Bloomberg Surveillance Market Focus Shifts from Taxes to Tariffs
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Jul 7, 2025 Brad Rogoff, Global Head of Research at Barclays, sheds light on the health of banks and lending as earnings season approaches. He dives into how the market's focus has shifted from taxes to looming tariffs, creating uncertainty for businesses and investors alike. The discussion also touches on the implications of trade policies on various sectors and the distinct challenges that rising tariffs pose for small businesses. As tensions in Washington escalate, Rogoff provides valuable insights into navigating the current economic landscape.
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Free Reign on Tariffs
- With Congress constraints lifted, the Trump administration has free rein to impose tariffs aggressively.
- Delays in tariff deadlines likely indicate intended substantial rate hikes on many nations.
Impact of Section 232 Tariffs
- Section 232 tariffs (on sectors like wine, pharma, semiconductors) are permanent and structurally significant.
- These sector-specific tariffs create enduring challenges beyond temporary trade disputes.
Boeing's Recovery Path
- Boeing shows steady improvement under new CEO focused on consistent progress and workforce engagement.
- 737 deliveries trending higher than expected, significantly improving cash flow forecasts for Boeing.