Donald Trump has reached a trade deal framework with the European Union with a US tariff on all EU goods of 15%, adding to earlier trade deals struck with the UK, Japan, Indonesia, the Philippines and Vietnam.
As part of the deal, in good news for tanker owners, the EU has committed to spend $750bn on energy including LNG and oil.
Meanwhile, the US and China are expected to extend a tariff pause for another three months during talks in Stockholm starting today, the South China Morning Post reported on Sunday. During the expected 90-day extension, the US and China will reportedly agree not to impose new tariffs or take other measures that could further escalate the trade war, according to the sources.
Finally, in today’s tariff roundup, South Korea has proposed a multibillion-dollar shipbuilding investment package in the US as part of ongoing negotiations to avert steep US tariffs as the August 1 deadline for such a deal nears. Japanese shipbuilders have already committed to help revitalise American shipbuilding in a trade pact announced last week between Washington and Tokyo.
