Tariff headline roulette is back...

Just when you thought it was ok to BTFD, Bloomberg reports that things are not proceeding gleefully in EU-US trade talks.

The European Union and US made scant progress bridging trade differences this week as officials from President Donald Trump’s administration indicated that the bulk of the US tariffs imposed on the bloc will not be removed.

The EU’s trade chief, Maros Sefcovic, left the meeting with little clarity on the US stance, struggling to determine the American side’s aims, according to people familiar with the discussions. He met for about two hours with US Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer in Washington Monday.

The US officials indicated that the 20% “reciprocal” tariffs — which have been reduced to 10% for 90 days — as well as other tariffs targeting sectors including cars and metals would not be removed outright, said the people, who spoke on the condition of anonymity.

And it is that last bit that upset markets, sending stocks back into the red after a solid short squeeze at the open...

The EU has offered that both sides remove all tariffs on industrial goods, including cars. The US has so far rejected that proposal.

Finally, we have to say that this note from BBG is barely even news...

It's almost as if someone wants to keep equity vol high and equity prices down?