US: MNI POLITICAL RISK - Canada Hit By Trump Tariff Letter
Jul-11 12:09
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- President Donald Trump will travel to Texas today to tour the site of the July 4 flooding.
- Secretary of State Marco Rubio teased a summit between Trump and Chinese President Xi Jinping after meeting with Chinese Foreign Minister Wang Yi in Malaysia today.
- Trump said he intends to impose blanket tariffs of 15% or 20% on most trade partners, citing the stock market performance to bolster his case for tariffs.
- Trump sent a letter to Canadian Prime Minister Mark Carney threatening to impose a 35% tariff on August 1. The Canada letter diverged from the template by outlining concerns with Fentanyl and Ottawa's tariff retaliation. The tariff is not expected to apply to USMCA-compliant goods.
- Trump continued his attack on Fed Chair Jerome Powell in two posts on Truth Social.
- Trump threatened to withdraw support from any Republican senator who opposes his rescissions package, raising the stakes for ongoing FY2026 negotiations.
- Amid a hawkish pivot that has included approving weapons transfers and edging towards sanctions, Trump said he would make a "major statement" on Russia on Monday.
- US and Israeli officials believe that most, or all, of Iran's centrifuges were destroyed in strikes, but some near weapons-grade uranium may have survived.
- The Pentagon has taken a 15% stake in the US' largest rare earth miner.
- Poll of the Day: Geopolitical headwinds facing global business have hardly been more pronounced.
Full Article: US DAILY BRIEF
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CROSS ASSET: GBP Assets Little Moved By Reeves
Jun-11 12:05
Much of what Chancellor Reeves has mentioned had already been reported ahead of the spending review, making for little market reaction.
- What’s more, we noted that this wouldn’t be a major fiscal event ahead of time, with more focus on the political implications.
- Gilt curve holds bear steeper on the day, while major GBP FX pairs are little changed since she started speaking. BoE pricing steady, showing ~47bp of cuts through year-end.
US: Trump post on China Trades
Jun-11 12:05
Donald J. Trump
@realDonaldTrump
OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!
GILT PAOF RESULTS: The PAOF for the 4.50% Mar-35 Gilt was not taken up.
Jun-11 12:02
- GBP1.0625bln have been on offer.
- This leaves GBP30.365bln of the gilt in issue.
