Current time is Friday, July 19, 2025 at 6:00 PM UTC.
Ah, another Friday, another cascade of tariff announcements from the White House. One might expect the global financial markets to be in a perpetual state of whiplash, given the sheer volume and velocity of President Donald Trump’s trade policy pronouncements. Yet, in a testament to either remarkable resilience or profound exhaustion, the markets appear to be developing a severe case of “headline fatigue.”
For most of 2025, investors have grappled with the inherent uncertainty injected into the global economy by the Trump administration’s aggressive trade policies. While early 2025 saw stocks whipsawing on every tariff rumor and factual announcement, those “massive swings” are reportedly “gone.” Instead, there’s a prevailing “wait-and-see approach” among investors, perhaps hoping that President Trump will, as the popular “TACO” (Trump Always Chickens Out) trade theory suggests, ultimately step back from imposing the full tariff regime. It seems the market has learned to distinguish between a tweet and a treaty, or at least, a threat and its immediate, full implementation.
The Tariff Carousel: A Daily Dose of Duties
The past week alone has been a dizzying display of proposed and confirmed levies. On July 12, President Trump announced a 30% tariff on imports from both the European Union and Mexico, effective August 1. This rate, while still substantial, is a slight reprieve from the 50% tariff previously threatened for the EU in May. Meanwhile, Canada found itself staring down a 35% tariff on most goods, also set to kick in on August 1, an increase from the prior 25% rate. This escalation came despite Canada reportedly agreeing to withdraw its planned digital services tax. Apparently, good behavior doesn’t always guarantee a pass.
Not content with just North American and European targets, the administration cast its net wider. On July 9 and 10, a startling 50% tariff on copper imports was announced, effective August 1. This move sent “shockwaves” through metals markets, as it “significantly exceeded analyst expectations.” Beyond these, threats of 25-49% tariffs loom over Japan, South Korea, Malaysia, Kazakhstan, and Cambodia, unless new trade deals are inked by August 1. Brazil, too, is facing a 50% tariff on its exports starting August 1. And for those keeping score, a 10% minimum tariff now applies to nearly all US imports, with Chinese goods facing a heftier 30%. The World Economic Forum notes that US customs duty revenue surpassed $100 billion for the fiscal year ending in June, reflecting the sheer scale of this new tariff regime. It appears tariffs are not just trade tools, but increasingly, a fiscal one, with Treasury Secretary Scott Bessent projecting $300 billion in revenue by year-end.
In a curious twist, while threatening tariffs on “more than 150 countries,” the President also announced a US-Indonesia trade deal [Cryptopolitan Alert] and a deal with Vietnam, which will maintain a 20% baseline tariff. India and the US are also reportedly working on an interim deal that could see tariffs below 20%. One might call it a nuanced, albeit chaotic, approach to global commerce.
The Market’s Muted Melodrama
Despite this tariff deluge, the major US stock indices have largely maintained their composure. The S&P 500 and Nasdaq Composite have remained “relatively stable,” even occasionally closing flat or slightly up following tariff announcements. In fact, both indices managed to hit new record highs on Thursday, July 10, or Friday, July 11, defying the looming tariff threats. The Dow Jones Industrial Average, perhaps more sensitive to traditional industrial sectors, has been “under pressure” and closed “modestly lower” in some instances, with futures slipping by 0.6% or more early Friday, July 11. European markets mostly fell on Monday, July 14, following the EU and Mexico tariff threats, while Asian stocks also showed some pressure. However, the overall sentiment is far from panic, with analysts citing “headline fatigue” as a key factor. Investors, it seems, have seen this playbook before and are adopting a “wait-and-see approach” until a “clear escalation or a surprise” materializes.
Commodity Capers: Copper’s Curious Case
While broad market indices have shown a stoic face, specific commodities have reacted with more dramatic flair. Copper, that essential metal for everything from electronics to construction, has been particularly volatile. Following the July 9/10 announcement of a 50% tariff on copper imports, US Comex copper futures surged a staggering 38% in 2025, substantially outpacing the London Metal Exchange’s more modest 10% gain over the same period. Prices briefly touched an all-time high of $6.20 per pound before settling at $5.5445 per pound on July 11, still maintaining historically elevated levels. This “record one-day jump” of 17% on Tuesday, July 8 or 9, created a significant arbitrage of over $2,000 per tonne between Comex and LME prices. Unsurprisingly, shares of copper mining giants like BHP and Anglo American reportedly fell following the announcement, while US-based companies such as Freeport-McMoRan and Rio Tinto are expected to benefit from reduced competition. Meanwhile, Nebraska corn producers are fretting over President Trump’s announcement that Coca-Cola will switch to cane sugar, [Omaha.com Alert] and orange juice and coffee drinkers may face a price shock due to a 50% tariff on Brazil. [Investopedia Alert] It seems no commodity is safe from the trade winds.
Crypto’s Curious Case: From Wild West to White House Endorsement
In a somewhat unexpected turn, the cryptocurrency market has been basking in a newfound legitimacy, despite a post-announcement dip. The global cryptocurrency market capitalization reached a record $4 trillion on Friday, July 19. This surge was fueled by “renewed investor optimism” and “clearer regulatory signals,” particularly after President Trump signed the GENIUS Act into law. This landmark bill aims to regulate payment stablecoins and prohibit a US central bank digital currency (CBDC). While the crypto community largely welcomed the move, Bitcoin, the largest cryptocurrency, which had recently crossed the $120,000 mark, fell by 2% following the bill signings, in what some analysts dubbed a “sell-the-news” event. Nevertheless, crypto-linked equities like Coinbase (+1%) and Robinhood (+3%) hit all-time highs on July 19, riding the wave of broader digital market enthusiasm. It seems even the Wild West of finance is getting a presidential seal of approval, even if it comes with a temporary price dip.
The Economic Oracle Speaks (Sort Of)
Beneath the market’s seemingly placid surface, economists continue to issue warnings. J.P. Morgan Global Research has lowered its estimate for 2025 real GDP growth to 1.6%, a 0.3% reduction, citing “heightened trade policy uncertainty.” They also project that tariffs could push up consumer prices by 0.2 percentage points, with core CPI forecast to rise to 3% in June. Some experts believe the “tariff boost to consumer prices will be undeniable.” The Bank of England has also warned that “sharply higher tariffs could trigger a rise in corporate defaults and bank losses.” Goldman Sachs economists estimate that the effective US tariff rate could eventually reach 17%, and while they expect S&P 500 earnings per share to grow 7% in 2025, they acknowledge a “modest drag on economic growth” from tariffs. Deutsche Bank analysts are more direct, estimating that tariffs will “ding” second-quarter earnings for the S&P 500 by about 2 percentage points. The labor market isn’t spared either, with projections of a 0.5 percentage point rise in unemployment and 641,000 fewer payroll jobs by the end of 2025.
Despite these rather dire predictions, the market’s prevailing sentiment, as noted by Morningstar’s chief multi-asset strategist Dominic Pappalardo, is one of “headline fatigue.” It’s almost as if the financial world has collectively decided to shrug its shoulders and wait for the next act in this ongoing trade drama. The BRICS nations, for their part, are reportedly “shrugging off” Trump’s tariff threats and remain committed to using local currencies, despite Trump’s claims that he is “weakening their efforts to rival the US dollar’s dominance.” Apparently, not everyone is playing by the same script.
The Truth About Truth Social
And finally, a brief glance at the digital soapbox itself. Trump Media & Technology Group (DJT), the parent company of Truth Social, continues its rollercoaster ride as a “meme stock.” The stock has seen spikes, reportedly rising around 22% in a single day, often coinciding with Trump’s dramatic announcements or political rallies. Despite reporting a $49 million loss, DJT stock has soared. President Trump recently declared he has “absolutely no intention of selling” his shares, a statement that helped the stock rebound from a record low. However, it’s worth noting that even with recent bumps, DJT‘s share price remains 77% lower than its March peak of $79.38. A true reflection of the market’s discerning, if occasionally emotional, eye.
In conclusion, as President Trump continues his relentless pursuit of trade rebalancing through tariffs and threats, the financial markets are responding with a mix of calculated indifference and selective volatility. The major indices seem to have developed a thick skin, while specific sectors and commodities bear the brunt of the immediate impact. Economists continue to warn of long-term consequences, but for now, the market’s collective shrug and the “TACO” theory appear to be holding sway. One can only wonder what fresh policy pronouncements the weekend will bring, and how many yawns they will elicit.
DISCLAIMER: We read Trump’s posts so you don’t have to. This is comedy meets market data, not financial advice. Not political advice either – we just like charts and chaos.
Elana Harper is a seasoned financial editor and market analyst with over a decade of experience covering global equities, economic trends, and corporate earnings. Known for her sharp insights, Elana specializes in making complex financial topics accessible to a broad audience. She now serves as the Senior Financial Editor at Stock Market Watch, where she oversees daily market coverage and political commentary.