By Esther Ososanya
The European Union says it could finalise a trade agreement with the United States in a matter of days, even as U.S. President Donald Trump escalates tensions with a new wave of tariff threats.
On Tuesday, Trump announced a 50% tariff on imported copper and hinted at looming levies on semiconductors and pharmaceuticals. He also promised to issue at least seven new tariff notices the next day, with more expected by afternoon.
More Tariffs Incoming
The new measures follow earlier 25% and higher tariffs targeting 14 U.S. trading partners, including key allies such as Japan and South Korea. These tariffs are scheduled to take effect on August 1, after Trump extended the original deadline from July 9.
“These countries have taken advantage of us for decades,” Trump said in a post on Truth Social. “That ends now.”
EU Sees Progress Amid Global Tensions
Despite the hostile tariff environment, Trump said talks with both China and the European Union were “going well”. He described the EU as more cooperative than before and suggested he would announce its new tariff rate within 48 hours.
“They treated us very badly until recently, and now they’re treating us very nicely,” Trump said. “It’s like a different world.”
EU trade chief Maros Sefcovic confirmed that progress had been made on a framework deal, which he hopes to finalise soon. “I hope to reach a satisfactory conclusion, potentially even in the coming days,” he told EU lawmakers.
Still, some scepticism remains. Italian Economy Minister Giancarlo Giorgetti cautioned that the negotiations remain “very complicated” and could stretch right up to the August deadline.
ALSO READ: Dollar Strengthens as U.S. Tariff Threats Shake Global Trade
Tariffs at Highest Level Since 1934
On Wall Street, markets largely brushed off the latest tariff announcements. However, the yen slipped further, reflecting pressure from U.S. levies on Japan.
According to the Yale Budget Lab, the effective U.S. tariff rate has now jumped to 17.6%, the highest since 1934. Just weeks ago, it stood at 15.8%.
Trump’s administration claims the tariffs are boosting federal revenue. Treasury Secretary Scott Bessent said the U.S. has already collected about $100 billion in 2025 and could reach $300 billion by year’s end.
ALSO READ: Markets Rise as Traders Brush Off Trump’s Tariff Threat
Mixed Results on Promised Deals
In April, Trump pledged “90 deals in 90 days” following the introduction of country-specific tariffs. So far, only two trade agreements have been signed — with Britain and Vietnam. Trump has hinted that a deal with India is close.
However, domestic opposition is growing. Massachusetts Governor Maura Healey, a Democrat, criticised Trump’s approach as harmful to American businesses.
“President Trump was elected to lower costs, and all he is doing is raising prices and hurting our businesses,” she said in a statement.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.