Germany's Scholz: Details of possible EU border adjustment tax are very complicated

"The European Union should get its own revenues, that could include revenues from emissions trading scheme or border adjustment tax on CO2 emissions," German Finance Minister Olaf Scholz said on Wednesday. 

Scholz further noted that the details of a possible EU border adjustment tax are very complicated and added that he doesn't expect an agreement on that issue in the next two years.

Market reaction

Germany's DAX 30 Index continues to edge higher and was last seen gaining 0.83% at 12,417 points. Meanwhile, the EUR/USD pair seems to be having a tough time extending its recovery and was trading at 1.1231 as of writing, losing 0.28%.