After days of market chaos and rising trade tensions, US President Donald Trump's decision to pause EU tariffs has left European businesses in the lurch.
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00:00Customers in this cafe in central Brussels may soon have to pay more for their favourite soya milk latte and California orange juices.
00:09EU tariffs have been suspended for now, but customers still fear higher prices.
00:15It's going to be difficult to pay more now that we're also paying more for a lot of the stuff anyway, because of the inflation.
00:24Some people can probably get over it, but some might not, so that's something to consider.
00:29The industry will be impacted, the economy as a whole. This will play out in all sectors.
00:36Bakery owner Louis Jaroset also fears higher prices, which could impact his sales.
00:43The more expensive our products get, the fewer things consumers will buy, so this could have an impact on the entire production chain.
00:52Orange juice and soy products are just a few of the American goods that could hit consumers' wallets,
00:58given the EU import tariffs in response to President Donald Trump's global levies.
01:03But when stock markets plunged, Trump backed off, pausing additional tariffs, and the EU followed suit.
01:10Many people will be very unsure because a lot of damage, I honestly think, has been done certainly over the last week.
01:16But the way this administration reacts, I think many people think, who knows what happens tomorrow.
01:21And EU countermeasures are still on the table.
01:24If negotiations in the coming weeks break down, one sector stands out to take a major hit – agriculture.
01:30Soybeans worth 2.6 billion euros in EU imports in 2024 are at the top of the list of potential targets for new tariffs on US goods entering the European market.
01:41When it comes to proteins necessary for livestock feed, we are dependent.
01:50We import a significant amount from the US.
01:53They are very competitive and have good quality of soy that we import for our feed needs.
01:58And so this would definitely reflect as to the cost of livestock production.
02:02This would lead to higher meat prices, which would soon be reflected in Luz by goods like his ham sandwiches.
02:11So far, our supplier contracts haven't been affected, but in the coming weeks, we are expecting prices to rise.
02:19Luz hopes that the next few weeks will bring an end to the trade war.
02:25So far, it seems far from over.
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