The FT is now reporting that Pres. Trump is pushing for a 15 \u2013 20% minimum tariff on all EU goods. The tariff rate as set by “the letter” had pinned the rate at 30%. <\/p>\n
He also rejects reducing the 25% sectorial duty on EU cars. The administration is also looking at a reciprocal tariff rate that exceeds 10%, even if a deal is reached. EU trade Commissioner gave a downbeat assessment of his recent talks in Washington to EU ambassadors on Friday<\/p>\n
As mentioned, Trump is not interested in 0% tariffs. He has alluded that there is a tax for having access to the US (rightly or wrongly). That tax is 10% to 20% WITH no tariffs on US exports (have your cake and eat it too). <\/p>\n
He will cite national security as his power to invoke. He also sees tariffs as a way to claw back.<\/p>\n
EU companies would not be tariffs on goods manufactured and sold in the US.<\/p>\n
Like it or don’t like it, it is what he is doing.<\/p>\n
The EURUSD has moved lower to test the 100-hour MA. That came after the test of the 200 hour MA and swing area between 1.1663 and 1.1691 stalled the rally (see earlier post here outlining the key barometer for buyers and sellers<\/a>). <\/p>\n A move below the 100-hour MA would have the low of another swing area at 1.1614 and then will look toward 1.1563 \u2013 1.1578 followed by the 38.2% retracement of the move up from the May low. That level comes in at 1.15372.<\/p>\n EURUSD technicals<\/p>\n Later this year,
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