Video: Tariff Pause, Court Battles & Stalled China Talks Weigh on U.S. Leverage as Markets Watch for July Weather Risks
Trump has paused the proposed 50% tariffs on EU goods until July 9, the reciprocal tariff deadline. However, three U.S. International Trade Court judges initially blocked the move, calling it illegal—though an appeal has temporarily reinstated the tariffs pending a Supreme Court decision. Meanwhile, China trade talks have stalled, weakening U.S. leverage and potentially delaying future deals. In the U.S. Midwest, heavy rainfall (123% of normal) through mid-June is pressuring grain markets, with hopes for a June weather scare likely pushed into July. In contrast, Western Canada is facing a hot, dry three-month outlook with active wildfires—similar to 2023—which could impact final yield potential.