European officials draft radical plan to take on US Pres. Trump and American tech companies – Politico

As per the latest reports from the Politico, the European Union officials have drawn up an aggressive 173-page plan to counter both President Donald Trump’s trade moves and American tech giants including Google, Apple, Amazon, Microsoft and Facebook.

The news report quotes document obtained while saying that the uropean Commission officials are pushing their president-elect, Ursula von der Leyen, to set up a European Future Fund that would invest more than $100 billion in equity stakes in high-potential European companies.

The document also mentions the goal as to get Europe competing head-on with the American and Chinese tech giants it has lagged behind for decades.

FX implications

As the US-EU trade relations have a little market impact, the news failed to get noticed. However, any escalation in the line, coupled with the response from the US President, will weigh on the EUR/USD pair and can also market’s risk-off sentiment.