Trump, tariffs and Trade Deals
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President Donald Trump on Tuesday will conclude his trip to Scotland, where the United States and the European Union announced a sweeping trade deal that imposes 15% tariffs on most European goods. Trump had initially threatened tariffs of 30% against the EU in April.
Trump had most recently threatened tariffs of 30% on imports from the European Union. But on Sunday, he met with the president of the European Commission, and they agreed to a lower level.
The EU, a group of countries with shared economic interests, exports about $2 trillion worth of goods to the U.S. The 27 countries had hoped for a lower tariff of 10%, similar to the deal Trump negotiated with the U.K. and well below the original threat of 30% tariffs, but most analysts expected something closer to 15%.
2hon MSN
As President Donald Trump prepares to announce new tariff increases, the costs of his policies are starting to come into focus for a domestic manufacturing sector that depends on global supply chains,
Experts at Bankrate have warned that the cost of President Donald Trump’s tariffs could ultimately be passed on to American consumers, unless importers or businesses absorb the costs
The 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.
TURNBERRY, Scotland, July 27 (Reuters) - European Commission President Ursula von der Leyen met U.S. President Donald Trump on Sunday to clinch a trade deal that would likely result in a 15% tariff on most EU goods, but end months of uncertainty for European Union companies.
President Trump’s tariff rollout has taken numerous twists and turns since launching earlier this year. The stakes are climbing ahead of Aug. 1, Trump’s self-imposed deadline for reaching trade deals.