The United States is planning to impose a 30% tariff on all goods imported from the European Union starting August 1, as announced by US President Donald Trump on his Truth Social platform.
The European Union had been anticipating such a move after Trump informed Canada’s Prime Minister that he would impose a 35% tariff on Canadian imports.
The United States and the 27-member bloc failed to reach an agreement on a comprehensive trade deal, including zero tariffs on industrial goods.
In addition to the tariffs on EU goods, Trump also declared a 30% tariff on goods from Mexico starting August 1.
Trump stated that the trade relationship with the European Union has been “far from Reciprocal” and that the US will charge the European Union a 30% tariff. He invited the bloc to negotiate further, suggesting that high tariff rates would be dropped if the European Union decides to build or manufacture within the United States.
Trump has been sending letters to trading partners, announcing new rates for countries such as Japan, South Korea, Canada, and Brazil.
The EU has responded that it is prepared to take the necessary steps to safeguard its economic interests if the US proceeds with the 30% tariff rate. French President Emmanuel Macron expressed his strong disapproval of the announcement and urged for a mutually acceptable agreement to be reached before August 1.
The European Union has the ability to enact the Anti-Coercion Instrument, which allows it to retaliate against countries seeking to pressure its members.
Germany’s Economy Minister, Katherina Reiche, warned that the US tariffs would severely impact European exporting companies and urged for a pragmatic outcome to be reached quickly.
Source: https://www.dw.com/en/trump-announces-30-tariffs-on-eu-goods-as-trade-talks-stall/a-73253662?maca=en-rss-en-all-1573-rdf
