US President Donald Trump has postponed the rates period that were previously aimed at Wednesday he signed a corresponding decree on Monday afternoon (local time). China is excluded because there is a separate agreement with the country.
With this step, imports for other countries are initially off the table in August. However, many details are still open, including how the EU and the US will act in the future.
Because the deadline would also have expired on Wednesday for the European Union. She has been negotiating with the United States in customs duties for a long time – the outcome is open. What the new deadline means for the EU was initially unclear. According to a spokesperson for the EU committee, Brussels continues to strive for his own trade agreement with Washington.
According to a high-ranking EU parliamentarian, the EU must prepare for the fact that the new basic rates of the United States will no longer disappear from 10 percent. Given the planned tax cuts in their own country, the United States would need them as an extra source of income, the chairman of the International Trade Committee in the European Parliament, Bernd Lange, said on Tuesday for journalists. The aim of the European Union must be mainly to negotiate the even higher special rates for certain industries such as car, steel and aluminum industry, the SPD politician continued. “The sectors must go.” Given the threats of Trump, special rates can also be provided for the pharmaceutical industry.
The first letters with new rates are out
On Monday, US President Donald Trump sent a number of letters with new customs regulations to different countries, including Japan, South Korea, South Africa and Malaysia. The spokeswoman for the White House, Karoline Leavitt, explained that mutual rates or the new rates in the letters would come into force – “or similarities are made”. These countries will continue to negotiate with the United States. Many positive developments have been seen.
When asked whether the deadline was binding until August 1, Trump said Monday: “I would say binding, but not 100 percent.” He was open if the trading partners submit a proposal to him. Also in the letters that are sent to a number of countries in which the American head announces different long rates, he said that the input was “definitively” but was also ready to negotiate here. “If you call another offer and I like it, we will do it.”
The EU trusted a fundamental agreement in the customs flict with the US. EU President -President Ursula von der Leyen called on Sunday with US President Trump and exchanged information about the current state of negotiations, described a spokesperson in Brussels. One was on the “start of the final phase”, said it on Monday afternoon. However, the speaker did not want to provide details about the conversation.
US finance minister quickly expects a lot of deals
In April, Trump introduced a base -customover from ten percent to almost all EU imports. In addition, special rates apply to certain products, such as steel and aluminum and car import. With his customs policy, Trump wants to reach more in the US.
The American Finance Minister Scott Bessent said in the broadcaster CNN that he quickly expected many deals because of the letters. He also spoke about 100 letters to small countries with which the United States does not act much. “The countries receive a letter that says: if we have not reached an agreement, you will fall back to the level of April 2.” Trump announced his far -reaching customs package that day.
Zuid -Korea wants to intensify conversations, China warns
Zuid -Korea, however, wants to intensify the conversations with the US. The Government in Seoul evaluated the fine of 25 percent planned by Trump from 1 August, as an actual expansion of the deadline for an agreement, the Ministry of Industry said. China, in turn, warned the US government, despite the applicable agreement, for sharpening the trade conflict by new rates. The only correct way of an agreement leads to dialogue and cooperation, the state newspaper “People’s Daily” writes in an article that is characterized as an official opinion of foreign policy.
On the New York Wall Street, the important indices closed after Trump’s announcements were closed in the least. The Dow Jones, the S&P500 and the technology -oriented Nasdaq have each assigned up to 0.9 percent. The losses are not even greater because many stock market brokers have held the new customs announcements from Trump for negotiating tactics, analyst Steve Sosnick explained interactive brokers from the online platform.
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.
