Friedrich Merz
Friedrich Merz

The pace of deal-making around 'Liberation Day' tariffs has been borderline disastrous so far, with only the UK putting pen to paper. The July 9 'deadline' is quickly looking fanciful and everyone is pricing in extensions.

That said, there will be drama and the EU is putting on a brave face here. There are a multitude of details to work out between the US and EU. Plus, it's an extremely difficult deal to make as it's almost impossible to give-and-take with vetoes in national governments.

I certainly wouldn't take this line from Merz at face value; I see it more as an aspiration.

Source: Forex Live