US to raise tariff rate on EU goods to 30% from 1 August, EU open to talks but ready to respond
He added that this rate could increase further if the European Union decided to retaliate, stating that the number is "far less than what is needed to eliminate the Trade Deficit disparity."
The European Commission responded with a written statement, saying "we remain ready to continue working towards an agreement by August 1," adding that "at the same time, we will take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required."
"Goods transshipped to evade a higher Tariff" will also face a higher rate, he added.
He also said in the letter that the US trade deficit was a national security threat.
'We have had years to discuss our Trading Relationship with The European Union, and we have concluded we must move away from these long-term, large, and persistent, Trade Deficits, engendered by your Tariff, and Non-Tariff, Policies, and Trade Barriers,' Trump wrote. 'Our relationship has been, unfortunately, far from Reciprocal.'
He said that approvals to "build or manufacture" products within the US would occur "within a matter of weeks," adding that European companies who decided to do so would not face no tariffs.
The announcement follows months of negotiations between the EU and US, and as the pause on Trump's so-called 20% "reciprocal tariffs" nears its end on 1 August.
Trump is in the midst of an announcement blitz of new tariffs with allies and foes alike, a bedrock of his 2024 campaign that he said would set the foundation for reviving a US economy that he claims has been ripped off by other nations for decades.
His administration has started to send out letters to trading partners, notifying them of the duties that will be applied to their US exports.
With Saturday's letters, Trump has now issued tariff conditions on 24 countries and the 27-member European Union.
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