President Trump has sent letters to foreign leaders regarding tariffs on their goods set to take effect on Aug. 1, targeting Mexico and the European Union. These tariffs could impose 30% rates, shocking European leaders given the significance of EU-U.S. trade, valued at roughly a trillion dollars annually. Some retaliatory tariffs on U.S. goods were paused as both sides strive for an agreement. Trump is also expected to discuss American arms sales during a meeting with NATO's secretary-general amidst ongoing tensions related to the war in Ukraine.
President Trump has sent additional letters to foreign leaders informing them of the tariff rates he intends to impose on their countries' goods on Aug. 1, including a 30% tariff on EU goods, which could drastically impact the annual $1 trillion trade worth.
European leaders were stunned by Trump's announcement as the EU-U.S. trade is around a trillion dollars a year. Retaliatory tariffs on U.S. goods were scheduled to take effect but were suspended to reach a trade deal.
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