US Equity futures are accelerating gains following comments by US Treasury Secretary Bessent this morning that tariff negotiations are the result of massive inbound calls, not the market.
When asked about tax with Europe, says "everything is on the table."
Trump will be personally involved in negotiations.
Japan, South Korea and Taiwan may be engaged in Alaska deal (Early March, Trump said Japan, south Korea and others want to partner with US in a gigantic natural gas pipeline in Alaska).
If they are successful, tariffs would be a melting ice cube in a way.
Have discussed which countries to prioritize. Japan would get priority after swiftly reaching out to the US.
If there are solid proposals, could end up with some good deals.
As part of calculus with deals, some part of tariffs may stay on.
Bessent was not involved in the calculations of the tariff numbers.
Thinks escalation by China was a big mistake.
China has chosen to isolate itself by retaliating and doubling down on previous negative behavior.
US President Trump is committed to fixing trade imbalances.
The reaction was positive to Bessent's comments:
Watch Bessent's full interview here: "The President has maximum negotiating leverage. Many of our trading partners have not escalated, and they will get priority in the queue. I think it was a big mistake, this Chinese escalation."
Is the short-squeeze back sustainable?
Politico reports that Bessent is having some success steering the White House tariff messaging away from permanence and toward negotiations after warning Trump of further market losses.
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