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Prospective US-EU trade deal buoys markets

Jul 8, 2025, 6:17am EDT
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European Commission President Ursula von der Leyen
Yves Herman/Reuters

Washington reportedly offered Brussels a relatively benign trade deal, helping calm markets worried by fresh White House tariff threats.

The agreement would largely leave American import duties at 10%, Politico said, lower than US President Donald Trump’s “Liberation Day” tariffs.

Still, European officials cautioned that any agreement would only be preliminary, and from their perspective amounts to damage mitigation because duties would be higher than prior to Trump’s ascension.

Analysts, meanwhile, were skeptical about Trump’s letters outlining new duties for 12 countries effective Aug. 1: “I don’t even know if anybody understands the difference between what was announced today, what was there previously, and if it will actually be implemented,” one told CNBC.

A chart showing the main EU exports to the US
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