Trump plans to impose a 20% tariff on all EU goods if no deal is reached by August 1
The post Trump plans to impose a 20% tariff on all EU goods if no deal is reached by August 1 appeared on BitcoinEthereumNews.com. Donald Trump has decided to jack up tariffs on every single good coming from Europe, pushing for a baseline rate of 15% to 20% in the next trade deal, according to the Financial Times. This comes after multiple rounds of back-and-forth talks with Brussels that aimed to hold tariffs at 10%, but that idea’s been tossed. The White House has rejected the EU’s last offer to ease auto tariffs, and officials close to the negotiations say Trump is completely fine keeping duties on European cars locked at 25%, just like they are now. This escalation is all part of Trump’s strategy to pressure the EU as they approach his August 1 deadline. If there’s no deal by then, he’s planning to hit all European imports with a 30% tariff, no exceptions. A U.S. official allegedly told the Financial Times that even if both sides reach some kind of agreement, Trump still expects “reciprocal” tariffs to stay above 10%. That’s a hard red line. And with time running out, Europe’s got almost no room to maneuver. EU fears retaliation but faces internal divide On Friday, Maroš Šefčovič, the European Commissioner for Trade, gave a closed-door briefing to EU ambassadors after his Washington meetings. Two diplomats present said Maroš painted a bleak picture. The U.S. side didn’t budge, even as Brussels tried to pitch targeted cuts for specific sectors. No deal, no movement, just a wall. The same day, German Chancellor Friedrich Merz publicly admitted things weren’t going well. “Whether we can still create sectoral rules, whether we can treat individual sectors differently from others, is an open question,” Friedrich said. “The European side supports this. The American side views it more critically.” With Trump’s tariffs now looking like they’ll stay between 15% and 20%, the rates would land right where they…
The post Trump plans to impose a 20% tariff on all EU goods if no deal is reached by August 1 appeared on BitcoinEthereumNews.com.
Donald Trump has decided to jack up tariffs on every single good coming from Europe, pushing for a baseline rate of 15% to 20% in the next trade deal, according to the Financial Times. This comes after multiple rounds of back-and-forth talks with Brussels that aimed to hold tariffs at 10%, but that idea’s been tossed. The White House has rejected the EU’s last offer to ease auto tariffs, and officials close to the negotiations say Trump is completely fine keeping duties on European cars locked at 25%, just like they are now. This escalation is all part of Trump’s strategy to pressure the EU as they approach his August 1 deadline. If there’s no deal by then, he’s planning to hit all European imports with a 30% tariff, no exceptions. A U.S. official allegedly told the Financial Times that even if both sides reach some kind of agreement, Trump still expects “reciprocal” tariffs to stay above 10%. That’s a hard red line. And with time running out, Europe’s got almost no room to maneuver. EU fears retaliation but faces internal divide On Friday, Maroš Šefčovič, the European Commissioner for Trade, gave a closed-door briefing to EU ambassadors after his Washington meetings. Two diplomats present said Maroš painted a bleak picture. The U.S. side didn’t budge, even as Brussels tried to pitch targeted cuts for specific sectors. No deal, no movement, just a wall. The same day, German Chancellor Friedrich Merz publicly admitted things weren’t going well. “Whether we can still create sectoral rules, whether we can treat individual sectors differently from others, is an open question,” Friedrich said. “The European side supports this. The American side views it more critically.” With Trump’s tariffs now looking like they’ll stay between 15% and 20%, the rates would land right where they…
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