Financial markets are preparing for potential changes in US trade policy as the search for the next Treasury Secretary expands. There are expectations of a commitment to consumer tax increases, which could have implications for the economy.

The proposed tariffs are not only concerning in terms of their rates but also in their extensive application, raising concerns about economic nationalism and the politicization of trade balances, particularly with China.

In the Eurozone, trade data is set to be released, which is gaining renewed attention given the current focus on US consumer goods. The focus on trade dynamics reflects a broader trend of economic nationalism that could impact bilateral relations and market stability.

The European Central Bank (ECB) is scheduled to hear from key figures, including Chief Economist Lane and President Lagarde, although market expectations remain stable.

On the other hand, there is uncertainty surrounding the Federal Reserve due to recent softness in industrial production data across major economies. Analysts caution against overinterpreting this month"s figures, noting that shifts in consumption patterns complicate the relationship between industrial activity and overall economic growth.