President Trump is reportedly pushing for higher blanket tariffs on imports from the European Union, throwing a wrench in negotiations ahead of an Aug. 1 deadline for sweeping duties to take effect.

The Financial Times reported that Trump wants a minimum of a 15% to 20% tariff on EU goods as part of any deal. Trump has threatened the bloc with 30% duties beginning Aug. 1. That is the date he is also set to impose tariffs on an array of other trading partners, as well as potential sectoral levies on copper, pharmaceuticals, and semiconductors.

The EU has left the latest discussions disappointed, according to the report, and considering options in negotiations and in potential retaliation.

"We don’t want a trade war, but we don’t know if the US will leave us a choice," the report quoted a senior EU diplomat as saying.

Trump said last week he would soon send letters to over 150 smaller US trade partners, setting blanket tariff rates for that large group.

Trump has already sent letters to over 20 trade partners outlining tariffs on goods imported from their countries. The letters set new baseline tariff levels at 20% to 40% — except for a 50% levy on goods from Brazil in a move that waded into the country's domestic politics.

On July 10, Trump announced a 35% tariff on Canadian goods and followed that up with promises of 30% duties on Mexico and the EU. The letters have at times upended months of careful negotiations, with Trump saying he is both open to reaching different deals but also touting his letters as "the deals" themselves.

Looking ahead to the holiday season, some retailers are struggling to prepare, not knowing whether products like toys and artificial Christmas trees might be available to import, and what the tariffs might be on a given country.

Source: Finance Yahoo

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