India, Aug. 7 -- The euro strengthened against other major currencies in the European session on Thursday, as European shares rallied following the implementation of Trump's extensive "reciprocal" tariffs, which include a blanket 15% tax on exports from the EU.
The U.S. President Donald Trump's positive outlook on a Ukraine-Russia ceasefire also led to the upturn of EUR.
Trump had earlier enacted a 50% tariff on steel and aluminum, a 25% tax on vehicles and automotive components, and a 10% overarching levy on the majority of exports from the EU. These tariffs were in addition to the average rate of 4.8% on EU products that was already in place before Trump resumed his presidency in January.
Trump's 50% tariffs on steel and aluminum are s...