Our world remains turbulent. People are starving in Gaza, and Ukraine continues to be bombed, despite Trump’s ultimatum. The president’s tariff policy is also now casting a shadow; the 15% tariff agreement with the EU is a disaster for both sides, if you look closely. European products will become almost unaffordable for Americans, which will naturally put a strain on exports from the EU, and expensive times are also ahead for Harley-Davidson riders in Europe. While this result is being celebrated as a success, it is certainly not an acceptable outcome, especially for the metal industry, where tariffs are even higher. If only an agreement had been reached on TTIP years ago, we wouldn’t be in this situation now. But they used scaremongering with the pretext of chlorine chicken, even though most people don’t even know what that is all about. How can I push a struggling global economy even further into trouble? I’m imposing reciprocal punitive tariffs; at the very least, anyone with common sense should now be clear where this path leads. The only one keeping the situation somewhat under control is Jerome Powell, who is keeping the Fed’s key interest rate unchanged. This clearly puts him at odds with Trump. It’s good to have someone with backbone!

The markets (here the S&P 500) are naturally reacting to this and have given way in recent days following the agreement between the EU and the US. A storm is brewing!

The euro also failed to maintain its unjustified highs against the US dollar and fell sharply again in recent trading days. Gold, on the other hand, continues to rise, but none of the politicians recognize the signs of the times!