Top Overnight News Oil rose after President Trump’s prime-time address disappointed investors hoping for a quick end to the Iran war. In an address late Wednesday, Trump said he was still seeking a diplomatic agreement to end the conflict and that U.S. military aims would be completed “very shortly.” But he also vowed to hit Iran “extremely hard” in the coming weeks and pummel the country “back to the Stone Ages.” WSJ Trump rattled markets and heightened political tensions with an address that offered no clear timeline for ending the Iran war, while pledging more aggressive action over the next two to three weeks. Iran and Israel continued to trade strikes and the US president renewed threats against Iranian electric plants. BBG The Trump administration is preparing to impose tariffs of 100% on certain medicines as it pushes drugmakers to manufacture more in the US. The levies – set to be announced as soon as Thursday – would be applied to companies that have not struck deals with the White House. FT Congressional Democrats sued to block Trump’s executive order that would prohibit mail-in voting for anyone not on a pre-approved list compiled by the DHS. BBG China’s central bank withdrew cash from its financial system in March for the first time in a year, amid signs of an economic rebound. BBG Former BOJ chief economist Toshitaka Sekine said the central bank may raise rates as soon as April, due to the risk of supply shocks. BBG Swiss inflation accelerated 0.3% in March, the quickest pace in a year, as the energy supply crunch stoked the cost of heating oil. BBG Global private equity sales have fallen by 36% this year, as developments in AI and the war in Iran heap pressure on a subdued exit market. FT The US is set to outline a tiered regime for steel and aluminum, maintaining 50% duties on many products but applying lower rates to others. BBG Oil’s near-term outlook turned more bullish after Trump’s speech, with June futures rising more than $8.5 a barrel above July as Hormuz disruptions cut about 11 million b/d. Traders expect continued supply strain and higher prices. BBG Canadian PM said he spoke with US President Trump this evening to discuss Artemis II and the Middle East conflict. US President Trump discussed firing Attorney General Pam Bondi and replacing Bondi with EPA Chief Zeldin, although he has not yet made a decision whether to fire Bondi, according to NYT. US Senate may vote on DHS funding bill on Thursday, while the bill would fund DHS without ICE and CBP, according to NBC.(zerohedge)