Wall St drifted down on Friday night. Tariff talk dampening sentiment but no major damage. S&P 500 down 0.33%, closing near the high. Nasdaq down 0.22%. Dow off 279 points. Small Caps underperformed. Off 1.03%. Stocks held up surprisingly well considering the 35% tariff threat on Canada and 15%-20% blanket tariffs which came in addition to Brazil’s 50% hit, 50% on copper and uncertainty over what will happen with the EU.

The bloc received its letter from Trump on Saturday night. 30% tariffs to be imposed on most imports. Mexico receiving the same treatment. EU leaders said they will suspend any immediate retaliation and extend existing countermeasures until early August in a desire to avoid tit-for-tat escalation. Countermeasures against steel, aluminium and blanket tariffs had been set to expire today. The EU is facing conflicting interest as some members (like Germany) want a quick deal to safeguard its industries while others (like France) don’t want to give in to cheap concessions. This was evident over the weekend in commentary from the two heads. Merz saying he was ‘really committed’ to finding a trade solution with the US, Marcon saying the EU needs to ‘assert the Union's determination to defend European interests resolutely’, pointing to anti-coercion trade production measures. 

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