According to online reports, Jake Schurmeier of Harbor Capital said that despite the limited transparency improvements brought about by the U.S. -UK trade agreement, the investment prospects for risky assets are still unattractive. Schurmeier estimates that as the 10% tariff becomes the bottom line of Trump's trade deal, the U.S.'s effective tariff rate will quadruple to 12%, putting pressure on corporate profit margins. A possible rise in consumer prices will make it difficult for the Fed to manage inflation expectations and implement interest rate cuts. "I tend to be neutral on stocks" because higher import costs "will significantly slow economic growth and thus cut profit margins," he said.