Overview

• The European Commission has proposed €72 billion of retaliatory duties on US goods, targeting sectors such as aircraft, cars, car parts and agricultural products.
• Although EU trade ministers supported the plan, member states must formally approve the list before it can take effect.
• The move responds to President Trump’s threat to impose a 30 percent blanket tariff on EU exports from August 1 if no bilateral agreement is secured.
• On July 15, Trump announced a trade pact with Indonesia that imposes a 19 percent levy on Indonesian exports while granting US goods tariff-free access to Indonesia’s market.
• Indonesia has committed to buying $15 billion in US energy, $4.5 billion in agricultural products and 50 Boeing jets under the outline of the deal, but full terms and effective dates have not been disclosed.