President Donald Trump announced on Sunday that he would delay a 50% tariff on EU goods until July 9, a decision that may help ease tensions between the two economic powers.
Background
- In April, Trump imposed a 20% tariff on the EU, which was later paused for 90 days and reduced to 10%.
- Recently, he considered increasing tariffs by up to 50%.
Recent Developments
European Commission President Ursula von der Leyen reported having a "good call" with Trump over the weekend, although she did not disclose specific details of their discussion. The delay is perceived as an effort by Trump to reduce tensions with Europe before making further decisions.
Trade Talks
- A source familiar with the trade discussions informed Reuters that no new developments or agreements were reached during the call.
- The conversation likely aimed to provide both sides with additional time to negotiate and potentially reach an agreement before July.
Strained U.S.-EU Trade Relationship
The trade relationship between the U.S. and EU has been strained since last year, primarily due to:
- Washington imposing tariffs on $7.5 billion worth of European goods over subsidies provided to Airbus SE, a competitor to Boeing Co.
- An investigation launched by Washington into France’s digital services tax, which is perceived to unfairly target American companies such as Amazon, Google, and Facebook.
France’s Retaliatory Tariffs
France has announced plans for retaliatory tariffs against U.S.-made products, including wine, cheese, and motorcycles, if the U.S. imposes duties on French wine imports starting next month. This situation is governed by Section 301 rules, which are used by the Biden administration against countries considered unfair traders.
Ongoing Investigations
The U.S. Trade Representative (USTR) has also initiated investigations into similar digital services taxes imposed by several countries, including:
- Italy
- Spain
- Austria
- Ireland
- Denmark
- Norway
- Sweden
- Turkey
- India
- Indonesia
- Egypt
- Brazil
- South Africa
- Argentina
- Taiwan
- Vietnam
- Singapore
- Malaysia
- Mexico
- Japan
- Hong Kong
- China
- New Zealand
- Australia
- United Kingdom
- South Korea
- Canada
This ongoing scrutiny reflects the complexities of international trade relations and the potential for further disputes.
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