EU and South Korea Scramble for Trade Deals Amid Trump's Tariff Threats
The EU and South Korea are negotiating with the US to mitigate impending tariffs. President Trump plans to impose a 30% tariff on imports, affecting trade relations. EU's Sefcovic and Germany's Merz warn of consequences, while South Korea seeks to prevent detrimental tariffs on crucial sectors.
The European Union and South Korea announced efforts to secure trade agreements with the United States, in a bid to soften the impact of potential tariffs. President Trump has threatened to impose a 30% tariff on imports from the EU, Mexico, and other nations starting next month.
EU Trade Commissioner Maros Sefcovic expressed cautious optimism about reaching a positive agreement, though warned that such a tariff would severely disrupt trade. German Chancellor Friedrich Merz highlighted the negative impact on Germany's economy, should these tariffs be enacted.
Italy has prepared retaliatory measures worth millions if negotiations fail. Meanwhile, South Korea is working towards a preliminary deal, possibly granting the US greater access to agricultural markets, to prevent a similar tariff imposition.
(With inputs from agencies.)
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