The United States and European Union are racing to finalize a trade agreement that would impose a 15% tariff on most EU goods imported into the US, aiming to avoid President Trump's threatened 30% tariffs.
As the August 1 deadline approaches, both sides are hardening their positions, with the EU approving a €93 billion ($100+ billion) package of retaliatory tariffs on US goods if talks collapse. European leaders warn they are ready for a trade war if necessary, while markets react to the uncertainty. Some sectors, like wine and spirits, may be spared from new tariffs under the proposed deal.
The outcome will have major implications for global trade, supply chains, and economic relations between two of the world's largest economies.
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