EU signs trade deal with US with 15% tariff
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The 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.
General Motors said tariffs slashed its second-quarter income by more than $1 billion, and other companies pointed to import duties to explain smaller profits.
Amid tariff uncertainty, St. Paul-based CEO holds product prices steady on athleisure apparel sold through department stores.
A threatened 30% tariff on European wines would hurt many U.S. companies while hiking prices at home and in restaurants, industry experts warn.
Companies are rerouting supply chains, sharing costs with suppliers, and, yes, raising their prices.
Brazil is scrambling to avert punishing 50% U.S. tariffs in a week's time, but high level talks are stalled and U.S. companies are reluctant to confront U.S. President Donald Trump over the issue, officials and industry leaders say.
Many U.S. companies, including GM, Walmart, and Home Depot, are currently absorbing tariff costs, sacrificing profits to shield consumers from price hikes.
Top American and Chinese officials are meeting for two days of talks in Stockholm as the Trump administration tries to complete trade deals.
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