US President Donald Trump has warned that the European Union must ratify its trade agreement with the United States by July 4 or risk facing significantly higher tariffs.
Trump said he had spoken with European Commission President Ursula von der Leyen and agreed to extend the deadline until what he described as America’s 250th anniversary of independence, after which tariffs would be increased if no agreement is reached.
The date coincides with the US Independence Day celebrations, marking 250 years since the American colonies declared independence from British rule.
The European Union, which comprises 27 member states, previously reached a preliminary trade deal with Washington in July last year. The agreement set tariffs on most EU goods at 15 per cent, but it has yet to be fully ratified by member states, leading to frustration in Washington.
Trump also claimed that the EU had failed to meet commitments under the deal, including pledges to reduce tariffs to zero in certain sectors.
He further warned last week that import duties on European cars and trucks could be raised to 25 per cent, accusing the bloc of not complying with agreed terms.
The trade discussions remain ongoing, with Cyprus, which currently holds the rotating presidency of the EU Council, stating that it aims to maintain positive momentum ahead of upcoming talks with European lawmakers on May 19.
Although the European Parliament gave conditional approval to the agreement in March, the deal still requires final negotiation and endorsement from EU member states before it can take effect.
