Reuters is reporting that the EU will announce retaliatory tariffs on a wide-range of US products of up to $28 billion later today. European Union Commissioner President Ursula von der Leyen, previously stated that the EU was not going to impose tariffs on the US unless talks lead to no result.
President Emmanuel Macron appealed to the French business community to halt investments in the US before the trade dispute with the US ends. The EU’s chief negotiator with the US in the trade dispute, Maros Sefcovic is actively engaged with his US counterparts to find a resolution.
Meanwhile, on Air Force One, President Trump said that Europe had to pay a lot of money to the US both for present trade and the “past”, probably referring to the trade deficit between Europe and the US. In his own words, President Trump said that “We put a big tariff on Europe. They are coming to the table. They want to talk, but there’s no talk unless they pay us a lot of money on a yearly basis number one for present but also for past.”
President Trump unleashed a global trade war last week which crashed the US stock market. Global stock markets are following suit and Asian markets are down across the board early this morning. US and European stock market futures are also down as of the time of writing.
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