🚀 EU taking Trump to WTO

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. The European Union is taking the U.S. to the World Trade Organization over President Trump’s tariffs on cars and car parts, calling the duties a blatant violation of WTO rules. While seeking a negotiated solution, the EU is also preparing countermeasures targeting €95 billion in U.S. imports and has opened a public consultation on a retaliatory tariff list. President von der Leyen emphasized the EU’s desire for mutually beneficial deals, even as tensions escalate over Trump's 20% reciprocal tariffs and existing 25% duties on imported vehicles.

2. Restaurant Brands International missed first-quarter earnings and revenue expectations as same-store sales declined across its core brands (Burger King, Tim Hortons, and Popeyes) despite 21% revenue growth driven by Popeyes (expansion) and Firehouse Subs. Adjusted earnings per share came in at 75 cents versus the expected 78 cents, and revenue hit $2.11 billion, just shy of forecasts. Tim Hortons saw a 0.1% dip in same-store sales, Burger King dropped 1.3%, and Popeyes plunged 4%, all underperforming analyst estimates, while international markets fared better. The company reaffirmed its 2025 outlook and long-term growth targets.

3. Donald Trump lashed out at Federal Reserve Chair Jerome Powell on Truth Social, calling him a "FOOL" after the Fed again held interest rates steady at 4.25%–4.5%, citing economic uncertainty from Trump’s own tariff policies. While inflation remains low and some prices—like energy and groceries—are down, the Fed expressed concern over rising risks of unemployment and inflation. Powell reaffirmed the Fed’s independence, stating political pressure wouldn’t influence monetary decisions. Despite previous market fears that Trump might try to fire Powell, the former president recently said he has "no intention" of doing so before Powell’s term ends in 2026.

4. Headlines

   1. OpenAI has hired Instacart CEO Fidji Simo as its new head of applications, a role that will report directly to Sam Altman.

   2. Nintendo is forecasting that it will sell 15 million Switch 2 consoles.

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