Letters and Deals: Trade-Related Confusion Stages a Return

Trade related confusion is back on the front burner

Highlights

• Trade related confusion is back on the front burner

• OPEC+ is determined to keep the taps on

• S&P 500 fires bullish signals with a “Golden Cross”

• Weak dollar provides extra stimulus for Industrials and Tech

Key Takeaways

• Equities in Retreat as Tariffs Loom: Equity markets are in retreat mode as trade concerns resurface. The President has pledged to start issuing unilateral duties on dozens of countries starting today (specifically mentioning the BRICS). It is unclear if July 9^th is still the deadline or musings over a further reprieve to August 1^st (Scott Bessent on the wires saying some countries will be facing those punitive reciprocal levies outlined back on the April 2^nd “Liberation Day”).