs. Our strategy worked. Days ago, we signed the groundbreaking new agreement with China that will defend our workers, protect our intellectual.”
Market Implications:
Nothing earth-shaking from US President Trump's speech and therefore, markets paid little heed to his comments, as the sentiment remains driven by the risk-on action in the Asian equities. China policy measures calm nerves but a sense of caution prevails amid rising coronavirus death toll. USD/JPY trades flat around 109.50 while the Aussie keeps range below 0.6750.
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