Trump Suggests Lower Tariffs for EU

(MENAFN) During a speech at the AI Summit in Washington, DC, US President Donald Trump announced that the United States would permit the European Union to benefit from reduced tariffs—on the condition that the bloc agrees to grant American firms broader access to its markets.

Trump noted that the US had successfully opened markets in nations that had traditionally remained inaccessible to American businesses, and that a similar proposition was now being extended to the EU.

He emphasized that the US was currently engaged in intensive negotiations with the European bloc.

Referencing the recently concluded trade pact with Japan, Trump stated: "And we've made numerous other deals like that but opening up of a country is very important to us."

He highlighted the strategic importance of securing market access through such agreements.

The President underscored that a number of nations had already opened their markets to American trade.

Still, he warned that a "very simple tariff" system would be enforced on countries not cooperating, with duties ranging between 15% and 50%.

Trump clarified that the higher 50% tariff rate would be targeted at specific nations.

"Because, we haven't been getting along with those countries too well. So we just say 'let's pay 50%,'" he remarked, referring to strained diplomatic or economic relationships with certain nations.

He also mentioned that trade arrangements had already been established with the United Kingdom, the Philippines, and Indonesia, and that a broader agreement with China was nearing finalization.

Despite those successes, Trump indicated that most countries around the globe would still be subject to direct tariffs.

He pointed out the extensive scope of US trade engagements by stating, "Because we have over 200 countries. People don't realize that's a lot of deals. Even if you're like me, a deal junkie, that's a lot of deals."

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