EU trade commissioner Maroš Šefčovič shared that he had productive talks with US trade representative Greer. He mentioned progress on tariffs but didn’t provide specific details. Šefčovič cautioned against expecting immediate breakthroughs. Much of what has been discussed in negotiations remains unclear. His remarks indicate that while discussions with the US are moving positively, no agreements are close yet. There’s progress, but it’s careful and not rushed. Both sides seem eager to improve relations, especially regarding tariffs. However, they are cautious about making commitments in public. The absence of specific numbers or clear steps suggests that any significant changes in trade agreements won’t happen suddenly. When they do occur, they will likely be small, occurring gradually rather than all at once. This slow pace may affect how some market participants adjust their pricing in the coming weeks. We can anticipate that markets sensitive to trade between the US and EU will remain stable for now. This doesn’t mean there isn’t any behind-the-scenes activity; it simply indicates that the situation appears cautious. Typically, we see stronger reactions when deadlines approach or when regulatory changes are announced. Without concrete changes or a clear plan, we expect things to remain steady. Historically, situations like this lead to adjustments, but not drastic ones—more like gentle shifts. Even if tariffs are adjusted slightly, it will take time to see their impact. Therefore, short-term instruments probably don’t need a significant price change yet—there’s nothing strong enough to warrant it. We are also watching for any moves from Greer’s office. If they publicly provide more details about the negotiations, it could signal a need for quicker reactions. For now, the low-information environment suggests we should mix patience with some strategic adjustments—not a complete withdrawal, but also not fully exposed. Practically, this means maintaining positions where suitable while assessing which areas are most vulnerable to policy changes. This often involves focusing on medium-term instruments and sector-specific strategies instead of broad adjustments. That’s where we will concentrate our initial modeling efforts, especially if clearer hints emerge in the next few cycles. We will keep an eye on official transcripts and follow-up briefings, as they often contain subtle hints about changes that don’t make the news. These hints have sometimes come before market corrections, so even minor shifts deserve attention.

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