16 July 2025 | 6:29PM EDT What's Top of Mind in Macro Research: Tariff mail, US inflation/China deflation, China growth This week: Transcript You've got tariff mail We think the higher tariff rates proposed in the Trump Administration's latest set of letters to key US trading partners—which include the EU, Brazil, and Mexico—would have significant implications if implemented. Specifically, we estimate that the 30% proposed tariff on the EU, together with the existing sectoral tariffs on steel, aluminum, and ...