Investors are paying attention to Trump tariffs again.
Traders return from a summer weekend with one hand over their eyes as tariff fears ratchet higher. President Trump has threatened 30% tariffs on Mexico and the European Union. We are only 17 days away from his Aug. 1 tariff deadline, and the market is starting to wake up to the reality that the president is all in here on this strategy.
“Trump is under less pressure to back down with US risk markets around their highs and bond markets relatively stable at the moment,” Deutsche Bank strategist Jim Reid said.
Here is everything we touched on during Yahoo Finance's Opening Bid on Monday. Tune in live daily to Opening Bid at 9:30 a.m. ET.
Coinbase (COIN) shares are up 80% over the past year! The stock is getting another bid today as bitcoin prices hit a record of $120,000 and crypto week kicks off in D.C. Legislators will begin debating key crypto legislation, notably the GENIUS Act, that could be favorable to the industry.
“I think regulation will be a huge boon for crypto,” Coinbase co-founder and CEO Brian Armstrong recently told me. “I mean, we think that that's how we expand the total addressable market of crypto. And frankly, that's why a lot of people are now coming into crypto because they're seeing that regulatory clarity is on the horizon.”
Experts say the crypto complex has come a long way, and the assets should be considered a Hold going into strength.
“Bitcoin will be around $125,000. I wouldn't necessarily get out, but I would certainly be looking at holding it,” Michele Schneider, director of trading education and research at MarketGauge, said on Opening Bid.
Read more about crypto moves and today's market action.
President Trump has threatened 30% tariffs on the European Union and Mexico starting Aug. 1. Mexico and EU leaders said they would continue to negotiate with the Trump administration this month before that date.
Trump's renewed tariff push is slowly beginning to chip away at the optimism that has powered stocks to record highs — with an emphasis on “slowly,” as investors still believe corporate America is weathering the trade storm well.
“It's virtually impossible overnight [to move supply chains]. It takes a long time to set up anywhere,” Reebok founder Joe Foster told me in a new episode of the Opening Bid Unfiltered podcast.
Foster's comments echo the frustrations of many top execs amid Trump's tariff barrage.
