US TSY FUTURES: BLOCK: Jun'25 30Y Ultra Sale

Bloomberg reports that the EU expects US 'reciprocal' tariffs to remain in place as talks between the two sides have made little progress. Christophe Barraud at BBG writes there has been little sign of the US and EU "bridging trade differences, with US officials indicating that most US tariffs on the EU will not be removed." 

• Barraud: "The EU has offered to remove all tariffs on industrial goods, including cars, but the US has rejected the proposal, and instead suggested that some tariffs could be offset by increasing investments and exports."
• This comes a day after EU Trade Commissioner Maros Sefcovic met with US Commerce Sec Howard Lutnick and USTR Jamieson Greer in Washington. EU spox called the meeting a "scoping exercise, exploring areas of a potential deal in order to organise our further engagement in a structured way and to focus our minds on possible mutually beneficial solutions within particular areas."
• BBG report Sefcovic "left the meeting with little clarity on the US stance, struggling to determine the American side’s aims, according to people familiar with the discussions."
• The EU confirmed on 14 April that it was pausing countermeasures against the US to allow for further talks. These were due to come in on 15 April, and were focused on retaliating against the steel and aluminium tariffs imposed by the Trump admin in March. 

The bid that had been seen since the cash open fades as BBG sources suggest that “he European Union and U.S. made scant progress bridging trade differences this week as officials from President Donald Trump’s administration indicated that the bulk of the U.S. tariffs imposed on the bloc will not be removed”.

• Minis then move off pullback lows, as some look to the idea of game theory/plenty of time to cut a deal/no surprise when it comes to such posturing as potential reasons to fade the move.
• The S&P 500 contract fell 50 points on the headlines, but has recovered around half of that move, last +0.25% on the day.

• EUR/USD: $1.1100(E1.1bln), $1.1200(E1.2bln), $1.1240-60(E1.0bln), $1.1280-00(E831mln), $1.1340-55(E738mln)
• USD/JPY: Y145.00-20($1.1bln)
• EUR/JPY: Y161.80-00(E605mln)
• EUR/GBP: Gbp0.8650(E1.3bln)
• AUD/USD: $0.6350(A$1.3bln), $0.6360(A$780mln), $0.6400(A$2.0bln)
• NZD/USD: $0.5950($1.2bln)
• USD/CAD: C$1.4000($500mln), C$1.4335($1.1bln)
• USD/CNY: Cny7.3000($1.4bln), Cny7.3100($582mln), Cny7.3700($1.2bln)