SPX: S&P 500 Futures Pull Back from Record Highs After Trump Ramps Up Trade Offensive

Trump’s tariff broadside once again weighed on stock optimism, leading to an implied drop at the opening bell on Friday. Also, stocks are at records. Bitcoin too.

🌀 Trade Threats Chill Record Run

• S&P 500 futures slid about 0.5% early Friday, pointing to a softer open after Wall Street clocked fresh record highs earlier this week. President Trump’s renewed tariff barrage is putting a damper on sentiment just as markets were feeling cozy near all-time peaks.
• European markets followed suit: the Stoxx 600 fell 0.5% in early morning trading, en route to snap its winning streak as traders absorbed the latest tariff headlines.
• Meanwhile, the US dollar firmed up against most major peers, and the sterling sank on weak UK GDP data — a sign that safe-haven flows are less convincing when the greenback flexes its muscles.
• The big story: Trump said he plans to ramp up blanket levies to 15% or 20%, up from the flat 10% rate many countries have enjoyed during the 90-day “pause.” The ultimatum: get a deal done or pay up next month.

♟️ The Global Trade Chess Game

• Tariff tensions are ratcheting up on multiple fronts. After peppering trade partners with new demands all week, Trump confirmed that EU nations are next in line, with letters due “imminently” according to White House officials.
• Canada is already in the firing line — Trump said Thursday he’d slap a 35% tariff on some Canadian goods. In response, Canada said it would impose 25% retaliatory tariffs on $21 billion worth of American imports.
• All this comes as the White House’s self-imposed deadlines loom: the broader “reciprocal tariffs” jump back to full levels on August 1 if new deals aren’t nailed down.

🚀 Bitcoin Defies the Tariff Jitters

• While stocks and safe havens pivot, Bitcoin BTCUSD just keeps blasting higher, extending its record rally to hover near $118,000 early Friday. The surge suggests some investors remain eager to take on risk, betting that crypto could be a buffer as trade threats shake up FX and equity markets.
• As it stands, the S&P 500 is up nearly 7% year-to-date, floating at record high levels. But with global trade uncertainty hitting headlines again, traders are asking: is this the start of another pullback, or just the usual pause before a push higher?
• All eyes are now on whether risk assets can hold the line — or if the tariff chess match finally breaks their stride.