The European Union said on Wednesday that it could make a outline trade deal with the United States within days – such as US President Donald Trump increased the threat of the new tariff.
Trump, disintegrating a business, which was unheard of the global economy, announced a day earlier that he would slap 50% tariff on imported copper and soon roll out the levy reaching semiconductors and long -standing on pharmaceuticals.
What is Trump threatening now?
Trump released a new round of tariff letters, targeting six countries, the White House confirmed on Wednesday.
Letters ask for 30%on Algeria, 25%on Brunei, 30%on Iraq, 30%on Libya, 25%on Moldova and 20%on Philippines.
The US President had said that “a minimum seven” new tariff notices would land on Wednesday morning, and to follow more.
The latest danger comes a day later when he sent tariff letters to 14 business partners – which includes major business partners South Korea and Japan – 25% from 1 August and warning of high duties.
Trump said the trade talks with China and the European Union were going “very well” and promised to reveal the new export rates of the European Union perhaps “perhaps” within two days.
He said on Tuesday, “He recently treated us very badly, and now they are treating us very well. It is like a different world, in fact,” he said on Tuesday.
What is the expectation of the European Union?
European Union’s trade head Maros Sefkovic said that MPs had made good progress on a framework agreement and a deal could be possible within days.
He told the European Union MPs that he hoped that the European Union negotiaters could finalize the son of his work, with extra time, the US deadline was now extended from 9 July to 1 August.
“I hope there is a possibility of reaching a satisfactory conclusion even in the coming days,” Said Saidkovic.
However, the Italian economy minister Giancarlo Gorioorti warned that the talks remain “very complex” and could pull until the last moment.
If new measures move forward, they push us their highest level by 1934. The markets shut down Trump’s latest Salvo, while Yen further weakened Japan, who was killed with a new tariff danger.
Edited by: Wesley Rahan
