According to a report from Jin10 on July 14, Barclays analysts stated in a research report that the U.S. threatens to impose a 30% tariff on the EU, which will test the resilience of the U.S. stock market again. The analysts noted that if the EU takes retaliatory measures, coupled with a deeper economic recession, the stock market could see a double-digit fall. If a full-scale trade war breaks out, it may recreate the big dump scenario after 'Liberation Day' — at that time, cyclical stocks and financial stocks performed the worst, and the lack of liquidity in the summer market could exacerbate this situation, they wrote. The analysts remain skeptical about maintaining tariffs at such high levels. They indicated that Trump's tolerance for pressure on the stock and bond markets (and thus damage to the U.S. economy) seems limited. They added that this could restrict the level of tariffs he ultimately imposes on major U.S. trading partners.