The US has postponed a higher rate of tariffs on the EU until August 1, 2023, while threatening a 30% tariff if negotiations fail. This situation is likely to complicate trade, with potential EU countermeasures worth €72 billion hurting both regions. Agriculture Minister Martin Heydon noted a sense of calm but emphasized ongoing concerns regarding business uncertainty. The need for clarity and resolution is critical as the environment continues to shift, impacting supply chains and commerce significantly.
If negotiations on a deal fail and the EU imposes countermeasures worth €72bn, this would hurt both the US and the EU, Mr Harris will tell ministers today.
Every business can deal with changes if they know what the future looks like, but the future keeps changing. We were glad there was an extension to August 1, that we avoided a cliff-edge date.
There is a real resolve to continue with those negotiations in good faith. In one way, nothing has changed. Because it is still about August 1.
While more time to negotiate is welcome, there is significant concern over the uncertainty it is causing businesses.
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