Nikolas

Chief marketing officer, easyMarkets. Previously leading the Risk Management team responsible for offsetting market risk. Extensive background within the financial markets, specializing in derivatives

“more than enough evidence” to impeach President Trump

There’s “more than enough evidence” to impeach President Trump, according to former Secretary of Labour, Robert Reich, who served in the administrations of Gerald Ford and Jimmy Carter.

“Obstruction of justice was among the articles of impeachment drafted against both Presidents Nixon and Clinton,” Reich wrote on his website.

“The parallel between Nixon and Trump is almost exact. White House tapes revealed Nixon giving instructions to pressure the acting FBI director into halting the Watergate investigation.”[1]

Reich is, of course, referring to allegations that President Trump tried to interfere in an FBI investigation into his former National Security Advisor Michael Flynn. Based on testimony from former FBI Director James Comey, President Trump attempted to end the investigation prematurely.

Flynn would eventually resign on information he had misled the administration about his communication with Russian officials. A few months later, Trump fired Comey, marking only the second time in U.S. history that a president had dismissed his FBI chief.

President Trump has been steadfast in rejecting claims that he colluded with Russia during the presidential election. He has also denied any wrongdoing over interfering in ongoing investigations.

However, a pair of top intelligence officials recently told Senate investigators that Trump told them to declare there was no collusion between his campaign and Russia. Director of National Intelligence Dan Coats and National Security Agency Director Mike Rogers described the conversations with the president about Russia as uncomfortable.[2]

Potential Trump impeachment and its impact on the market

The political backlash has undermined the administration’s pro-growth efforts. Since coming to office, Trump has signed more than a dozen executive orders but has yet to initiate any meaningful reform. There are some signs that investors are growing impatient, with the Comey scandal triggering a sharp selloff in U.S. equities.film Life streaming

The global financial markets are very much tied to the White House. Trump has vowed to grow the world’s biggest economy by more than 3% annually. To do so, he has vowed massive tax cuts, deregulation, and fiscal stimulus. These proposed policies have spurred record gains on Wall Street even as the U.S. economy struggled to regain momentum.

The Trump administration continues to be a major source of volatility for the global financial markets. This is unlikely to change anytime soon as fresh allegations over collusion materialize.

[1] Andrew Buncombe (22 June 2017). “Donald Trump: There’s ‘more than enough evidence’ to impeach US president, says former Secretary of Labor.” The Independent.
[2] Dana Bash, Evan Perez and Manu Raju (22 June 2017). “Intel chiefs tell investigators Trump suggested they refuse collusion with Russians.” CNN Politics.

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