"I will send letters: big, beautiful letters" to foreign leaders to define the new American duties, Trump had promised. And yesterday he did it, he began "sending" them via social media. It is worth noting the announcement of a further postponement of the entry into force of the new duties, scheduled for tomorrow, July 9, and extended to August 1 yesterday by the White House .
Presidential Press Secretary Karoline Leavitt, waving two letters addressed to the governments of Japan and South Korea that Trump had unexpectedly posted on his Truth Social, added during the media briefing yesterday that Trump will address the issue of "reciprocal tariffs" with foreign leaders by July .
No formal letter has been delivered to Brussels, but there remains a direct line between Ursula von der Leyen and Donald Trump to snatch, at the last minute, an agreement still hanging on a fragile balance.
When it was just after midday in Washington - six in the afternoon in Europe - the American president entrusted Truth with the announcement of the long-awaited letters on tariffs to countries deemed uncooperative: Japan, South Korea, Myanmar, Laos, South Africa, Malaysia and Kazakhstan are the first seven recipients of the axe from 25 to 40% starting from August 1st.
And while Wall Street is feeling the pinch, with the Dow Jones and Nasdaq suffering, in Europe negotiations are for now continuing at the fickle pace of the White House. The negotiating window - extended by a new executive order from the tycoon - will remain open until the beginning of next month. Thus avoiding the imposition of the reciprocal tariffs announced on Liberation Day - which would be added to the heavy ones already in force of 25% on European cars and 50% on steel and aluminum - also accompanied by the latest threat that is making Italy and France tremble: a further 17% on EU agri-food exports .
Now that the European proposal for zero tariffs for industry has fallen by the wayside, von der Leyen's negotiators are aiming for a compromise of a common 10% rate, with margins of flexibility and possible exemptions for strategic sectors such as aviation, tech and the continent's food excellences.
Paris, with the support of Austria and Spain, is pushing for a more muscular line - to the point of evoking the use of the 'anti-coercion tool' that would affect Big Tech - to avoid giving in to "an agreement at any cost". In Berlin's vision, however, pragmatism is also needed to protect the automotive industry .
(Online Union)
