🚀 EU delays tariffs against the US by six months

Market Overview
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Year To Date Performances:

1. The European Union has agreed to delay its planned counter-tariffs on U.S. goods for six months, following a tentative political agreement between President Trump and European Commission President Ursula von der Leyen. The move, which avoids immediate escalation in the ongoing trade tensions, gives both sides more time to finalize a broader trade deal that includes U.S. tariffs on European cars and promises from the EU to boost American energy imports and investments. However, these commitments are not legally binding. The delay marks a diplomatic victory for Trump as he pushes forward with sweeping tariff measures set to take effect on August 7.

2. Shares of American Eagle soared over 15% Monday after President Trump praised its controversial ad campaign featuring Euphoria star Sydney Sweeney, calling it the “HOTTEST ad out there” on Truth Social. The campaign, with the tagline “Sydney Sweeney has great jeans,” has drawn backlash from critics who argue the messaging is sexist or subtly racialized, but Trump’s endorsement appeared to energize investors and conservative supporters. While the brand had been under pressure from declining sales and merchandising missteps, the spike in attention has made American Eagle the most searched brand online in over two decades, though it’s still unclear if that buzz will translate into improved revenue when earnings are released in the coming weeks.

3. President Trump announced Monday he will “substantially” raise tariffs on Indian goods in retaliation for India’s continued purchases of Russian oil, accusing the country of profiting off resold oil while ignoring the human toll in Ukraine. The announcement, made via Truth Social, follows last week’s pledge to impose a 25% tariff on Indian imports, though Trump again offered no specifics on timing or scope. Despite the threats, Indian officials told Reuters they will maintain Russian oil imports, signalling they won’t shift course under U.S. pressure. The move adds another flashpoint in Trump’s increasingly aggressive trade agenda.

   Headlines

   1. Goldman Sachs projects housing to be one of the weakest sectors in H2, falling 8% by the end of the year.

   2. Amazon is cutting jobs at Wondery as part of its reorganization of its audio business.

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