中信证券：特朗普“唱白脸”+贝森特“唱红脸”

Core Viewpoint - The report from CITIC Securities highlights the contrasting roles of President Trump and Treasury Secretary Mnuchin in influencing market sentiment, with Trump causing market disturbances and Mnuchin providing calming reassurances [1] Group 1: Market Reactions - Trump's statements on July 14 shocked the market, creating negative impacts due to his comments on Section 899, US-Japan tariff negotiations, and the potential dismissal of Powell [1] - Mnuchin's subsequent remarks aimed to stabilize the market, expressing optimism about reaching a US-Japan tariff agreement before August 1 and advising Congress to remove Section 899 from OBBBA [1] Group 2: TACO Trading Strategy - The report suggests that the interactions between Trump and Mnuchin exemplify a "TACO trading" strategy, where Trump's negative news is countered by Mnuchin's positive statements, creating a predictable market response [1] - Mnuchin is portrayed as a voice for the Trump administration, providing necessary context and reassurance following Trump's disruptive announcements [1]