15/07/2025 Daily Reports
EU Prepares $84 Billion Counter-Tariff List as US Negotiations Break Down; Investor Confidence Hits Record High Amid Trade Disputes
- The European Union is stepping up plans for a trade war with the United States, finishing a second list of €72 billion ($84 billion) of countermeasures against US goods including Boeing aircraft, autos, and bourbon. This move comes after President Donald Trump announced a fresh 30% tariff on most EU imports to take effect August 1 unless there is a trade deal negotiated.
- Despite the increased threats, Trump indicated that he is still prepared to negotiate with EU trade commission chief Maros Sefcovic due to meet with US Commerce Secretary Howard Lutnick. The EU’s new list of products it will target is broad, and encompasses machinery, chemicals, plastics, medical devices, electrical machinery, wines, and other farm products. European shares moved modestly higher on Tuesday, with the auto industry at the forefront, as markets reacted to Trump’s invitation to negotiate.
- Elsewhere, investor confidence jumped sharply in July to its most optimistic since February, Bank of America’s global fund manager survey said. This hope is on the heels of a steep increase in profit expectations and a record high increase in risk appetite, with cash levels falling to the level of a “sell signal” for the bank’s strategists. The survey shows that sentiment is turning “toppy” but fund managers will be more likely to do “hedging and rotation” rather than a steep pullback from the market.
- Investors are also upbeat about significant economic data releases like the euro zone industrial production for May, Germany’s July ZEW Economic Sentiment, and the start of the US earnings season with significant bank reports and June consumer prices.
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