US–EU trade tensions simmer, but no blowup yet

Despite expectations, Trump hasn’t sent a tariff threat letter to the EU — for now.

• Reuters reports ongoing intensive trade talks.

• A smooth deal seems unlikely given Trump’s high-drama, pressure-heavy approach.

• The EU’s complex structure and relative leverage make negotiations especially tough.

We're likely only mid-stage in Trump's typical negotiation cycle — and escalation still looks inevitable.