French Minister of Industry says 10% tariffs aren’t good for the EU
French Minister of Industry Mark Ferracci said agreeing to a 10% tariff on European exports to the US is a bad deal and indicates a disapproval of a potential compromise with Washington.
The European Union will need to acquire a trade agreement with Donald Trump until July 9th before tariffs on almost all exports to the US jump to 50%. Some members of the block are I’ll be happy to accept it Transactions that include maintaining a universal tariff of 10% on many exports of the block.
“10% isn’t that much of a deal. We should all find a way back to what was before by negotiating with the US and the US administration,” Ferracci said in an interview with Bloomberg TV about the bystanders of the Rencontres Economiques Conference at AIX-en-Provence. “To achieve this goal, we need to continue to unite, become very stiff in our answers and take into account the actual impact of tariffs on the value chain.”
The EU is asking the US to commit to fees lower than the universal 10% tariffs in key sectors such as drugs, alcohol, semiconductors and commercial aircraft.
Brussels is also pushing the US for quotas and exemptions to effectively lower Washington’s 25% tariffs on automobiles and auto parts, and effectively lowering 50% tariffs on steel and aluminum, Bloomberg previously reported.
The French minister cited an example of the aviation sector where the value chain is deeply integrated without tariffs.
“The 10% tariffs in this industry will be a nightmare,” he said.