Trump sends tariff notification letters to EU, Canada and Mexico; Trump team renews attacks on Powell; senior Chinese and U.S. officials meet.

Here’s today’s SoSoMacro Recap — spotlighting the key signals driving markets at this moment:

1. Trade Negotiations: Trump sends additional tariff letters, expected to impose 30% tariffs on the EU, 35% on Canada, and 30% on Mexico. President Trump stated that for countries not yet receiving tariff notification letters, he is considering maintaining their tariff rates at around 15% or 20%, and will impose 50% sector-specific tariffs on copper starting August 1st.

2. Trump's team once again targeted Powell over the Federal Reserve building renovation project. Fed reporter Nick Timiraos posted in response that Powell will not resign early.

3. Focus on China-U.S. Relations: Chinese Foreign Minister Wang Yi met with U.S. Secretary of State Marco Rubio. Both sides described the talks as constructive, with positive dialogue increasing the likelihood of a meeting between the two heads of state.