Stock Futures Dip as Tariff Pressures Build — Sevens Report Warns of Long-Term Risks
Tom Essaye on why markets may be ignoring the true cost of rising global tariffs
Stock futures point to declines as investors face tariffs ‘much higher than anything in decades’
After a strong finish last week, U.S. stock futures pointed to modest declines Monday morning as investors began to confront the growing scale of global tariffs.
According to Sevens Report Research, markets may be underestimating the long-term impact of the tariff wave—one unlike anything seen in decades.
“Tariffs are already coming in higher than markets expected and much higher than anything in decades.”
— Tom Essaye, Sevens Report
Founder Tom Essaye pointed to new trade deals and policy changes across major economies:
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Vietnam just signed a deal with 20% baseline tariffs and 40% tariffs on rerouted goods
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China: 30% tariffs
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UK: 10% tariffs
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“A soon-to-be host” of other countries are following suit
Despite this, the S&P 500 closed at a record high last week, with momentum continuing to push stocks upward. But Essaye cautioned that these risks are compounding beneath the surface:
“While the path of least resistance is higher… there are real risks building in the distance.”
He also noted that while the recently passed tax and spending bill may provide near-term stimulus, it will increase the national deficit in coming years—adding another layer of risk for investors to consider.
Also, click here to view the full MarketWatch article, published on July 7th, 2025. However, to see the Sevens Report’s full comments on the current market environment sign up here.
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