
In the span of a week, Trump says he’ll hit EU goods with a 50% tariff. Traders braced for impact—only to watch Trump walk it back days later following a charm offensive with European Commission President Ursula von der Leyen. Cue a broad-based rally. Then a federal court strikes down many of his import taxes, ruling that he didn’t have the power to levy them. And then, just hours later, another court puts that ruling on hold, letting the tariffs continue - for now.