EU expects tariffs to remain as talks make little progress, eur falls

The euro has fallen on this headline. The report said:

• After a two-hour meeting, EU trade chief Maros Sefcovic left unclear on US goals.
• US officials signaled most tariffs will stay.

The EU had proposed to the US a regime of reciprocal zero tariffs on autos and industrial goods but that evidently didn’t gain any traction with the US. That’s evidently been rejected, though the US did hint at a way forward with Europe buying more US goods.

There is also a report from earlier suggesting the US was asking for Europe to isolate China in return for lower tariffs.

In any case, the picture isn’t looking good.

The S&P 500 has also turned negative a short time after hitting a session high of +0.8%.

This article was written by Adam Button at www.forexlive.com.