 Trading is relatively subdued today across global markets as investors assess the fallout from the US steel and aluminum tariffs announced by President Donald Trump. Major European equity indexes are treading water, while US futures are slightly in the red. Treasury yields are recovering, though it remains too early to confirm a reversal of the recent downtrend. Meanwhile, Gold is having a notable pullback after an initial rejection at the key 3000 psychological level, suggesting profit-taking among traders. European Commission President Ursula von der Leyen responded to the US move, stating that the EU will not let the "unjustified tariffs" go unanswered and pledged "firm and proportionate countermeasures" to protect European interests. However, no specific retaliatory measures have been outlined yet. Canada’s Prime Minister Justin Trudeau also criticized the tariffs as "unacceptable," reinforcing that "Canadians will stand up strongly and firmly if we need to." Markets remain cautious, awaiting concrete details on countermeasures from key US trade partners. At a global level, IMF Managing Director Kristalina Georgieva addressed the uncertainty surrounding the tariff situation at the World Government Summit in Dubai, stating that it remains an "evolving story" and that it is "too early to say" what the full economic impact might be. This reinforces the broader market sentiment that investors are hesitant to make directional bets until more clarity emerges on trade retaliation and its economic implications.... | 
