The economy seems to be growing, but slowly. Uncertainty is the number one issue for CEOs at the moment, though even there the concern has come down a bit. Many of the federal government layoffs are "deferred resignations" that don't take effect until September.
Things seem to be coming to a bit of a head. I heard that the White House has demanded that countries give them their "best offer" by Friday and that the WH will look very favourably on those offers. Sounds like a bit of desperation. Navarro said "90 deals in 90 days" and after more than half way through there is only one (UK) and that is weak tea. The July 9 deadline of the 90 days is looming and there may be fireworks or TACO or digging in heels to avoid TACO label. Who knows? Not me.
China has not confirmed any impending phone call with Xi. I heard a report (I have not confirmed) on CNBC that China has appointed a top hard-nosed negotiator to handle US tariff talks. Japan is said to be slow-walking talks. The court block on most tariffs is stayed while appeals are made and many countries may simply be waiting for legal resolution.
Some price rises from tariffs are happening. Tariff front-running seems to have run its course for the moment.
50% tariffs on steel and aluminum kick in tomorrow. About 25% of steel used in the US is imported.
Aluminum is a different story for the U.S. It relies heavily on imports, with about half of the aluminum used domestically coming from other countries.
Canada has an upper hand there. It is the largest supplier of aluminum to the U.S., providing almost 60 per cent of all imports. Other major suppliers include the United Arab Emirates, China, South Korea, and Bahrain. -- National Post
That means higher prices for cans, cars, and construction materials. I heard that all the structural steel used in large buildings comes from Europe because a company there has a patent on the key process.
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