Treasury Secretary Scott Bessent appears on Fox News with Maria Bartiromo to discuss current geopolitical events and the ramifications for the U.S. economy.  It is a rather lengthy interview and discussion that touches on numerous key points.

Bessent notes the upcoming meeting between President Trump and Chairman Xi of China is still on schedule and U.S. Operation Financial Fury against Iran is yielding good results.  I had no idea the U.S. government has made $30 to $40 billion from the Intel backstop.  WATCH:

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When Jeanine Pirro says “compound” she isn’t kidding. [Check the Images] The DOJ took down a massive financial fraud operation in southeast Asia that was targeting Americans.

DOJ – “The Department of Justice, through U.S. Attorney Jeanine Ferris Pirro and Assistant Attorney General A. Tysen Duva of the Criminal Division, together with its partners, today announced a series of coordinated actions by the Scam Center Strike Force against Southeast Asian criminal organizations operating scam centers that have defrauded Americans of billions of dollars.  

The Scam Center Strike Force’s actions include criminal charges against two Chinese nationals who managed a cryptocurrency investment fraud compound in Burma and attempted to open another compound in Cambodia, the seizure of a Telegram messaging app channel used to recruit human trafficking victims to a scam compound in Cambodia in order to work a law enforcement impersonation scam, and the seizure of 503 fake invesment websites, among other actions.” (more)

…”the scam workers specifically targeted U.S. persons. In the fraud scheme, victims received cold calls from individuals posing as bank representatives, including impersonators of JPMorgan or other U.S. bank customer service agents, warning them that their bank accounts had been used to purchase firearms from an actual U.S. gun store website. Victims were then transferred to individuals posing as “NYPD detectives” or other supposed law enforcement, and later sent to the “New York Supreme Court” or other purported prosecutorial officials. Through sustained pressure conducted over WhatsApp and Microsoft Teams, victims were induced to disclose their bank account information and ultimately transfer their savings to the scammers.” (source)

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A generally good big-picture overview here from the folks at Promethean PAC.

“In this midweek update, Susan Kokinda argues that Kevin Warsh’s Senate Banking Committee testimony—calling for “regime change” at the Federal Reserve and blaming inflation on excessive money creation—signals a broader shift aligned with the Trump administration against what she describes as an Imperial, British-led free-trade order.

Kokinda highlights Warsh’s criticism of post-2008 quantitative easing as benefiting financial asset holders while many Americans own no assets, and contrasts this with Democrats’ focus on divestment issues. Kokinda ties Warsh’s stance to Treasury Secretary Scott Bessent’s emphasis on raising living standards over bailing out markets and to Trump’s comments on Fed independence. She then points to Trump’s April 20 Defense Production Act action citing market failures in energy infrastructure, including transformer shortages, as national-security threats, linking this to energy independence and Iran, and contrasts it with Mark Carney’s globalist posture and references to the War of 1812.”

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The headline is the reality of the thing.

Oil and gas sales from Iran are under international sanction and not supposed to be taking place.  However, oil and gas sales from Iran -violating the sanctions- have been taking place.

CENTCOM is announcing that the U.S. military will now ensure the oil and gas from Iran doesn’t move.

The U.S. will physically enforce the pre-existing global sanctions. A blockade begins tomorrow morning.

TAMPA, Fla. — U.S. Central Command (CENTCOM) forces will begin implementing a blockade of all maritime traffic entering and exiting Iranian ports on April 13 at 10 a.m. ET, in accordance with the President’s proclamation.

The blockade will be enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman. CENTCOM forces will not impede freedom of navigation for vessels transiting the Strait of Hormuz to and from non-Iranian ports.

Additional information will be provided to commercial mariners through a formal notice prior to the start of the blockade.

All mariners are advised to monitor Notice to Mariners broadcasts and contact U.S. naval forces on bridge-to-bridge channel 16 when operating in the Gulf of Oman and Strait of Hormuz approaches. (SOURCE)

Oil and gas from Kuwait will be allowed transit and passage.  Oil and gas from the UAE, Saudi Arabia, Bahrain and Qatar will also transit without issue.  However, oil or gas from Iran will be blocked.  China takes the biggest hit, again.

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A significant data-point to keep an eye on is whether there will be an extension to the suspension of sanctions against Russian energy products (oil and LNG) for the global market.

The current sanctions relief measures are scheduled to expire on April 11th, tomorrow.

April 9 (Reuters) – Russian President Vladimir Putin’s special envoy Kirill Dmitriev ​is currently in the U.S. and ‌is meeting members of U.S. President Donald Trump’s administration for discussions on a peace ​deal for Ukraine and U.S.-Russia economic ​cooperation, sources with knowledge of the visit ⁠told Reuters.

The visit comes before the ​U.S. decision on whether to extend ​sanctions relief on Russian oil, which expires on April 11 and could also be on the agenda.

The United ​States issued a 30-day waiver for countries ​to buy sanctioned Russian oil and petroleum products currently ‌stranded ⁠at sea, in what Treasury Secretary Scott Bessent described as a step to stabilize global energy markets roiled by ​Iran war.

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Susan Kokinda from Promethean Action gives her perspective on the negotiated ceasefire with Iran.  Kokinda notes the key players were Pakistan, Saudi Arabia, Qatar and Turkey (she missed China).

In a lesser reported part of the background, Chairman Xi Jinping summoned the Pakistani negotiators to Beijing prior to the terms of agreement with Trump.  The summoning happened right after Trump said he was going to target the full force of the U.S. military against Iranian infrastructure.

Why does that matter to China?  Belt and Road.  Beijing has built a railway from China into Iran for the transport of goods and raw materials (including energy products) out of Iran (sanctions avoidance) in exchange for shipments of weapons. If President Trump targeted the railway infrastructure, in combination with the oil shipments being hampered, ¹China would be in a very bad place.  Hence the summoning to get a ceasefire.

Focusing too narrowly on the British Empire as the source of all problems and you miss things.  Mrs Kokinda missed this:

[SOURCE]

¹China in a bad place due to the middle east in crisis, means China becomes more dependent on Russia for oil, gas and ultimately fuel.  Internally, Russia isn’t a big fan of their Chinese dependencies.

If FUBAR in Iran remained the statis, the two countries not in any crisis would be the USA and Russia, both with oil/gas and extra refining capacity.  The countries/regions in biggest crisis would be China, Europe and Southeast Asia.

The U.S. and Russia less affected.  China and the EU more affected.  A significant geopolitical paradigm shift, all things considered…. and it appears that Beijing saw it coming.

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This is good news from the standpoint of us wanting to see President Trump continue to make MAGAnomic progress on trade as well as geopolitical alliances.

It will be a very interesting summit against the backdrop of Venezuela, Iran, oil/gas energy shifts, the previous Alaska summit with Russian Federation President Vladimir Putin, the renegotiation of the USMCA and the Chinese auto deal in Canada…

There are a lot of important topics within a Trump-Xi summit.

PRESIDENT TRUMP – “My meeting with the Highly Respected President of China, President Xi Jinping, which was originally postponed due to our Military operation in Iran, has been rescheduled, and will take place in Beijing on May 14th and 15th.”

“First Lady Melania and I will also host President Xi and Madame Peng for a reciprocal visit in Washington, D.C., at a later date, this year. Our Representatives are finalizing preparations for these Historic Visits. I look very much forward to spending time with President Xi in what will be, I am sure, a Monumental Event. Thank you for your attention to this matter!”  ~ President DONALD J. TRUMP

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Put this in the USMCA (CUSMA) elimination/negotiation file.  Europe has already been the visible example of what happens when you open your market to low price Chinese EVs.

With the recent agreement by Canadian Prime Minister Mark Carney, Chinese auto manufacturers are now rushing to establish the dealerships, before the Beijing-Canada deal becomes an issue in the USMCA negotiation.

China is NOT going into Canada because they foresee a great market of Snow Mexicans purchasing their low price EVs.  They are going into Canada as a proactive measure to establish a North American footprint with an eye toward the USA.

(VIA MSM) – BYD and Chery are accelerating plans to establish a dealership network in Canada after the country introduced a quota allowing tens of thousands of Chinese-made EVs to enter at reduced tariffs. The rollout will begin in Toronto before expanding to other major cities, with BYD targeting about 20 dealerships in its first year. This marks a significant new front in North American EV competition, as Chinese automakers seek growth outside the U.S., where prohibitive tariffs keep them out.

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This is very interesting because Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer went to Paris last weekend to meet with their Chinese counterparts and organize the deliverables for the upcoming summit between Chairman Xi Jinping and President Trump.

At roughly the same moment that Bessent and Greer were meeting with China, President Trump sent out the Truth Social message requesting Chinese ships to come to the Strait of Hormuz and escort their oil.  I said at the time of Trump’s message that Chairman Xi was going to have to negotiate through this issue carefully because it was very obvious that President Trump was not going to maintain any diplomatic pretenses when he met with Chairman Xi.

Yesterday, during the St Patrick’s Day celebration President Trump said the summit was cancelled. “We’re resetting the meeting and it looks like it’ll take place in about five weeks,” President Trump told reporters in the Oval Office in an event with Micheál Martin, the Irish prime minister.

Today, Press Secretary Karoline Leavitt confirmed there is no scheduled replacement date for the cancelled summit.

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Keep watching.  Bessent and Greer didn’t go to Paris for nothing.

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Some additional contexts not included in the British-centric financial review below.

(1) Japanese Prime Minister Takaichi Sanae will be at the White House next week.  This meeting was scheduled several weeks before Operation Epic Fury began.  The timeline continues to indicate that President Trump’s primary geopolitical focus is on China, not necessarily the U.K-EU angle, although that is a materially significant overlay.

(2) “A major U.S. weapons package for Taiwan worth about 14 billion dollars is awaiting approval from Donald Trump and could be announced after his planned visit to China later this month, according to sources familiar with the discussions. The proposed deal would be the largest U.S. arms sale ever to Taiwan and comes as military tensions between China and the self-ruled island continue to rise.” {SOURCE}

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