The European Union indicated it could establish a basic trade agreement with the U.S. during the upcoming days despite President Donald Trump’s escalating threats against global trading partners.
Trump announced his plan to publish seven new tariff announcements which would impose a 50% duty on copper imports and additional taxes on semiconductors and pharmaceuticals. The U.S. President uses these measures to force countries into new bilateral agreements before August 1.
The EU remains a top target. Trump indicated that European export tariffs might be decided within 48 hours because Brussels showed increased cooperation. The talks with China show signs of progress.
EU trade chief Maros Sefcovic announced that the bloc achieved “good progress” toward establishing a framework agreement which could lead to a quick resolution. The Italian officials stated that the ongoing negotiations face “very complicated” challenges.
The recent tariff announcement made through social media by Trump caused market instability while receiving opposition from essential U.S. trading partners. The EU continues to believe that diplomatic efforts will prevent a destructive trade conflict.
The time-sensitive negotiations continue because rising trade tensions threaten worldwide supply networks at a time when inflationary pressures are decreasing.
