Overview

• President Trump announced 30% tariffs on imports from the European Union and Mexico starting August 1, extending his tariff campaign against major trading partners.
• U.S. equity futures slid sharply—Dow E-minis down 130 points, S&P 500 E-minis down 17.75 points, Nasdaq 100 E-minis down 65 points—while cash markets held relatively steady, highlighting investor resilience to tariff shocks.
• European and Mexican leaders extended their suspension of countermeasures into early August and have resumed talks with the White House to seek reduced tariff rates.
• Major banks including JPMorgan Chase, Wells Fargo and Citigroup kick off second-quarter earnings season on Tuesday with markets on edge.
• The White House has ramped up public pressure on Fed Chair Jerome Powell after National Economic Council Director Kevin Hassett said the president could fire him “if there’s cause.”