- cross-posted to:
- canada@lemmy.ca
- cross-posted to:
- canada@lemmy.ca
Trump tariff of 15% means European exporters will face more than triple the average 4.8% levy now in force
The US-EU trade deal, clinched in a ballroom at Donald Trump’s golf resort in Scotland on Sunday, has been criticised by France’s prime minister and business leaders across Germany.
The deal, which will impose 15% tariffs on almost all European exports to the US including cars, ends the threat of a punitive 30% import duties being imposed on Trump’s 1 August deadline for a deal, but it is a world apart from the zero-zero import and export tariff the EU offered initially.
It also means European exporters to the US will face more then triple the average 4.8% tariff now in force, with negotiations to continue on steel, which is still facing a 50% tariff, aviation, and a question mark over future barriers to pharmaceutical exports.
The good (or bad, depending on how you look at it) part is that a good chunk of the world thinks Americans are assholes and buys their shit anyway, so while exports to Europe and Canada aren’t looking hot places like China or the Middle East aren’t going to change their consumption habits over Trump being Trump.