USTR Jamieson Greer says:
- Confirms verification of London framework.
- Is to make sure magnets are flowing.
- Is discussing details on tariff pause with China
- 90-day extension is one option for Trump to approve
- US did not agree on any changes on export controls
From Bessent:
- Will see Trump on China tariff pause tomorrow
- Some technical details remain on China tariff pause.
- Trump will have final say on whether August 12 deadline is extended.
- If Trump does not approve tariff pause extension, tariffs on Chinese goods would boomerang back to April 2 levels, or another level that he chooses
- Sees another China meeting probably in another 90 days.
- Expressed dissatisfaction with China buying 90% of Iranian oil
- China talks did not cover TikTok
- China does not acknowledge that it has a manufacturing surplus that is impacting the rest of the world.
So the comments from US officials are a little less assuring that the tariffs will remain on pause. The ball is in Trumps court whether to play hardball or not with China NOW.
US stocks are in negative territory with the Dow industrial average down -0.42%, the S&P down -0.21% and the NASDAQ down -0.26%.
Meanwhile in the US treasury market, yields are trading near the lows:
- 2-year yields 3.887%, -3.3 basis points
- 5-year yield 3.920%, -6.2 basis points
- 10 year yield 4.344%, -7.6 basis points
- 30 year yield 4.881%, -8.3 basis points
This article was written by Greg Michalowski at investinglive.com.
Source link
