Trump pushes for up to 20% minimum tariffs on EU
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The EU – the United States' biggest trading partner – had been scheduled to impose "countermeasures" starting Monday at midnight in Brussels
The S&P 500 and Nasdaq Composite ended little changed on Friday, overcoming a brief dip triggered by a Financial Times report indicating U.S. President Donald Trump was pushing for steep new tariffs on European Union products.
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Last weekend, Trump announced he is planning to hit the EU with a blanket tariff rate of 30% from Aug. 1, after last-minute negotiations failed to produce a framework deal. Huge uncertainty now hangs over whether an agreement can be struck in the next two weeks, and what details or compromises it might contain.
European trade ministers were hopeful for a negotiated trade deal after Trump announced 30% tariffs on the European Union.
President Trump is threatening Mexico and the European Union, two of the largest U.S. trading partners, with 30% tariffs starting in August if they don't reach a trade deal with the U.S. CBS News MoneyWatch correspondent Kelly O'Grady breaks down what this means for U.
President Donald Trump has posted two new letters on his social media platform announcing tariffs on the European Union and Mexico.
The European Commission describes the trade between the U.S. and the EU as "the most important commercial relationship in the world.” The value of EU-U.S. trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat.
President Donald Trump posted letters to the leaders of Mexico and the European Union, saying they had not done enough to head off the new tariffs.
German Finance Minister Lars Klingbeil made clear in a meeting with his counterparts from the Group of Seven major economies on Friday that the global trade conflict must be ended quickly, he told reporters.