Crumbling.
The big news of the weekend was the announcement of a US/EU trade deal resulting in a 15% tariff on imports from most of mainland Europe (including on automobiles) similar to that agreed with Japan days earlier, representing the starkest example yet of TACO as it was a 50% rate that was being dangled just weeks ago.
Despite lingering confusion around some particulars of the agreement and backlash from quite a few corners of the EU (including from the Prime Minister of France), the pact was still viewed on Wall Street as the removal of a major risk for the global economy.
This was a…
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