Let Battle Commence

The Eurointelligence Podcast

Wolfgang Munchau

News, Eu, European Politics, Political Economy, Italy, Brexit, Recovery Fund, Political Risk, Business, European Union, Netherlands, Ecb, Economics, Uk, Fiscal Union, Government, Transatlantic Relations, European Integration, France, Geopolitics, Eurozone, Banking, China, Spain, Germany, Political Union, Politics, Trade, Eu-china

4.5 • 30 Ratings

🗓️ 29 May 2025

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

In our latest podcast, our team discusses what to expect to happen in the remaining six weeks of the US-EU trade talks. The discussion took place just before Wednesday's ruling by the New York federal trade court, which struck down Donald Trump's global tariffs. In our view, the ruling, even if confirmed by higher courts, will not affect the US/EU trading relationship in a material way.

Transcript

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0:00.0	Welcome to the Eurointelligence podcast. I'm Wolfgang Munchau and with me are Susanna Muncheng
0:04.7	and Jack Smith. Today we would like to talk about tariffs again. On Sunday, Ursula Fonda Line and
0:11.4	Donald Trump had a phone call and agreed that they postponed their talks for another month. Trump had
0:18.0	earlier threatened to impose 50% tariff on European goods as of this
0:23.3	Sunday. That kind of got the Europeans rattled and they certainly cut a negotiation deal with
0:28.6	Trump. So there will be talks until July the 9th going on and on July the 9th, if this deadline
0:34.7	is not renewed, which we never know. These deadlines and final
0:38.7	offers and trade negotiations, we have to be a little bit careful about believing anything we hear.
0:44.3	But certainly there's going to be a six-week period now until we get to a point where a trade deal
0:49.1	can happen or not. Jack, can you tell us where we are in the situation right now?
0:55.8	Where we are in the situation is that, as many of our listeners might be aware, on April 2nd, Donald Trump announced an
1:01.4	initial 20% tariff, you know, this was going to be kind of universal. In addition to kind of
1:06.0	particular special tariffs of 25% on steel and aluminium imports, as well as 25% tariffs on the automotive
1:13.2	industry on automotive imports. And there was kind of backlash to that. Trump then eventually
1:19.2	cut this level down to 10% for most countries, including most countries and trading areas,
1:24.0	including the European Union. What's happened since is a series of negotiations,
1:28.5	but whilst the United States has already found a deal with the UK, as again, as many of our
1:33.1	listeners are, I'm sure, aware, and they've been trying to make some progress with other countries
1:37.0	like Japan, they've found more difficult with the EU. As a result, last weekend, Donald Trump threatened 50% tariffs on the EU if it
1:49.8	wasn't going to cut some sort of deal with him. And then in response, the EU seemed to hurry up a
1:56.3	little bit. And you had this call between Trump and von der Leyen. And so Trump extended this kind of time frame
2:02.2	for negotiation until July the 9th, which was the date when the 10% tariffs were supposed to kind
	...

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