Merkel says that US tariffs would be incompatible with WTO rules

German chancellor Angela Merkel speaks in Lisbon

• If US introduces tariffs, Europe has a united position
• Our response to any US tariffs must be smart, determined

I don't think the US camp really cares as they have been ignoring the WTO for quite a while now. Latest on the tariffs front is that a source told CNBC that the US is "99.9%" going to implement tariffs on Canada, Mexico, and the EU within the next 24 hours.

Let's see how things develop. So far that hasn't been enough to dampen risk sentiment just yet.