TARIFFS: Trump Offers Few Clues On Tariffs But Teases Russia Sanctions
Jul-11 14:39
US President Donald Trump has spoken briefly to reporters at the White House ahead of his trip to Texas to survey flood damage.
- Asked if he will talk to Brazilian President Luiz Inácio Lula da Silva, Trump says: “Maybe at some point I’ll talk to him, now I’m not.” Trump adds, reiterating a grievance from his tariff letter: “They’re treating President Bolsonaro very badly, he’s a good man.”
- On Canada tariffs, Trump says: “We’ll see. It was sent yesterday. They called. I think it was fairly well received… So we’ll see what happens.”
- Asked if he is going to fire Fed Chair Jerome Powell, Trump says: "No. I think he's doing a terrible job," and repeats regular criticism of Powell.
- Asked about a recent Russian attack on a Ukrainian hospital, Trump says: “I know. You’ll be seeing things happening.” Trump yesterday teased a "major [Russia] announcement" on Monday. He didn't elaborate but markets have been inclined to interpret as Trump moving closer to endorsing a Russian sanctions package that is pending in the Senate.
- Any sanctions package is likely to come with a significant presidential waiver that could dilute its effectiveness or allow the White House to utilise sanctions as a negotiating tool. Trump told NBC the bill, "lets the president do whatever he wants... it’s at my option if I want to use it.”
- Trump's recent hawkish pivot on Russia has included authorising the transfer of new weapons via presidential drawdown and a deal with NATO countries to supply weapons to Ukraine via European partners.
- Note: Trump has previously teased major announcements without delivering an update in line with expectations.
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OPTIONS: Expiries for Jun12 NY cut 1000ET (Source DTCC)
Jun-11 14:34
- EUR/USD: $1.1350(E1.9bln), $1.1395-00(E1.3bln), $1.1425-35(E1.4bln), $1.1440-50(E2.7bln), $1.1500(E2.4bln), $1.1525(E835mln)
- USD/JPY: Y143.00($1.3bln), Y143.85-00($1.0bln)
- GBP/USD: $1.3400-15(Gbp690mln)
- AUD/USD: $0.6475-85(A$1.1bln), $0.6500(A$532mln), $0.6520-30(A$992mln), $0.6600(A%643mln)
- USD/CAD: C$1.3750($833mln)
- USD/CNY: Cny7.1600($515mln), Cny7.2200($831mln)
MNI: US EIA: CRUDE OIL STOCKS EX SPR -3.64M TO 432.4M JUN 06 WK
Jun-11 14:30
- US EIA: CRUDE OIL STOCKS EX SPR -3.64M TO 432.4M JUN 06 WK
- US EIA: DISTILLATE STOCKS +1.25M TO 108.9M IN JUN 06 WK
- US EIA: GASOLINE STOCKS +1.5M TO 229.8M IN JUN 06 WK
- US EIA: CUSHING STOCKS -0.4M TO 23.7M BARRELS IN JUN 06 WK
- US EIA: SPR +0.24M TO 402.1M BARRELS IN JUN 06 WK
- US EIA: REFINERY UTILIZATION WEEK CHANGE +0.9% TO 94.3% IN JUN 06 WK
US: Bessent Says "Rebalancing" Between US And China Is Possible
Jun-11 14:22
US Treasury Secretary Scott Bessent is delivering testimony to the House Ways and Means Committee on President Donald Trump’s tax and trade agenda and the President’s budget request for FY26. The hearing is ongoing. Questions from lawmakers are likely to be dominated by the trade framework struck with China in London. LIVESTREAM
- Per prepared remarks, Bessent said in his opening address: “…Treasury has just completed its most successful tax filing season in years—and we did so while improving efficiencies and cutting costs at the IRS.”
- Bessent noted that, “April receipts this year were up 9.5% over the previous year. And receipts in May were up 14.7% over the previous year... against the backdrop of one of the most consequential tax proposals ever to come before Congress,” referring to the One Big Beautiful Bill.
- Bessent said OBBB, "will make the 2017 tax cuts permanent," adding: “The legislation will provide 100% expensing for new factories, as well as existing factories that expand operations and support Made-in-America. And it will streamline burdensome permitting processes...”
- On trade, Bessent touted “the historic US-UK trade deal,” which he claimed “is a preview of what’s to come. Dozens of countries have engaged the administration thus far with offers to improve their trade relations with the United States. This includes China.”
- On China, Bessent said: “If China will course-correct by upholding its end of the initial trade agreement we outlined in Geneva last month, then a big, beautiful rebalancing of the world’s two largest economies is possible.”
