For my part, I believe that Europe has problems acting in a coordinated manner, that the Italians want something that is something other than what the French want, adds Scott Bessent.
Paused and reduced China tariffs
The statement is made during a visit to Saudi Arabia. It takes place since the USA made an agreement on trade and tariffs with the United Kingdom last week and, in addition, drastically reduced USA tariffs on Chinese products after a round of negotiations in Switzerland over the weekend.
But I am certain that in the end we will come to a satisfactory solution, says Bessent about the prospects for an agreement with the EU.
The President of the USA, Donald Trump – who shocked the world with sky-high tariffs on almost the entire world in early April – has simultaneously said that he sees very productive discussions with Japan and says that progress is also being made in the issues of trade with Indonesia, Taiwan, South Korea, and Thailand, reports Bloomberg.
EU proposal for countermeasures
On Thursday, the EU's trade ministers will discuss a proposal from the EU Commission on countermeasures against the USA's tariffs, which can be implemented if an agreement cannot be reached with the Trump administration within the tariff pause that expires in July.
According to the EU Commission's proposal, it involves tariffs on American goods to the value of 95 billion euro – more than four times as much as the previously paused EU tariffs on USA goods for 21 billion euro.
Joakim Goksör/TT
Facts: Trump's tariff pause expires in July
TT
The Trump administration introduced a 90-day pause of the 20 percent punitive tariffs that Donald Trump introduced with a presidential order on all EU goods in his tariff shock on April 2. During the pause, the USA's tariffs on all EU goods are 10 percent.
The USA has already applied 25 percent tariffs on imports of steel and aluminum since March 12. Additionally, the Trump administration has introduced 25 percent tariffs on cars and car parts.
Trump has also flagged that tariffs will be introduced on medicines and strategic products – as well as, among other things, 100 percent tariffs on films not produced in the USA.
