Overview

• President Trump’s new agreement with Vietnam eliminates US tariffs on American exports to the country while imposing at least 20% duties on Vietnamese goods entering the United States.
• June’s official payroll report showed a gain of 147,000 jobs and a drop in the unemployment rate to 4.1%, driving the Nasdaq and S&P 500 to record closing highs.
• A contrasting ADP/Stanford survey recorded 33,000 private-sector job losses in June, underscoring a split in labor data that keeps Federal Reserve policy decisions in focus.
• The Senate narrowly approved President Trump’s budget bill, which the Congressional Budget Office estimates will add over $3 trillion to the national debt by 2034, raising fiscal concerns.
• If no new agreements are reached by the July 9 deadline, 54 trading partners face steep reciprocal US tariffs that threaten European luxury and automotive sectors.