Economics & Markets

In our revision of the international forecast scenario, we maintain the assumption that the bilateral tariff between the US and the EU will be 10%. We also maintain the assumption that the tariffs between the US and China will reach a level of 60% in 2025 (an increase of 45 pps compared to December 2024), but now this increase is not anticipated to take place as gradually as we previously thought.

In the context of our revision of the international economic outlook, the aim of this article is to clarify, on the one hand, the US’ current tariff policy and, on the other, to summarise the response from its main trading partners and the state of the ongoing negotiations.