Insights

Weekly Market Commentary – 11th July

14 July 2025

This week the delay on Donald Trump’s reciprocal tariffs expired with little progress on trade talks. Trump has again pushed the deadline for these additional tariffs, however, countries are being notified of the new rates they will face on 1 August if no deal is concluded. Among those receiving higher rates are key trading partners Japan and South Korea, which are facing a 25% levy, and Canada, which is looking at 35%. The lack of reaction suggests investors may be overlooking the impact of tariffs or they are dining on TACOs again as they bet “Trump always chickens out”.