US, EU Agree Trade Deal, EU Will See 15% Tariff Across Board
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The 15% tariff would be lower than previously threatened but remains a high duty on America’s largest trading partner.
President Donald Trump is set to meet with European Commission chief Ursula von der Leyen in Scotland to discuss trade. Both sides are seeking an agreement on tariff rates.
Trump had most recently threatened tariffs of 30% on imports from the European Union. But on Sunday, he met with the president of the European Commission, and they agreed to a lower level.
European Union countries approved a package of retaliatory tariffs on U.S. goods that could start in August if no trade agreement is reached. The list covers more than $100 billion worth of annual U.S.
A threatened 30% tariff on European wines would hurt many U.S. companies while hiking prices at home and in restaurants, industry experts warn.
European pharmaceutical stocks have swooned while the broader market has climbed higher. As a result, stocks in the sector are looking like a buying opportunity.
The European Central Bank is leaving interest rates unchanged as it waits to see the impact of U.S. President Donald Trump’s tariffs on the economy before deciding whether to cut rates again.
German auto giant Volkswagen is feeling the effects of President Trump's tariff policy. An EU-US trade deal can't come soon enough for the Wolfsburg-based automaker.
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