Trump's latest trade offensive has placed North America's best-known manufacturers and consumer brands under scrutiny, with integrated US-Canadian supply chains facing a cost shock. The White House imposed additional 50% duties on specified Canadian imports under three proclamations responding to disputes over motor vehicles, alcoholic beverages and dairy.
General Motors stock has retreated in recent days, falling from its year-to-date high of $87 in February to about $76 today. The pullback could continue in the near term after the stock formed a bearish double-top pattern ahead of its second-quarter earnings report.
It's a heavy earnings week, with results also coming in from Halliburton, 3M, AT&T, Blackstone, and more. On the economic front, we'll see data on jobs, new-home sales, and industry purchasing activity.
The U.S. Senate Commerce Committee will vote on July 15 on bipartisan legislation to toughen a U.S. government ban on Chinese automakers entering the American market.
In May, General Motors marked a rare milestone for a foreign automaker in China, selling more than 10,000 of its new Buick Electra E7 in the first month.