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Focus back on 'trade deals', more TACO action to 1st Aug / Musk's new party / OPEC+ / GPIF / BRICS meeting

  • rmd005
  • Jul 7, 2025
  • 3 min read

  • BRICS leaders meet amid Trump's tariff threats

  • Markets : bill passed, fiscal, trade, immigration and regulation uncertainty partly 'resolved' within those policy factors, what remains is U.S trade policy now, trade 'deals', and more TACO action as we heard over the weekend to 1st Aug and the threats started again ahead of the deadline now (could very well be THE deadline since the BBBill is passed now he can get angry again... >>> ...just as everyone thinks that there are effectively no deadlines.., beware, equity markets pretty calm near highs/FOMO like price action, USD stable near highs (positioning is short USD's), #TSLA and Musk in the headlines again

  • Bessent: Tariffs will ‘boomerang’ back to April levels by Aug. 1 for countries without deals, Trump threatens extra 10% tariff on nations that side with Brics

  • White House insider says “it’s all fake” regarding Trump’s trade deadlines (“there’s no deadline. It’s a self-imposed landmark in this theatrical show”)

  • Elon Musk says he has formed a new U.S. political party, the ‘America Party’

  • There is going to be real pain’ from AI: OpenAI’s Sam Altman warns ‘There will be whole categories of jobs that go away’

  • Europe is hoping for a preliminary trade framework agreement that leaves the 10% baseline tariff in place while negotiations continue (this is the best-case scenario – it’s possible the White House decides to impose higher tariff rates while additional talks take place)

  • OPEC+ pushed through an even larger production hike than anticipated, taking output up by 548K BPD (instead of the 411K pace of the last few months) as the cartel looks to recapture market share

  • GPIF logs $61 billion loss as weak dollar hits overseas assets

  • China retaliates to EU ban with import restrictions on medical devices


Bessent on Yale Budget Lab saying richest Americans will see their income rise by nearly 2% while lowest earning Americans will actually see incomes drop as a result of Trump's bill: "I actually went on their website. They're all ex-Biden officials, so I think we can discount everything they say."


Trump: What people don’t understand is.. the country eats the tariff, the company eats the tariff and it’s not passed along at all… China is eating the tariffs >>>Fact-check: False. Costs associated with tariffs are almost universally passed to consumers


Hassett who is Trumps Senior Advisor says the best way for people to get insurance is to get a job. Completely admitting 11 million citizens will lose coverage. Hassett neglects that half US companies don't offer health insurance









Gundlach on Bloomberg: - Private Debt (and private equity) could be the next big bubble to burst. - US debt and interest expenses are unsustainable. - Gold is a real asset class. - We need to restructure institutions, political parties, and finances.




If he says it...



 
 
 

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