President Trump’s threat of a 30% tariff on EU imports has intensified pressure on the euro, pushing EUR/USD into a volatile range despite its bullish breakout above $1.11 level.

President Donald Trump on Tuesday said the U.S. would impose a 19% tariff on goods from Indonesia under a new agreement with the Southeast Asian country and more deals were in the works as he continued to press for what he views as better terms with trading partners and ways to shrink a huge U.

The European Union is delaying its retaliatory tariffs, which were set to take effect Monday, after President Donald Trump announced in a letter that his 30% tariff will begin for the EU on Aug. 1. The EU is matching that deadline and hoping to reach a deal before the tariffs begin.