EU floats concessions to White House but expects 10-25% tariff rate

A report from Bloomberg was out about an hour ago and highlights the state of play between the US and Europe in the tariff war, citing sources:

• EU officials expect 10-25% tariff rate on all or most goods
• European Union is identifying concessions it’s willing to make in a term sheet
• They were told there is no way to avoid tariffs next week
• Areas for negotiations on the punitive trade measures, including lowering its own duties, mutual investments with the US as well as easing certain regulations and standards
• Non-tariff issues such as the VAT, digital taxes and several EU regulations and food standards featured prominently during the talks in Washington
• The EU may be eyeing US services imports in retaliation

Speaking of services tariffs, this is a good point.

The US dollar is broadly lower today and that’s helped to life the euro by 29 pips.

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