US President Donald Trump has threatened 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 Der Leyen said that they will continue to work for an agreement and also warned of countermeasures if US tariffs are effected.
President Trump has placed the same deadline on several countries, also threatening with tariffs. Canada is being threatened with 35% tariffs, Brazil 50%, Japan and South Korea 25%, Algeria, Libya and Iraq with 30%, Tunisia at 25% and Kazakhstan at 25%, Serbia and Bangladesh at 35% and the Philippines and Malaysia at 25%. Cambodia and Thailand may have 36% and Laos 40% tariffs.
The US Federal Reserve has lowered its economic growth forecast due to tariff-induced inflation.
Newsroom
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