The EU’s commissioner for trade, Maroš Šefčovič, is meeting the US trade representative, Jamieson Greer, for talks in Washington DC today (25 March) ahead of the US’ introduction of ‘reciprocal tariffs’ on 2 April.
The discussions will continue the EU’s engagement with the US on trade tariffs, according to a European Commission spokesperson cited by Bloomberg. It follows Šefčovič’s recent offer of a cut to European tariffs on industrial goods, including cars, in return for tariff relief from the US.
‘Liberation Day’
Šefčovič will also meet with Howard Lutnick, the US commerce secretary, as the EU prepares for 2 April – though reporting by Reuters notes president Donald Trump’s remarks yesterday that he could give “a lot of countries” relief on tariffs, and that some duties may not be announced on what Trump has called ‘Liberation Day’.
As noted by the BBC, the plans for a “they charge us, we charge them” system of tariffs may not be implemented in full. Trump said the US may be “nicer than that”:
“We may take less than what they're charging because they've charged us so much, I don't think they could take it.”
There have been differing reports on whether sector-specific tariffs planned for the announcement on 2 April will be delayed. Bloomberg and the Wall Street Journal have suggested they will be pushed back, but two Trump administration officials told Reuters they could still enter into force soon.
Venezuela tariffs
Trump also wrote on his Truth Social platform yesterday to announce his plans for a ‘secondary tariff’ on any country that trades with Venezuela.
Citing “numerous reasons” for the decision, including an accusation that the Latin American nation is facilitating the entry of “criminals” into the US, he said that Venezuela had been “hostile to the [US] and the freedoms which we espouse”.
Any country that purchases oil or gas from Venezuela will be hit with a 25% tariff on any trade with the US as a result, Trump said. This rate will feature as part of the tariffs implemented on 2 April, he added.
Hyundai investment
A Monday press event in the White House on tariffs also featured an announcement from South Korean carmaker Hyundai, which said it would be investing an additional US$21bn in the US.
The investment, which Trump said is a “clear demonstration that tariffs very strongly work”, came as the president suggested he could announce new car tariffs as early as this week.
Hyundai said it would establish a new $5.8bn steel plant in Louisiana, adding that it would put money into the development of AI and self-driving technology in the US. The new plant will provide 1,400 new jobs, the company added.
South Korea has a considerable trade surplus with the US and could be a target for reciprocal tariffs on 2 April.
