Interviewed by CNN, US Treasury Secretary Scott Bessent said that bilateral trade negotiations with various countries are still ongoing while many other countries haven’t yet contacted the US on the matter. He said that a 10% tariff will still apply to around 100 smaller countries who haven’t struck a trade deal with the US yet.
The EU and the US set July 9th as the deadline for a trade deal but no developments have been announced since President Donald Trump threatened to slap EU products with a 50% tariff. EU products are now entering the US with an additional 10% tariff following a rollback of the original 20% tariff. UK products are also entering the US with a 10% tariff despite a trade deal announced by the White House.
The US Federal Reserve lowered its economic growth forecast last month due tariff-induced inflation.
EUR/USD is $1.1781 as of writing.
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