The United States and European Union are on the brink of a major trade agreement that would impose a 15% tariff on most EU goods entering the US, aiming to avoid even steeper tariffs threatened by President Trump.
Despite progress in negotiations, the EU is preparing a massive €93-100 billion package of retaliatory tariffs on US products in case talks collapse before the looming August 1 deadline. European leaders are signaling readiness for a trade war if necessary, while markets react to the uncertainty and the potential impact on global supply chains. The deal, if reached, would mirror a recent US-Japan agreement, but both sides are keeping their options open as tensions remain high.
Key industries, from cars to wine, are bracing for the fallout as the world watches whether a last-minute compromise can avert a costly transatlantic trade conflict.
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