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President Donald Trump urged the European Union to suspend the threat of retaliation, saying that it is suspending most of the US tariffs for each country for 90 days.
Scott Bessent, the finance minister, said most countries would still be dependent on 10% tariffs. Trump refused to withdraw from retaliation and raised tariffs on imports in China.
Changes are immediately effective, and US customs and border protection confirmed suspension in the notice released on Wednesday night. The exceptions granted in the initial mutual tariff presentation are valid depending on the organ. Canada and Mexico are currently exempted from 10% tariffs, but still imposed 25% tax on USMCA compatible products. Meanwhile, the tasks of products such as steel, aluminum and automobile products are still maintained.
Trump said more than 75 countries are stopping mutual tariffs because they contacted the White House to start trade negotiations. According to Bessent, Japan, Vietnam, Korea and India said, “It is in front of the queue.”
In response to this announcement, the European Union will suspend measures for US tariffs for 90 days, according to the European Commission President Ursula von Der Leyen on Thursday. europe
Von Der Leyen said on Thursday that “if the negotiations are not satisfactory, our countermeasures will begin.” “Preparation for additional measures continues. As mentioned earlier, all options remain on the table.”
Meanwhile, the trade war between China and the United States continues to expand.
Trump has enacted several tariff hiking in China since February, and most recently, the imposition of US products has increased by 50%. Prior to Trump’s most recent announcement, the White House pointed out that all China’s tariffs will build a total of 104%of interest rates. China responded kindly to match the previous measures by equalizing 84%of tariffs in the United States from Thursday.
According to the World Trade Organization of the NGOZI OKONJO-IWEALA, it continued between the United States and China.
Okonjo-Iweala said in a statement on Wednesday, “This tip approach between the world’s largest economy, which accounts for about 3%of the world’s trade, has a wider impact on the global economic outlook.
Okonjo-Iweala said that the US and China’s commodity transactions can decrease by up to 80% depending on the WTO forecast. The WTO estimates that the decline will be almost 7% in the world’s gross domestic product.
Max Garland contributed to this story.
