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US tariffs on European goods threaten to shake up the world’s largest 2-way trade relationship

  • President Donald Trump imposed a 20% import tariff on European goods in early April but paused the rate at 10% until July 9 to allow negotiations.
  • This tariff decision follows ongoing trade tensions with the EU, which holds a 198 billion-euro surplus in goods and has warned of retaliatory tariffs.
  • Retailers and consumers are reacting with higher prices and altered buying habits, including increased interest in domestic products and delayed or accelerated purchases.
  • For example, a $1,000 dress could rise to $2,680 due to added costs and tariffs, and 66% of shoppers say they will seek U.S. options if overseas prices increase.
  • These tariffs risk reducing EU GDP by 0.3% and U.S. GDP by 0.7%, while companies like LVMH consider moving production to the U.S. to avoid tariffs if high rates persist.
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Il Sole 24 Ore broke the news in Milan, Italy on Friday, July 4, 2025.
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