Market Perspectives

July 9 tariff deadline pushed to August 1, as revised rates and a few deals get announced

In this Market Perspectives note, we provide an update on the evolving U.S. tariffs. We just passed the July 9 re-implementation date at the end of the 90-day pause on the Liberation Day tariffs. With only three deal frameworks having been announced to date (U.K., China, Vietnam), the U.S. Administration has otherwise announced slightly modified rates for a number of other countries, with the start date pushed to August 1. More deals with the E.U. and other major partners are reportedly close to being announced. Separately from the Liberation Day tariffs, Canada is expected to announce a new trade and security agreement with the U.S. by July 21.