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.
Despite progress in negotiations, the EU is preparing a massive €93-100 billion ($109-117 billion) package of retaliatory tariffs on US products if talks collapse. European leaders are signaling readiness for a trade war, with countermeasures targeting a wide range of American exports. The looming August 1 deadline has heightened market volatility and prompted both sides to harden their stances.
The outcome will have significant implications for global trade, supply chains, and industries on both sides of the Atlantic.
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