Trade dispute
Trump wants 50 percent tariffs on EU goods-as early as June
The trade dispute goes into the next round: Donald Trump wants to prove products from the European Union with punitive tariffs of 50 percent – and very soon.
US President Donald Trump pleads for tariffs from the European Union for tariffs of 50 percent from June 1st. It was difficult with the EU to talk about trade, Trump explained on social media on Friday. There will be no tariffs if the respective product is manufactured in the USA.
“The European Union, which was primarily founded to take advantage of the United States in retail, is very difficult to handle,” criticized Trump. And: “Our conversations with you do nothing.” The EU Commission rejected a statement and first wanted to wait for a phone call between EU trade commissioner Maros Sefcovic and US representatives.
It is now completely unclear whether the punitive tariffs in the amount of 50 percent really come into force from June. Trump has regularly threatened with high tariffs in the past – and then completed a U -turn. The US President wants to correct alleged trade weights with the tariffs and shift production to the United States. At the same time, customs revenues should serve to at least partially counter its expensive election promise of large tax cuts.
Markets promptly react to Donald Trump’s Zollhammer
The announcements of the US President immediately ensured reactions to the financial markets. The German stock index Dax expanded its losses while the euro made its profits.
In April, Trump surprisingly decided in April on the stock and financial markets to grant many countries- including the EU- a break from certain tariffs for 90 days. It is about punitive levies that are based on the trade deficit of the respective countries. The US President initially put part of his huge customs package, which he announced in early April. The EU had also announced that the planned counter-tariffs were initially exposed to US products for 90 days.
Trump had threatened the EU with a total of 25 percent, should there be no own agreement with the United States. The month of July has been considered the deadline. So far, the Trump government has not dealt with an offer from Brussels for the mutual cancellation of all tariffs to industrial goods. In the past, however, Trump was actually optimistic about finding a solution in the customs dispute with the Europeans.
This article is continuously updated.
Reuters · dpa · AFP
yks
Source: Stern
I have been working in the news industry for over 6 years, first as a reporter and now as an editor. I have covered politics extensively, and my work has appeared in major newspapers and online news outlets around the world. In addition to my writing, I also contribute regularly to 24 Hours World.
