Maggie Lake Talking Markets Episode 74: Tariff Relief But For How Long? With Noelle Acheson.
Jul 28, 2025
Noelle Acheson, author of the Crypto is Macro Now Substack and expert in macroeconomic trends, joins the discussion on the recent US-EU tariff deal and its market implications. She explores potential regime shifts in both crypto and traditional markets, teasing the possibility of an alt season. The conversation delves into the upcoming week’s vital earnings, the Federal Reserve's announcements, and how shifting global regulations can impact the cryptocurrency landscape. Acheson also analyzes Ethereum's momentum and the broader economic environment.
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EU's Fragile Position in Tariff Deal
- The US-EU tariff deal is not a complete agreement and contains many unresolved issues such as pharmaceutical tariffs and car tariffs.
- The EU's weakened position due to a poor summit with China forces it to accept unfavorable terms from the US, risking internal division.
EU Political Divisions Deepen
- The EU is divided politically with some countries leaning pro-China and others anti-China, deepening fractures within the union.
- This division and external pressures may provoke countries to rethink EU membership amid rising far-right movements.
EU Breakup Risk Not Priced
- The risk of EU breakup is not yet priced into markets, though it is a real concern to some.
- Upside in European markets depends on achieving deeper integration like capital markets or banking unions to harness potential.