Economy

Trump warns EU of ‘extreme’ financial ache if no progress on commerce talks

US President Donald Trump warned Brussels that his authorities may inflict "severe financial ache" on the European Union if it doesn’t interact in commerce negotiations with Washington.

After assembly with Leo Varadkar, Irish Prime Minister, on Thursday in Washington, Mr. Trump lamented that the EU had been "very very troublesome" to handle in commerce through the years.

"They weren’t keen to barter with the Obama administration, and earlier than that, they weren’t keen to be trustworthy. I'm not simply blaming President Obama, "stated Trump. "If they don’t discuss to us, we are going to do one thing very severe economically. We’re going to worth numerous their merchandise, "he stated.

In reality, the EU had been engaged in prolonged negotiations with the Obama administration on a world commerce deal, however they weren’t concluded till Obama left.

Underneath Trump, the US and the European Union pledged to start commerce negotiations to scale back tariffs on industrial items, however talks are stalled as a result of Washington desires to incorporate agriculture within the negotiations, which Brussels resists.

On the identical time, the US has imposed tariffs on metal and aluminum imports from the EU and threatened to impose additional EU automotive import taxes, actions which have decreased confidence within the Trump administration in European capitals.

The difficulties in commerce relations between the European Union and the US worsened on Thursday when the European Parliament voted in opposition to launching negotiations with Washington.

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