European Commission: US President Trump’s reciprocal tariffs are a step in the wrong direction
Responding to US President Donald Trump’s reciprocal tariffs plan on Friday, the European Commission noted that “Trump’s reciprocal tariffs are a step in the wrong direction.”
Additional takeaways
The European Union (EU) remains committed to an open and predictable global trading system that benefits everyone.
EU will react firmly and immediately against unjustified barriers to free and fair trade.
Market reaction
At the time of writing, EUR/USD is adding 0.11% on the day to trade near 1.0475, retreating from intraday highs of 1.0488.
Tariffs FAQs
What are tariffs?
Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs are designed to help local producers and manufacturers be more competitive in the market by providing a price advantage over similar goods that can be imported. Tariffs are widely used as tools of protectionism, along with trade barriers and import quotas.
