US tariffs: another reprieve for the EU
In the trade dispute between the US and the EU, President Donald Trump has delayed the introduction of higher tariffs from 9 July to 1 August. A spokesperson for EU Commission President Ursula von der Leyen said that negotiations on a tariff deal were "entering the final phase". Numerous other countries have already received letters from Trump announcing tariffs of 25 to 40 percent on their export goods as of August.
Europe in a hopeless position
The extended deadline is not necessarily good news for the EU, writes Handelsblatt:
“Because the postponement means three more weeks of uncertainty, which will cripple companies, inhibit investment and unsettle financial market players. And things are not going to get any easier for the Europeans with the upcoming negotiations. On the contrary: the European Union is in a pretty hopeless position. On the one hand Trump has been on a high since the big bill coup - the mega budget bill that is akin to a self-empowering presidential decree by the executive. On the other hand the Europeans are as divided as ever when it comes to a negotiating strategy and even the goal of the negotiations.”
Partners or vassals?
El Periódico de Catalunya doubts the EU will be able to achieve much by August:
“Europe is trembling in fear yet again. Used to having our big brother's protective hand hovering near us, the precipice to which Trump has led us is dizzy-making. Some EU countries would prefer to believe that this is just a brief episode. ... But the tariff war, which is far from over, has already torn apart production and supply chains. ... Europe will struggle to achieve more than a lesser evil. ... And it remains to be seen whether Trump will treat us as partners or as vassals.”
Beat them into submission
Any expectations of fairness on the part of the US will be sorely disappointed, comments Corriere del Ticino:
“South Korea and Japan, two of Washington's key allies in East Asia, have been 'penalised' with tariffs of 25 percent, which, unless Trump backs down at the last minute, will come into force in August ... The 'Make America great again' slogan is increasingly sounding like a threat for all number of states, including those on the Old Continent. It seems increasingly obvious that the 'new-found American greatness' will largely result from some kind of submission to Washington's wishes by the majority of the world's nations, which in Trump's eyes are guilty of running a trade surplus with the US.”
Trump alienating key allies
Trump's targetting of US allies in Asia is deeply baffling for the The Daily Telegraph:
“If the main geopolitical adversary of the US is China, then its two key allies in East Asia are surely Japan and South Korea. They are the two countries you most need to keep on board if the Chinese dragon is to be kept under control. It hardly makes sense to create grievances that will no doubt fester for many years to come. ...Next, they create uncertainty. ... The constant threat of random tariffs hangs over global corporations, slowing down decisions, deterring investment, and making it harder to commit to plans. It is all bad for growth.”
You can't have your tariff and eat it
Új Szó finds it ludicrous that Trump is willing to make US businesses foot the bill for his tariff policy:
“Trump demanded via social media that a private company [Walmart] 'eat' the cost of the tariffs rather than passing it on to consumers! ... It's ironic that a politician who fuels fear of socialism is introducing a price dictate. This is not the first time this has happened. US car manufacturers received a similar warning that they should not raise prices or there would be problems. ... This is Trump's idea of the free market: he wants the tariff policy wolves to get their fill, but he also wants American consumers (the sheep) to be spared.”