Trump's new EU trade deal, briefly explained
Welcome to The Logoff: The US and the European Union have arrived at a new trade deal, just days before President Donald Trump's threatened deadline to impose substantial new tariffs.
What's in the agreement? Only the broad strokes of the deal have been announced so far, but it sets a new tariff rate of 15 percent on many imports from the EU, half the 30 percent rate that had been threatened. It also includes a promise of mutual tariff-free trade on some products, including aircraft and some generic drugs, and a European commitment to buy $750 billion in US energy over the next three years.
Other points are still under negotiation, according to European Commission President Ursula von der Leyen, including whether European wine and other spirits will receive an exemption from the 15 percent tariff.
How is Trump's trade war faring elsewhere? Earlier this month, Trump sent a new round of tariff demand letters to US trade partners, with a new deadline of August 1 (this Friday) to reach a trade deal and head off drastic tariffs. Since then, the US has reached a number of new agreements, including a deal with Japan last week — but many more are still outstanding.
Among those is a deal with China, which negotiators met to discuss on Monday; a mutual suspension of tariffs between the two countries is set to expire on August 12, but is likely to be extended an additional 90 days as talks continue.
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What else should I know about the tariffs? Hovering over all Trump's tariff threats and trade deals is the question of whether any of this is legal. One court, the US Court of International Trade, already ruled against the tariffs in May; now, an appeals court will hear the case on Thursday, and it will likely wend its way to the Supreme Court after that.
And with that, it's time to log off…
I greatly enjoyed the latest entry in my colleague Benji Jones's unofficial 'wildlife motion cameras' series, about artificial watering holes in the jungles of Guatemala (and don't miss his earlier piece, about animals along the US-Mexico border, here).
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