Trump tariffs live updates: EU vows to retaliate if US sticks with baseline 10% tariff
The European Union has vowed to retaliate if the US sticks with its baseline 10% tariffs, according to a report in Bloomberg News on Wednesday. The EU said that it would hit US goods like Boeing (BA) planes with tariffs if President Trump follows through with baseline levies on European exports.
“We will need to retaliate and rebalance in some key sectors if the US insists on an asymmetrical deal,” the EU’s industry chief, Stephane Sejourne, told Bloomberg.
Meanwhile, the pressure is now on. From Canada to Japan, key trade deals are struggling to get over the finish line with just two weeks to go before Trump's tariff deadline.
Trump managed to firmed up a trade deal with the United Kingdom, and its European Union neighbors are apparently pushing for a similarly styled deal despite fits and starts in talks.
Trump has threatened tariffs of up to 50% on EU imports after various tariff "pauses" lapse July 9.
In Canada, Prime Minister Mark Carney's government threatened to hike tariffs by late July on US imports of steel and aluminum, weeks after Trump ballooned US levies on those metals to 50%.
Trump has warned that he would soon tell countries their tariff rates, raising questions about the status of negotiations and a return to his "Liberation Day" tariffs that roiled markets. Trump instituted a pause on his most punishing duties that expires July 9.
Trump scored a legal win on Friday, as the Supreme Court decline to expedite a challenge from two family-owned businesses, including toy maker Learning Resources.
The case is one of several legal challenges working its way through the court system.
Meanwhile, the US economy is still figuring out the effects of the tariffs. Federal Reserve Chair Jerome Powell said as the central bank held interest rates steady last week that the Fed is still waiting to see the effects of the tariffs on prices.
Starting Monday, Trump's tariffs affect washing machines, fridges and ovens. This could mean higher prices for household goods.
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