| ECB Trade Spat | The EU is prepared to accept a trade accord with the US that includes a 10% universal tariff on many of the bloc’s exports, but wants lower rates on key sectors such as pharmaceuticals, alcohol, semiconductors and commercial aircraft, we have learned. EU officials are also pushing to lower levies on automobiles and car parts and on steel and aluminum, sources say. Ukraine Trade | The EU reached a new trade arrangement with Ukraine to replace the special tariff-free regime put in place after Russia’s invasion, which had sparked farmer protests in countries like Poland. Now, Ukraine’s access to the EU markets for agricultural products will vary, but with increases in quotas, compared with levels before the war, for the most sensitive produce. German Prices | German inflation unexpectedly eased to 2% this month, matching the ECB’s goal for the first time in almost a year. The outlook for prices in the euro area is broadly favorable, with indications suggesting inflation will settle at around the 2% target. ECB President Christine Lagarde, meanwhile, said strategy tweaks unveiled yesterday will allow policymakers to deliver more nuanced communication in an increasing unpredictable world. Another Hawk | Olaf Sleijpen takes over today as the head of the central bank of the Netherlands, succeeding the hawkish Klaas Knot on the ECB’s Governing Council. Sleijpen’s former colleagues and professors predict the 54-year-old economist will adopt a similar policy stance to Knot, as the euro region confronts challenges from global trade ructions to conflicts in the Middle East and Ukraine. Hungarian Pride | A record turnout for Hungary’s annual Pride march on Saturday, held in defiance of a police ban, is a strong sign of surging opposition to Prime Minister Viktor Orbán’s 15-year rule. Orbán’s Fidesz party has long used divisive cultural issues to shore up support, but the strategy seems to have backfired as support strengthens for the opposition figure Péter Magyar. | 
