Signing an executive order on Monday and somewhat predictably extending deadlines for when ‘Liberation Day’ tariffs are to be imposed, Trump seems to have left at least some room to maneuver in the next thirty days with key trading partners.
Renewing commitments to tariffs, this time through a series of letters sent from the Oval Office to various countries on Monday, Trump hopes to strong-arm negotiations back to the table. Trump advisor Peter Navarro reportedly said that “90 deals in 90 days” remains a possibility, which, considering the recent trajectory, errs on the optimistic side.
The effectiveness of such tactics largely depends on whether the world will believe Donald Trump in his firm August 1st deadline, especially when considering recent deferrals. This goes double for those subject to ‘reciprocal tariffs’, who will undoubtedly hope to strike agreements with the US before the deadline.
Having only recently been offered some respite from the chaos surrounding tariffs, recent announcements have boded poorly for US equities, primarily responsible for yesterday’s sell-off.
With sell-offs still fresh in the collective mind, Donald Trump must tread carefully in the next thirty days or might risk further downside to an otherwise buoyant stock market.
Despite the Dow remaining relatively unchanged in today’s trading, Chevron, Salesforce, and 3M are among the best-performing stocks, while IBM, Microsoft, and Boeing are among the worst.
