14 July 2025: Weekly Update – Copper Tariffs, Nvidia and Dollar Weakness

At that time, the administration had promised to secure “90 trade deals in 90 days,” a commitment that has since lost credibility, with only two loose agreements currently in place - one with the United Kingdom and another with Vietnam.

The result has been widespread confusion among key trading partners, many of whom are now caught in a state of uncertainty and regulatory limbo. Such conditions are far from ideal for long-term business planning or investment.

Nonetheless, despite the geopolitical noise, equity markets have continued their upward trajectory and appear largely unfazed by the latest tariff developments, with US stocks rallying over the week. Leading the charge was Nvidia, which made headlines by becoming the first publicly traded company to reach a $4 trillion market valuation.

The forthcoming earnings season will likely offer insights into how tariff policies are impacting corporate performance. For now, while tariffs are generally viewed as more detrimental to US economic interests, their immediate effects have primarily been manifested through a weakening US dollar.