On March 16th, US Secretary of State Pompeo stated that the Trump administration, after imposing reciprocal tariffs on major trading partners, is setting a new status quo that may lead to bilateral discussions with various countries to reach new trade agreements.
During an interview with CBS’s “Face the Nation” program, Pompeo made the remarks regarding tariffs. “We will impose tariffs on other countries, and these tariffs will be reciprocal to what they impose on us. This is not targeting Canada, Mexico, or the EU, but every country,” said Pompeo. “Then, starting from a fair and reciprocal new baseline, we may engage in bilateral negotiations with countries around the world for mutually beneficial new trade arrangements.”
The Secretary of State also mentioned, “We are not satisfied with the current situation, we will establish a new status quo. Then, if they are willing, we can engage in negotiations.”
President Trump plans to implement reciprocal tariffs on various countries starting on April 2nd.
In response to US tariffs, the EU plans to impose tariffs on American whiskey starting from April 1st. French Prime Minister Francois Bayrou expressed on Sunday that this move might be a mistake. He urged for negotiations between the US and the EU to resolve the issue.
On Thursday, March 13th, President Trump stated that if the EU does not cancel its plan to tax American bourbon whiskey, he will impose a 200% tariff on all wines and other alcoholic beverages from the EU.
Trump’s remarks have raised concerns among EU wine producers, including French cognac producers.
Bayrou met with representatives of the cognac industry last Friday, expressing hopes for negotiations with Washington to resolve the tariff dispute.