EU to impose duties on €2.8 billion worth of US imports as of Friday

The European Commission gave its final approval for retaliatory duties against the recent steel and aluminium tariffs imposed by the US, imposing €2.8 billion worth of duties on US imports as of this Friday, 22 June.

The market reaction to the announcement, however, turned out to be rather muted, with some safe-haven buying dragging the USD/JPY pair back towards the key 110.00 psychological mark.