The European Union has finalized its second list of countermeasures against U.S. goods, totaling 72 billion euros. This step comes in response to the ongoing trade tensions between the EU and the United States, triggered in part by U.S. tariffs on European steel and aluminum, as well as concerns over potential tariffs on automobiles.

According to sources in Brussels, the new list includes a wide range of goods—from agricultural products and textiles to industrial goods and high-tech equipment. The goal of the countermeasures is to exert maximum pressure on the U.S. economy, particularly targeting states that support the U.S. administration's protectionist policies. At the same time, the EU emphasizes that it remains open to dialogue and compromise. However, as stated by European Commission President Ursula von der Leyen, "Europe will not allow itself to be intimidated and is ready to defend its interests under international law." The countermeasures, which may come into force as early as August 1, could further escalate the trade war, negatively affecting the global economy.

The most sensitive product categories include Boeing Co. aircraft, automobiles, and bourbon. Additional tariffs will also be applied to engineering products, chemicals and plastics, medical devices, electrical equipment, wines, and other agricultural goods. The full list consists of 206 pages of documentation prepared by the European Commission.

Initially, the list covered U.S. goods worth 95 billion euros, but it has since been reduced. However, member state approval is still required for the list to take effect. This package of measures is the EU's response to the so-called reciprocal tariff of 25% introduced earlier by President Donald Trump, which applied to most goods, along with additional 25% tariffs on cars and car parts. The general tariff rate was later temporarily reduced to 10% to allow for negotiations. However, at the end of last week, Trump stated that if the EU does not reach a deal by August 1, tariffs will be increased to 30% on all goods.

Over the weekend, the EU announced its intention to extend the suspension of tariffs on the first list of U.S. goods worth 21 billion euros, introduced in response to Trump's steel and aluminum duties. The new EU sanctions list on U.S. goods includes industrial products worth over 65 billion euros, mainly aircraft (nearly 11 billion euros), machinery (over 9.4 billion euros), and automobiles (nearly 8 billion euros). More than 6 billion euros worth of sanctioned U.S. goods account for agri-food products, primarily fruits and vegetables (nearly 2 billion euros) and alcoholic beverages (1.2 billion euros).

The extensive package also includes precision instruments and equipment (nearly 5 billion euros), toys and hobby equipment (over 500 million euros), sporting firearms (nearly 300 million euros), and musical instruments (around 200 million euros).

If trade relations further deteriorate, pressure on risk assets—including the euro—could intensify.

As for the current technical outlook on EUR/USD, buyers now need to focus on reclaiming the 1.1700 level. Only this would allow a move toward a test of 1.1720. From there, a rise to 1.1750 is possible, though achieving this without support from major market participants will be quite challenging. The most distant target remains the 1.1790 level. In case of a decline, I expect any significant buying interest to emerge only around the 1.1660 level. If no support is found there, it would be advisable to wait for a renewal of the 1.1625 low or consider opening long positions from 1.1595.

Regarding the current technical outlook for GBP/USD, pound buyers need to reclaim the nearest resistance at 1.3455. Only this would pave the way for a move toward 1.3490, a level that will be difficult to break above. The most distant target is the 1.3530 level. If the pair declines, bears will attempt to regain control at 1.3410. Should they succeed, a break of that range would deal a serious blow to bullish positions and push GBP/USD down to the 1.3375 low, with a potential move toward 1.3346.