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- EUR/USD falls as Trump signals US tariffs on EU cars and trucks rising to 25% from 15%.
- US Dollar trims daily losses as risk aversion rises on escalating Middle East tensions.
- Trump plans escorting ships via Strait of Hormuz; Ebrahim Azizi warns US role violates ceasefire.
EUR/USD depreciates after opening at the bullish gap, remaining in the positive territory and trading around 1.1720 during the Asian hours on Monday. The pair declined as the Euro (EUR) faces challenges, which could be attributed to the recent comments from President Donald Trump, indicating the US will raise tariffs on European Union (EU) cars and trucks to 25% from 15% this week, citing alleged breaches of a trade deal.
Trump said in a social media post, warning EU-made vehicles would face higher duties unless production shifts to US plants, aiming to push carmakers to localize output. The European Commission rejected the claim, saying it is complying with last summer’s agreement and vowing to defend EU interests if Washington violates the deal.
The EUR/USD pair also loses ground as the US Dollar (USD) pares its daily losses amid increased risk aversion driven by escalating tensions in the Middle East. Bloomberg reported on Sunday that Donald Trump said the United States will begin guiding some neutral ships trapped in the Persian Gulf out through the Strait of Hormuz starting Monday.
Ebrahim Azizi, a former commander in Iran’s Islamic Revolutionary Guards Corps (IRGC) and current head of the parliamentary National Security and Foreign Policy Committee, said that any US interference in the new maritime regime of the Strait of Hormuz would be considered a violation of the ceasefire. He added that the Strait of Hormuz and the Persian Gulf are not a place for rhetoric.
