🍔 Bitcoin Makes New Highs!

Plus: Fresh tariff concerns and a potential double squeeze. Can this rally continue?

Fresh Tariff Concerns

Another week, another bout of tariff escalations. The July 9 deadline for deals was pushed back to Aug 1, with the caveat that no further extensions would be given. Despite this, the tariff pen was hard at work:

• 35% tariffs on Canada, up from 25%

• 25-40% tariffs on South Africa and Asia

• 50% tariffs on Brazil and added tariffs on BRICS countries (Brazil, Russia, India, China, South Africa)

• 50% tariffs on copper and a possible 200% on pharmaceuticals

• New tariffs imminent for the European Union

• General blanket tariffs of up to 20% on everyone else, up from the current baseline of 10%

The market has come to understand that these announcements are all bite and no bark. The reason Trump needs to ratchet up the pressure is because negotiations are not concluding as fast as he would like. There is a certain trajectory of progress he must demonstrate to his supporters, as well he wants to move on to the next phase of his grand plan (shifting away from trade policy towards domestic fiscal support).

The data says tariffs don’t matter…

The rest of this article is for premium members. Today’s post covers:

• Is this the final deadline for tariff extensions?

• Bitcoin to new highs

• Stock rotation continues

• US dollar double squeeze

• Smart money chasing the market

• Our current portfolio and recent changes