The President of the United States Donald Trump has pushed back the deadline for EU-US tariff negotiations to July 9, having previously threatened to slap 50% mark ups on all European goods on June 1.
Trump last month unveiled 20% tariffs on EU imports but later reduced that to 10% for the period of negotiations.
However, the president reportedly grew frustrated by the slow pace of the talks between the US and the European trading bloc, and threatened a steep increase. However, he agreed to extend the period of discussions into July following what he called a “very nice” call with European Commission chief Ursula von der Leyen.
Von der Leyen said the EU is “ready to advance talks swiftly and decisively” but needs time to ensure it can reach a fair and equitable deal.
The president’s use of tariffs has sent shockwaves through global retail supply chains and several international brands have already begun raising prices in response.
Nike announced it would be increasing prices on products from June 1 and resume selling directly on Amazon in the US. While fast fashion giant Shein has also implemented step cost increases, citing new import duties and trade rules changes.
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