Trump Lauds EU for Speeding Tariff Negotiations After Threat
President Donald Trump said he was encouraged the European Union is speeding up negotiations on trade, days after he said the bloc would face 50% tariffs if they fail to reach a deal with the US.
“I have just been informed that the E.U. has called to quickly establish meeting dates. This is a positive event, and I hope that they will, FINALLY, like my same demand to China, open up the European Nations for Trade with the United States of America,” Trump said in a social-media post on Tuesday.
Trump has said he will hit the EU with a 50% tariff on its goods but extended a deadline for those import taxes to take effect to July 9 after a recent call with European Commission President Ursula von der Leyen, during which she agreed to fast-track talks.
“I was extremely satisfied with the 50% Tariff allotment on the European Union, especially since they were ‘slow walking (to put it mildly!), our negotiations with them,” Trump said in his post.
It’s rare for Trump to praise the EU, which he has long derided as a scheme to rip off the US. The bloc was established to promote peace and stability in Europe following World War II.
The commission is planning to focus its new trade strategy on critical sectors Trump has taxed or has threatened to, including metals, automobiles, pharmaceuticals, semiconductors and civilian aircraft. That’s in addition to ongoing efforts on tariff and non-tariff barriers.
A prior EU offer proposed both sides lowering tariffs on many goods and working together on global challenges and mutual investments but was rejected by the US, triggering Trump’s threat of higher duties.
Member states were briefed on the developments Monday after EU trade chief Maros Sefcovic spoke with his US counterparts, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer.
Source : Bloomberg
