Holger Schmieding & Ed Yardeni on Global Markets and Trade Policy

European Economic Outlook

• 🇪🇺 Holger Schmieding of Berenberg Bank discusses the dynamics of Germany's economy, highlighting Volkswagen's significant employee base.
• 🎯 He suggests Europe might want market and consumer reactions to register with policymakers, potentially encouraging a US deal on tariffs.
• ⏳ Schmieding hopes for a resolution to "tariff madness" within two months, by the end of June.

US Trade Policy and Market Reaction

• 📉 Ed Yardeni of Yardeni Research has lowered his optimism, noting a lack of confidence in global stock markets regarding current US administration policies.
• ⚠️ He points out that there seems to be "no place to hide" in the markets, suggesting a need for direct communication with the White House about policy.
• 📊 The reaction of global stock markets indicates a lack of a vote of confidence in the administration's actions.

Foundational Reads and Future Reports

• 📚 The discussion references Douglas Irwin's classic book "Against the Tide" as a foundational read on international trade policy.
• 🗓️ The upcoming May and June jobs reports are anticipated to be significant, with potential influence from President Biden's administration.