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Top Overnight News
The US plans to extend the 2017 tax cuts, making them permanent and adding Trump’s campaign promises like eliminating taxes on tips, overtime pay and Social Security, Treasury Secretary Scott Bessent told Fox News. BBG
Howard Lutnick may withhold Chips Act grants to push companies to expand their US projects, people familiar said. Lutnick aims to generate tens of billions of dollars in additional investment commitments without increasing the size of federal grants. Donald Trump created a new office to manage the Chips Act’s funds and speed up some investments in the US. BBG
President Trump signed an executive order establishing the United States Investment Accelerator which establishes an office within the Department of Commerce meant to facilitate and accelerate investments above $1BN in the US, while the White House said the Investment Accelerator is to administer the CHIPS program office.
Trump signed an executive order aimed at protecting fans from 'exploitative ticket scalping' and reforming the US live entertainment ticketing industry: RTRS
Republicans could be poised to deal a symbolic blow to President Donald Trump’s trade policy, with several GOP senators indicating they planned to join Democrats in a Tuesday vote to block blanket tariffs on Canada (although the bill will probably never become law). Politico
Trump said that he had settled on a plan for his latest batch of tariffs expected this week but didn’t reveal what he had decided, after his economic team struggled to coalesce around a remade U.S. trade strategy. He wants to both raise revenue with tariffs and use them as leverage to get other nations to lower their own duties, or make other policy changes.
Boeing (BA) slows the production of 737 Max to 31 craft per month (current 38) to keep from derailing the assembly line, via Air Current; further slowing wing production.
Eurozone CPI for Mar comes in a bit cooler than anticipated on a core basis (+2.4% vs. the Street +2.4% and down from +2.6% in Feb) while headline was inline at +2.2% (down from +2.3% in Feb). BBG
The European Union said it will use a broad range of options to retaliate against the US if President Donald Trump follows through on his threat to impose so-called reciprocal tariffs on the bloc this week. “We do not necessarily want to retaliate,” European Commission President Ursula von der Leyen said on Tuesday. “If necessary we have a strong plan to retaliate and will use it.” BBG
China's factory activity expanded at its fastest pace in four months in March, buoyed by stronger demand and robust export orders, a private-sector survey showed on Tuesday. The Caixin/S&P Global manufacturing PMI climbed to 51.2 in March from 50.8 in the previous month, surpassing analyst expectations of 51.1. The 50-mark separates growth from contraction. RTRS
China has kicked off large-scale military and coastguard exercises around Taiwan, the latest round in Beijing’s escalating campaign to assert its claims of sovereignty and suppress the island nation’s efforts to preserve its de facto independence. The drills on Tuesday came as Taiwan’s President Lai Ching-te seeks to improve military and civilian preparedness for a potential Chinese attach and strengthen society to defend against espionage and other infiltration from China, which last month he called a “hostile foreign force.” FT
China, Japan and South Korea agreed to jointly respond to U.S. tariffs, a social media account affiliated with Chinese state media said on Monday, an assertion Seoul called "somewhat exaggerated", while Tokyo said there was no such discussion. The state media comments came after the three countries held their first economic dialogue in five years on Sunday, seeking to facilitate regional trade as the Asian export powers brace against U.S. President Donald Trump's tariffs. RTRS
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