US President Donald Trump announced on Sunday that he would be suspending the planned 50% tariffs on the European Union until July 9. This announcement followed a call with Ursula von der Leyen, the President of the European Commission.
Von der Leyen stated on social media that the EU and US have the most significant and close trade relationship in the world. She expressed Europe’s readiness to advance talks quickly and decisively, and emphasized the need for the time until July 9 to reach a good deal.
Trump mentioned that Von der Leyen had requested an extension on the June 1 deadline and expressed her desire to engage in serious negotiations.
This development comes after months of negotiations between authorities in Brussels and Washington to avoid a trade war sparked by Trump’s April announcement of imposing tariffs on most of the US’ trading partners. Initially, Trump had threatened a 20% tariff on EU goods, which was later halved to 10% with a deadline of July 8.
Trump had previously stated that he would impose a 50% tariff on the EU from June 1 due to the lack of progress in trade talks with the bloc. However, he has now agreed to an extension to the original July deadline.
The EU, which has been accused by Trump of taking advantage of the US, has faced three rounds of tariffs. These include a 25% tax on imports of steel and aluminum, a 20% reciprocal tariff on all imports, and a 10% baseline tariff. The EU has stated its commitment to reaching an agreement but insists on a transatlantic relationship based on mutual respect rather than threats.
Germany’s Finance Minister, Lars Klingbeil, has called for serious negotiations with the White House and urged against further provocations. He also highlighted that Trump’s tariffs do not benefit anyone and pose a risk to both the US and German and European economies.
Source: https://www.dw.com/en/trump-suspends-planned-50-tariffs-on-eu/a-72666268?maca=en-rss-en-all-1573-rdf
