Market Talks covering the impact of U.S. Politics and White House policies on companies and markets. Published exclusively on Dow Jones Newswires throughout the day.

0919 ET - Grain markets are assessing what the new round of tariffs announced by President Trump may mean for U.S. agriculture. The tariffs are not scheduled to begin until next month, but included in this round is dairy products from Canada -- with claims that Canada's trade policies are discriminatory. CBOT grains haven't reacted much to these tariffs specifically, although the timing of them comes as the U.S. and Mexico enter discussions surrounding extending the USMCA. In a note, Chris Krueger of TD Cowen says that the next 30 days "leaves ample time to hammer out some type of face-saving retaliation unwind -- perhaps during the USMCA negotiations." CBOT corn is down 0.7% pre-market, while soybeans fall 0.3% and wheat is down 0.7%. (kirk.maltais@wsj.com)

0831 ET - Polling from Ottawa-based Abacus Data suggest that a majority of Canadians aren't keen on PM Mark Carney making quick concessions to secure a trade detente with Washington. In results published Tuesday, or hours after President Trump threatened to slap a new 50% tariff on a swath of Canadian goods, Abacus says 69% of Canadians want Carney to hold firm in trade talks regarding USMCA, "even if it means living with uncertainty for longer." Abacus adds respondents indicate that reducing Canada's trading dependence on the U.S. should remain a long-term policy priority. The White House says the new 50% tariff is in response to discriminatory Canadian treatment of U.S.-made automobiles, spirits and wine, and dairy products. (paul.vieira@wsj.com; @paulvieira)

0726 ET - Copper prices rise more than 1.5%, supported by tightening supply conditions in China. Demand for refined copper strengthened after scrap shortages pushed China's Yangshan import premium to its highest level in more than a year, reflecting increased appetite for imported metal, according to ING analysts. Supply has also been constrained by maintenance at several Chinese smelters and with Beijing's copper inventories near the lower end of their seasonal range. Meanwhile, as more metal gets drawn into the Chinese market, stocks on the London Metal Exchange have fallen. Expectations of potential U.S. tariffs have provided additional price support, according to ING. Still, uncertainty surrounding global economic growth and the Federal Reserve's interest rate outlook could limit further gains in the near term. LME copper futures are up 1.5% at $13,854.50 a metric ton. (giulia.petroni@wsj.com)

0518 ET - Tech could remain the main theme for equity markets in 2H after seeing short-term volatility, says Lei Meng, China equity strategist at UBS Securities. Global capital markets have recorded sharp volatility recently, with pullbacks for major Chinese and global indices and rising implied volatility, Meng notes. However, the tech sector should retain robust earnings growth amid rapid global AI advances, as well as China's strong policy support, the strategist says. "Incremental net inflows to the tech sector from sector/thematic ETFs, actively managed tech tracking mutual funds, margin financing and hedge funds should continue," Meng says. (tracy.qu@wsj.com)

0445 ET - The Canadian dollar's limited reaction to President Trump imposing new tariffs on Canada appears justified for now, Commerzbank's Volkmar Baur says in a note. "Given the multitude of threats Trump has made in recent months--not all of which have been carried out--the muted reaction seems reasonable for now." However, trade tensions will dominate news surrounding the Canadian dollar in coming weeks and the 50% tariff on a wide range of goods is likely to weigh on Canadian exports, he says. The U.S. dollar trades flat at 1.4065 Canadian dollars, having reached a one-week high of 1.4085 overnight, according to LSEG. The Canadian dollar's modest falls earlier could also reflect lower-than-expected June inflation data, he says. (renae.dyer@wsj.com)

0144 ET - U.S. Treasury yields edge lower in line as oil prices decline slightly even as the Middle East conflict does not abate. Following the collapse of the U.S.-Iran Memorandum of Understanding for peace, "the conflict now largely revolves around control of the Strait of Hormuz," SEB's Maya Westerlund says in a note. However, the risk is a more prolonged stalemate, with continued uncertain energy flows, higher oil prices and recurring attacks, she says. The two-year Treasury yield falls 1.3 bps to 4.200%, while the 10-year yield declines 0.6 bps to 4.591%, according to Tradeweb. (emese.bartha@wsj.com)

2205 ET - The Trump administration's announcement of an additional 50% duty on Canada, following the announcement of a levy on Brazil, could be a way to rebuild its tariff regime. Capital Economics' Stephen Brown notes the administration is resorting to a new method that cites Section 338 of the 1930 Tariff Act. That may be an attempt to see if Section 338--which some commentators suggest was superseded by subsequent legislation--could be used to impose duties on other countries in the future, the economist says. If so, that could help the administration regain some of the flexibility it lost when the Supreme Court struck down prior tariffs, though Brown notes considerable uncertainty about whether it will follow through with new duties and if those will be upheld by the courts. (fabiana.negrinochoa@wsj.com)

1813 ET - The Canadian dollar weakened after President Trump's plan to impose a 50% tariff on a broad range of goods. The escalation in trade tension "threatens to damage the Canadian economy and add to the strain of an already vulnerable currency," says Karl Schamotta, chief market strategist at forex firm Corpay. The 50% duty, he says, will apply regardless of whether they were previously exempted under USMCA's terms--removing a key protection for Canadian exporters. There are carve outs, such as energy, which Schamotta says should limit the macroeconomic blow. Along with the tariffs, the White House unveiled a series of measures aimed at building up aluminum-smelting capacity in the US, which Schamotta warns could hit Canada hard. Canada is America's top foreign supplier of the metal. (Paul.Vieira@wsj.com, @paulvieira)

1805 ET - President Trump's threat to impose a 50% tariff on a wide range of Canadian goods could prompt the Bank of Canada to reconsider the need for rate cuts. Back in April, Gov. Tiff Macklem warned the central bank might need to cut rates should Washington escalate trade restrictions. In its latest economic outlook, published last week, the BOC projects a rebound in growth -- and one of the assumptions underpinning that forecast is that the average US tariff rate on Canadian goods remains at the 5% level. Trump's new trade gambit comes as BOC officials were of the view that firms are finally adjusting to the trade landscape. USDCAD is up marginally in trading after the White House released the new Canada tariff plan. (Paul.Vieira@wsj.com, @paulvieira)

1115 ET - The European Union's trade deal agreed a year ago with the U.S. has failed to achieve its goal of stable transatlantic economic relations, the DIHK German Chambers of Industry and Commerce's Volker Treier says. The deal, which places a tariff cap of 15% on most EU goods imports to the U.S., hasn't stopped companies facing new tariff threats, additional bureaucratic hurdles, and legal uncertainty, Treier says. "As long as conditions can change at any time, investments will fall short of their potential and long-term business decisions will be postponed." To diversify the EU's trade, agreements with Indonesia and Australia should be ratified swiftly, he says. Talks with Malaysia, Thailand, and the Philippines must be at the top of the agenda, he adds. (edward.frankl@wsj.com)

(END) Dow Jones Newswires

July 21, 2026 09:19 ET (13:19 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.