Trade deal on US tariffs within reach, says EU
Summary
The European Union and the United States are close to reaching a trade deal to avoid high tariffs. The EU aims to prevent a 30% tariff on its exports to the US, proposed by President Trump, by negotiating for a lower rate. If no agreement is reached by August 1, the EU plans to impose counter-tariffs on US goods.Key Facts
- The US plans to impose a 30% tariff on EU imports starting August 1, unless a deal is reached.
- EU negotiators are working hard to reach an agreement that benefits European consumers and companies.
- The EU has prepared a response of counter-tariffs worth €93 billion if the US tariffs take effect.
- Counter-tariffs could target US goods, including motorcycles, bourbon whiskey, and aircraft parts.
- The EU's target is to negotiate a 15% tariff, lower than the 30%, but higher than the EU's initial hope of 10%.
- EU negotiators are prepared for both negotiations and retaliation (a "twin-tracks" approach).
- The European Central Bank is concerned about how trade uncertainty affects the economy.
- President Trump wants the EU to open its market more to American businesses as a condition to avoid the tariffs.
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