Trump sets July 4 deadline for EU tariff hike decision

Trump’s announcement on Thursday follows what he referred to as a “great call” with European Commission President Ursula von der Leyen.

“I’ve been waiting patiently for the EU to fulfil their side of the Historic Trade Deal we agreed in Turnberry, Scotland, the largest Trade Deal, ever!” Trump said in a post on Truth Social.

The 27-country bloc has yet to finalise the trade deal.

“A promise was made that the EU would deliver their side of the Deal and, as per Agreement, cut their Tariffs to ZERO! I agreed to give her until our Country’s 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels.”

On Friday, Trump threatened to increase tariffs on EU cars and trucks to 25 percent from 15 percent amid allegations that the EU was not complying with the terms of the deal. The automobile sector makes up 8 percent of all trade between the United States and the European Union, according to the European Automobile Manufacturers’ Association (ACEA).

Under the original terms of the framework, the US would charge a 15 percent tax on most goods imported from the EU — not just cars and trucks.

But since the Supreme Court ruling, the administration has levied a 10 percent tariff while investigating trade imbalances and national security issues, aiming to put in new tariffs to make up for lost revenues.

The two leaders also discussed Iran, Trump said, and agreed that Tehran can never have a nuclear weapon.