The EU suspended the planned special rates for American products by July 14. This is a reaction to the actions of US President Donald Trump, who announced that many countries have 90 days to give a break of certain rates.
This break must now be used for negotiations. The EU Commissioner Maros Sefcovic is already responsible for trade in the United States, “to explore the land for a negotiating solution during a meeting with his American colleague”. If these conversations are not satisfactory, the EU will take countermeasures, it said on Monday.
“There were many conversations with the EU,” said Trump’s business consultant, Kevin Hassett. “We are making enormous progress. This will be very good for American employees, especially for American car employees.”
Trump: “Was no exception”
As reported, Trump had imposed on countless trading partners of rates of 20 percent and exposed to 90 days shortly thereafter. For the EU, 25 percent initially remained on steel, aluminum and cars, as well as ten percent basic rates on other products.
During the weekend, the White House announced that electronic devices such as smartphones of the high rates (up to 145 percent) were excluded from China. Shortly thereafter, Trump rowed back. It was by no means announced that an “exception” was announced, he wrote on his social social platform. New special rates in the area of the semiconductor industry would soon be.
This not only causes uncertainty internationally, but also affects American companies and consumers. Experts doubt that domestic production can be strengthened with the help of rates. There is a lack of specialists, suppliers and suitable infrastructure in the United States.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
