Trump sets July 4 deadline for EU tariff hike decision
Summary
President Donald Trump has set a July 4 deadline for the European Union to finalize a trade deal that would require the EU to eliminate tariffs on U.S. goods. If the EU does not meet this deadline, the U.S. plans to increase tariffs on EU products, including cars and trucks, from 15% to 25%.Key Facts
- President Trump announced the EU must complete a trade deal and cut tariffs to zero by July 4.
- The trade deal was initially agreed upon in Turnberry, Scotland.
- The current tariff on EU cars and trucks is 15%, but Trump plans to raise this to 25% if the EU does not comply.
- The automobile sector accounts for 8% of trade between the U.S. and EU.
- The U.S. had been charging a 10% tariff on most EU goods but intended to increase it to 15%.
- Trump called his phone conversation with EU Commission President Ursula von der Leyen a "great call."
- The two leaders also discussed preventing Iran from acquiring nuclear weapons.
- The EU consists of 27 countries and has not yet finalized the trade deal.
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