00:00From the president of the United States. The European Union which was formed for the primary person of purpose of taking advantage of the United States on trade has been very difficult to deal with. I'm recommending a straight 50 percent tariff on the EU starting on June 1 20 25. The tax is down 1.4 percent. Yeah. Then he goes on to say there's no tariff if it's built in the manufacturer of the United States. And then again we have for the second time this morning. Thank you for your attention to this matter. Exclamation point. So there is a real question
00:29here. What exactly is motivating some of these actions that he's taking. So yesterday we discussed whether passing the bill through the House the tax bill would embolden the president to be harder on the Europeans on tariffs. And I just wonder if the two things are lining up here and if they are connected. Just giving him the space the room to go harder on Europe on tariffs because we are progressing this tax bill in Washington. It just highlights the point. I don't know whether that's the case but one could easily connect the dots and come to that
00:59conclusion. There is a question about whether this market has gotten overly complacent with peak uncertainty given that it is ongoing and we still don't have any kind of sense of what the solid goal is or what the plan actually will be. So we've got a threat against Europe that's sending European equities south.
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