economy
"I Have Patiently Waited for Them to Fulfill Their Part of the Deal": Trump Issued an Ultimatum to the EU
U.S. President Donald Trump stated, according to The Guardian, that the EU must ratify its trade agreement with the U.S. by July 4 or face "much higher" tariffs, after European officials failed to reach an agreement on the deal.
TL;DR
- Donald Trump has given the EU a July 4 deadline to ratify a trade agreement.
- Failure to ratify by this date will result in significantly higher tariffs.
- European Commission President Ursula von der Leyen reported "good progress" towards ratification by early July.
- The EU and Trump reached an agreement last July that set tariffs on most European goods at 15%.
- Trump is reportedly unhappy with the implementation speed and has threatened to increase tariffs on EU cars and trucks to 25%.
- A U.S. Supreme Court ruling in February complicated Trump's ability to impose broad tariffs.
- The European Parliament gave its approval to the customs agreement in late March, but it still needs negotiation with EU member states.