FRANKFURT, Germany — The European Union expects to find out on Monday whether President Donald Trump will impose punishing tariffs on America’s largest trade partner in a move economists have warned would have repercussions for companies and consumers on both sides of the Atlantic.
Trump imposed a 20% import tax on all EU-made products in early April as part of a set of tariffs targeting countries with which the United States has a trade imbalance. Hours after the nation-specific duties took effect, he put them on hold until July 9 at a standard rate of 10% to quiet financial markets and allow time for negotiations.
Expressing displeasure the EU’s stance in trade talks, however, Trump said he would increase the tariff rate for European exports to 50%, which could make everything – from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals – much more expensive in