EM LATAM CREDIT: Chile: New Finance Minister - Negative
Aug-22 11:34
(CHILE; A2/A/A-) Nicolas Grau was appointed the new finance minister of Chile, replacing Mario Marc...
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TARIFFS: Highlights Of Bessent's Bloomberg TV Interview
Jul-23 11:25
Tariff-related excerpts from Bessent's Bloomberg interview.
On Japan
- Bessent: Japan got the 15% [tariff] rate because they were willing to provide this innovative financing mechanism.
- This is all new capital. It's going to be targeted at strategic industries.
On EU
- Bloomberg TV: Can anyone get below 15%? Is this the new floor? Is the EU still trying for a 10% baseline?
- Bessent: Repeats result of innovative package. Brussel’s hasn’t come up with anything innovate yet. Talks are going better than they had been. I think we are making good progress. Repeats previous line about collective action problem in EU.
On China
- Bessent: We are in a good place with China now. There is the potential for a big beautiful rebalancing between the US and China. […] We believe they should become more of a consumption economy. If they are willing to do down that route we could do it together.
- Bloomberg TV: You told me last week the market does not need to worry about Aug 12. That’s the deadline for this current detente between Washington and Beijing. What’s the new deal?
- Bessent: Again, I think we could roll it forward, maybe on a 90 day increment. The goods news here is that we are back on track with negotiations. I think we can get into a very good cadence of regular meetings.
- A Trump-Xi meeting wouldn't be before Labor Day.
TARIFFS: US' Bessent: EU Threats On Retaliatory Tariffs A Negotiating Tactic
Jul-23 11:23
Speaking to Bloomberg TV, US Treasury Secretary Scott Bessent dismisses EU threats on retaliatory tariffs against the US as a "negotiating tactic". Also claims that talks with the EU "are going better than they had been." Comes a short time after Bloomberg News reported that the EU is preparing 30% tariffs on EUR100bln of US goods if the US imposes its retaliatory tariffs on 1 Aug (see "EU: EU Plans 30% Tariffs On E100bln of Goods To US If No Deal - Bloomberg", 12:02BST).
- On talks with China, Bessent repeats comments from yesterday saying talks are on a good place, and that they can move on to bigger talks. Mentions Chinese purchase of Iranian and Russian oil again. Says that there is no specific date set for President Donald Trump's visit to China.
- Regarding the deal announced with Japan, and whether the EU could get a similar deal, Bessent says Japan "got 15% due to an innovative financing mechanism."
European Trade Commissioner Maros Sefcovic will hold talks with Commerce Secretary Howard Lutnick later today (23 July). Commission spox Olof Gill said earlier that "The EU's primary focus is on achieving a negotiated outcome with the US. Intensive technical and political level contact is ongoing,"
SOFR OPTIONS: BLOCK: Aug'25 SOFR Puts
Jul-23 11:06
- 50,000 SFRQ5 95.62 puts, cab (0.25) at 0652-0656ET (open interest at 39,810 coming into the session).
