In this episode, James and Giles take a closer look at the key market moments from July - starting with the latest wave of global trade tariffs (1:33). With President Trump’s 1 August deadline now behind us, over 90 countries are facing higher tariffs… yet markets are still pushing higher. So, have we moved past peak-tariff uncertainty? 

Our experts also dig into the US economy, where tensions between President Trump and Fed Chair Jerome Powell continue to bubble (7:15). With fresh GDP and labour data backing calls for looser monetary policy, could the Fed be falling behind the curve? And what impact might Trump’s “Big, Beautiful Bill” have on the growing budget deficit? (10:50) 

Back in the UK, we saw a mixed picture in July (12:05). Slowing manufacturing is weighing on growth, but strong earnings have helped lift equities. James and Giles explore how inflation, jobs data and rising debt costs are shaping policy outlook. Plus, they reflect on Rachel Reeves’ recent Mansion House speech and what it didn’t reveal (15:05). 

This podcast is brought to you by TrinityBridge – trinitybridge.com – and features James Tulloch, Senior Investment Specialist, in conversation with Giles Parkinson, Head of Equities.

We’ve created this podcast to set out possible approaches. Please do not view it as financial advice, or its content as investment recommendations. Just because an investment or an investment strategy has performed well in the past, does not mean it will continue to do so. Our predictions are based on information that is currently available, however events and markets can and do change rapidly.