The European Central Bank will release its monetary policy statement and announce an official rate at 14:45 MT on October 24.
EU response to American tariffs for steel and aluminum is expected in July
In July, the European Union is anticipated to adequately respond to the United States, which on June 1 imposed tariffs for steel and aluminum from the European Union. That’s what Cecilia Malmström, European Commissioner for Trade uncovered to reporters. Besides this, she also told that the discussion of these responsive measures is currently underway, as Deutsche Welle informed.
As Malmström pointed out, steel suppliers, heavily concerned about tariffs, have already started to redirect the flows of various stuff destined for the United States to other countries. Simultaneously, it takes time for an economic evaluation of the outcomes of this move by the American government.
It should be noted that from the very beginning, the European bloc was very critical of American protectionist moves. As a matter of fact, the European Union considers unilateral customs tariffs to be quite unjustified. The EU officials are assured that it heavily violates the currently existing rules of the World Trade Organization. It’s what follows from the statement of Jean-Claude Juncker, the head of the European Commission. The American government’s radical move simply didn’t leave the European Union with any choice, so the European block had to file a complaint with the WTO and also roll out extra tariffs on a number of US goods imported into the European Union.
By the way, earlier Germany had several times warned the USA against the dangerous escalation of the trade clash. The German federal authorities reject the tariffs put by the US on aluminum and steel, as Steffen Seibert, official German government spokesman told. The German government actually considers this measure to be absolutely illegal. He added that such a specific argument for protecting national security can’t be convincing enough. The German statesman added that this move conceals the danger of a cunning circle of penalty measures that can potentially harm everybody.
The week will bring us fresh updates on Brexit and the last ECB meeting with outgoing president Mario Draghi.
The endless Brexit loop continues to intrigue traders.