Business & Markets — July 22, 2026

Dimon warns on markets. JPMorgan Chase CEO Jamie Dimon said markets underestimate risks from wars, tariffs, and other shocks, adding he personally would not buy stocks or Treasurys at current prices.

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Trump plans generic drug tariffs. Trump announced tariffs on generic drugs taking effect in 2028, a two-year window intended to reshore production from established suppliers like India.

The delayed start date is designed to give drugmakers time to move manufacturing to the United States before the levies bite, according to CNBC. The outlet notes the plan faces a practical hurdle: generic drug supply chains are concentrated among established overseas producers, particularly in India, and shifting that production will not be easy. The two-year window effectively serves as a test of whether tariff pressure alone can drive onshoring in the sector.

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Trump revives Smoot-Hawley authority. Trump invoked a dormant provision of the 1930 Smoot-Hawley Tariff Act to add tariffs on Canada over alleged discrimination against U.S. exports. The Supreme Court, meanwhile, is reviewing his tariff authority.

Axios describes the move as legally novel, relying on a provision of the 1930 law that has gone unused for decades. The timing adds another layer of uncertainty: the administration is reaching for an alternative tariff tool at the same moment the Supreme Court weighs the legal basis for the president's existing tariff powers, meaning the Canada measure could become a fallback route if the justices curtail his current authority.

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Oil rises past $95. Oil rose past $95 a barrel after Secretary of State Rubio said Iran was not serious about talks. Goldman Sachs analysts warned Brent could reach $120 if Hormuz disruption continues.

The roughly 4% jump came as hopes for a ceasefire faded following Rubio's remarks, according to CNBC. Beyond the diplomatic setback, supply risks widened on a second front: Houthi forces declared a naval blockade on Saudi Arabia, threatening Red Sea shipping lanes. Goldman Sachs analysts tied their $120 Brent scenario specifically to continued disruption of the Strait of Hormuz, the key chokepoint for Gulf crude exports.

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