Europe stays soft on tariffs, awaits U.S. move
Three days before the 15% tariff takes effect, Europe confirms a soft approach and officially freezes its €93 billion counter-tariff list for six months. This follows the exemptions discussed by von der Leyen and Trump in Scotland.
The EU vote on suspending its measures is expected today, delayed by 24 hours. Brussels wants to avoid raising tensions and hopes for a "gesture" from the U.S. on key goods. But talks remain difficult, and few believe a quick deal is likely.
Meanwhile, the U.S. President continues to defend his tariff strategy. He says the "hundreds of billions" raised will help reduce national debt, and even suggests a possible payout to middle- and low-income citizens to boost domestic support.
He also blames his predecessor again: "We should have cut the debt years ago — I did it with China during my first term. We couldn’t finish because of Covid. Biden ruined everything."
Chiara Cavagna
UCapital Asset Management LLP or group companies may have commercial relationships with the companies mentioned. This content is not financial advice.
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