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Economic Indicators Released Overnight
Things still not looking good in China, and finally a trade deal with EU.
US-EU Trade Agreement
The U.S. will impose a 15% tariff on most EU goods entering the United States—a significant reduction from the previously threatened 30% tariff set to take effect on August 1.
A zero-for-zero tariff approach applies to select items such as aircraft components, pharmaceuticals (generic), semiconductors, many chemicals, agricultural goods, and critical raw materials.
Tariffs on EU steel and aluminium remain at 50%, though later this may shift to quota-based restrictions.
EU Commitments
EU pledges to purchase $750 billion in U.S. energy—notably LNG—over three years.
Additional $600 billion in EU investment committed to U.S. markets and infrastructure.
EU will buy U.S. military equipment (quantity unspecified), and consider sourcing U.S. nuclear fuel.
Context & Timing
The deal was clinched during a meeting between U.S. President Donald Trump and European Commission President Ursula von der Leyen at Trump’s Turnberry golf resort in Scotland. Trump called it “the biggest deal ever made.”
Negotiators moved quickly to avoid the deadline of August 1, after which steep tariffs were set to trigger a full-scale trade war.
US and EU reach tariff agreement to avert trade war [FT]
Key elements of EU-U.S. trade deal agreed on Sunday [Reuters]
BTC breaks higher, needs to close and confirm above previous all time high at 123,200k to convert shooting star to bull flag.
Gold bouncing this morning. but $3,300 looks on the cards before we can try higher.
USD/YEN looks to have regained the channel with inflation less of an issue. 160 would be a reasonable target for mid channel correction.
Tesla bounced on Friday but needs to confirm above $325 for a bounce to $420.
TESLA Daily