The euro steadied near its lowest in a month on Wednesday, nursing steep losses this week as investors counted the cost of the U.S.-EU trade pact and looked ahead to policy meetings from the Federal Reserve and the Bank of Japan.

As European Union leaders work through the consequences of their new trading arrangement with the US, they are confronting the bitter reality of just how far they have fallen.

U.S. President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal

It’s a race against time for some of America’s top trading partners who are negotiating furiously to reach agreements by Aug. 1.

James Knightley, ING’s chief international economist, said the deal with the European Union is important. But he said there are still questions to be settled with some of America’s major trading

France and Germany have warned about the economic fallout from the 15 percent tariffs European goods face in the U.S.

Bessent based his assumption that there’s a written and signed agreement on the trade deals reached with Indonesia and the Philippines. Notably, Indonesia contests some of Trump’s claims about its deal, and details about the Philippines deal remain scant beyond Trump’s Truth Social posts.

Tariffs, including the 15% rate for most imports from the EU, would raise consumer prices by 1.8% in the short run, according to the Yale Budget Lab.

Donald Trump may have called it “the biggest of all the deals,” but the EU-US trade pact failed to boost risk appetite in a sign the incremental impact from each new agreement is fading.

Three South Korean cabinet-level officials met U.S. Commerce Secretary Howard Lutnick in Washington in a push to close a trade deal, Seoul said on Wednesday, squaring off with a key U.S. official driving a hard bargain just ahead of a deadline.