Europe can accept Donald Trump's unilateral 10% universal tariffs, but wants concessions on sectoral tariffs.
Reported by UNN with reference to Bloomberg.
Details
Negotiations between the United States and the European Union on aligning tariff levels are ongoing. It recently became known that the European Union is ready to accept a trade agreement with the US that includes a 10% universal tariff on many of its export goods. But the EU expressed a desire for the US to commit to lowering rates in key sectors.
Sources interviewed by Bloomberg indicate that the EU, in its request to the US, is considering quotas and tariff reductions on cars and auto parts. Also in focus in the context of "tariff reduction" are:
- tariffs on steel and aluminum;
- pharmaceuticals;
- alcohol;
- semiconductors;
- commercial aviation.
To conclude a trade agreement with Donald Trump, the EU has until July 9. This is the period before tariffs on almost all European bloc exports to the US rise to 50%. Let us remind you, the US president has introduced tariffs on almost all of his trade partners. Trump previously stated that he wants to "bring domestic production back"; Trump noted that he needs to pay for continued tax cuts and "not let other countries take advantage of the US," Bloomberg writes.
Recall
Trump said that the previously named July 9 deadline for trade with the EU is not a fixed date.
US President Donald Trump announced a 50% increase in tariffs on steel imports to the US, satisfying industry leaders' demands. Previously, a 25% tariff on steel imports was introduced in March.