- President Trump has pushed back 50 percent tariffs on EU goods until July 9.
- Trump had threatened on Friday to impose the new steep duty starting June 1.
- The EU was expecting a 20 percent tariff until the President announced tougher rate.
Someone should strap a load of cardio monitors onto every European carmaker boss and let them run for a couple of months. That’s because Donald Trump’s shock tariff increases, like the one announced on Friday, and then the delay on the introduction of those tariffs confirmed yesterday, must make the cardio graphs do a great impression of an Alpine mountain range – and we’d love to see the printout.
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In case you missed Friday’s news, Trump revealed he wanted to implement a huge 50 percent tariff on goods – including cars – coming into the US from Europe starting June 1. Carmakers, who were operating on a 10 percent rate under the terms of Trump’s 90-day tariff pause, had been expecting to be hit with a 20 percent tariff from July 9, which is when the 90 days are up. But the US President said he was frustrated at the slow progress in trade talks and so decided to throw a tax grenade into the discussions.
Related: Trump Just Dropped A Bomb On European Car Imports
Then on Sunday, Trump, whose policies seem to flip-flop like a bored seven-year old trying to find something to watch on TV, said he would extend the deadline for the introduction of a 50 percent tariff on EU goods until July 9. The change of heart came after he spoke to European Commission President Ursula von der Leyen at the weekend.
“We had a very nice call and I agreed to move it,” Bloomberg reports Trump telling members of the press, though he didn’t elaborate on the details of the conversation.
Volvo’s CEO warned last week that it could be forced to stop exports of its Belgium-built EX30 electric SUV to America unless the US and the EU could come to some arrangement over tariffs. The UK and the US have already struck a deal that means British carmakers like Land Rover only face a 10 percent tariff, which has angered Detroit automakers whose Canada- and Mexico-built vehicles are still suffering from tariffs despite being assembled in areas covered by the United States-Mexico-Canada Agreement (formerly known as the North American Free-Trade Agreement).
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Lead image: VW
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