Tariffs and Trade Policy - The Trump administration's tariff policies are confusing and chaotic, marked by rollouts and rollbacks, indicating incompetence in trade policy handling from the White House [1] - President Trump announced new tariff rates, including a 35% tariff on Canada, despite lacking finalized deals with trading partners [1] - The motivation behind tariffs on Canada is questioned, with the administration citing fentanyl concerns despite minimal fentanyl seizures from the northern border (43 pounds out of 21,000 pounds seized) [2] - Economic policy is being used for political ends, such as imposing tariffs on Brazil to influence the situation of the former president, Bolsinaro [4][5] - Large-scale tariffs are considered detrimental to the American economy by economists, contrasting with the benefits of free trade [8] - The imposition of tariffs could negatively impact the economy, potentially affecting consumer prices and leading to economic challenges [11] Political Implications and Congressional Response - Congress has ceded too much authority to the president regarding tariffs, although legal challenges are possible [13] - Republicans in Congress are hesitant to challenge President Trump's trade policies, fearing political repercussions [18] - Wall Street anticipates that President Trump may not fully implement the announced tariffs [22] - The Republican party has been remade in President Trump's image, with fewer dissenting voices in Congress [25]

Jay Woods as well as Yahoo Finances. Alec Canal joins us here to break down the move today. Ally, let's start with you on that close. Right. Well, unfortunately, Josh, we're seeing red across the screen here. We're seeing losses being led by the Dow off around 300 points to finish the day. The Nasdaq uh finished the day a more modest 210 of a percent lower and then the S&P 500 also off about 3/10en of a percent. If we take a look over a 5day period, we're also going to be booking some losses there. Dow off ...

The overall combination of Trump’s various tariffs will balance out to an 18% effective tariff rate on U.S. consumers—assuming the announced tariffs take and stay in effect—which the analysis notes would be the highest effective tariff rate since 1934. https://t.co/Cvacus0Lmv https://t.co/MvHWEm2rZp ...

From @WSJopinion: President Trump likes tariffs for their own sake, and the latest evidence is his bewildering decision to slap a 50% tax on copper imports. How this will help the U.S. economy is a mystery. https://t.co/u1ddmkCHr9 ...

Fed's Stance and Market Interpretation - The market views future tariff uncertainty and negative aspects differently than Fed officials and economists [2] - The market's perspective may have influenced some Fed members' views on the economy's stability and future outlook [2] - Fed officials are primarily focused on economic data, particularly the resilience of the job sector and inflation rates exceeding the Fed's target [3] - The Fed intends to maintain optionality, suggesting potential rate cuts later in the year or in 2026, contingent on data indicating a softening job cycle [4] Inflation and Tariffs - Inflation hasn't significantly changed in the past year and remains below the 2% target [6] - PIMCO anticipates CPI core inflation potentially rising to 35% by the end of the year [8] - Tariff implications are a factor influencing inflation, but the removal of deflationary impacts from earlier in the year also contributes to upward momentum [8] Investment Strategy - Investors should focus on attractive real yields in the front end of the yield curve, despite inflationary concerns [10] - The key question for investors is the outlook for the longer end of the yield curve [10]

James, welcome to you and the market finally putting all this together and saying maybe it's time to kind of move to the sidelines for the weekend if nothing else and kind of see where we are uh next week on all of these fronts. Um yeah, but I I I I think if you're expecting uh the president not to be tariff man on Monday, uh I think he's going to be uh I mean I mean he's tariff man, he's also stock market man. So like which which is he more of.And I think the president uh loves tariffs, views those as kind ...

Trade Policy Stance - The previous administration utilized tariffs and the threat of tariffs, primarily targeting China, to encourage behavioral changes with the ultimate goal of reducing trade barriers and expanding trade [1] - The speaker advocates for "free trade with free nations" and a firm stance against trade abusers like China, emphasizing the objective of lowering trade barriers for American prosperity [2] Concerns Regarding Current Policy - The speaker expresses concern that the current administration's broad-based industrial policy, which was paused recently, could ultimately harm the American economy and consumers [1]

Financial Performance - BASF warned that earnings will come in lower than previously expected this year [1] Market Trends and Geopolitical Factors - US tariffs and geopolitical uncertainties weigh on demand [1]

So far, the impact of President Donald Trump's campaign of steep tariffs against U.S. trading partners has been difficult to spot in hard economic data, but that may be about to change. https://t.co/P9CgOYRHc4 ...

Tariff Impact on Copper Market - Copper prices are near record highs, experiencing the best week since March 2022, following President Trump's announcement of a 50% tariff on copper imports starting August 1st [1] - The market has priced in about half of the 50% tariff at the moment [1][2] - The tariff is expected to impact upstream manufacturers, midstream companies, and ultimately, consumers, as companies likely cannot absorb a 50% margin reduction [3] Domestic Production and Capacity - The focus should be on building smelting capacity in the US, as the country exports more scrap and concentrates than it imports in refined copper [5] - Reactivating smelting capacity will take time, with meaningful impact unlikely within the next 12 to 18 months [6] - Currently, treating scrap and concentrates in the US is not very economic [6] Market Dynamics and Pricing - The spread between London and New York copper prices reflects the extent to which the tariff is priced in [7] - There is some holding back on the buyer side to bid up CME due to the tariff not being fully priced in [7] - Consumers expressed concerns about their ability to absorb tariffs, similar to the aluminum market when tariffs were introduced [8]