The TACO Trade.
To the surprise of absolutely no-one on Sunday, Trump backed down on his threat of a massive June 1st blanket 50% tariff on the European Union. The supposed effective date is now July 9th, which is the same day that the current pause on the April 2nd tariffs is set to expire.
The deferral of this particular tariff risk injected some optimism into European markets while the US and the UK both enjoyed a holiday on Monday. A potentially busy shortened trading week on Wall Street began on a very positive note on Tuesday with stocks snapping back hard after a four day slide on hopes that US/EU…
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