We have seen some calm return this week, which has coincided with President Trump making some tariff concessions for tech companies and for auto parts, suggesting that a 'Trump put' is in play, and with the President also signalling "big progress" in talks with Japanese officials. However, we have to say this is an uneasy calm; new sectoral tariffs are still likely coming and tensions with China remain elevated. We discuss the latest tariff twists and turns, fresh communication from Fed Chair Powell and upcoming US data, as well as the ECB's recent 25bp rate cut. Across Asia, we will look out for Bank Indonesia's policy meeting, Korea export data and Tokyo CPI. Chapters: US (02:16), Europe (08:47), Asia (13:13).