EU-US Trade War Inevitable
quietus writes:
"The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with. Their powerful Trade Barriers, Vat Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against Americans Companies, and more, have led to a Trade Deficit with the U.S. of more than $250,000,000 a year, a number which is totally unacceptable. Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025. There is no Tariff if the product is built or manufactured in the United States. Thank you for your attention to this matter!"
@realdonaldtrump, Truth Social, May 23.
President Trump announced a 50% tariff on EU exports into the United States.
the Trump administration considers EU food and product standards protectionist and wants the bloc to unilaterally drop tariffs. The EU has proposed that both sides scrap tariffs on all industrial and some agricultural products.
Brussels has also offered to help tackle Chinese overcapacity in sectors such as steel and cars, and to discuss restrictions on exporting technology to Beijing.
But it has refused to discuss scrapping national digital taxes or VAT, key US demands, or weakening EU regulation of US tech companies.
Trump's post on Friday contrasted with his administration's moves to defuse trade tensions with Beijing this month. The US has also recently sealed a trade deal with the UK.
(Source: Financial Times, May 23, Trump warns of 50% tariff on EU imports from next month)
Stock up on bourbon while you still can, mateys.
Read more of this story at SoylentNews.