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The Maltese Herald

US tariffs on EU products suspended until July 9th

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Maltese Herald
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In a surprise announcement on Sunday night, EU Commission President Ursula von der Leyen said that she had a good call with President Donald Trump and that the EU needs up to July 9th to close a trade deal with the US. The announcement was welcomed by President Trump who reacted by announcing a suspension of his planned EU 50% tariffs.

US and European stock market futures went vertical with the announcement on Sunday open. The Euro is currently at $1.141. DXY is at $98.7 and gold at $3335.

Last week President Trump accused the EU of being very difficult with trade talks and slapped a 50% tariff on EU products.ย  He also mentioned VAT as an issue which is a product tax paid by both foreign and local companies that is arguably paid by the end-consumer.

President Trump is accusing the EU of ripping off the United States with a trade deficit but Europe’s trade deficit with the US is actually offset with services and capital flows going from Europe to the US.

 

 

 

Comments

3 responses to “US tariffs on EU products suspended until July 9th”

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    […] positive on a prospective good outcome for an EU-US trade deal. The EU and the US have set the 9th July as the tentative deadline for a trade […]

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    […] EU and the US set July 9th as the deadline for a trade deal but no developments have been announced since President Donald Trump threatened to […]

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    […] the EU with 30% tariffs on most of its exports to the US following failure to reach a deal by the 9th July deadline. A new deadline for a trade deal has been set for August 1st. EU Commission President Ursula von […]

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