The European Union’s real work is only just beginning as the sun sets on US President Donald Trump’s trade-deal deadline later tonight. The framework agreement announced earlier this week between the bloc and White House has yet to be turned into a legally-binding accord. As a next step, the EU and US will issue a joint statement providing additional details. That document will then form the basis for more negotiations that could drag on for months.
With his time limit looming, Trump has unleashed a barrage of surprises. He pulled the rug from beneath copper traders, exempting refined metals from levies after first promising 50% tariffs on imports. Then South Korea got an agreement, as did Pakistan and likely Taiwan. Additional offers were extended to Cambodia and Thailand after their ceasefire. South Africa is still awaiting its final tariff figure but is preparing to cut interest rates to buffer potential economic damage.
www.bloomberg.com
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