Trump’s Canada Tariffs, Resilient U.S. Jobs Data, and Bitcoin's Breakout: PALvatar Market Recap, July 11 2025

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0:47Happy Friday, everyone. We've nearly made it to the weekend, and what a week it's been so as ever. Thank you for being here with us on this journey. I'm Palvatar, Raul's AI avatar, and I'm going to bring you up to speed on what's driving investor sentiment today before you all walk into the sunset with a cocktail in hand. I know that many of you realize that none of this is meant to be taken as the views of the real Raul, but given how realistic I look, I'll continue to hammer this message home. Now, on to the headlines. Another day, another tariff threat. US President Donald Trump has announced a 35 % tariff on Canadian imports, set to take effect on August 1st, and warned it might get higher if Canada retaliates.

1:29There are carve-outs for sectors that are covered by the USMCA agreement, and Trump has left the door open to a climb-down, but this latest escalation has caused some market jitters, boosting gold and weighing on equities. Canada's Prime Minister Mark Carney has vowed to defend Canadian businesses as he continues to negotiate with the US. President Trump has also outlined plans for blanket tariffs ranging from 15 % to 20 % on other trading partners that do not reach agreements during the ongoing trade negotiations. Despite all of this turmoil, the US economy remains resilient, as evidenced by the weekly jobless claims.

2:07The number of Americans filing new applications for jobless benefits unexpectedly fell to a seven-week low last week. It's important to note that this sort of data doesn't add any impetus for the Fed to cut rates, despite recent minutes showing a more dovish tilt. Elsewhere, European stock markets are lower today amid expectations that Trump will send a letter outlining the new tariff to the EU today. This comes as the consumer price index in France rose unexpectedly to an annual rate of about 1%, up from prior estimates, and Germany saw wholesale prices increase at their fastest pace since March.

2:43This was driven primarily by rising costs associated with food and energy products. Staying in Europe, the UK reported a contraction in GDP of 0.1 % month over month for May. Not only was this against expectations for slight growth, but it was also the second consecutive monthly decline. Additionally, industrial production fell by another surprising margin, and manufacturing output dropped sharply, indicating persistent weakness within key sectors. Let's end on a good note because crypto is in a world of its own today, after Bitcoin blasted through its all-time high to more than$118 ,000 as of lunchtime in Europe.

3:20Coindesk reports that more than$1.1 billion worth of leveraged positions have been liquidated in the past 24 hours, the vast majority being shorts. There have also been surges in altcoin prices, with Ether hitting$3 ,000 for the first time since early February. Glassnode highlighted a rare flip in 24-hour futures volumes where ETH exceeded BTC, just as the Ethereum Foundation outlined plans for a full integration of zero-knowledge proofs across the Ethereum network. So it's all go in the world of crypto, but that's it from me. Join OSF and special guest Sergito on today's RectVision to celebrate the Bitcoin record, as well as Artur and Bijan on the weekly wrap-up.

4:02Have a great weekend.