European Commission President Ursula von der Leyen said late Sunday that the trade deal reached with the United States (US) on Sunday is “the best we could get” and not to be underestimated given the looming threat of 30% duties that had been hanging over the EU, per Reuters.
Key quotes
Deal was the best it could get.
The deal is a stabilizer no stacking up tariffs, no multiple rates.
15% rate is a ceiling and becomes permanent.
Digital rules or tech regulation were not mentioned.
Alternative was a trade war deal.
It is a stabilizer that will translate into higher tariffs compared to under Biden.
Market reaction
At the time of writing, EUR/USD is trading 0.11% higher on the day at 1.1755.
