EU might have to buy 350 billion in US energy to remove tariffs
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US President Donald Trump stated yesterday during a joint press conference with Israeli PM Benjamin Netanyahu that, in order to remove tariffs, the EU will have to commit to purchasing $350 billion worth of US energy – the amount required would be the total value of the trade deficit between Brussels and Washington, which the Trump administration used to calculate the global tariffs announced last Wednesday.
The US President emphasized that if the EU accepts this deal, tariffs will disappear “within a week". Furthermore, he pointed out that he doesn't want to accept the agreement proposed just a few hours earlier by European Commission President von der Leyen, which called for the removal of tariffs by the EU on certain categories – pharmaceuticals, steel – on the condition that the White House also removes tariffs on European exports.
Meanwhile, the European Commission has decided to remove whiskey, bourbon, wine, and dairy products from the list of US goods that will be subject to a 25% tariff starting April 15th.
In response to reporters' questions about whether the tariffs would be a temporary strategy or a long-term measure, Trump stated that the duration of these tariffs would depend on the progress of negotiations with various countries. However, despite strong criticisms of the EU, Trump mentioned that among the countries that could receive a reduction in tariffs is the European Union: for the American tycoon, Brussels should ease its European regulations – which he described as a form of non-monetary tariff – in order to allow a larger quantity of US products to enter European markets.
The US President emphasized that if the EU accepts this deal, tariffs will disappear “within a week". Furthermore, he pointed out that he doesn't want to accept the agreement proposed just a few hours earlier by European Commission President von der Leyen, which called for the removal of tariffs by the EU on certain categories – pharmaceuticals, steel – on the condition that the White House also removes tariffs on European exports.
Meanwhile, the European Commission has decided to remove whiskey, bourbon, wine, and dairy products from the list of US goods that will be subject to a 25% tariff starting April 15th.
In response to reporters' questions about whether the tariffs would be a temporary strategy or a long-term measure, Trump stated that the duration of these tariffs would depend on the progress of negotiations with various countries. However, despite strong criticisms of the EU, Trump mentioned that among the countries that could receive a reduction in tariffs is the European Union: for the American tycoon, Brussels should ease its European regulations – which he described as a form of non-monetary tariff – in order to allow a larger quantity of US products to enter European markets.