Trump Floats Gas Tax Suspension, US and Iran Split on Terms, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
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News when you want it with Bloomberg News Now. I'm Monica Ricks. President Trump has voiced support for a gasoline tax holiday to counter rising prices at the pump. According to AAA, the national average is now $4.52 a gallon thanks to rising oil prices due to the war in Iran. Earlier today, Saudi's Aramco held an earnings call with a dim outlook for the market if the Strait of Hormuz remains closed much longer in the Middle East. Salih Yilmaz is a senior oil analyst for Bloomberg Intelligence.
Their CEO was making some remarks earlier on the earnings call as well, and he was saying that every week now we're losing around 100 million barrels that would have been produced but is not being produced now. And he also made the remarks that even if the straight opens tomorrow, which is obviously looking very unlikely, it would take months to get everything back in order.
That's Bloomberg's Salih Yilmaz on Bloomberg Intelligence. He says it could take months to rebuild oil infrastructure that's also been damaged by this war. Meantime, President Trump and Iran are still at odds over terms on how to end the conflict. We get more on that from Bloomberg's Dan Williams.
The Iranians, from what Bloomberg obtained from that response, they again have demanded a reopening of Hormuz, but to retain some Iranian control there. and a removal of sanctions without actually addressing the issue of the nuclear program. And Trump seems very impatient with that. His patience is running out. However, we've heard statements to that effect from Trump in the past. It's hard to know whether they're bringing us closer to a possible resumption of this war after an almost month-long ceasefire or whether Trump is positioning himself for another round of negotiations.
Bloomberg's Dan Williams on Bloomberg Intelligence. The war in Iran will be top of mind for Trump as he prepares to meet with China's Xi Jinping in Asia this week. And National Economic Council Director Kevin Hassett says he has high hopes for this summit.
My expectation, given the strong relationship between the two presidents, is that there'll be lots of good news for American workers and firms.
Hassett on Fox News. The White House confirms Elon Musk is among the name of executives joining the president on his trip to Beijing, along with CEOs from Boeing, GE Aerospace, Cargill, Micron and Qualcomm. A U.S. delegation will also likely visit India for trade talks soon as the two sides continue negotiations towards a bilateral agreement. But New Delhi says visit dates haven't been decided yet. We check the markets for you all day long here at Bloomberg, and right now the Dow is up just a tenth of a percent. The Nasdaq and S&P are both up about a third. The 10-year Treasury yields at 4.3 percent. The two-year yields at 3.9 percent. Oil is also up more than 2 percent this hour, with Brent Crude trading at $103 a barrel.
Most airlines are cutting back due to soaring fuel prices, but Frontier Airlines is now pumping more seats into the market.
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