[CALENDAR ADDITION] US President Trump to make an announcement with the Commerce Secretary at 15:30EDT/20:30BST

An unscheduled presidential announcement paired with the Commerce Secretary has, in this administration's prior form, most often meant trade or tariff action rather than domestic policy, and the presence of Commerce specifically has tended to signal measures with a sector or country target rather than broad fiscal content. The usual sequence in comparable episodes has been a headline-driven first move in the most exposed names, followed by clarification or walk-back in the hours after, so the initial tape read has frequently been revised once the text or fact sheet lands. The tags attached here, French retail and European equity references, are unverified metadata rather than confirmed subject matter and should be treated as noise until the announcement itself confirms scope. What separates the cases that matter from those that fade is whether the announcement carries an effective date and legal mechanism, an executive order, a tariff schedule, a Section 232 or 301 finding, versus rhetorical intent without process. The tells are the exact instrument named, any stated effective date, and whether agencies publish implementing detail, since past episodes with paperwork attached have held their market effect while headline-only announcements have tended to retrace. Reaction, when it has come, has run through the targeted sector's equities first and the trade-weighted dollar and front-end rate expectations only where the measures are broad enough to shift growth or inflation assumptions.