Last Friday (May 23rd) just before Memorial Day, Trump said he was considering 50% tariffs on Europe, so stocks imploded. But over the long weekend he TACO'd out and punted until July, so on Tuesday after the holiday stocks sky-rocketed.
Yesterday after the close Trump said he is doubling the tariffs on steel to 50% THIS WEEK (June 4th).
Now the EU is threatening to impose their own tariffs possibly ahead of the July deadline. It's a reversal of the reversal.
https://cnbc.com/2025/05/31/eu-responds-trump-raising-steel-tariffs-to-50percent.html…EU ready for retaliatory actions against US tariffs: Source
https://x.com/financialjuice/status/1928789981612446173USW: TRUMP’S 50% TARIFFS ON STEEL AND ALUMINUM ARE A DIRECT ATTACK ON CANADIAN JOBS — OTTAWA MUST ACT NOW
https://x.com/DeItaone/status/1928820210246582579...next week should be interesting for the markets.
...TACO man is serious this time and wants to prove to the world he is not backing down this time.
...and China, EU, Canada, Japan are all running out of patience and will get more serious on retaliatory considerations that they had previously preferred to hold back.
...its political theatre for Trump to push the envelope to show that he can, but the only country he has been less reactionary towards has been Russia, which he does not dare to bully. A bully will bully those he perceives as weak and step back when he receives a strong pushback. When the world has read him well now, they will push back stronger and become a collective opposition rather than be persuaded to be divided.
...which means now Canada is closer to EU and EU is closer to China.
