Trump threatens to raise tariffs to 35% on European products

In late July, Brussels and Washington finalized a trade agreement that established a 15% tariff on European products entering the United States. Under this agreement, the EU committed to purchasing $750 billion worth of American energy products and making an additional $600 billion in investments in the U.S. During an interview with CNBC, President Trump emphasized that the EU would face significant consequences if it did not uphold its investment commitments in the U.S. "Then, they will pay a 35% tariff," he stated. He explained that the EU had previously reduced its tariffs, which led to the $600 billion investment, and as a result, he lowered their tariffs from 30% to 15%. Details regarding the $600 billion investment commitment remain scarce, particularly concerning the allocation of funds and the sectors that would receive investment. In the interview, Trump mentioned that the $600 billion would be invested "in what I want." The trade agreement was reached following a meeting in Scotland last month between President Trump and European Commission President Ursula von der Leyen, just days before the August 1 deadline. The United States had threatened to impose a 30% tariff on imported European products starting from that date.