The European Union announced Wednesday it aims to fast-track the removal of all tariffs on U.S. industrial goods by week's end, following a newly established framework for a broader trade deal agreed late last month.
President Trump has insisted that EU tariffs be lifted before the U.S. reduces duties on European auto exports. The EU's move comes after Trump warned Monday of potential new tariffs and export restrictions on advanced tech and semiconductors, citing digital service taxes abroad that he claims "unfairly target U.S. tech firms."
While Trump didn't name specific countries, the EU has implemented various tax and regulatory measures that he has criticized. On Tuesday, the EU defended its approach, maintaining that its policies are fair and legally sound.
Source: Trading Economics
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