EU delays retaliatory tariffs on U.S. goods
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The EU – the United States' biggest trading partner – had been scheduled to impose "countermeasures" starting Monday at midnight in Brussels
President Donald Trump posted letters to the leaders of Mexico and the European Union, saying they had not done enough to head off the new tariffs.
President Donald Trump has posted two new letters on his social media platform announcing tariffs on the European Union and Mexico.
Inflation rose last month to its highest level in four months as the cost of gas, food, and groceries rose, reversing several months of cooling price pressures.
Earlier in the year, factory output had surged as U.S. firms rushed to stock up ahead of the anticipated tariffs.The rebound in May is a sign of resilience in Europe’s manufacturing sector, which has suffered a series of blows over recent years.
After European Union leaders said they would keep negotiating instead of immediately retaliating against President Trump’s latest threat, businesses remain unable to develop long-term plans.
Aircraft, machinery, cars, chemicals and medical devices are the leading big-ticket items on the latest list of U.S. goods the European Commission has proposed to impose tariffs on if talks with Washington do not yield an agreement on trade.
It comes as US President Donald Trump threatens to impose 30% tariffs on imports from the European Union and Mexico.