INTERNATIONAL TRADE: USTR Greer Speaks On Washington's Trade Stance & Tariffs
Speaking at an Atlantic Council event (livestream here), US Trade Representative Jamieson Greer talks on how the Trump administration has reshaped global trade.
- On trade negotiations in North America. Says it "makes sense to discuss trade issues separately with Mexico and Canada," adding that there "could be certain areas where trilateral discussion can make sense, including on the rule of law or external trade policies." Says that the USMCA trade deal "could be exited, revised, or renegotiated; all of those things are on the table."
- On the SCOTUS case looking at the legality of tariffs under the International Economic Emergency Powers Act (IEEPA), Greer responds in the affirmitive when he is asked if it is possible to recreate any lost revenue should the ruling go against the administration. Does not give any detail of what these would be, saying he is under "strict instructions" from his geneal council not to reveal the backup plan.
- On the EU and digital regulation, Greer criticises the EU, saying the US "have been incredibly disappointed to see zero moderation by the EU on digital issues". Claims the EU-US agreement included language on no discrimination against US digital companies." Greer says the US "won't allow the regulation of digital tech to be outsourced".
- On China: "It is important to note President Trump is very focused on creating a constructive relationship with China". Says the goal is more balanced trade with Beijing. Dismisses the idea of China 'hawks' and 'doves', claiming it "doesn't really resonate" as the administration is only "pro-American".
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US TSY OPTIONS: More Jan'26 10Y Call Buying
- 29,000 TYF6 113 calls, 44, ref 112-22 to -22.5/0.45%, total volume over 36,600
OPTIONS: Expiries for Nov11 NY cut 1000ET (Source DTCC)
- AUD/USD: $0.6450(A$644mln)
-----------------------------------
Larger FX Option Pipeline
- EUR/USD: Nov12 $1.1500-05(E1.1bln), $1.1688-90(E1.3bln); Nov13 $1.1590(E1.5bln)
- USD/JPY: Nov13 Y147.00($1.6bln), Y152.96-00($1.1bln), Y155.00($1.1bln)
- GBP/USD: Nov12 $1.3100(Gbp1.9bln), $1.3225-30(Gbp1.3bln)
- AUD/USD: Nov12 $0.6500(A$1.2bln), $0.6530-50(A$1.2bln); Nov14 $0.6750(A$2.2bln)
- USD/CAD: Nov14 C$1.4025-35($1.2bln)
EU: Commission Avoids MEP Rebellion On Long-Term Budget, For Now
Following a meeting earlier today between European Commission President Ursula von der Leyen, European Parliament President Roberta Metsola, and Danish PM Mette Frederiksen (in her role as chair of the rotating presidency of the Council of the European Union), the EP leadership have called off plans for a vote on a resolution to oppose the Commission's proposal for the EUR1.8 trillion 2028-2034 Multiannual Financial Framework (MFF, the EU's long-term budget). The Commission initially proposed legal changes to the MFF plans on Sunday, 9 November. As Politico reports, these included "a “rural target” that would compel governments to spend 10 percent of the total amounts of the national plans on agriculture. This is in addition to the €300 billion in direct funding for farmers already included in the original proposal in July."
- Euractiv reports that the centre-right European People's Party (EPP), liberal Renew Europe, and environmentalist Greens/EFA have signalled their backing for the proposed changes, albeit with further requests to add. The centre-left Progressive Alliance of Socialists and Democrats (S&D) may prove more circumspect, with one S&D MEP claiming the changes are only "cosmetic", but the group is yet to put forward an official position.
- The Commission has said it does not plan to make any formal changes to its proposal ahead of submission, meaning that the amendments will have to be approved by member states at the Council level.
