EU’s trade commissioner Cecilia Malmstrom out across the wires 7 March
- has serious doubts about justification for steel and aluminium tariffs
- still hopes that the EU will be excluded from US tariffs
- talking to different partners to co-ordinate WTO challenge
- EU getting ready to put in place safeguard measures to prevent metal flooding into EU
- root cause of problem with steel and aluminium is over capacity
- EU will respond to any tariffs in proportionate way
If Trump wants a trade war he’s likely to get one.
USDJPY drifting off again on the repeated rhetoric to 105.56 as yen demand prevails again. Large option expiry interest at 105.50 to provide support.
Malmstrom firing a few warning shots again