Connect with us

Economics

European Union to put countermeasures to U.S. tariffs on hold for 90 days

Published

on

In this photo illustration, a double exposure images shows U.S. President Donald Trump against the EU flag.

Sopa Images | Lightrocket | Getty Images

The European Union will pause the adoption of its retaliatory tariffs on a swathe of U.S. goods for 90 days, European Commission President Ursula von der Leyen said, a day after the White House issued a reprieve on most of its own levies.

On Wednesday, EU members voted in favor of the package, which was designed in response to the U.S. 25% tariffs on steel and aluminum launched last month. The duties were due to be finalized in the coming days, with an initial tranche set to come into effect on April 15. The full list of targeted items has not yet been published, though a draft document seen by CNBC in March listed products spanning clothing, poultry, grains, machinery and more.

“We took note of the announcement by President Trump. We want to give negotiations a chance,” von der Leyen said on Thursday.

“If negotiations are not satisfactory, our countermeasures will kick in. Preparatory work on further countermeasures continues. As I have said before, all options remain on the table.”

As well as Trump’s duties on steel, aluminum and autos, the EU was hit with a 20% U.S. tariff rate on almost all goods as part of the sweeping duties announced last week.

Trump on Wednesday jolted markets when he revealed the reduction of new tariff rates on imports from most U.S. trade partners to 10% for 90 days to allow for trade negotiations.

This is a breaking news story and will be updated shortly.

Economics

Trump advisor Hassett confident tariffs will stay despite judges’ ruling

Published

on

National Economic Council Director Kevin Hassett speaks to reporters at the White House in Washington, D.C., U.S., April 14, 2025. 

Kevin Lamarque | Reuters

A top economic advisor to President Donald Trump expressed confidence Thursday that court rulings throwing out aggressive tariffs will be overturned on appeal.

Kevin Hassett, director of the National Economic Council, said in an interview that he fully believes the administration’s efforts to use tariffs to ensure fair trade are perfectly legal and will resume soon.

“We’re right that America has been mishandled by other governments,” Hassett said during a Fox Business interview. “This trade negotiation season has been really, really effective for the American people.”

The comments follow a ruling from judges on the Court of International Trade who said Trump exceeded his authority on tariffs, which are aimed both at combating barriers against American goods abroad and stemming the flow of fentanyl across the U.S. border.

While the Centers for Disease Control and Prevention has said that fentanyl is the primary driver in domestic overdose deaths, the judges ruled that related tariffs “fail because they do not deal with the threats set forth in those orders.”

Hassett bristled at the ruling and said the administration will continue its anti-fentanyl efforts.

“These activist judges are trying to slow down something right in the middle of really important negotiations,” he said. “The idea that the fentanyl crisis in America is not an emergency is so appalling to me that I am sure that when we appeal, this decision will be overturned.”

The administration has multiple options to get around the judges’ ruling, including other sections of trade laws it can utilize. However, Hassett said that’s not the plan at the moment.

“The fact is that there are measures that we can take with different numbers that we can start right now. There are different approaches that would take a couple of months to put these in place,” he said. “We’re not planning to pursue those right now, because we’re very very confident that this ruling is incorrect.”

Don’t miss these insights from CNBC PRO

Continue Reading

Economics

America’s immigration detention centres are at capacity

Published

on

IN APRIL Todd Lyons, the acting director of Immigration and Customs Enforcement (ICE), lamented that it takes too long to deport illegal immigrants. At the Border Security Expo in Phoenix he told a crowd of startup bosses vying for government contracts that a better deportation system would function more like Amazon, the tech giant whose delivery drivers zigzag the country at record speed. “Like Prime, but with human beings,” he said.

Continue Reading

Economics

Demand for American degrees is sinking

Published

on

Trump’s war on universities is driving talent away

Continue Reading

Trending