EU may halt US trade deal ratification on new tariffs

 The European Union is freezing the ratification of its trade agreement with the United States until it has received information on its trade strategy from President Donald Trump's administration, the Financial Times reported on Monday. The move has unleashed what one lawmaker referred to as "pure tariff chaos."

In the trade agreement reached in Scotland, the bloc reduced its own tariffs on American industrial goods and certain agricultural products to zero while paying 15% tariffs on the majority of its exports to the US. Previously, work on the deal's ratification was paused and then resumed over Greenland.

Yesterday, the European Commission demanded that Washington adhere to the conditions of the trade agreement reached with the EU last year and sought "full clarity on the steps the United States intends to take," as Trump announced further worldwide tariff increases the day after an adverse Supreme Court ruling.

https://breakingthenews.net/Article/EU-may-halt-US-trade-deal-ratification-on-new-tariffs/65722202