Europe Nears U.S. Trade Deal, but Stands Ready to Retaliate
On Thursday, nearly every European Union country voted to back a plan to retaliate against President Trump's tariffs, setting the stage to hit more than 93 billion euros' worth of U.S. imports with levies should he follow through on his threat to tax European imports at 30 percent. Hungary was the lone holdout.
The measures, which will be adopted later Thursday by the European Commission, the E.U.'s executive arm, would kick in on Aug. 7 unless a satisfactory accord is reached, Olof Gill, a commission spokesman, said at a briefing in Brussels.
But whether they will actually be deployed remains to be seen. For one thing, the prospect of retaliation has made the European corporate world uncomfortable. Many company executives fear that any retaliation could infuriate Mr. Trump and expose them to even higher U.S. tariffs. The luxury, cosmetics and food industries in particular have been lobbying in Brussels against enacting any countermeasures.
Mr. Gill declined to say whether the European Union would still strike back if the United States imposed a lower 15 percent tariff on European imports, similar to the terms of the deal the United States made with Japan. 'Right now, our focus is on finding a negotiated outcome with the U.S.,' he said, adding that one is 'within reach.'
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The Relative Strength Index, or RSI, for Bitcoin sits at exactly 60, and has been slowing down, showing that markets may be cooling after a pretty steady spike towards a new all-time high not long ago. RSI is like a temperature gauge for markets, measuring how hot an asset might be on a scale from 0 to 100. An RSI reading of 60 for BTC suggests traders are waiting for a clear directional signal before committing to larger positions. When RSI hovers at this midpoint, it often precedes significant moves in either direction. This can be confirmed after looking at the price pattern, which has been trading sideways for the last two weeks and puts BTC inside a symmetric triangle that is about to be broken. The Average Directional Index, or ADX, for Bitcoin is at 22. ADX measures trend strength regardless of direction, and a score of 22 confirms the weakening of the bull hype. An ADX below 25 indicates no clear trend is established, suggesting Bitcoin is coiling for a potential breakout. 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Key Levels: Strong support: $0.0025 (previous resistance turned support) Strong resistance: $0.0040 (psychological level and bearish trigger from July 24) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
