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08 Jul 2025

Trump’s Tariff Letters Leave Markets Largely Unmoved

The dollar is losing altitude once again after Donald Trump reignited trade tensions with a fresh round of tariff threats, unsettling global markets and complicating the outlook for monetary policy. Trump sent letters to 14 countries last night—including close allies and key trading partners Japan and South Korea—threatening them with the reimposition of tariffs from August 1, and more are expected today. The greenback is sitting on losses equivalent to roughly half of yesterday’s gain, Treasury yields are up across the curve, equity futures are pushing lower ahead of the open, and the Canadian dollar, Mexican peso, and euro are...

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