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The EU – the United States' biggest trading partner – had been scheduled to impose "countermeasures" starting Monday at midnight in Brussels
12hon MSN
Last weekend, Trump announced he is planning to hit the EU with a blanket tariff rate of 30% from Aug. 1, after last-minute negotiations failed to produce a framework deal. Huge uncertainty now hangs over whether an agreement can be struck in the next two weeks, and what details or compromises it might contain.
The Trump administration is pressing the European Union to accept blanket tariffs in the range of 15% or more, well above the level the bloc had initially negotiated with the U.S., people familiar with the matter said.
European trade ministers were hopeful for a negotiated trade deal after Trump announced 30% tariffs on the European Union.
President Donald Trump posted letters to the leaders of Mexico and the European Union, saying they had not done enough to head off the new tariffs.
President Donald Trump has posted two new letters on his social media platform announcing tariffs on the European Union and Mexico.
Tariffs expand: The administration has already imposed a 30% tariff on Chinese goods and is planning similar tariffs on imports from Mexico and the European Union, the nation’s top trading partners, as part of its push to reshape global trade in favor of U.S. manufacturing and jobs.
The only acceptable tariff on European Union exports to the United States would be zero as the bloc is already facing a detrimental exchange rate, the head of Italy's business lobby said on Wednesday.