The European Union (EU) expects to find out on Monday whether President Donald Trump will impose punishing tariffs on America’s largest trade partner in a move economists have warned would have repercussions for companies and consumers on both sides of the Atlantic.
Trump imposed a 20 percent import tax on all EU-made products in early April as part of a set of tariffs targeting countries with which the United States has a trade imbalance. Hours after the nation-specific duties took effect, he put them on hold until July 9 at a standard rate of 10 percent to quiet financial markets and allow time for negotiations.
Expressing displeasure the EU's stance in trade talks, however, Trump said he would increase the tariff rate for European exports to 50 percent, which could make everything — from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals — much more expensive in the U.S.
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