Key Takeaways
- Trade Policy: Former President Donald Trump announced plans to issue nearly 200 tariff notices, signaling a continued aggressive stance on global trade, particularly noting difficulties in negotiations with Canada.
- Global Trade Deals: Australia is poised to import U.S. beef for the first time, a development Trump highlighted as a "very big market" and a positive outcome for American farmers.
- International Relations: Trump indicated he is considering imposing secondary sanctions on Russia and expressed dissatisfaction with recent discussions with Israeli Prime Minister Benjamin Netanyahu.
- Economic Outlook & Meetings: Trump reported a "good meeting" with Federal Reserve Chair Jerome Powell concerning interest rates, while the Atlanta Fed's Q2 GDPNow forecast remained stable at 2.4%.
- Political Engagements: Contrary to earlier reports, Sir Keir Starmer's anticipated meeting with Donald Trump is now expected to occur on Monday.
Former President Donald Trump has outlined a series of assertive positions on trade, international relations, and economic policy. He stated an intention to issue nearly 200 tariff notices, emphasizing that most upcoming trade agreements would involve "letters instructing tariff rates." Trump also noted that a lower dollar would make tariffs "worth more."
In a significant development for American agriculture, Trump announced that Australia is set to import U.S. beef for the first time, describing it as a "very big market" that he hopes will please U.S. farmers. This move could represent a considerable boost for the American beef industry.
On the diplomatic front, Trump expressed a tough stance on trade negotiations with Canada, stating there hasn't been "a lot of negotiating" and he hasn't "had a lot of luck" with the nation. He warned that Canada "may face unilateral tariff increase" and reiterated that if steel tariffs are reduced for one country, they must be reduced for all. Regarding the European Union, Trump suggested there's a "pretty good chance" of making a deal, but also indicated the EU "may have to buy down their tariffs."
Beyond trade, Trump revealed he is "looking at secondary sanctions" and "may have to put secondary sanctions on Russia." He also offered a candid assessment of his recent conversation with Israeli Prime Minister Benjamin Netanyahu, calling it "sort of disappointing."
Domestically, Trump reported a "good meeting with Powell on interest rates," indicating discussions with the Federal Reserve Chair. This comes as the US Atlanta Fed GDPNow Q2 forecast held steady at 2.4%. In political news, it was clarified that Sir Keir Starmer will not meet Donald Trump until Monday, contrary to earlier remarks.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.