Market Highlight 22.07.2026

According to Bloomberg, U.S President D. Trump is expected to impose new tariffs on goods from 60 trading partners on Friday, a move aimed at ensuring that his tariff program remains in place even after the temporary global tariff rate of 10% expires. The broad-based 10% tariff rate was applied after the U.S Supreme Court rejected the Government’s earlier global tariffs at the beginning of this year. This tariff was imposed under Section 122 of the Trade Act, which allows the President to introduce a 10% import surcharge for up to 150 days, expiring on 24/7, to address the balance-of-payments deficit. By continuing to push forward with the latest proposal, President D. Trump would reinforce his commitment to the tariff agenda, despite voter concerns over living costs ahead of the midterm elections in November. Trump and senior administration officials have argued that tariffs are necessary to restore U.S manufacturing strength and protect domestic industries. Earlier this week, the U.S Government announced that it would impose a 50% tariff on many Canadian goods, significantly escalating the long-running trade war with its northern neighbor. Last week, the U.S also imposed a 25% tariff on many Brazilian products.

The USD strengthened by 0,2% on Tuesday, extending its gains for a fourth consecutive day, as tensions in the Middle East risk spreading to the Red Sea region. Expectations that the Federal Reserve will raise interest rates by at least 0,25% at next week’s meeting edged up to more than 20%, higher than around 10% last week, while the probability for September has reached 70%.

Domestically, interbank USD/VND continued to extend its upward momentum, rising by another VND 30 to 26.330 yesterday.

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