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I was asked whether the US has a VAT
No, the U.S. does not have a national Value-Added Tax (VAT). Instead, it relies on a combination of federal, state, and local taxes, including sales taxes, excise taxes, and corporate income taxes. Sales taxes, which are applied at the state and local levels, function similarly to a VAT but are imposed only at the final point of sale rather than at multiple stages of production.
(from the internet)
It looks like there may NOT beanother tariff news opening week gap.
Meanwhile, Trump said his next focus is on car imports.
I found this in home web.
As of February 2025, the European Union (EU) imposes a 10% tariff on imported vehicles from the United States, while the U.S. applies a 2.5% tariff on European car imports. This disparity has been a point of contention in transatlantic trade relations. In response, the EU has proposed reducing its tariff on U.S. car imports to 2.5%, aligning with the U.S. rate, in an effort to ease trade tensions. 
Additionally, President Donald Trump has announced plans to impose new tariffs on countries with value-added tax (VAT) systems, arguing that these taxes act as trade barriers disadvantaging U.S. exports. This policy could significantly impact the EU, where VAT rates average around 22%. 
These developments indicate ongoing negotiations and potential changes in tariff structures affecting U.S.-EU automotive trade.
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ÂNewsquawk Week Ahead: Highlights 17-21st February 2025
Highlights include RBA, RBNZ, FOMC Minutes, PMIs, Canada, UK and Japan inflation
I posted this after the retail saLes report yet bond yields went even lower before backing up a touch into the close.
It was another example of how a market can remain illogical longer than one can remain solvent.
I am not sure if it is a case of the algos running the trading asylum as the bond market is usually a truer barometer but maybe it has joined the club
As I posted after tghe retail sakes report
DOLLAR DOWN AFTER RETAIL SALES MISS
I wonder whether the LA fires and winter storms distorted the numbers but the reaction tO the news is all that mattersz.
10 year yield falls below 4.50%
To illudtrate my point
WASHINGTON, Feb 14 (Reuters) – U.S. retail sales dropped by the most in nearly two years in January, likely weighed down by frigid temperatures, wildfires and motor vehicle shortages, suggesting a sharp slowdown in economic growth early in the first quarter
But the larger-than-expected and across the board decline in retail sales reported by the Commerce Department on Friday probably does not reflect a material shift in consumer spending as it also followed four straight months of hefty increases.
A sharp upward revision to December’s sales took some of the sting from the report. Economists also noted that it was difficult to strip out large seasonal swings from the data at the turn of the year, which was also evident in the January consumer inflation report.
US retail saleUS retails post biggest drop in nearly two years amid winter freeze
