EU's Conditions for Accepting Trump's Tariffs

The European Union is ready to accept a trade agreement with the United States despite high tariffs on export goods. At the same time, they are pressing Trump to approve an important exemption.

According to Bloomberg, the European Union is prepared to accept Trump's tariffs.

The tariffs involve a ten percent duty on many of the EU's export goods. In exchange, they want exemptions in some key sectors, including pharmaceuticals, alcohol, semiconductors, and commercial aircraft.

According to information provided to Bloomberg, the EU is also pressuring the U.S. to introduce quotas and exemptions on some of the current U.S. tariffs, such as the 25 percent tariffs on cars and car parts, and the 50 percent tariff on steel and aluminum.

Trump's Threat: No Deals

In May, Donald Trump threatened to impose 50 percent tariffs on goods from EU countries but agreed that trade negotiations could continue until July 9.

However, he recently backed away from the agreement, threatening to disregard trade agreements altogether.

"I would rather send a letter, a very fair letter, saying 'congratulations, we will let you trade with the U.S., you will pay 25 percent tariffs, or 20 percent, or 40 percent, or 50 percent,'" he told Axios.

Meanwhile, Ursula von der Leyen confirmed earlier this week that negotiations with the U.S. are still ongoing.

"We are ready for an agreement. At the same time, we are preparing for the possibility that no satisfactory agreement is reached," said von der Leyen.