Trump issues tariff letters to 7 more business partners as interaction with the European Union
US President Donald Trump on Wednesday issued a final tariff notice to seven minor business partners as his administration reached a deal close to a deal with his biggest business partner, the European Union.
Trump said in a post on his true social media platform that, starting from August 1, he would impose 20 percent tariff on goods from the Philippines, 30 percent on Sri Lanka, Algeria, Iraq and Libya goods and 25 percent on Brunei and Moldova.
No letter was issued to the European Union, but Trump late on Tuesday said that he would issue “minimum seven” tariff notices on Wednesday morning and afternoon.
The latest letters connect 14 other people sent earlier in the week, including 25 percent tariffs for powerhouse American suppliers South Korea and Japan, which are ready to be effective on August 1, stopping any deal before.
He came a day after Trump, when he made his trade war broad up by imposing 50 percent tariff on imported copper and will soon introduce a longer danger levy on semiconductors and pharmaceuticals. The US President’s Rapid-Fire Tariff Moves has put a shadow on the global economic outlook, making a business decision making.
At a distance of less than two weeks than the deadline to obtain tariffs from steel and aluminum, US President Donald Trump tariffs another metal with 50 percent tariff. Power and Politics asks International Trade Advocate William Palerin where it leaves Canada’s trade talks with the United States.
European Union’s conversation is still going on
Trump said that trade talks with China and the European Union are going well, the later America’s largest bilateral trading partner is
Trump said that he would “probably” tell the European Union within two days what the rate it could expect for its export to the US, saying that the 27-nation block had become very cooperative.
“He recently treated us very badly, and now they are treating us very well. It is like a different world, in fact,” he said.
The European Union’s trade head Maroš šefčovič stated that there was good progress on a framework trade agreement and a deal could also be possible within days.
Šefčovič told the European Union MPs that they hope that negotiaters may soon finalize their work, with extra time the US deadline was now extended, from 9 July to 1 August.
For the second time in his presidential post, Donald Trump is threatening extensive tariffs on global imports – and when Canada was not directly named, business experts say we are far from safe. Carlo Dad, director of the Business and Investment Center of the Canada West Foundation, says Trump’s threats are part of a comprehensive strategy that can give a tough competition to Canadian industries if we do not pay attention.
“I hope to come to a satisfactory conclusion, probably in the coming days,” he said.
However, the Italian economy minister Giankarlo Giorgatti had earlier warned that the conversation between the two sides was “very complex” and could remain correct for a time limit.
The highest tariff level since 1934
Equity markets on Wednesday shut down the latest tariff Salvo of the US Republican President, while Yen stayed on the back foot after the levies on Japan.
After the announcement of Trump of high tariff for imports from 14 countries, US research groups Yale Budget Lab Estimated Consumers face an effective US tariff rate of 17.6 percent, the first 15.8 percent and the highest in nine decades.
Trump’s administration is telling those tariffs as an important revenue source. US Treasury Secretary Scott Besent said Washington has so far taken about $ 100 billion US and can collect $ 300 billion to us by the end of the year. In recent years, the United States took about $ 80 billion annually in tariff revenue.
The Trump administration promised “90 deals in 90 days” after unveiling an array of country-specific duties in early April. So far, with Britain and Vietnam, only two agreements have been made. Trump has said that a deal with India was closed.
Massachusetts Governor Maurya Helle, a Democrat, exploded Trump for his “unsuccessful business war”.
“President Trump was elected for low cost, and whatever he is doing is increasing prices and damaging our businesses.”
