EU President has said that the US has imposed tariffs of up to 70% on almost 90% of Europe’s exports due to which many pharmaceuticals, motor vehicles, and machinery companies of the European Union have suffered major losses. Recently, Top European Car companies are pausing Cars and other produects to US companies. Due to Trump’s Tariffs, Car, pharmaceuticals and Machinery prices skyrocked within a week in many US states. The US imports a significant number of vehicles from the EU, including cars, motor vehicle bodies, trailers, and car parts. The EU exports a wide range of machinery and equipment to the US, including general industrial machinery, petroleum products, Gas, natural, Aerospace and parts and specialized machinery. Recently, EU president Ursula von der Leyen said that the European Union should also take major action against Trump’s tariffs which can help protect the current governments of the European Union in the future. China and EU preparing against Trump Tarrifs, US sanction, US Dollar and economic crash
EU imposed $40 Billion Tariffs in retaliation Against US Imports, EU afraid of EU companies move to US
It has recently been reported that the EU exports almost $570 Billion worth of goods to the US, on which Trump has imposed tariffs and is making a profit of approximately 45%-70%, which is causing considerable harm to the European car and manufacturing market. On the other hand, Europe also imports around $450 billion worth of goods from there, which may cause those manufacturing companies to suffer huge losses. Actually the European car and other manufacturing markets used to benefit a lot from the US but now the European Union is afraid that if the EU fails to take action against Trump then the top companies of Europe can send their business to the US. Now it has been told that top companies and governments of Europe can import more to the US by going to countries with low tariffs like Israel, UAE, Singapore, Morocco, and Argentina which have the lowest tariffs. The EU’s imposition of approximately $40 Billion in Tarrifs on US imports was a retaliatory measure in respose to tariffs enacted by Trump Administrations.
Why China and Europe plans to sign a new Free-Trade Agreement to ditch US tariffs?
It has recently been reported that due to the trade war with Trump, China has started strengthening its relations with Europe, and big preparations are being made in China and Europe against Trump’s tariffs. EU officially targeted top US imports including Petroleum Oil, Natural Gas, Pharmaceutical, mineral fuels, aerospace, machinery, nuclear reactors, boilers, and optical, and Energy Security. In fact, ever since Trump stopped sending aid in the Ukraine-Russia war, there are no special relations left between Europe and Trump, due to which Europe and the US have become each other’s economic enemies. It has recently been reported that the European Union is re-establishing relations with China and importing cheap goods from China. It has recently been reported that the European Union’s imports from China totaled approximately €517.8 billion. it has been said that China now wants to boost its export scale with Europe in view of the tariff war with Trump so that China’s global supply chain can be saved for which China-EU free-trade agreement can also be signed.
