Trump pumping the brakes on tariffs with EU
U.S. President Donald Trump is reportedly backing off on imposing tariffs on European automobiles and car parts.
According to CNBC and Crain’s Automotive News, citing multiple sources, Trump is suspending a decision on auto tariffs by six months. The White House faced a Saturday deadline to slap tariffs on auto imports from Europe. The Trump administration has reportedly written up a statement to delay tariffs by at least 180 days, delaying those duties as long as negotiations with trading partners continue.
Trump has justified tariffs as a way to protect national security, but CNBC reported that lawmakers on both sides of the Congressional aisle have been urging the president not to move forward with the tariffs.
The Trump administration has already imposed tariffs on Canadian steel and aluminum, as well as tariffs on goods imported from China. The White House has been trying to negotiate a new trade deal with China, now the world’s second-largest economy.
The New York Times reported that at just over the halfway point of Trump’s term in office, the U.S. has emerged as a nation with the highest tariff rate among developed countries, outranking Canada, Germany, and France, as well as China, Russia, and Turkey.