US Envoy Warns EU: Expect Higher Tariffs If Trade Deal Fails

US trade envoy warned the European Union on March 23 that Brussels should expect elevated tariffs if negotiations over the 'Turnberry' EU-US trade framework fail to produce a deal. The warning came amid active EU-US negotiations over a framework that would reduce tariffs on EU exports to 15% from the 20% 'Liberation Day' rate in exchange for European market opening. The caution ratcheted up pressure on EU trade negotiators ahead of a key European Parliament vote, adding uncertainty to recession risk forecasts for export-dependent eurozone economies.