- Executive Order for Tariff Review: In January, the U.S. president signed an executive order assigning a group of technocrats to evaluate trade practices with select partners and recommend a new tariff system, with reports due by April 1, 2025.
- Proposed Import Tariffs on the EU: Recently, President Trump announced a plan to implement a 25% import tariff on EU goods, which could generate an estimated EUR 50-60 billion annually for the U.S. federal government from these tariffs, despite the current average tariff on EU imports being just 1%.
- EU’s Potential Retaliation: In response to the proposed U.S. tariffs, EU officials indicated they would enact reciprocal measures to protect their economy and consumers, which could lead to increased EU imports, decreased exports, and higher prices for U.S. consumers if the tariffs are implemented.
Source 1stopvat
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