Internet reported that the EU has been trying to reach a provisional agreement with the United States to avoid higher tariffs, but Trump's letter shattered the EU's recent optimism. However, Trump does leave room for further adjustments. Bryan Jacobson, chief economist at Annex Wealth Management, wrote that like in previous letters, there are many conditions and terms to reduce these tariffs, which may be why markets may not like tariff negotiations but are not alarmed by it.