The Trump administration is holding chats with representatives of the European Union to discuss trade as the tariffs deadline looms. CBS News' Ramy Inocencio reports.

Washington

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

Global Tariffs

Officials from the United States and the European Union are meeting in Washington to discuss trade issues as a deadline for potential tariffs approaches. President Trump has threatened to impose a 50 percent tariff on EU imports, a move that could affect a wide range of goods including cars, pharmaceuticals, and luxury items, impacting both European and American economies.

Analysts note that such tariffs would not only affect EU companies but also American businesses and consumers, given the close trading relationship between the two regions. The discussions follow a recent trade agreement between the U.S. and Vietnam, where threatened tariffs were reduced, suggesting that the final outcome of the EU talks may also involve compromise.

Trump admin, EU holding talks in D.C. as tariff deadline nears

It is a race against the clock right now. You've got top officials from the U.S. and European Union meeting in Washington today, and it's the E.U. under pressure. The 27-nation bloc wants to avert massive 50 percent tariffs that President Trump threatened to slap on imports. For more on this, let's chat now with CBS News foreign correspondent Ramey Innocencio in our London bureau. Ramey, good to see you. What can you tell us about these trade talks under a crunch? Sure, Errol. Good to see you. Well, first off, that deadline is coming up six days from today, July 9th, so less than a week from now. And we're talking about a 50 percent tariff that Trump has threatened against the entire bloc. But I need to note, this would not only cause pain for E.U. countries, companies, but also for American companies and American consumers who are watching right now. Remember, the E.U. is the U.S.'s biggest trading partner. This is in goods and services combined. And in terms of economic importance, there is—there's a lot. Cars, front and center, things like Audi, BMW, Volvo, they already have a 25 percent tariff on them. Planes, another one, Airbus, of course, being the competitor here. Big pharma, if you take a drug, it is very likely it comes from some European country. You know, we're talking about Ozempic in the news, a lot of people taking that. That comes from Europe. There's one place here that actually makes that. Steel also, the machines it goes into, like fridges, washing machines. And hire-in items, if you like those, maybe you can afford those during this inflationary time. Things like French champagne, Italian cheese would get even more expensive. So if Americans would like to pay higher prices, then that is what they would get. You know, for context, Trump, we know, has blasted the E.U., saying—claiming that it was established to screw the U.S. But really, if he goes through these 50 percent tariffs, analysts are basically saying that he'll also screw U.S. companies and consumers, too. But of course, there is the real possibility—and we've already seen this happen before, right, Errol—that he could walk this back, and this 50 percent could land somewhere between 50 percent and potentially no tariff at all. But you know, there's probably going to be something in between, unless if something goes off the rails and it goes even higher. Yeah, it's folks watching now, the customers and consumers that pay the impact of the tariffs. In our last moment, Rami, the president did announce a deal with Vietnam on trade. What's inside that agreement? Yeah, and this could be a sign of things to come that we were just talking about there. Trump's initial threat was a 46 percent tariff on Vietnamese exports to the U.S. He says that has now fallen by more than half, to 20 percent, and that'll take off some of the pressure on Vietnam. But still, 20 percent is still a lot of pressure. Vietnam's biggest exports, you know, we've seen them on our own tags, for example, on our shirts and on our shoes, like Nike and Adidas, also telecoms, equipment, computers and furniture. In addition, Trump posted that Vietnam will give the U.S. total access, which would be in no means unprecedented. All right. Rami, you're no sense here with the latest on something that impacts all of us. Joining us from London, Rami, thanks. Yeah, you bet.

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Trump admin, EU holding talks in D.C. as tariff deadline nears

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