US Edition
Schumer blasts Trump’s EU deal: ‘It’s fake!’
UNITED STATES, JUL 29 – Senator Schumer criticized the U.S.-EU trade deal as potentially causing a $90 billion annual cost to American families through tariffs, though experts dispute this estimate.
- Amid debate over the EU deal, Senator Chuck Schumer called it `fake` and warned it would cause a $90 billion tax hike.
- After Trump threatened 50% tariffs, negotiators met at President Donald Trump’s Turnberry golf resort in Scotland to try to reach a non-binding deal avoiding those rates by Friday.
- It sets 15% baseline tariffs on EU goods, more than tripling the 4.8% average on $600 billion in goods and services, according to sources on Monday.
- Automakers including BMW and Mercedes-Benz, analysts said, would gain a 4 billion earnings lift from the EU deal, while the Federation of German Industries warns that a 15% tariff rate will harm export-driven German industry.
- Despite praise for ending uncertainty, European Union admits the agreement isn’t legally binding, with no guarantee investments will occur, according to analysts at ING.
6 Articles
6 Articles
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The reviews are in, and they are mixed at best. While that sentence also applies to the critical reception of Happy Gilmore 2, we’re referring to the less-than-enthusiastic assessment in certain quarters on Monday for the European Union’s preliminary trade agreement with the United States, reached a day earlier at President Donald Trump’s Turnberry golf resort in Scotland. Markets registered a tepid response — though many analysts hailed the arr…
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