European Parliament Halts Trade Deal
On February 20th, the European Parliament announced the suspension of the approval process for the trade agreement reached with the United States in July last year. This move is widely seen as the EU's first formal response to President Trump's recent tariff threats.
Trump's Tariff Announcement
Trump recently announced on social media that starting February 1st, the U.S. would impose a 10% tariff on goods from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland. He further stated that by June 1st, these tariffs would increase to 25%, until an agreement was reached on the U.S. proposal to fully acquire Greenland.
Potential Impacts
- Could escalate EU-US trade tensions
- Affect export industries in impacted countries
- Create uncertainty in global markets