"Less than six months ago, the US and the EU agreed a deal that was supposed to stabilise transatlantic trade and provide certainty to businesses and consumers. European Commission President Ursula von der Leyen came away from President Trump's golf course in Scotland with tariffs of 15% on everything the EU sells to the US - far better than the 30% America had threatened. Along the way, Brussels also prepared a package of tariffs that would come into force if it was unable to reach an agreement with the US."
"It included tariffs on everything from livestock to aircraft parts to whiskey, totalling 93bn (80bn; $108bn) worth of goods that the US sells to the EU. The high-level agreement meant those taxes were suspended while details were worked out, and the European Parliament was set to ratify the EU-US trade deal next week. But within hours of Trump's threat, influential German MEP Manfred Weber said approval was "not possible at this stage". Without the EU signing off on last year's deal or extending the suspension, the tariffs on billions of euros worth of American goods will kick in on 7 February."
Donald Trump threatened to impose a 10% levy on imports from eight European countries from 1 February, rising to 25% in summer if no agreement is reached, tied to his plan to buy Greenland. France and Germany urged the European Union to be prepared to respond if the taxes proceed. The US and the EU had reached a provisional agreement that included a 15% tariff outcome for EU exports to the US and a suspended package of retaliatory tariffs on €93bn ($108bn) of US goods. A German MEP said ratification was not possible after the threat, risking those suspended tariffs taking effect on 7 February.
Read at www.bbc.com
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