While markets were quiet over the weekend, the global trade landscape shifted dramatically. The chapter of "harmonious" transatlantic commerce just closed for good.

A major policy announcement landed: 10% baseline tariffs are now set for Denmark, Norway, Sweden, France, Germany, UK, Netherlands, and Finland. This isn't a negotiating tactic—it's a structural reset in how major trading partners will do business.

For those watching markets and capital flows, this matters. Trade friction tends to reshape where money moves. Central banks respond differently. Currency volatility spikes. Assets like crypto often react to this kind of macroeconomic uncertainty, as investors hedge and rebalance. The old playbook of predictable transatlantic relations? That's expired.