US President Donald Trump issued final tariff notifications for seven young business partners on Wednesday as his administration approached a deal with the largest commercial partner, the European Union.
Trump said in positions on the social media platform in fact that starting from August 1, he will impose a 20 percent tariff on goods from the Philippines, 30 percent on goods from Sri Lanka, Algeria, Iraq, Libya, and 25 percent on Brunei and Moldova.
No message was issued to the European Union, but Trump said late on Tuesday that he would issue the tariff notifications “at least seven” on Wednesday morning and more in the afternoon.
The latest messages add to 14 others who were sent earlier in the week, including 25 percent of the customs tariff for US power suppliers in South Korea and Japan, which will also happen on August 1, with the exception of any deals reached before that.
They came a day after Trump said that he expands his commercial war by imposing a 50 percent tariff on imported copper and will soon offer long threatening fees on semiconductors and pharmacists. The steps of the rapid tariff for the American president have led to the universal economic expectations, which led to the paralysis of the decision to make commercial decisions.
Less than two weeks from the deadline for a tariff of steel and aluminum, US President Donald Trump targets another 50 percent. Power & Politics is asking international commercial lawyer William Pillerin, as this leaves Canada’s commercial talks with the United States.
European Union negotiations are still ongoing
Trump said that the commercial talks are going well with China and the European Union, which is the last bilateral trading partner in the United States
Trump said he “perhaps” tells the European Union within two days what a rate of exports to the United States could expect, adding that the bloc is 27 countries more cooperative.
“They have treated us very poorly until recently, and now they treat us very well. It is like a different world, in fact,” he said.
European Union Trade President Marus šefčovič said that good progress has been made in a framework trade agreement and the deal may be possible within days.
The European Union legislators in the European Union have told the negotiators that negotiators can complete their work soon, with an additional time now with the extension of the deadline of the United States, from July 9 to August 1.
For the second time in his presidency, Donald Trump threatens comprehensive customs duties on international imports – while Canada has not been called directly, commercial experts say we are far from safety. Carlo Dadi, director of the Canada West Trade and Investment Center, says Trump’s threats are part of a broader strategy that can reach Canadian industries hard if we do not notice.
“I hope to reach a satisfactory conclusion, perhaps even in the coming days,” he said.
However, Italian Economy Minister Giancarlo Giogeletti warned earlier that the talks between the two sides were “very complicated” and could continue until the deadline.
The highest levels of tariffs since 1934
The stock markets ignored the latest tariff from the US Republican President on Wednesday, while the yen remained on the back foot after it imposed fees on Japan.
After Trump announced a higher tariff for imports from the 14 countries, the American Research Group Yale’s budget laboratory estimates Consumers face an effective American tariff rate of 17.6 percent, an increase of 15.8 percent before and the highest in nine decades.
The Trump administration was promoting this customs tariff as an important source of revenue. US Treasury Secretary Scott Bessen said that Washington has received about $ 100 billion in the United States so far and could raise $ 300 billion in the United States by the end of the year. In recent years, the United States has acquired about $ 80 billion in the United States annually in customs tariff revenues.
The Trump administration promised “90 deals in 90 days” after it unveiled a set of duties for the country in early April. So far, only two agreements have been reached, with Britain and Vietnam. Trump said that a deal with India was close.
The governor of Massachusetts, Mora Haley, a Democrat, detonated Trump because of his “failed trade war”.
“President Trump has been elected to reduce costs, and all he does is to raise prices and harm our business.”
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