President Donald Trump hailed a “total reset” in trade relations between the U.S. and China. But other trading partners may not find negotiations quite so smooth.
To many, China may have appeared the toughest agreement to reach but Trump suggested otherwise, taking aim at the European Union Monday.
Trump said the bloc “is in many ways nastier than China” when it comes to trade, in a press conference Monday, before travelling to Saudi Arabia . “We have all the cards. They treated us very unfairly. They sell us 13 million cars, we sell them none,” he said.
It’s a reminder to investors that remaining tariff agreements won’t be easy, despite deals being struck with the U.K. and China in recent days.
The U.K. secured a trade agreement with the Trump administration on Thursday, under which steel and aluminum tariffs will be cut to zero and levies on some auto exports reduced from 27.5% to 10%, according to the British government.
The U.S. and China both agreed to slash levies by 115 percentage points following talks in Switzerland over the weekend. Trump said Monday he plans to talk to President Xi Jinping later this week to follow up on the trade truce.