Replacing the IEEPA Tariffs With a 15% Tariff Under Section 122 for Now Would Reduce the Increase in the Effective Tariff Rate Since the Start of 2025 from Just Over 10pp to 9pp
Goldman Sachs estimates that the changes will reduce the increase in the effective tariff rate since the start of 2025 from just over 10% to about 9% once the Sec. 122 tariffs are implemented. Source: Zerohedge
tariffs collected by Trump so far
Source: Bloomberg
2026 has so far seen the second strongest relative performance for equal weight versus cap weight since 1990
Source: Bespoke
how corporates are shifting their uses of cash.
The biggest standout here is that funds are not being returned to shareholders as before, i.e., dividends and buybacks have certainly taken a hit. Source: Goldman Sachs, Ayesha Tariq, CFA @AyeshaTariq
Without comments
Source: Trend Spider
Us Tariffs range from 8.3% to 15.3%
The headline: The trade-weighted average US tariff rate is now 13.2% under Section 122 at 15%. That's down from 15.3% before the ruling, but well above the 8.3% that would have applied with no replacement. Source: Global Trade Alert
Amazon Is Hiring Robots While Cutting Human Jobs
Source: Visual Capitalist
What is the size of the yen carry trade?
There are various types and forms of the yen carry trade. This table from our comprehensive report on this topic shows that its size is substantial. Using conservative estimates, I would put it at $1 trillion.
