Gavin Bade

We've heard Trump talk often about tariffs and non-trade barriers, about European Union lawsuits against companies like Google, something he brought up in the Oval Office today again. And then I think there are some unstated frustrations as well, especially when it comes to how they want the EU to approach China. And then you just see that this is a little bit of art of the deal stuff, right?

We've heard Trump talk often about tariffs and non-trade barriers, about European Union lawsuits against companies like Google, something he brought up in the Oval Office today again. And then I think there are some unstated frustrations as well, especially when it comes to how they want the EU to approach China. And then you just see that this is a little bit of art of the deal stuff, right?

Like Trump is dissatisfied with the pace of these negotiations. He and his team certainly don't like to be lectured by EU officials like we saw this week at the G7. And so I think you're seeing a number of things being build up here, there's a lot of ongoing frustrations from the US side.

Like Trump is dissatisfied with the pace of these negotiations. He and his team certainly don't like to be lectured by EU officials like we saw this week at the G7. And so I think you're seeing a number of things being build up here, there's a lot of ongoing frustrations from the US side.

Not publicly yet, but I think there's going to be a redoubling of an effort to get to a deal here. Treasury Secretary Scott Besson said on Fox this morning, we want to light a fire under the EU. The president is dissatisfied with the pace here. And so far from blowing up the negotiations, I think the two sides are still going to come back to the table.

Not publicly yet, but I think there's going to be a redoubling of an effort to get to a deal here. Treasury Secretary Scott Besson said on Fox this morning, we want to light a fire under the EU. The president is dissatisfied with the pace here. And so far from blowing up the negotiations, I think the two sides are still going to come back to the table.

And maybe this just is the push they need to get some of the more intractable issues solved here.

And maybe this just is the push they need to get some of the more intractable issues solved here.

Tim Cook is probably one of Trump's closest corporate contacts. However, a 25% tariff is going to be felt by consumers of phones in the United States. We're just not going to see another economy or Apple eat that entire tariff. It's going to be significant. But I don't think they can do soup to nuts entire iPhone in the United States for anywhere near the price point.

Tim Cook is probably one of Trump's closest corporate contacts. However, a 25% tariff is going to be felt by consumers of phones in the United States. We're just not going to see another economy or Apple eat that entire tariff. It's going to be significant. But I don't think they can do soup to nuts entire iPhone in the United States for anywhere near the price point.

But it's all about the industrial ecosystem. We simply don't have that here yet. So there's going to be significant challenges to building anywhere near the amount of iPhones that are demanded by U.S. consumers in this country.

But it's all about the industrial ecosystem. We simply don't have that here yet. So there's going to be significant challenges to building anywhere near the amount of iPhones that are demanded by U.S. consumers in this country.

It's all about maximizing Trump's political power over not just people in the United States, not just U.S. politicians, but the global economy as well.

It's all about maximizing Trump's political power over not just people in the United States, not just U.S. politicians, but the global economy as well.

The way to think about Trump's trade strategy here is an extension of his domestic political strategy. What is the one thing that Trump demands from politicians in the United States, from companies in the United States, from the people who work for him? It's loyalty.

The way to think about Trump's trade strategy here is an extension of his domestic political strategy. What is the one thing that Trump demands from politicians in the United States, from companies in the United States, from the people who work for him? It's loyalty.

We see him in his second term extending that logic to global economics and saying, look, if you want to do business with the U.S., you're going to do it on my terms. I am the alpha. You work for me. And really, he's trying to reshape every U.S. trading relationship at the same time using this strategy. And how is this hardball strategy playing out?

We see him in his second term extending that logic to global economics and saying, look, if you want to do business with the U.S., you're going to do it on my terms. I am the alpha. You work for me. And really, he's trying to reshape every U.S. trading relationship at the same time using this strategy. And how is this hardball strategy playing out?

This is really key to his thinking here is that he says we're the largest economy in the world, the largest consumer economy in the world as well, what he calls the big, beautiful store. And he thinks everyone else, which is not false, everyone else does want to sell into the United States. And so as much as anything else, he's using that consumer power in the United States as his leverage.

This is really key to his thinking here is that he says we're the largest economy in the world, the largest consumer economy in the world as well, what he calls the big, beautiful store. And he thinks everyone else, which is not false, everyone else does want to sell into the United States. And so as much as anything else, he's using that consumer power in the United States as his leverage.