Stocks And Euro Surge, Gold Tumbles On Report US, EU Close In On 15% Tariff Deal
Just a few minutes before 12pm ET, stocks shot up as if stung, with the Euro joining along for the move higher while gold and silver tumbled, on an FT report that fresh off signing a landmark trade deal with Japan, Trump was also closing in on a trade deal with the EU that would impose 15% tariffs on European imports, similar to the agreement Trump struck with Japan.
According to the report, Brussels “could agree” to reciprocal levies to avoid the US president’s threat to raise them to 30% from August 1, with both sides agreeing to waive tariffs on some products, including aircraft, spirits and medical devices.
The bloc’s exporters have been paying an additional 10 per cent tariff on goods sent to the US since April while talks between Washington and Brussels continued. That was on top of pre-existing duties averaging 4.8%.
The FT sources said that the 15% minimum tariff would include those existing duties, so Brussels views the deal as cementing the status quo. Tariffs on cars, which are currently 27.5%, would therefore fall to 15%, identical to the deal with Japan, and leaving domestic producers unhappy.
Meanwhile, the EU will still continue to prepare a possible €93bn package of retaliatory tariffs, set at up to 30%, in case they cannot agree a deal by August 1.
In kneejerk reaction, stocks surged to new (record) highs…
… the euro spiked…
… while gold tumbled from what was effectively an all time high.
Tyler Durden Wed, 07/23/2025 – 12:16
Source: https://freedombunker.com/2025/07/23/stocks-and-euro-surge-gold-tumbles-on-report-us-eu-close-in-on-15-tariff-deal/
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