European negotiators are trying to reach an agreement to avoid a 30% tariff on imports from the U.S. set for August 1, which may also affect cars. The U.S. has reached a similar agreement with Japan, which includes significant investments and commitments. Concessions could be made in sectors such as aircraft, lumber, and some agricultural products. However, the U.S. is not considering reducing its high steel tariffs. The EU is preparing counter-measures, including potential 93 billion euros in tariffs on U.S. goods, if a deal fails to materialize.
European negotiators were hoping to reach an agreement to dodge the 30% tariff rate Trump has said he would impose on imports from the 27-nation bloc on August 1.
The rate could also extend to cars and would mirror the framework agreement the U.S. has struck with Japan, which Trump announced late on Tuesday.
EU member states were set to vote on 93 billion euros of counter-tariffs on U.S. goods on Thursday, with a broad majority supporting using anti-coercion instruments.
Trump was aiming to secure an agreement on the heels of a complicated deal with Japan, which included a $550 investment and loan pledges.
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