WSJ's Bade posts "BEEF TARIFF CUT DELAYED, per White House"
The delay in the tariff-rate quota suspension for beef reflects pushback from both ranchers and Republican legislators, which may indicate a more complex political landscape for trade policies.
US Treasury Secretary Bessent congratulates Japan on economic resiliency, given what is happening in the Middle East, during a trip to Tokyo
PBoC is expected to set USD/CNY mid-point at 6.7945 (prev. 6.8467)
WSJ's Bade posts "BEEF TARIFF CUT DELAYED, per White House"
[MARKET UPDATE] Asia-Pac stocks begin mostly higher following the mild gains on Wall St, where the S&P 500 and NDX extended on record highs, but with the upside capped by higher oil prices and geopolitical uncertainty
US released another 53.3mln barrels from Strategic Petroleum Reserve to companies including Trafigura, Marathon Petroleum (MPC), and Exxon Mobil (XOM) in an effort to ease soaring fuel prices caused by the Iran war and disruptions in the Strait of Hormuz
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Says:
- "Trump did not sign a planned suspension of tariff-rate quotas for beef. No explanation given, but came after pushback from ranchers and Capitol Hill R's"
- "Trump's team now "finalizing potential executive actions" on beef, per official."
This uncertainty could affect market sentiments regarding U.S.-China trade relations, potentially influencing currencies, commodities like beef, and broader equity markets as traders reassess risk factors in agricultural and geopolitical contexts.
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