EUR/USD slips 0.2% as US scales back Italian pasta tariffs significantly
EUR/USD declined 0.2% to 1.0830 in early Thursday trading as the dollar strengthened following the US Commerce Department's decision to dramatically reduce proposed antidumping duties on Italian pasta imports. Initial tariffs of up to 92% were slashed to just 2.3% for La Molisana and 13.9% for Garofalo, with most producers facing only 9.1% duties. This significant policy reversal eases trade tensions between the US and Italy, reducing pressure on the euro from potential retaliatory measures. The move suggests a more pragmatic approach to trade policy, potentially stabilizing transatlantic trade relations. Technical indicators show EUR/USD finding support at 1.0820, with resistance at 1.0865. The reduced tariffs may limit further euro weakness, though the separate 15% US tariff on Italian pasta exports remains in effect, keeping some downward pressure on the currency pair.
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