It also sees a similar level of tariffs applied to exports from the European Union. Products coming from the EU previously paid 15 percent, or the MFN rate, depending on which was higher.
The European Parliament froze ratification of the EU’s trade deal with the U.S. on Monday amid concerns that Trump’s latest tariff broadside breaches the terms of the transatlantic accord struck last summer.
Speaking with USTR Jamieson Greer over the weekend, U.K. trade chief Peter Kyle “underlined his concerns about further uncertainty for business” and reinforced “the need to honor the U.K.-U.S. deal” reached last May, a No. 10 spokesperson told reporters on Monday.
The deal lowered Trump’s sectoral tariffs on steel and aluminum, autos and aerospace. Trump’s new duties will apply to exports not covered by the Economic Prosperity Deal (EPD).
Trump’s latest tariffs will be imposed for 150 days from today under Section 122 of the 1974 Trade Act as Greer and his department carry out further investigations using tools like Section 232 of the Trade Expansion Act of 1962 to impose additional sectoral tariffs. After the 150 days expire, Congress could also vote to extend the 1duties.
“What will happen when the 150-day period allowed by the act expires?” asked Duncan Edwards, CEO of BritishAmerican Business. Congress, he said, “will have to decide whether the trade policies promised by this administration during the election become enshrined in law. Given the narrow margins in both houses of Congress, a definitive answer looks unlikely, so business would be wise to expect continued uncertainty.”
