I don’t think there is any secret on what’s happening between the US and EU at the moment; Bessent spelled it out. He said the EU has been moving too slowly on trade and Trump wants to ‘light a fire’ under the EU.

The message was strategically timed ahead of a call today that was scheduled previously. At 12:30 pm ET, there is a call scheduled between EU trade boss Sefcovic and USA counterpart Greer will take place.

The market will be waiting for a read-out (or leak) from that call afterwards.