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Market Recap – Tariffs on EU goods

Thursday, October 3, 2019 10:24 AM GMT

The USA was quick to announce tariffs on EU goods, following the recent ruling of the WTO against the subsidies given to Airbus. Starting from October 18, a 25% tax applies to EU food products and a 10% tax applies to jet products. The WTO ruling allows tariffs up to 100% for $7.5bn worth of products. Note that President Trump intents to decide on tariffs to be imposed on the EU automobile industry by November 13.

Boris Johnson will try to get his Brexit Proposal voted in the UK Parliament. Michel Barnier, the European Union’s Brexit negotiator, said that the proposal constitutes “progress” that finally opens up room for negotiations to but lots of work still needs to be done to meet the three key conditions of the EU.

Financial markets recorded a significant fall of equities. Cryptocurrencies have not followed the move.

Macro releases: Today’s economic agenda includes the Service PMI release from the Eurozone, the UK and the USA.        


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