The European Fee is holding its floor, hoping that negotiations with Washington will finally bear fruit. For now, the Fee, which is liable for commerce coverage, continued to chorus from taking retaliatory measures towards america, although, since Wednesday, June 4, US tariffs on metal and aluminum have doubled from 25% to 50%.
These new tariffs come on prime of different duties imposed by Donald Trump since his return to the White Home – 25% on vehicles and 10% on a variety of merchandise – and have additional deepened the imbalance between the 2 sides of the Atlantic. The European Union (EU), for its half, has nonetheless not imposed any extra tariffs on imports from its fundamental buying and selling associate.
On Wednesday, after assembly with US Commerce Consultant Jamieson Greer in Paris, European Commerce Commissioner Maros Sefcovic stated he was “optimistic” in regards to the consequence of ongoing discussions between Brussels and Washington, thereby justifying the Fee’s choice to take no fast motion.
The EU has caught to this technique for almost two months, sustaining its course whilst Trump shifts the foundations. “We need to give negotiations an opportunity,” stated Fee President Ursula von der Leyen on April 10. That day, beneath stress from the markets, Trump introduced a 90-day mini-truce within the world commerce warfare he’s waging, suspending the brand new tariff hikes he unveiled on April 2 to July 9. In response, the Fee suspended the implementation of the primary set of countermeasures, designed to retaliate towards the 25% tariffs (in place since March 12) on metal and aluminum, which the members adopted the day earlier than.
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