Monday 28th July 2025

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President Trump announced a trade deal with the EU on Sunday, that sees a 15% tariff on most goods, cars included. Aluminium and steel remain at 50%. In exchange, according to Bloomberg, Europe will not levy any tariffs and will invest an extra $600bn in the US and spend $750bn on US energy. The deadline for a China deal also seems to have been pushed back 90 days. NAB’s Rodrigo Catril talks through the likely market reaction today, with equities already elevated on Friday from earnings results and some significant earnings results in the week ahead. Also on Friday the US President indicated that it would be too problematic to fire Jerome Powell, but will he still hold that opinion when the Fed holds rates again this week?

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