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Trump: Rate cuts would be like jet fuel
U.S. President Donald Trump made a series of remarks on Thursday, touting what he called a major breakthrough in trade ties with the United Kingdom. He also signalled that tariffs on China could be lowered ahead of high-stakes US-China trade talks this weekend, while renewing his criticism of Federal Reserve Chair Jerome Powell.
Key Takeaways
- Just concluded rare earth deal with Ukraine.
- Speaking with Zelenskiy soon.
- Reached breakthrough deal with UK.
- UK agreement increases access for beef, ethanol.
- UK will reduce non-tariff barriers.
- UK will fast track US goods through customs.
- Won't be any red tape.
- Things will move quick both ways.
- Will receive new market access for US chemicals, machinery.
- Have many meetings planned, every country wants a deal.
- Want protections for steel.
- Going to be uneasing on steel.
- Deal includes plans to bring UK into economic security alignment with US.
- From UK trade deal, the US will raise $6B in external revenue from 10% tariffs, $5B in new export opportunities.
- US-UK trade deal will lead to the creation of an aluminium and stell trading zone, and a secure pharmaceutical supply chain.
- Tariffs on China could be lowered.
- Expect friendly meeting with China.
- Might see Xi after weekend talks.
- China tariffs can't get any higher than 145%.
- We want to compete in China.
- 10% baseline is not a template for future deals.
- Won't do a similar deal with cars.
- BoE cut, China cut, everyone is cutting but Powell.
- Rate cuts would be like jet fuel.
- Powell probably not in love with me.
Author
Pablo Piovano
FXStreet
Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.
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