US: Schumer Hints At Tanking Govt Funding Measure To Combat Trump Recission

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Speaking to reporters alongside other ministers, Finance Minsiter Eric Lombard says that, regarding the US-EU trade deal, it is "a relief to have avoided a trade escalation and tariffs of 30% applicable from August 1st, and a disappointment that we reached an agreement at 15%, noting that these 15% are already in place since April." Goes on to say that the EU's negotiation strategy "may not have shown enough vigour". Says, "Negotiations with the United States of America are only just beginning".

• Trade Minister Laurent Saint-Martin: "The French stance for several months has been to assert a power dynamic with a friendly, allied, partner country that has caused commercial tension, which was not Europe's desire,". Saint-Martin: "The agreement has been finalised, and we are first and foremost united in it, but in the coming days, extremely important negotiations remain (...) and we want our voice to be heard,".
• Saint-Martin claims, "it is wrong to say that the UK secured a better deal than the EU" (n.b. the UK secured an effective tariff rate of 10% back in May).
• Agriculture Minister Annie Genevard calls the deal an "unbalanced agreement", adding, "No one wanted this increase in customs duties". Says "nothing has been signed" and "everything is still open to negotiation". 

Gov'ts across the EU have been in rhetorical limbo since the announcement of the deal, both praising the avoidance of 30% tariffs from 1 August, but criticising the European Commission for what they argue have been overly steep concessions to the US. 

In the final question of the BOC press conference, asked if future Federal Reserve cuts will affect the BOC's rate path, Macklem says the BOC will "watch closely what the Fed does":

"we have a flexible exchange rate so that we can gear monetary policy to the needs of the Canadian economy. I'm confident the Federal Reserve will gear monetary policy to the needs of the US economy. We've obviously reduced interest rates quite a bit more than the Fed. Our economy was was weaker through last year. As we reduced rates, we were seeing, actually, economic activity pick up with inflation around 2%. Of course, the situation has changed with new US tariffs. But yes, we'll watch closely what the Fed does, and that's something that we will take into account in terms of our own monetary policy. But I think the best thing the Fed can do for us is to do a good job managing monetary policy in the United States."