US weighs new tariffs on $3.1 billion of exports from the EU and UK

According to a notice published by the USTR

The notice says that the US wants to impose new tariffs on European exports like olives, beer, gin and trucks, while also increasing duties on other products including aircrafts, cheese, and yoghurt, in a move that will add to trade tensions.

The US is also looking to target European luxury goods and the notice makes mention to the 15-year old WTO aircraft subsidy fight between the US and the EU.

This isn’t quite helping with the risk mood on the session as it is keeping equities pinned lower with US futures now down by over 1% with the dollar keeping bid in general.

EUR/USD was marked down to a low of 1.1269 before staying around 1.1280 currently. Meanwhile, AUD/USD briefly moved under 0.6900 before staying just above the figure level as the market digests the story above.