On China, he said that:
And if they don't make a deal, we'll set the deal. We're going to be setting the deal and it will be a fair deal for everybody and I think it's a process that is going to go pretty quickly. We've spoken to many, many countries and we're getting their views on things. And you know, there are a lot of things. They have VAT taxes and everything you can have. Don't forget as an example that the EU was set up to take advantage of the US. They've done that but they're not doing that anymore."
We just destroyed China who is taking us for a ride and it's not gonna happen. We're going to be very good to China. I have a great relationship with president Xi. I think we're gonna live together very happily and ideally work together. I think it's going to work out very well. But no, it's not going to be 145%. They will not be anywhere near that number."
The final passage was what he answered on whether or not he had spoken to Xi. That's definitely a no and confirms that both sides are still unwilling to pick up the phone.
In any case, the status quo remains rather unwelcome the longer it stays. At these tariff levels, it has definitely stifled US-China trade until further notice. And something's gotta give before the hard data really shows up and starts to bite at the hopeful optimism.
As for Fed chair Powell, Trump said that:
(Are you going to fire Mr. Powell?)
(What about reports on you studying the idea of possibly removing Powell? Do you have any plans on doing that?)
As a reminder, Trump said last week that Powell's "termination can't come soon enough". Geez.
30-year yields are now down to 4.80% and equity futures are surging as a result, with S&P 500 futures up another 1.5% after the 2.5% gains overnight.
It's a bit of a respite at least, until we get back up on the merry-go-round again.
This article was written by Justin Low at www.forexlive.com. Read More Details
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