EUR/USD halts its three-day losing streak, trading around 1.1700 during the Asian hours on Monday. The pair gains ground as the US Dollar (USD) loses ground due to escalating global trade tensions.
On Saturday, US President Donald Trump announced a 30% tariff on imports from the European Union (EU) and Mexico starting August 1. He also proposed a blanket tariff rate of 15%-20% on other trading partners, an increase from the current 10% baseline rate.
In response, the European Union announced on Sunday that it will extend its pause on retaliatory measures against US tariffs until early August, in hopes of reaching a negotiated agreement.
EU Commission President Ursula von der Leyen emphasized the bloc's "two-track" strategy, continuing dialogue while preparing for possible retaliation.
German Chancellor Friedrich Merz expressed strong commitment to securing a deal, warning that a 30% tariff would hit "at the core" of Germany's export-driven economy. Von der Leyen added that the EU's Anti-Coercion Instrument, which enables robust countermeasures, remains off the table for now, stating, "we are not there yet."
Source: FXStreet
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