Treasury Secretary Bessent is saying:
- Substantial pickup in Russian sanctions expected.
- Those sections will be announced either today or tomorrow
On China:
- Any export control will be in coordination with G7 allies
The risk is that China gets planes from Europe if the US stops the sale of all aircraft (and other goods). That is how I would interpret the coordination comment.
Bessent is set to fly to Malaysia to meet with Chinese officials. In his pocket are threats for retaliation. He says:
- Hoping he can get things ironed out
- would be a shame to waste 1st meeting of Trump and China's Xi during Trump's 2nd term
- Will have 2-days of fulsome talks with China officials in Malyasia
- Will travelt to Japan with Trump and then APEC conference in South Korea
- Trump and Xi are still scheduled to have a "pull aside" meeting in So. Korea. Russian Pres.
- Putin has not come to the table in an honest fashion.
- Disappointed on where we are in talks to end the Ukraine war.
- Sanctions will be substantial and powerful.
- US is urging European and G7 allies plus Canada and Australia to join Russian sanctions push.
- Might see CPI coming down next month and the month after.
- Thinks housing prices are lagging indicator
- Going to see substantial tax refunds for Americans
