Jake Schurmeier of Harbor Capital said that despite the limited transparency boost from the US-UK trade deal, the investment outlook for risky assets remains unattractive. Schurmeier estimates that with 10% tariffs becoming the floor under Trump's trade deal, the effective US tariff rate will quadruple to 12%, putting pressure on corporate profit margins. The likely rise in consumer prices will make it difficult for the Federal Reserve to manage inflation expectations and implement interest rate cuts. "I tend to be neutral on equities" because higher import costs "can significantly slow economic growth and thus cut margins", he said.