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: 2025.07.14
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EU's Sefcovic: US tariff plan is prohibitive for mutual trade
World FX news
Breaking news
EU's Sefcovic: US tariff plan is prohibitive for mutual trade
New
2025.07.14 16:01
2025.07.14 16:01
2025.07.14 16:01
European Union Trade Commissioner Maros Sefcovic said on Monday that the United States (US) tariff plan is prohibitive for mutual trade, adding that he has to do everything to avoid 30% tariffs from the US and any retaliation.
Key quotes
The US tariff plan is prohibitive for mutual trade.
I will speak with US counterparts later today.
We are approaching a good outcome for both sides with the US.
Market reaction
At the time of press, the EUR/USD pair was down 0.21% on the day at 1.1665.
US Dollar FAQs
The US Dollar (USD) is the official currency of the United States of America, and the 'de facto' currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world's reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away.
The most important single factor impacting on the value of the US Dollar is monetary policy, which is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability (control inflation) and foster full employment. Its primary tool to achieve these two goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed's 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates, which weighs on the Greenback.
In extreme situations, the Federal Reserve can also print more Dollars and enact quantitative easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used when credit has dried up because banks will not lend to each other (out of the fear of counterparty default). It is a last resort when simply lowering interest rates is unlikely to achieve the necessary result. It was the Fed's weapon of choice to combat the credit crunch that occurred during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy US government bonds predominantly from financial institutions. QE usually leads to a weaker US Dollar.
Quantitative tightening (QT) is the reverse process whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing in new purchases. It is usually positive for the US Dollar.
Last updated
: 2025.07.14
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Most viewed
USD/JPY eases from 147.50 as investors ponder the impact of Trump's tariffs
The US Dollar is trimming previous gains on Monday.
New
2025.07.14 19:02USD: Trump and his tariffs - Commerzbank
Over the weekend, further letters from the US president arrived at various trading partners, including the EU. According to these letters, imports from the EU will be subject to a 30% tariff from August 1. This is a higher rate than originally announced on Liberation Day.
New
2025.07.14 18:59DXY: Plenty of US data this week - OCBC
US Dollar (USD) held on to mild gains, amid rise in UST yields and ahead of US CPI (Tuesday). DXY was last at 97.9 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
New
2025.07.14 18:52USD: Russia news could be USD driver today - ING
News from the weekend that the US could impose 30% import tariffs on the EU and Mexico hasn't moved markets too much. Equity futures in the US and Germany have been marked down 0.4% and 0.6% respectively, while the dollar is marginally stronger.
New
2025.07.14 18:44AUD/USD gives back early gains and drops to near 0.6560 amid sour market mood
The AUD/USD pair gives up its initial gains and falls to near 0.6560 during the European trading session on Monday. The Aussie pair falls back as the market sentiment remains risk-off amid escalating global trade tensions.
New
2025.07.14 18:44Oil holds onto gains ahead of Trump statement - ING
Oil prices managed to move higher on Friday, with Brent settling 2.51% higher on the day. The market remains well supported in early morning trading today, ING's commodity analysts Warren Patterson and Ewa Manthey note.
New
2025.07.14 18:32Silver price today: Silver rises, according to FXStreet data
Silver prices (XAG/USD) rose on Monday, according to FXStreet data.
New
2025.07.14 18:30EUR/USD: Risk for EUR is on the downside - UOB Group
Risk for Euro (EUR) is on the downside against US Dollar (USD), but it does not appear to have enough momentum to reach the major support at 1.1625.
New
2025.07.14 18:29EUR/USD: More downside if 21DMA breaks - OCBC
Euro (EUR) fell last week, in line with our caution for some 'speed bumps' in the interim. EUR was last at 1.1686 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
New
2025.07.14 18:25EUR: Corrective activity continues - ING
Those waiting for better levels to buy EUR/USD could be rewarded for their patience. US-EU trade negotiations look set to get noisier over the coming weeks, and baseline expectations that the EU secures a 10% tariff rate on most goods could be challenged, ING's FX analyst Chris Turner notes.
New
2025.07.14 18:21Disclaimer:
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