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RBC Capital Markets strategist said that the market's response to Trump's tariff threats was relatively muted. Many tariff threats have not yet materialized, and Trump said that the time to impose tariffs on Canada and Mexico may be postponed for another month. Economic data has not yet reflected this uncertainty. Despite the uncertainty of tariffs, the economy is still developing, with improvements in the economies of Europe and Canada, while the economic advantage of the United States may be waning. In addition, Trump threatened on Wednesday to impose a 25% tariff on goods from the European Union, with a slight decline in the euro and eurozone bond yields, but the current impact is limited.

1. Specific situation of tariff threats
Trump previously announced a 25% tariff on Canada and Mexico, but later agreed to postpone the implementation for a month in exchange for the two countries to strengthen border controls. However, Trump said at a cabinet meeting on February 26 that the United States will impose tariffs on some goods from Canada and Mexico starting from April 2.
Trump also threatened to impose a 25% tariff on EU goods, involving cars and other products. He accused the EU of 'taking advantage of the United States' and claimed that there is a trade deficit of about $300 billion between the US and the EU. However, according to EU data, the actual trade deficit between the US and the EU is much lower than what Trump claimed.
2. Market Reaction
A capital market strategist at Royal Bank of Canada pointed out that despite the threat of tariffs, the market reaction has been relatively muted. Many investors believe that Trump's tariff policy is uncertain, and some threats may not actually materialize.
The US stock market seems to show some resilience to the threat of tariffs. Despite the uncertainty, the S&P 500 index briefly fell after the news of tariff delay, but quickly rebounded. However, strategists also warn that if the tariff policy is ultimately implemented, the S&P 500 index may face a 5% to 10% downside risk.
3. Euro and Eurozone bond markets
Trump's tariff threat has limited impact on the euro and eurozone bond markets. On February 27, eurozone bond yields rebounded slightly after touching a two-week low in early trading. Germany's 10-year bond yield fell to a two-week low of 2.412% in early trading before ultimately rising to 2.451%. Italy's 10-year bond yield rose by 3 basis points to 3.52%, widening the yield spread between Italian and German bonds to 107 basis points.
Despite the ongoing economic weakness, inflation pressures in the euro area remain high, potentially causing concerns for European Central Bank policymakers. The market expects the ECB to cut interest rates by 25 basis points to 2.5% next week, with expectations of two to three more rate cuts to follow.
4. Global Economic Situation
The economy of Europe and Canada has improved, while the economic advantage of the United States may be waning. The United States is highly dependent on the economies of Canada and Mexico, with over 50% of some goods imports, which constrains the United States in terms of tariff policy.
Trump's tariff policy has raised concerns in the market about global inflation and economic growth, but has not yet had a significant impact on the US inflation rate.
Possible Missing Content
1. The Impact on the U.S. Domestic Economy
The article did not mention the potential impact of Trump's tariff policy on the economies of various states in the United States. In fact, some states in the United States have a high dependence on exports to Canada, Mexico, and the European Union, and may face the risk of retaliatory tariffs.
Trump's tariff policy may have an impact on the domestic supply chain and labor market in the United States, thereby affecting economic growth.
2. The international community's response
The article did not mention the specific responses of Canada, Mexico, and the EU to Trump's tariff threats. In fact, Canada and Mexico have indicated that they will take retaliatory measures if the US imposes tariffs. The EU has also warned that it will react 'firmly and immediately' to America's unreasonable trade barriers.
3. Long-term Impact
The article did not delve into the long-term impact of tariff policies on the global economic landscape. For example, Trump's tariff policy may prompt other countries to accelerate economic structural adjustments and reduce dependence on the US market.
In conclusion, although the article analyzes the current market and economic situation, it may overlook some potential deeper impacts and international reactions.