EU and US Engage in Tariff Standoff, Escalating Trade Tensions
Summary
Escalating trade tensions as the European Union extends suspension of tariffs on US goods until August, while US President Trump announces 30% tariffs on EU imports starting August 1, prompting the EU to warn of further countermeasures.
Key Points
- The European Union will extend its suspension of tariffs on goods imported from the US until early August
- US President Donald Trump announces 30% tariffs on imports from the European Union starting August 1
- The EU stresses it will not stand back and will prepare further countermeasures in the coming weeks