In this issue of the Steady Investor, we spotlight the stories and signals moving markets this week, including:
Tariff Deadlines Get Extended (Again), But Rhetoric Heats Back Up – The tariff respite investors had been enjoying for a few weeks is officially over. While it’s true the U.S. has extended the deadline for ‘reciprocal tariffs’ until August 1, that extension also came with several letters to countries notifying them of new reciprocal tariff rates if no deals were reached. Administration officials said the letters were designed to spur final-stage negotiations and extract concessions, but not to signal immediate escalation. The strategy is similar to what we’ve seen throughout this trade negotiation process and reflects a high-pressure tactic aimed at quickly resolving long-standing trade frictions. According to some administration officials, the U.S. is prioritizing countries (in the letters) seen as having failed to offer fair terms. More than a dozen additional letters are expected in the coming days, with tariff rates tailored to each nation’s treatment of U.S. exports. The upcoming tariffs are layered on top of a 10% baseline rate already applied across most imports, but certain sectors—such as copper, semiconductors, and pharmaceuticals—will face additional duties. New tariffs of up to 200% on some pharmaceutical products are being framed as national security measures, with companies receiving extended transition windows to adjust supply chains. Further announcements on sector-specific tariffs are expected by the new August deadline. The delay also reflects logistical complexity. Customs and Border Protection would have faced an operational challenge implementing updated tariff codes for hundreds of products by the original date, particularly as deal terms continued to evolve. While officials maintain readiness, the timeline shift gives both negotiators and regulators more room to manage implementation. From a market’s perspective, the tariff reprieve reduces immediate trade risk but does not eliminate uncertainty.1
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The Booming Segment of the Housing Segment Isn’t Great for the Economy – There’s a segment of the housing market that’s performing very well, but it’s not necessarily what we want to see long-term. The segment is rentals. Data from the National Association of Realtors shows that just 1.1 million people bought their first home last year down nearly 50% from the historical average and the lowest total in over a decade. While homeownership stagnates, the rental market is firming. The U.S. now has a record 46 million renter households, with at least 1.2 million considered “trapped renters” households that would prefer to buy but cannot due to affordability constraints. Harvard’s Joint Center for Housing Studies estimates that at current price and rate levels, buyers need to earn $127,000 annually to afford a median-priced home. Only a fraction of renters clear that bar. Over the long term, pent-up demand for homeownership remains substantial, particularly among Gen Z and millennial households. But until affordability improves or rates fall meaningfully, the U.S. rental market may continue to absorb sidelined buyers.3
Copper Prices Soar to a New Record – Copper prices surged to record highs this week after the U.S. announced a steep new tariff on imports of the metal, reigniting concerns about supply constraints and trade escalation. Front-month copper futures jumped 13% to $5.6450 per pound—their largest single-day percentage gain in over five decades. The move followed confirmation that copper imports will face a 50% duty beginning August 1 under the national security authority.Apart from action in copper prices, muted investor response to the news suggests that markets are growing more accustomed to tariff headlines, especially given resilient corporate earnings, steady consumer spending, and a labor market that has yet to show major strain. While earlier phases of tariff escalation jolted equities, recent trade rhetoric has produced more muted responses, perhaps reflecting an expectation that the ultimate outcome on tariff rates will be lower than the headline-grabbing number.4
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