The EU is about to impose US tariffs if there is no deal

US President Donald Trump warned on Saturday that he will set 30% tariffs for imports from Mexico and the European Union, starting on August 1st, after several-week negotiations with the main US trade partners failed to produce agreements.

Speaking to the newspaper Il Messaggero, Taani also said that to help the Eurozone economy, the European Central Bank must review a new programme for the purchase of bonds and new reductions in interest rates.

European Union said Sunday it would postpone taking revenge measures against The US by early August, in hopes an agreement will be reached through negotiations.

Taani said the 21 billion-euro fee package, which the EU has prepared, could be followed with a second round of measures if there is no deal with the US.

However, he said he believes there can be progress in negotiations.

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“If stock markets fell, such a thing would put American pensions and savings at risk, he added.

According to him, the goal should be <x0zero tariff” and an open market between Canada, the United States, Mexico and Europe.

German Chancellor Friedrich Merz said on Sunday that he would work intensively with French President Emmanuel Macron, and European Commission President Ursula von der Leyen, to resolve trade conflict with the United States.

Such conflict comes when two or more countries place tariffs or other trade barriers to goods and services imported from each other, to protect local products or to gain economic advantage, writes REL, broadcast Periscope.