The European Union (EU) and South Korea their efforts to Reach trade agreements with the United Statesin an attempt to avoid the impact of tariffs that the North American President Donald Trumpthreatens to impose from next month.
The commercial tension was exacerbated on Saturday when Trump announced its intention to apply a 30% tariff to most imports from EU and Mexico As of August 1, adding to the 25% levies advertisements aimed at other historical members of the United States such as Japan and South Korea.
The next day, the Economic Advisor of the White House, Kevin Hassett, made it clear that the proposals presented so far They failed to meet Trump’s expectations. “The tariffs are real,” warned the official, who made it clear that “the president believes that the agreements have to be better.”
Negotiations against clock in Europe
From Brussels, the European Commission of Commerce, Maros Sefcovicwas optimistic about the possibility of achieving a beneficial result for both parties. However, He did not hide his concern for the potential negative economic consequences.
“A 30% tariff would practically eliminate trade between the United States and the block of 27 countrieswhich are currently the largest commercial partners with each other, “Sefcovic explained before a meeting with the EU trade ministers in Brussels.
In this sense, The European official reaffirmed the commitment of the block with the negotiations: “We remain committed to the US government and give priority to a negotiated solution before the new deadline of August 1. I cannot imagine abandoning without any effort.”
Warnings from Germany
The German Chancellor, Friedrich Merz, On Sunday he launched a hard warning about the impact that a tariff of this magnitude would have in the largest economy of the European bloc. “We would have to postpone much of our economic policy efforts, because I would interfere with everything and hit the German export industry,” said Merz.
So far, the European Union preferred for not taking retaliation measures to avoid an escalation of the commercial war. In fact, the European bloc postponed the retaliation measures announced in April from July 14 to August 1.
However, Italian Foreign Minister Antonio Tajani revealed that LA list of tariffs is already prepared worth $ 24.5 billion on American products, which would apply in case the negotiations fail.
The South Korean case
For its part, South Korea also accelerates his conversations with Washington. The main South Korean commercial envoy said Monday that it could be possible An agreement “of principle” Before the deadline of August 1, according to Reuters.
According to local media, Seoul would be willing to allow the United States for greater access to their agricultural markets as part of the negotiations.
The Minister of South Korean trade, Yoo Han-Koowho had high -level conversations with US officials last week, expressed the determination of his country to avoid “unfair” tariffs in key sectors for your industrial sector.
“I think it is possible to reach a principle agreement in tariff negotiations with the United States and then take time to continue negotiating,” Yeo told local media, according to the Newsis agency.
Source: Ambito
