| Here's what my colleague, market strategist Mike "Willo" Wilson says happened while we were sleeping… US stocks fell on Friday, closing lower on the week due to escalating concerns about tariffs. Over the weekend, US President Donald Trump threatened a new 30% tariff rate against the European Union and Mexico. Both the euro and peso opened lower in FX trading this morning. The week ahead sees inflation readings for the US, Japan and UK. Locally, Australian consumer confidence and jobs data feature, while across the ditch, New Zealand food prices are the highlight. The Aussie and kiwi have extended Friday's losses into this week against a strengthening greenback. ASX futures point to a soft opening for local stocks. The EU is preparing to step up its engagement with other countries hit by Trump's tariffs following a slew of new threats to the bloc and other US trading partners, according to people familiar with the matter. Contacts will take place with nations including Canada and Japan, and could include the potential for coordination, said the people. Trump's proposed 50% tariff on copper imports is emblematic of the administration's incoherent approach to economic policy, writes Matthew Yglesias for Bloomberg Opinion. Soaked in nostalgia for America's industrial past, it pursues strategies that will make it harder for US manufacturers to succeed now and in the future. Trump and his allies have seized upon a new way to criticize the head of the US central bank: his handling of an expensive renovation of the Federal Reserve's headquarters. The construction project offers the clearest example yet of how Trump and those in his orbit are looking for every opportunity to scrutinize Jerome Powell's leadership at the central bank, even beyond his economic stewardship.  Construction on the Marriner S. Eccles Federal Reserve building in Washington, DC, on June 25. Photographer: Al Drago/Bloomberg Emergency crews in central Texas suspended their search for victims of recent catastrophic flooding as another night of heavy rain touched off new flash flood warnings. The Kerr County Sheriff's Office ordered volunteers, equipment and vehicles to vacate the area around the Guadalupe River as water is expected to rise, it said on its Facebook page. | 
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