Trump continues maximum pressure, warns of sector-specific tariffs; NY Fed inflation survey steady; Russia–Ukraine tensions rise.
Market Performance:
1. Tariff Pressure: Trump continues to apply maximum pressure, insisting the August 1 tariff suspension deadline will not be extended. He said more tariff-related letters will be issued in the coming days.
2. Sector-Specific Tariffs: Trump said he plans to raise copper tariffs to 50%, with his advisor Lutnick suggesting it may take effect before August 1. Trump also announced plans to impose a 200% tariff on pharmaceuticals and hinted that semiconductor tariffs will be unveiled soon.
3. Inflation Expectations: The New York Fed’s latest survey shows consumer inflation expectations have returned to levels seen at the start of the year, indicating stable sentiment.
4. Russia–Ukraine Conflict: Trump expressed dissatisfaction with Putin, is weighing new sanctions on Russia, and has approved the delivery of defensive weapons to Ukraine.
