Prudent stock exchanges: tariffs still causing uncertainty

Eurizon Weekly, 14.07.2025. The attitude of the Trump administration, thanks to the good performance of the US economy and global financial markets, has returned to being more aggressive, but the reaction of the markets, even in the openings of the new week, has been essentially calm. The general idea is that, once again, the American shock tactics are aimed at accelerating an agreement rather than reigniting the trade conflict. This new phase of temporary uncertainty, however, has led investors to adopt a more cautious attitude. Tariffs, together with the corporate earnings season, have returned to the centre of market dynamics, pending formal agreements to be defined between countries. Let's take a closer look with Andrea Conti, Head of Macro Markets Analysis at Eurizon. Audio recorded on 14 July 2025.