Trump's Tariff Turmoil: EU Trade Agreement on the Horizon

The European Union announced the possibility of reaching a preliminary trade agreement with the United States in the coming days. Meanwhile, President Donald Trump intensified a trade conflict by announcing new tariffs, further impacting the global economic situation.

On Tuesday, Trump declared a 50% tariff on imported copper and threatened additional tariffs on semiconductors and pharmaceuticals. This announcement followed his pressure on 14 major trading partners, including South Korea and Japan, with stringent tariff letters, set to take effect on August 1.

As negotiations progress with the EU, EU Trade Chief Maros Sefcovic expressed optimism about a potential deal, although Italian Economy Minister Giancarlo Giorgetti described the talks as "very complicated." Meanwhile, Trump's administration highlighted tariffs as a significant revenue source, yet faced criticism for increasing consumer costs and economic strain.

(With inputs from agencies.)