Tariffs and the EU-US trade deal are major talking points in the US and the EU right now after the EU Commissioner Ursula von der Leyen agreed on a 15% tariff on most of EU products to the US in a meeting with President Donald Trump at his golf resort in Scotland.
French President Emmanuel Macron has criticised how such an important deal was struck at a gold course and implied that that this won’t be the end of the story. The French President also said that during the formalisation of the agreement the EU should aquire new exemptions and added that commitments to purchase weapons and energy are made by the member states and not the European Commission.
Yesterday President Trump said that his deal enabled US access to the European market but this statement is factually not correct.
Meanwhile, during yesterday’s Federal Reserve press conference, Chairman Jerome Powell highlighted that inflation risks due to tariffs remain both in the medium-term and in the long-term. The Federal Reserve’s main interest rate has remain unchanged at 4.5% citing inflation higher than its 2% target.
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