The ongoing disagreements on trade between the United States and its largest trade partners have been the dominating political/finance story of the second half of the year so far. President Trump has made no secret of his disdain for the current trade deficits between the U.S. and countries like Germany, China, Canada, and Mexico. At the end of last week, the President spoke again on the trade situation, voicing his frustration at what he describes as difficulties when trading with the European Union.

As reported by The Guardian and other major news outlets, the President called the European Union a “foe” on trade when talking to CBS News from a golf resort that he owns in Scotland.

The President told interviewer Jeff Glor; “Well, I think we have a lot of foes. I think the European Union is a foe, what they do to us in trade. Now you wouldn’t think of the European Union but they’re a foe.” Trump elaborated further into the interview, saying that “EU is very difficult. I respect the leaders of those countries. But, in a trade sense, they’ve really taken advantage of us [the United States].”

The interview was the latest in a long line of rhetoric where the President has slammed the European Union and other trade partners for unfair conditions. Deficits exist with most U.S. trade partners, and President Trump spent a lot of his campaign, and most of his presidency so far, promising and working to address the imbalance.

Trade Rhetoric Strong but The Economy is Performing Well

The ongoing trade disputes have resulted in numerous tariffs on China, as well as on close allies like Canada and the European Union. Retaliatory tariffs have also been implemented, which threaten to disrupt U.S. based producers and investors on Wall Street. With each new round of what many are calling a trade war, there are clear and sometimes significant impacts on stocks. Much of the volatility in the past month has been blamed on trade rhetoric, new tariffs, and the fear of future tariffs that would harm U.S. businesses.

President Trump and millions of Americans believe that a hard stance is necessary to create favorable trading conditions for North America. While busy on an international trip to meet European leaders, including visits with NATO, Vladimir Putin, and Theresa May, President Trump took to twitter to remind his followers “The Stock Market hit 25,000 yesterday. Jobs are at an all time record – and that is before we fix some of the worst trade deals and conditions ever seen by any government. It is all happening!”

As of Tuesday, The Dow was up 0.18%, while the S&P 500 was down -0.10% and the NASDAQ -0.26%. President Trump has plenty of critics but it’s hard to argue that the economy is not performing well, even if the stock market will likely continue to show volatility as trade issues are worked out.