Bloomberg Surveillance Bloomberg Surveillance TV: March 31st, 2026
10 snips
Mar 31, 2026 
Vikas Dwivedi, oil markets economist at Macquarie Energy, offers quick takes on crude, inventories and refining risks. Jamieson Greer, U.S. Trade Representative, previews WTO reform, tariffs, rare-earths and a U.S.-China trade board. Libby Cantrill, PIMCO public policy head, frames fiscal strains, geopolitical risk and transatlantic tensions. Short, punchy conversations on supply shocks, trade fixes and fiscal fallout.
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Political Desire Versus Military Reality
- Libby Cantrill says President Trump likely wants an off-ramp from the Iran conflict but may lack the means to declare victory without substantive outcomes.
- She highlights political pressure, domestic affordability concerns like gas prices, and the difference between tariffs (unilateral) and complex military operations.
Fiscal Constraints Are Feeding Market Moves
- Libby Cantrill warns fiscal limits matter: tariff rollbacks and a potential $200bn Pentagon supplemental could push deficits toward 7% of GDP.
- She expects Congress to slow-walk large supplements, which contributes to yield-curve moves tied to deficit concerns.
US Insulation Versus Global Vulnerability
- Jamieson Greer says the US is relatively insulated from Gulf supply shocks due to domestic and North/South partner sourcing, but Asia is more exposed.
- He cautions WTO struggles to address deep structural issues like currency and large export surpluses.