Trump says 50/50 chance of EU trade deal
Trump added that US and EU negotiators were working "closely" to strike a deal.
Trump earlier this month issued a letter saying the EU would face a 30pc tariff on most goods if they fail to reach an agreement by Aug. 1, in addition to sector-specific tariffs.
Trump has hit cars and auto parts with a 25pc customs tax, and steel and aluminium with a rate double that. He's also threatened to target pharmaceuticals and semiconductors with new duties as early as next month, and recently announced a 50pc duty on copper.
European negotiators are optimistic they can strike a deal that would set a 15pc baseline for most exports, with hopes that duties at that level would also cover categories like automobiles that are facing industry-specific duties. They also hope to set a quota for lower tariffs for some steel and aluminium products.
The EU may also receive limited carve-outs linked to aviation, some medical devices and generic medicines, several spirits, and manufacturing equipment.
Trump told reporters that he also expected to issue additional letters unilaterally setting tariff rates on other nations in the coming days, and expressed confidence that upcoming trade talks in Stockholm with China could yield more progress.
The US and China have the "confines of a deal," Trump said. (Bloomberg)
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