Here's where things stand on tariff policy

Tariff Landscape & Trade Policy - The US administration is considering raising tariffs on Canada to 35%, up from the current 25%, though exemptions for USMCA-compliant goods and a lower 10% tariff for energy are likely to remain [2] - The US President is considering raising the universal baseline tariff from 10% to 15% or even 20%, potentially increasing the cost of all imported goods by at least 15% [4] - The US has postponed the July 9th deadline for reciprocal tariffs but has introduced new tariff threats for Canada and Brazil, including a potential 50% tariff on copper and a possible 200% tariff on pharmaceuticals [5][6] - The US President believes that uncertainty is the best negotiating leverage and is keeping it up [9] - A potential doubling of the universal baseline tariff to 20% on all imports could bring the US back to pre-post-war economy levels, impacting the US services economy and increasing the cost of goods [13][14] Geopolitical & Company Strategy - Canada is strengthening its partnerships throughout the world, signaling a shift in trade relations amid tariff disputes [3] - Nvidia's CEO Jensen Huang's visit to the White House and subsequent trip to China amid tariff discussions and export controls suggest potential negotiations for lifting export controls, which would benefit Nvidia [15][16][17][18] - The US President's rhetoric towards China has become more upbeat, with potential trade negotiations on the horizon [17]