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Trump Touts Dropping All Tariffs Between U.S., Europe
President Donald Trump suggested in a tweet last night that the U.S. and European Union drop all tariffs, barriers and subsidies.
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President Donald Trump suggested in a tweet last night that the U.S. and European Union drop all tariffs, barriers and subsidies.
The EU’s top trade envoys—European Commission President Jean-Claude Juncker and European Trade Commission Cecilia Malmstrom—are meeting with Trump today in an effort to avoid his threat to impose a 20% import tax on all European-made cars.
The EU has been widely expected to declare its willingness to help lower or eliminate car tariffs among all major car exporting countries worldwide. To conform with World Trade Organization rules, such a sector-specific pact—known as a plurilateral sectoral agreement—would need to cover a broad array of components and other auto-related goods.
If Wednesday’s talks fail and Trump does impose new tariffs on European cars, the EU says it will retaliate with its own import taxes on $20 billion in goods from the U.S.
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