Financial markets face a test as Trump imposes 30% tariffs on EU and Mexico effective Aug. 1. Investors have been complacent, but warnings suggest otherwise. Bitcoin hits record high. Dollar and yen gain against peers. Criticism of Fed’s Powell may impact markets. Potential selloff if Powell is dismissed. Market struggles to price in Trump’s tariff threats. EU-US deal optimism punctured by Trump’s letter, leaving room for adjustments. Markets cautious but still negotiable. US won’t apply 30% rate to USMCA-compliant goods.

Read more at Yahoo Finance: Market resilience challenged by Trump’s weekend tariff salvo