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]

Megan, thank you for bringing us up to speed there. Appreciate it. >> Meantime, let's stick with this heightened uncertainty regarding tariffs.Joining us this morning is the former U.S. Commerce secretary and CNBC contributor Carlos Gutierrez. Mr. . Secretary good to have you back.Thanks for joining us. >> Good to see you. Thank you.>> I know you think July is going to be important and interesting, but you sort of have a sense as to where you think we're going to wind up, don't you. >> Yeah. I think eventua ...

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/0sDRCHy7SD https://t.co/LXMavhCK0S ...

There's a metaphysical menagerie that stalks Trump's tariffs, says @johnauthers, starting with a famous cat in a box (via @opinion) https://t.co/uoHP9ayJRH ...

Emerging Asian currencies fell after President Donald Trump signaled he is eyeing blanket tariffs of 15% to 20% on most of America’s trading partners https://t.co/WJP312ofD8 ...

Trade & Tariffs - The Trump administration is considering imposing a 35% tariff on goods from Canada [1] - The administration has published 23 letters and announced zero new trade deals [2] - Trump plans to impose blanket tariffs of 15% or 20% on all remaining countries [2] - A 10% unilateral tariff on all imported goods would be four times the average tariff today [3] - The tariffs are a tax, and American importers, businesses, and consumers pay almost all of that [3] - A 20% tariff rate on goods coming over the border will be higher than the inflation rate at its worst [12] - Republicans are standing by Trump's method to bring countries to the negotiating table [15] Russia & Ukraine - The US is resuming deliveries of some weapons to Ukraine [5] - Secretary of State Marco Rubio met with Russia's foreign minister and exchanged new ideas about how to end the war [5][6] - Russia launched a massive attack on Kyiv, with over 400 drones and missiles [6] - House Speaker Mike Johnson and Senate Majority Leader John Thun are prepared to move forward with new sanctions on Russia [7] - Trump will have a major statement on Russia come Monday [7] - Legislation from Senator Graham and Blumenthal has 80 senators already signed on to it [31] Birthright Citizenship - A judge blocked Trump's birthright citizenship order restricting it once again [33] - The ACLU created a class action lawsuit, and the judge certified this class [34] - The judge agreed that birthright citizenship is part of the constitution and is applying it across the country using this class action [35]

Tariff Impact & Mitigation - The company is competitively positioned regarding tariffs, with 60% of its business being international [1] - Tariff assumptions in guidance include 30% from China and 10% from the rest of the world, but exposure to China is minimal [2] - Net tariff impact is estimated at approximately 20 basis points, translating to a couple of pennies on EPS [2] - Mitigation strategies involve leveraging long-standing vendor relationships and increased volume due to business growth [3] - The company is focusing on full-price selling and innovative products to reduce the need for promotions [3][4] Cost Management - The company is also managing its own costs to protect consumers and maintain price points [4]