President Trump threatens 30% tariffs on the EU and Mexico as global trade tensions mount, and the EU hints at possible coordination with other US trading partners. Stocks retreat after recent highs, while bitcoin (BTC-USD) hits a new record above $123,000 as Crypto Week begins in Congress. Investors eye upcoming CPI data and earnings for signs of tariff impact, and top strategist Mohamed El-Erian warns of choppiness as global supply chains adjust.

Takeaways:

Trump targets EU, Mexico with new tariff threats, EU signals pushback

Bitcoin surges past $123,000 as regulatory momentum builds

Investors brace for inflation data, earnings, and more market volatility

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