Transatlantic Trade Tensions: EU and U.S. on Brink of Major Deal Amid Tariff Turmoil

The European Union is racing against the clock to finalize a trade agreement with the United States by the end of the month. This comes as U.S. President Donald Trump prepares to announce new tariffs on imported goods, escalating trade tensions worldwide.

Trump threatened to impose a 50% tariff on imported copper and additional levies on semiconductors and pharmaceuticals. He revealed plans to release multiple tariff notices targeting at least seven countries, though he withheld specific details.

Amid these tensions, the EU remains committed to defending its interests while negotiating with the U.S. However, Italian Economy Minister noted the complexity of the discussions, suggesting a race against the deadline. Economists warn these tariffs could raise U.S. consumer costs to historic levels.

(With inputs from agencies.)