Trump issues new tariff notices
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The European Union may be nearing a trade agreement with the United States but is struggling to obtain immediate tariff relief and a commitment not to introduce new measures, the head of the European Parliament's trade committee said on Wednesday.
The U.K. and Vietnam — which have already sealed deals with the U.S. — “both wanted quick results and the U.S. emerged as the big winner in the end,” Lange warned in an interview with Germany’s RND newspaper group.
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Trump on April 2 proposed a 20% tariff for EU goods and then threatened to raise that to 50% after negotiations did not move as fast as he would have liked, only to return to the 10% baseline. The EU has 27 member states, including France, Germany, Italy and Spain.
The European Union will not receive a letter from the United States setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday, and is eyeing possible exemptions from the U.
The European Union is working toward a trade agreement with the United States but faces challenges in securing immediate tariff relief and protection against new trade measures, according to Bernd Lange,
Shares of European wine and spirits distillers were given a boost during overseas trading thanks to efforts by the European Union to seek an exemption from U.S. trade tariffs. Shares of Remy Cointreau SA (OTCPK:REMYF) (OTCPK:REMYY),
Trump said the United States would impose tariffs of 25% on goods from Tunisia, Malaysia and Kazakhstan, with levies of 30% on South Africa, Bosnia and Herzegovina, climbing to 32% on Indonesia, 35% on Serbia and Bangladesh, 36% on Cambodia and Thailand; and 40% on Laos and Myanmar. A deal with India was close, Trump added.
The Yale Budget Lab noted that the letters sent Monday would hike the effective tariff rate on U.S. consumers to the highest since 1934.