Trump threatens the EU: 17% tariffs on agricultural products and wine! Officials admit that trade negotiations "have not made breakthroughs"

The United States threatens to impose a 17% tariff on EU agricultural products, with the negotiation deadline approaching on July 9. Both sides are wrestling over market and regulatory sovereignty, which could impact the global Supply Chain. (Background: It's time to pay! Trump: Starting tomorrow, letters will be sent to various countries regarding tariff rates, with three scenarios being played out.) (Additional context: Trump's "Big and Beautiful Act" narrowly passed, and the IMF warns that the U.S. deficit debt crisis is worsening.) Many people overlook the massive impact of the trade standoff between the U.S. and the EU on the global Supply Chain. As the July 9 negotiation deadline approaches, the Trump administration has threatened a 17% tariff on European agricultural products worth billions of dollars, including Belgian chocolate, Irish Kerrygold butter, and Southern European olive oil, all of which are on the list. Currently, EU officials admit that there has been no breakthrough in trade negotiations with the U.S., and both sides will continue to work on achieving Consensus over the weekend. The atmosphere of U.S.-EU negotiations is tense. Looking back, the U.S. first imposed a 20% tariff on EU goods in April 2025, which was temporarily reduced to 10% during a 90-day negotiation period. Now that the deadline is approaching, if both sides cannot reach an agreement, the U.S. tariff will rise back to 17% and could ultimately increase to 50%. The EU exports approximately $56 billion worth of agricultural products to the U.S. each year, and the impact is significant. The U.S. demands that the EU relax regulatory restrictions on American companies and sign a binding comprehensive agreement, while the EU insists on protecting its regulatory framework and is only willing to extend the suspension of tariffs to buy time for negotiations, while also seeking exemptions for strong export items such as aircraft parts and wine. EU Trade Commissioner Maroš Šefčovič has listed changing regulatory systems as a "red line." There are also differences of opinion among member states regarding response strategies, with some countries leaning towards compromise and others advocating for a hardline response to the U.S. Speculating the worst outcome: If the U.S. reinstates high tariffs, exports of Italian olive oil, Belgian chocolate, and others will be immediately hindered, and the related agricultural Supply Chain will face rising costs and order losses. The EU is prepared to impose retaliatory tariffs on U.S. goods worth a total of €95 billion, covering agricultural products and sensitive goods. In the short term, U.S. domestic agriculture may benefit from reduced competition, but declining Supply Chain efficiency and rising prices will ultimately be passed on to consumers in both the U.S. and EU, spreading market costs throughout global trade. Related reports: The total market capitalization of cryptocurrency is set to soar to $20 trillion! Bo Hines: The passage of U.S. legislation brings explosive growth. Car loans, tips, and overtime pay can be tax-deductible; does it really help low-income earners? Analyzing the tax reduction truth behind Trump's "Big and Beautiful Act." Is Powell seeking Trump's favor? The Federal Reserve Board of Governors member Waller signals: The Fed may cut interest rates as early as July, and the impact of tariffs is short-lived. (Trump threatens the EU: 17% tariffs on agricultural products and wine! Officials admit that trade negotiations have "not broken through.") This article was first published in BlockTempo, the most influential Blockchain news media.