The European Union anticipates a decision on Monday regarding President Trump's potential tariffs on its products. This follows an initial 20% import tax put on hold for negotiations aimed at addressing the trade imbalance between the U.S. and EU. Trump has threatened to increase tariffs to 50%, which could inflate prices for European goods in the U.S. The EU is prepared to retaliate if no agreement is reached. The trade relationship between the U.S. and EU is significant, valued at 1.7 trillion euros in goods and services annually.
The European Union expects to find out on Monday whether President Donald Trump will impose punishing tariffs on America's largest trade partner in a move economists have warned would have repercussions for companies and consumers on both sides of the Atlantic.
Trump imposed a 20% import tax on all EU-made products in early April as part of a set of tariffs targeting countries with which the United States has a trade imbalance.
The EU said it was prepared to retaliate with tariffs on hundreds of American products, ranging from beef and auto parts to beer and Boeing airplanes.
The European Commission describes the trade between the U.S. and the EU as 'the most important commercial relationship in the world.'
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