The big lesson for Europe? Trump backed down under pressure

The EU neither 'kissed ass' nor unleashed its most powerful trade weapon. Now it must provide the world with an alternative to US chaosMy condolences to everyone who spent days trying to play 5D chess with Donald Trump's market-exploding tariff mess. Where Trump is involved, there is a cloud of malevolent chaos, and there is grift amid the chaos. What grandmasters there are to be found are almost certainly grandmasters of grift.When markets dump $10tn in three days and then gain trillions back in a single afternoon on the erratic decisions of one deeply corrupt person, you can be sure that a small number of people have made immense sums of money out of that volatility. Were the people responsible for abnormal spikes buying into the markets (including call options on various indexes and exchange-traded funds) on Wednesday morning - and again, 20 minutes before the tariff announcement went public - extraordinarily lucky? Were they in the right Signal group? Or were they just simply following Trump on Truth Social, where he posted: "THIS IS A GREAT TIME TO BUY!!! DJT" -just a few hours before dropping the news that he was kind of pulling back.Alexander Hurst is a Guardian Europe correspondent Continue reading...