Harbor Capital's Jake Schurmeier said that despite limited transparency improvements brought about by the US-UK trade agreement, the prospects for investing in venture assets are still unattractive. Schurmeier estimates that as the 10% tariff becomes the bottom line of Trump's trade deal, the actual US tariff rate will quadruple to 12%, putting pressure on corporate profit margins. Higher consumer prices may make it difficult for the Federal Reserve to manage inflation expectations and implement interest rate cuts. He said, “I tend to take a neutral stance on stocks” because higher import costs “will slow economic growth drastically, thereby reducing profit margins.”

Harbor Capital's Jake Schurmeier said that despite limited transparency improvements brought about by the US-UK trade agreement, the prospects for investing in venture assets are still unattractive. Schurmeier estimates that as the 10% tariff becomes the bottom line of Trump's trade deal, the actual US tariff rate will quadruple to 12%, putting pressure on corporate profit margins. Higher consumer prices may make it difficult for the Federal Reserve to manage inflation expectations and implement interest rate cuts. He said, “I tend to take a neutral stance on stocks” because higher import costs “will slow economic growth drastically, thereby reducing profit margins.”