Trump Raises EU, Mexico Tariffs; More Pressure on Fed Chair Powell

Trade Tensions and Tariffs - US President threatens 30% tariffs on goods from the EU and Mexico, effective August 1 if trade talks fail [1][3][5] - EU is considering countermeasures and engaging with other nations affected by US tariffs [2][13][52] - China's exports to the US in the first half of the year decreased by nearly 10%, and imports from the US also decreased by 77% [20] - Tariffs on Chinese goods are still about 10% higher than those on other countries, potentially eroding their price competitiveness [24] Market Performance and Economic Indicators - Bitcoin surged past $120,000, up 17% and up 100% in the last 12 months [1][4] - European futures are down 06% after reaching record highs earlier this month [3] - China's overall export numbers are up 72% in the first half of the year, indicating diversification of trade [21] - China's GDP forecast for the second quarter is 51%, taking the first half of the year to 53%, comfortably above the 5% target [26] US Federal Reserve and Monetary Policy - Pressure on Fed Chair Jerome Powell continues, with criticisms regarding the renovation of the Federal Reserve's headquarters, estimated at $25 billion [30][32][36] - Betting markets reflect a 20% risk of Chair Powell being fired by the end of the year [37] Geopolitical Developments - The US will send more Patriot air defense batteries to Ukraine, funded by the European Union [2][39][40] Electric Vehicle (EV) Market - Almost 22 million new EVs could be sold this year, representing about 25% of all vehicle sales [44] - China accounts for more than two-thirds of global EV purchases [45] - In Germany, consumers are paying 25% to 60% more for an electric vehicle compared to a comparable gasoline vehicle [48]