Trump Postpones 50% Tariff on EU Imports Until July 9
US President pauses tariff implementation to facilitate ongoing trade negotiations with the European Union.
US President Donald Trump announced on Sunday that the implementation of a 50% tariff on all imports from the European Union (EU) will be delayed until July 9. This decision follows discussions with European Commission President Ursula von der Leyen regarding a potential trade agreement.
In a post on Truth Social, Trump noted his recent conversations with von der Leyen and expressed a willingness to allow more time for negotiations, previously scheduled to culminate on June 1.
Von der Leyen described the conversation as productive and emphasized the EU's readiness to advance trade discussions.
She stated that additional time was needed to finalize an agreement, effectively requesting a five-week extension beyond the original deadline.
“Europe is ready to advance talks swiftly and decisively,” she conveyed, stressing the importance of concluding a satisfactory deal by the new deadline of July 9.
The date marks the expiration of a different, 90-day suspension of tariffs that Trump had threatened back in April.
Current tariff dynamics indicate that EU exporters to the US are already subjected to a 25% tariff on cars, steel, and aluminum, along with a 10% blanket levy.
Should Trump proceed with the proposed reciprocal tariffs, an additional 10% import tax on EU products could be implemented.
The EU has been actively negotiating with the US administration to avert such tariff escalations.
EU Trade Commissioner Maros Sefcovic has maintained communication with US officials, navigating the complexities of trade relations amid heightened tensions.
In response to potential tariff implementations, the European Commission has indicated the possibility of retaliatory measures, including the targeting of €116 billion worth of US goods, such as cars and aircraft.
As the discussions evolve, the intricate interplay of tariffs and trade negotiations continues to shape transatlantic economic relations.
In a post on Truth Social, Trump noted his recent conversations with von der Leyen and expressed a willingness to allow more time for negotiations, previously scheduled to culminate on June 1.
Von der Leyen described the conversation as productive and emphasized the EU's readiness to advance trade discussions.
She stated that additional time was needed to finalize an agreement, effectively requesting a five-week extension beyond the original deadline.
“Europe is ready to advance talks swiftly and decisively,” she conveyed, stressing the importance of concluding a satisfactory deal by the new deadline of July 9.
The date marks the expiration of a different, 90-day suspension of tariffs that Trump had threatened back in April.
Current tariff dynamics indicate that EU exporters to the US are already subjected to a 25% tariff on cars, steel, and aluminum, along with a 10% blanket levy.
Should Trump proceed with the proposed reciprocal tariffs, an additional 10% import tax on EU products could be implemented.
The EU has been actively negotiating with the US administration to avert such tariff escalations.
EU Trade Commissioner Maros Sefcovic has maintained communication with US officials, navigating the complexities of trade relations amid heightened tensions.
In response to potential tariff implementations, the European Commission has indicated the possibility of retaliatory measures, including the targeting of €116 billion worth of US goods, such as cars and aircraft.
As the discussions evolve, the intricate interplay of tariffs and trade negotiations continues to shape transatlantic economic relations.
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