Week 28 (July 7-July 13, 2025)

The week’s macroeconomic calendar was relatively light, with key events including the release of the Federal Reserve’s June FOMC minutes and weekly jobless claims.

The expiration of the "Liberation Day" deadline on July 9 brought the possibility of new 50% tariffs on EU imports, heightening uncertainty for multinational firms and exporters. An EU trade commissioner traveled to Washington in an attempt to negotiate and avert further escalation, while markets monitored the situation for signs of progress.

On Saturday, July 12, 2025, President Donald Trump announced that the United States would impose a 30% tariff on goods imported from the European Union, with the tariffs set to take effect on August 1, 2025. This move follows a series of tariff notifications sent to over 20 U.S. trading partners, with the EU and Mexico among the most significant targets. The new tariffs are part of a broader strategy by the Trump administration to address what it describes as a persistent and severe U.S…