This is the gain from this morning's introduction, you can Sign up Receive in your inbox every morning:
Not what Once was Say, but what no explain.
That's what I've been telling the CEO (video above) after chatting with U.S. Treasury Secretary Scott Bessent. I really enjoyed chatting with the secretary 23 minutes a day. I learned a lot in a short time and thanked him very much for his time.
He has a flat mind and a deep understanding of market history and market plumbing – a byproduct of his decades spent in the hedge fund industry. Of course, if things are hell in the hand basket, these characteristics are good characteristics as finance ministers (see the Great Financial Crisis).
But at the end of the day, I think that the cloud of uncertainty hanging over tariff policies – a headwind for major markets – should remain in place in the near term. Therefore, any stock rally we see after the recent e-tariff exclusion should be considered short-lived.
Read more: Latest news and latest news about Trump tariffs
At the center of this uncertainty, clouds are naturally China. These two superpowers seem to be far apart in calling for some form of trade truce.
When I asked the secretary if he was talking to his Chinese counterpart, this is what he answered:
“We made an introductory call a few months ago. We haven't spoken since then. I'm not sure who comes from China. [People’s Republic of China] Will [here] Next week – This is a big week in Washington. This is the World Bank Week of the International Monetary Fund. So I know that the People's Republic will send someone from finance, probably the PBOC of the People's Bank of China. So they'll be here. You know, I might run into them. We didn't have anything to arrange. ” Best said.
Wow, bumping them in the corridor? That is the location of things? not good.
Then, at the end of the 90-day pause, whether the tariff transactions will be signed with up to 130 countries:
“Let's leave China. There are 15 large trading partners. We put China on hold. There are 14. We are moving quickly and establishing a process for the 14 largest trading partners, most of whom have a big deficit. So within 90 days we will have full documentation, formal legal documents and dust settled?” Bessents said.
However, he did point out that a framework can be developed during the pause period.
