TARIFFS: Brazil And US To Hold Trade Negotiations In Washington On Thursday

MNI London: China’s top trade negotiator, Li Chenggang, has described two days of meetings with US Treasury Secretary Scott Bessent and USTR Jamieson Greer on issues of ‘common concern’ as “in-depth, candid, and constructive.”

• Li said, per Reuters, that “both sides acknowledged stable trade ties is significant,” adding that while “frictions are normal”, it is “important to respect each other's core concerns.”
• Li confirms earlier comments from Bessent, saying a “framework agreement” has been reached regarding China’s divestment from the social media platform TikTok, a central focus of the talks.
• Li says, the sides will, “keep close communication, engage in consultation over detail of outcome documents.” Adds that the two sides will “jointly guide companies to have a good follow-up.” Li said China the TikTok agreement was "based on our assessment and judgement… the consensus is in mutual interests."
• The Wall Street Journal notes, “China, which had until now shown little appetite for a deal on the wildly popular app, likely conceded to the agreement to keep alive Beijing’s ambition for President Trump to visit China.”
• More sharply, Li claimed that the US “continued sanctions on Chinese entities” following previous rounds of talks. Alleges the US “generalise national security”, in a way that constitutes “unilateral bullying”.
• Li said China “will not sacrifice interests of firms in order to reach a deal,” adding that, “China firmly safeguards Chinese firms' legitimate rights and interests”. Li adds the US "expressed willingness to work with China in reducing investment barriers."

• US TSY 26W BILL AUCTION: HIGH 3.715%(ALLOT 13.53%)
• US TSY 26W BILL AUCTION: DEALERS TAKE 26.13% OF COMPETITIVES
• US TSY 26W BILL AUCTION: DIRECTS TAKE 6.89% OF COMPETITIVES
• US TSY 26W BILL AUCTION: INDIRECTS TAKE 66.98% OF COMPETITIVES
• US TSY 26W BILL AUCTION: BID/CVR 3.09

• US TSY 13W BILL AUCTION: HIGH 3.905%(ALLOT 8.09%)
• US TSY 13W BILL AUCTION: DEALERS TAKE 29.15% OF COMPETITIVES
• US TSY 13W BILL AUCTION: DIRECTS TAKE 6.56% OF COMPETITIVES
• US TSY 13W BILL AUCTION: INDIRECTS TAKE 64.30% OF COMPETITIVES
• US TSY 13W BILL AUCTION: BID/CVR 3.11