Treasury Secretary Scott Bessent said the Trump administration may reach "an agreement on understanding" on trade with South Korea "as soon as next week."
Economic Data
Orders for durable goods jumped 9.2% in March vs expectations of a 1.6% rise
New applications for unemployment benefits rose marginally last week
-> President Trump says that 90 countries have called to discuss trade and tariffs so far
-> Trump says 145% China tariff is "very high". He mentions China's fentynal production specifically. "China isn't doing any business with the US right now. "I'm hoping we make a deal, but if not, we (i.e. US) will set the price."
-> Countries & businesses that do not make a deal with the US will have their tariff rate set by the US over the next 2-3 weeks
-> Trump to Exempt Car Parts From Tariffs on China Imports (FT)
DURING US MARKET TRADING
WSJ reported that Trump administration is considering slashing the steep tariffs on China to between 50-65%
-> Treasury Secretary Bessent later clarified that there is no unilateral offer to cut China tariffs
-> Treasury Secretary Bessent: Trump administration is looking at multiple factors, like non-tariff barriers, government subsidies, and tariffs, with regard to China. A full rebalancing of US/China trade might take 2-3 years.
-> President Trump chastised Ukrainian President Zelenskiy for his comment that "Ukraine will not legally recognize the occupation of Crimea. There's nothing to talk about here"
-> Trump said in a Truth Social post that this statement "is very harmful to the Peace Negotiations with Russia... We are very close to a Deal, but the man with "no cards to play" should now, finally, GET IT DONE.
-> I look forward to being able to help Ukraine, and Russia, get out of this Complete and Total MESS"
President Trump -> China tariffs will "come down substantially, but it won't be zero" and he thinks they will make a deal. He added that he would play nice.
Treasury Sec Bessent -> "I do say China is going to be a slog in terms of the negotiations.. Neither side thinks the status quo is sustainable"
WH Press Secy -> "The president & the administration are setting the stage for a deal with China"
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1) The Trump administration intends to press India to give online retailers such as Amazon and Walmart full access to its $125bn ecommerce market, as part of a trade deal being negotiated under the threat of increased tariffs. FT
2) A Japanese delegation will deliver a letter from PM Shigeru this week, as Tokyo strives to avoid China-US crossfire.
Bloomberg
3) When Japanese Finance Minister Katsunobu Kato meets his U.S. counterpart Scott Bessent in Washington this week, the yen is shaping up to be a major topic of discussion, though sources say Tokyo will push back against any request to boost its currency. Reuters
Paul Atkins has been sworn in as the new Chair of the U.S. Securities and Exchange Commission (SEC).
According to Eric Balchunas from Bloomberg, there are currently 72 applications under SEC review for ETFs based on various altcoins. The analyst had previously stated that delays in approving new funds were mainly due to waiting for Atkins to officially take office.
#USStockDrop US Markets roiled as 'Trump rips Fed Chair Powell, reigniting investor worries' Truth Social post, Trump referred to Powell "Mr. Too Late, a major loser" In a
Investor confidence was also dented by a lack of progress on global trade
Markets on Monday
DowJones -2.48%
Nasdaq -2.55%
S&P500-2.36%
"Magnificent Seven" tech titans dragged
Tesla -5.8%, Nvidia -4%
Amazon -3%, Meta Platforms -3.4%
Caterpillar also -2.8% $BTC
Other Assets
$ Dollar Index at 98.4, hitting a three-year low
Gold at 3425$/ounce, soared to record highs
10 year yields at 4.41%
Brent crude at 66.6$/barrel
Bitcoin at 87225$
What to track on Tuesday?
Eco data Manufacturing survey results from the Richmond Fed
Fed Speeches Several Fed officials including Fed Vice Chair Philip Jefferson, Minneapolis Fed President Neel Kashkari and Fed Governor Adriana Kugler
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