EU trade official: "Not much movement" on talks with US on reducing industrial tariffs

Eren Sengezer FXStreet

Sabine Weyand, the European Commission's new Director-General of Trade, crossed the wires in the last minutes noting that there was not much movement thus far on trade talks with the United States to reduce industrial tariffs. "We need to build trust by making progress in areas where we agree," Weyand said during the event hosted by the Center for Strategic and International Studies think tank in Washington, per Reuters.

Regarding potential tariffs on European cars, "EU would be forced to respond to U.S. tariffs on cars," Weyand noted. "Tit-for-tat tariffs would result in a lose-lose situation."

There was no apparent market reaction to this comment and the Euro Stoxx 50 index was up 0.25% on the day.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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