President Donald Trump said in a Thursday social media post that goods from the European Union would face higher tariff rates if the 27-member bloc fails to approve last year’s trade framework by July 4.Video above: Do you qualify for a tariff refund? It depends on who or what you areThe announcement appeared to be a deadline extension after the president said last Friday that EU autos would face a higher 25% tariff starting this week. Trump made the updated announcement after what he described as a “great call” with European Commission President Ursula von der Leyen.Still, the U.S. president was displeased that the European Parliament had yet to finalize the trade arrangement reached last year, which was further complicated in February by the U.S. Supreme Court ruling that Trump lacked the legal authority to declare an economic emergency to impose the initial tariffs used to pressure the EU into talks.“A promise was made that the EU would deliver their side of the Deal and, as per Agreement, cut their Tariffs to ZERO!” Trump posted. “I agreed to give her until our Country’s 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels.”It was unclear from the post whether Trump was implying that the tariff rates would jump on all EU goods or the increase would only apply to autos.His latest statement indicates he might be backing away from his earlier threat on EU autos by giving the European Parliament several more weeks to approve the agreement.Under the original terms of the framework, the U.S. would charge a 15% tax on most goods imported from the EU.But since the Supreme Court ruling, the administration has levied a 10% tariff while investigating trade imbalances and national security issues, aiming to put in new tariffs to make up for lost revenues.
President Donald Trump said in a Thursday social media post that goods from the European Union would face higher tariff rates if the 27-member bloc fails to approve last year’s trade framework by July 4.
Video above: Do you qualify for a tariff refund? It depends on who or what you are
The announcement appeared to be a deadline extension after the president said last Friday that EU autos would face a higher 25% tariff starting this week. Trump made the updated announcement after what he described as a “great call” with European Commission President Ursula von der Leyen.
Still, the U.S. president was displeased that the European Parliament had yet to finalize the trade arrangement reached last year, which was further complicated in February by the U.S. Supreme Court ruling that Trump lacked the legal authority to declare an economic emergency to impose the initial tariffs used to pressure the EU into talks.
“A promise was made that the EU would deliver their side of the Deal and, as per Agreement, cut their Tariffs to ZERO!” Trump posted. “I agreed to give her until our Country’s 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels.”
It was unclear from the post whether Trump was implying that the tariff rates would jump on all EU goods or the increase would only apply to autos.
His latest statement indicates he might be backing away from his earlier threat on EU autos by giving the European Parliament several more weeks to approve the agreement.
Under the original terms of the framework, the U.S. would charge a 15% tax on most goods imported from the EU.
But since the Supreme Court ruling, the administration has levied a 10% tariff while investigating trade imbalances and national security issues, aiming to put in new tariffs to make up for lost revenues.
