Markets recoiled again Friday morning after President Trump escalated the trade war—this time targeting Europe. He threatened a sweeping 50% tariff on all European imports and floated a 25% tariff on Apple unless iPhones are built in the U.S.
Stocks slipped. Gold caught a bid.
While some investors had flashbacks to April’s tariff-driven volatility, Hedgeye Macro analyst Josh Steiner made it clear on The Macro Show: a deal with Europe was never going to be easy.
“It’s like herding cats,” Steiner said. “You’re not dealing with one country—you’re dealing with an amalgamation of disparate interests. Every EU member has its own agenda and goals from any trade agreement.”
Steiner added that Trump’s provocative Truth Social posts were likely a pressure tactic.
“He’s trying to get movement out of a bloated bureaucracy that takes years to do anything. This won’t be a quick win.”
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