The European Union (EU) has called for a "quick" meeting with the US to finalize a trade deal and avoid the 50% tariff proposed by US President Donald Trump. This comes after Trump accused the EU of hesitating to reach an agreement that would prevent the imposition of such tariffs.
Trump's Tariffs: EU Moves to Negotiate Trade Deal with the US
In a post on Truth Social, Donald Trump revealed that the EU had requested "quick scheduling of meetings" in an effort to strike a trade deal and avoid the 50% tariffs he had previously suggested. Trump called the development a positive one, stating that European countries, along with China, are finally opening up to trade with the United States. He added that if this happens, both countries will be "very happy and successful."
This comes shortly after Trump postponed the proposed 50% tariff for the EU from June 1st to July 9th. In a recent post, Trump stated that he is extremely satisfied with the 50% tariff on the EU, especially given that the EU has been "moving slowly" in negotiations with the US. He also reminded everyone that he has the authority to finalize a trade deal if they fail to reach one or cannot achieve a fair agreement.
EU Faces Pressure: US Accelerates Trade Talks with Other Countries
US Treasury Secretary Scott Bessent also stated that the EU has not acted in good faith, revealing that the US is much further along in trade talks with other countries. Reports suggest that the US and India could reach a trade deal within seven to ten days, as India seeks to avoid Trump's tariffs of up to 26%. Meanwhile, the US has made progress in trade talks with several other Asian countries.
US-EU Agreement Could Positively Impact the Cryptocurrency Market
The upcoming meeting between the EU and the US is likely to have a positive effect on the cryptocurrency market, which saw a sharp decline in prices when Trump previously suggested implementing 50% tariffs in the region. Bitcoin, in particular, was severely impacted but has seen a recovery in the past 24 hours. The price of the flagship cryptocurrency has risen and is now trading above the psychological level of $110,000, signaling a return of confidence in the market.
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