Over the weekend, the U.S. and the EU announced a deal that sets a baseline tariff of 15% on all EU goods, including cars, pharmaceuticals, and semiconductors, but steel and aluminum remain at 50%, and some agricultural goods will face 0%. The EU agreed to purchase $750 billion in U.S. energy over three years and boost investment in the U.S. by $600 billion.
This week will be heavy on data releases, including 2Q GDP figures for Spain (Tuesday), Portugal (Wednesday), the euro area (Wednesday), and the U.S. (Wednesday), as well as preliminary July inflation figures for the Eurozone (Friday). The Fed will hold its FOMC meeting this week and is widely expected to hold rates once again (see our take here).
Access today’s full report to learn more (PDF)