Tariff Letters
- Global markets turned their attention back to global trade tensions ahead of the July 9 deadline.
- President Trump announced that the US will start sending official notifications to its trading partners on Friday, detailing the tariff rates they will face on exports to the US. Meanwhile, EU-US trade negotiations concluded in Washington without any progress. Talks are expected to continue.
- Separately, China’s Ministry of Commerce announced that it would impose tariffs of up to 34.9% on brandy imports from the European Union as of July 5.
- With Trump’s fiscal package passed by the House of Representatives and yesterday’s better-than-expected US employment data, major digital assets retreated slightly in an environment where the US Federal Reserve (FED) is expected to continue its wait-and-see strategy.
- On the last working day of the week, when the US stock markets were closed due to the holiday, European stock markets were on the negative side with expectations for trade talks. Trading volumes can be expected to remain low for the rest of the day.
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