Jim Bianco argues that Europe will suffer more from President Trump's tariff policy than the U.S. He believes investors put too much focus on the tariffs and took attention away from what he considers the true macro headwind: inflation. If inflation persists, Jim won't be surprised to see an interest rate hike from the Fed later this year. He also expects markets won't offer as big returns as they did the last two years, but notes investment opportunity outside the Mag 7.