Capital Markets Take U.S. Tariffs And Threats In Stride

2025-07-09 07:54:00 ET

Overview : The US tariff saga continues. Yesterday, President Trump announced a 50% tariff copper, sending the red metal screaming higher (13%+), and threatening 200% tariffs on pharma. Other sectoral investigations are expected to wrap up toward the end of the month. There is a vigorous effort to check "transshipments," but it is not clear how it will be defined. How much domestic input is required, and how will it be decided? In any event, outside of copper, which has pulled back a little today, the capital markets have taken it in stride and are fairly subdued so far today. The greenback is narrowly mixed against the G10 currencies, mostly within yesterday's ranges. Emerging market currencies are lower, except for the Russian ruble and Mexican peso. The peso has reached its best level since last August today....

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