WTF Dailies July 11, 2025
US stock futures fell late Thursday after President Trump threatened Canada with a 35% tariff on its imports to the US and floated higher blanket levies.
- US stock futures fell late Thursday after President Trump threatened Canada with a 35% tariff on its imports to the US and floated higher blanket levies. Trump on Truth Social posted a letter to Canadian Prime Minister Mark Carney, telling him that Canadian goods imported to the US would face a 35% tariff starting in August. In an interview with NBC News, Trump also floated 15% to 20% blanket tariffs on most trading partners, higher than the 10% level currently in effect.
- The market has largely shaken off Trump's renewed tariff threats this week, which have culminated in nearly two-dozen letters to trading partners dictating the duties their country's imports will face beginning Aug. 1. That included Wednesday's announcement of a 50% levy on imports from Brazil, a striking move with which Trump waded into the country's domestic political scene.
- Investors had remained optimistic on Trump's shift in deadlines, which was originally set for this week, as the US continued to work on deals with major partners, including the EU, Canada, and India. Trump said the EU, in addition to Canada, would be receiving a letter "today or tomorrow.
- U.S. and European stock futures dipped in Asia on Friday after President Donald Trump stepped up tariff threats against Europe and Canada, restraining a broad rally in regional share markets.
- The dollar gained on the euro and the Canadian currency as Trump issued a letter late on Thursday that a 35% tariff rate on all imports from Canada would apply from August 1, adding the European Union would receive a letter by Friday.
- The U.S. president, whose global wave of tariffs has upended businesses and policymaking, floated a blanket 15% or 20% tariff rate on other countries, a step up from the current 10% baseline rate.
- Both Nasdaq futures and S&P 500 futures fell almost 1% before recovering most of the losses and were last down 0.2%. EUROSTOXX 50 futures were also last 0.2% lower.
- The euro slipped 0.2% to $1.1676, while the dollar gained 0.3% to C$1.3695.
- MSCI’s broadest index of Asia-Pacific shares outside Japan wobbled but was last up 0.4% to hit the highest level since November 2021. It was driven by a 1.7% rally in Hong Kong’s Hang Seng index, helped by expectations of further policy support.
- Chinese blue-chips jumped 0.9% to the highest level since December last year ahead of talks between U.S. Secretary of State Marco Rubio and Chinese Foreign Minister Wang Yi at the ASEAN Summit.
- Tokyo’s Nikkei was flat, dragged lower by a 6.3% drop in shares of Uniqlo owner Fast Retailing after it warned of a significant tariff impact to its U.S. operations from later this year.
- In Treasury markets, moves were muted in Asia. Benchmark 10-year U.S. Treasury yields rose 2 basis points to 4.3637%, having edged up a tiny bit overnight after data showed jobless claims unexpectedly fell last week.
- Oil prices rose slightly after losing 2% overnight. Brent crude futures gained 0.2% to $68.77 a barrel, having lost 2.2% a day earlier.
Market Close
- U.S. equities fell today in the wake of further tariff announcements from the Trump administration. The S&P 500 was down 0.3% at the close from its record high yesterday, with the Dow Jones down an even steeper 0.6% and the Russell 2000 down 1.3%. Canadian equity-markets were also softer, losing 0.3% by the end of the day. The sell-off extended into government bond markets too, with yields rising as investors worry about the inflationary impact of tariffs. The U.S. 2-year Treasury yield finished the day up 2 basis points higher (0.02%) and the 10-year yield was up 7 basis points, driving a steepening in the yield curve and supporting a moderate appreciation in the dollar against a trade-weighted basket of currencies. Oil staged a rebound from its steep decline yesterday.
- President Trump announced a higher 35% tariff rate on Canada last night, in response to ongoing complaints over fentanyl imports and Canada's 400% tariff on U.S. dairy products. The rate will come into force on August 1 and apply to goods not compliant with the USMCA trade agreement. It will apparently stack on top of other sectoral tariffs on steel and aluminum, but energy-related products will remain at 10%. More broadly, the president signaled an intention to raise blanket tariff rates to 15%-20% from the 10% baseline tariff in place at present. He also signaled that the EU would receive a tariff letter shortly outlining its tariff rate to come into force August 1 absent a trade agreement. Markets had largely brushed off tariff announcements this week, in part reflecting confidence that many of these measures could be averted by trade deals, or further delays in implementation.
- Earnings reports from the second quarter will start to roll in next week, with markets likely watching carefully to see how tariffs are impacting corporate profits and margins. Analysts are expecting 5% annual earnings growth for S&P 500 companies in aggregate, well down from the 13% in the first quarter of this year, according to FactSet consensus estimates. Expectations have fallen to already capture some of the disruptions seen from policy uncertainty and tariff shifts in recent months. However, markets will be watching closely to see if this impact is more or less pronounced in the earnings data, and which segments of the corporate sector are worst affected.
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This daily briefing is curated from a wide range of reputable sources including news wires, research desks, and financial data providers. The insights presented here are a synthesis of key developments across global markets, intended to inform and spark thought.
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