AMERICAS OIL: Johnson Suggests Congress Could Restrain Trump on Tariffs
Apr-30 15:25
Johnson Suggests Congress Could Restrain Trump on Tariffs:
House Speaker Mike Johnson (R-LA) has suggested that Congress could step in to moderate President Donald Trump's trade agenda if there was an "imbalance" that encroached on the constitutional power of Congress but stressed he would first "call the president and talk with him."
- Johnson said at an Axios event today: "I think the executive has a broad array of authority that's been recognized over the years. If it gets close to where the imbalance is there, then we would step in."
- However, Johnson tempered expectations of Congressional action in the near-term: "...three weeks into the tariff policy of this new administration? I don't think it's appropriate for Congress to jump in the middle of that and try to legislate."
- The Senate could vote as soon as today on a symbolic resolution to block Trump's 'reciprocal' tariffs. The resolution will be killed in the House but a sizable contingent of dissenting Republican votes would increase pressure on GOP leadership to consider action to rein in Trump's agenda.
- Johnson also confirmed, as expected, that the debt ceiling X date is the real deadline for the 'big beautiful' tax and spending reconciliation bill: "That's a big pressure point... I have had to work under the assumption... that it could be the earliest date, maybe early June, so we can't be caught flat-footed on this."
- As it is likely to fall in late summer or Autumn, the X date provides breathing room for Johnson, who initially targeted Memorial Day as his deadline.
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TARIFFS: Japan, China, ROK Signal Closer Cooperation Ahead Of US Tariffs
Mar-31 15:16
Reuters reporting, per Chinese state media, that China, Japan, and South Korea have reached “consensus" that the three will "jointly respond to the US tariffs.” All three have lobbied the Trump administration for exceptions from Trump's metals and auto tariffs without success.
- The report notes that Tokyo and Seoul are, “seeking to import semiconductor raw materials from China," and China is "interested in purchasing chip products from Japan, South Korea”.
- Finbarr Bermingham at SCMP cautions that while the joint statement mentions cooperation on export controls and chips, "There's no detail on there about a joint response to Trump's reciprocal tariffs."
- The Korean Economic Daily noted yesterday that a meeting of trade ministers, “marked the first time that the economic ministers of the three countries sat down to discuss policy cooperation since December 2019 in Beijing."
- South Korea’s trade ministry said in a statement: “The three countries agreed to closely cooperate toward a comprehensive and high-level [Free Trade Agreement] among South Korea, Japan and China, as well as on issues related to multilateral trade systems...”
- Although analysts cited by KED “expressed skepticism” and raised “concerns that working with China may not support trade negotiations with the Trump administration” the meeting hints at a dramatically altered Indo-Pacific multilateral outlook in response to Trump's trade agenda.
- The Biden administration identified the trilateral relationship with Tokyo and Seoul as the linchpin of Washington’s China strategy in the region. Chatham House notes that the new Trump administration’s approach “throws doubt on this important US partnership.”
FED: US TSY 13W AUCTION: NON-COMP BIDS $1.956 BLN FROM $76.000 BLN TOTAL
Mar-31 15:15
- US TSY 13W AUCTION: NON-COMP BIDS $1.956 BLN FROM $76.000 BLN TOTAL
FED: US TSY 26W AUCTION: NON-COMP BIDS $1.521 BLN FROM $68.000 BLN TOTAL
Mar-31 15:15
- US TSY 26W AUCTION: NON-COMP BIDS $1.521 BLN FROM $68.000 BLN TOTAL
