TARIFFS: Summary Of Key Comments From Trump's Oval Office Presser 1/2
US President Donald Trump, speaking to reporters in the Oval Office following the announcement of a US-UK trade framework, has addressed his trade, tariff, and domestic agenda more broadly. Summary of key comments:
- He says his administration is “very close” to “numerous” trade deals, noting that Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent will continue negotiations with trade partners.
- Trump says, ahead of Bessent’s trade talks with Chinese counterparts on in Geneva on Saturday: “China very much wants to make a deal. We’ll see how that works out.”
- Trump notes on China, “we’re going to have a great weekend…” He echoes recent comments from Bessent: “They have far more to gain…” Trump reveals that he believes the China talks will be “substantive negotiations” rather than merely preliminary talks.
- Trump says “we intend to make a deal with Europe,” but appears to downplay the prospect of a similar deal to the UK by noting that the UK deal “fell in place” due to conditions unique to the US-UK partnership. He adds that he hopes to hold a meeting with European Commission President Ursula von der Leyen at some point soon.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
ITALY AUCTION PREVIEW: On offer this week
MEF has announced it will be looking to sell the following at its auction this Friday, April 11:
- E3.0-3.5bln of the 2.65% Jun-28 BTP (ISIN: IT0005641029)
- E2.0-2.5bln of the 3.15% Nov-31 BTP (ISIN: IT0005619546)
- E1.25-1.5bln of the 0.95% Jun-32 BTP (ISIN: IT0005466013)
- E1.0-1.5bln of the 3.25% Mar-38 BTP (ISIN: IT0005496770)
US 10YR FUTURE TECHS: (M5) Testing Support
- RES 4: 115-00+ High Oct 1 ‘24
- RES 3: 114-29+ 2.000 proj of the Jan 13 - Feb 7 - Feb 12 price swing
- RES 2: 114-16 2.000 proj of the Jan 13 - Feb 7 - Feb 12 price swing
- RES 1: 112-29/114-10 50.0% of Apr 7 high-low range / High Apr 7
- PRICE: 111-24+ @ 16:55 BST Apr 8
- SUP 1: 111-10+/110-08 20-day EMA / Low Apr 8
- SUP 2: 111-10+ 20-day EMA
- SUP 3: 110-20+ 50-day EMA
- SUP 4: 110-06 Low Mar 27
The strong sell-off from Monday’s high in Treasury futures is considered corrective - for now - and this is allowing an overbought condition to unwind. Recent gains resulted in the break of resistance at 112-01, the Mar 4 high, to confirm a resumption of the uptrend. The move higher opens 114-16 next, a Fibonacci projection. On the downside, support at 111-10+, the 20-day EMA, has been pierced. A clear break of it would open 110-20+, the 50 day EMA.
ITALY: BBG-Meloni To Visit D.C., In Effort To Gain Tariff Concessions
Bloomberg reports that PM Giorgia Meloni will visit Washington, D.C., as early as next week in an effort to press the Trump administration to offer concessions on tariffs. The Italian leadership "will propose eliminating tariffs on bilateral trade between the EU and the US," given that "About 10% of Italy’s exports go to the US, with some of its most important sectors such as pharmaceuticals, automakers, and the food and wine industries heavily affected by the levies."
- US Vice President JD Vance is set to visit Rome over the weekend on a personal visit, but it is expected that he will meet with Meloni during the trip. Meetings with both Vance and Trump in quick succession would give renewed impetus to the perception that Meloni is the EU leader best positioned to work out a deal with the US, providing the Italian gov't with significant political capital in dealings with Brussels and other EU member states.
- Speaking in Luxembourg earlier in the week, Foreign Minister Antonio Tajani, secretary of the centre-right Forza Italia, was unclear on the Italian gov'ts stance regarding retaliatory tariffs. He said "Italy will support all the initiatives" of Trade Commissioner Maros Sefcovic, and that Rome has no intention of putting the Commission "in difficulty.". However, he also raised the prospect of delaying the tariffs responding to Trump's earlier steel and aluminium levies to 30 April in an effort to facilitate talks.
