Jul 22 — US-Canada tariffs, China miss, crypto legislation

The QuantAlpha Briefing · Jul 21, 2026 · 3m

• The White House imposed 50% tariffs on Canadian goods over disputes involving autos, alcohol, and cheese — threatening USMCA, cross-border supply chains, and a fresh round of inflation. • China's economy grew 4.3% last quarter, short of Beijing's 4.5–5% target — raising the odds of PBOC stimulus and weighing on global commodity demand. • The White House agreed to add ethics language to the Clarity Act, clearing a major obstacle to US crypto market-structure law — seen as a meaningful opening for institutional participation.