Provided it stands the test of time, the deal agreed between the US and EU means that the bloc should be exempt from the 100% tariff that President Trump has threatened on semiconductor imports, as well as any tariff increases above 15% that could result from the US administration's Section 232 investigation into pharmaceuticals. Meanwhile, the ECB’s interest rate cuts still seem to be giving only a small boost to construction in the euro-zone. Next week, we expect Norges Bank to leave interest rates unchanged but signal that further cuts are coming later in the year.
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