European Union Proposes Targeted Tariffs on American Products
EU aims to respond to U.S. import tariffs with new measures affecting goods worth up to $28 billion.
The European Commission is poised to take a united stance against U.S. President Donald Trump's recent trade tariffs, with EU member states expected to approve new countermeasures.
These measures could target American imports valued at up to $28 billion, as reported following the Commission's proposals.
The U.S. has recently implemented a 25% import tariff on European steel and aluminum, along with a 20% ‘reciprocal’ tariff on nearly all other goods beginning this Wednesday.
Notably, these U.S. tariffs are estimated to affect around 70% of the EU's exports to the United States, excluding the automotive sector.
On Monday, the European Commission will present a proposal for a list of American products that would be subject to additional tariffs in response to Trump's punitive tariffs.
The targeted products are expected to include meat, cereals, wine, wood, clothing, chewing gum, dental floss, vacuum cleaners, and toilet paper.
Among the items generating significant debate is bourbon whisky, which the European Commission is proposing to subject to a 50% tariff, while the Trump administration has threatened to impose a 200% tariff on European wines.
This situation is likely to have considerable implications for French and Italian exporters.
The recent developments have galvanized global economic actors, uniting them in response to what is seen as Trump's aggressive tariff strategy.
Increased tariffs are anticipated to raise prices for billions of consumers worldwide, potentially leading to a global economic downturn.
EU member states are scheduled to hold discussions in Luxembourg on Monday regarding their response strategy.
French President Emmanuel Macron has suggested that European companies pause their investments in the U.S. until the situation stabilizes.
In contrast, the Irish government, which exports nearly a third of its goods to the U.S., seeks a more measured response, while Italy has questioned whether retaliatory measures are necessary.
A decision on the countermeasures is expected as early as Wednesday, with some tariffs planned to come into effect by mid-April and most by mid-May. Ursula von der Leyen, President of the European Commission, will engage with major European steel, automotive, and pharmaceutical leaders to assess the potential impacts of the proposed tariffs and the next steps that may follow.
On Sunday, UK Prime Minister Keir Starmer discussed the U.S. tariffs with European leaders.
Following its own assessments, the UK government emphasized the need to minimize the impact of American tariffs on workers and to maintain close cooperation with other countries to uphold broader economic stability.
In summary, the EU aims to establish a coordinated response to the trade policies initiated by the Trump administration, with a commitment to negotiating for tariff removal while preparing for necessary counteractions if negotiations do not yield results.
These measures could target American imports valued at up to $28 billion, as reported following the Commission's proposals.
The U.S. has recently implemented a 25% import tariff on European steel and aluminum, along with a 20% ‘reciprocal’ tariff on nearly all other goods beginning this Wednesday.
Notably, these U.S. tariffs are estimated to affect around 70% of the EU's exports to the United States, excluding the automotive sector.
On Monday, the European Commission will present a proposal for a list of American products that would be subject to additional tariffs in response to Trump's punitive tariffs.
The targeted products are expected to include meat, cereals, wine, wood, clothing, chewing gum, dental floss, vacuum cleaners, and toilet paper.
Among the items generating significant debate is bourbon whisky, which the European Commission is proposing to subject to a 50% tariff, while the Trump administration has threatened to impose a 200% tariff on European wines.
This situation is likely to have considerable implications for French and Italian exporters.
The recent developments have galvanized global economic actors, uniting them in response to what is seen as Trump's aggressive tariff strategy.
Increased tariffs are anticipated to raise prices for billions of consumers worldwide, potentially leading to a global economic downturn.
EU member states are scheduled to hold discussions in Luxembourg on Monday regarding their response strategy.
French President Emmanuel Macron has suggested that European companies pause their investments in the U.S. until the situation stabilizes.
In contrast, the Irish government, which exports nearly a third of its goods to the U.S., seeks a more measured response, while Italy has questioned whether retaliatory measures are necessary.
A decision on the countermeasures is expected as early as Wednesday, with some tariffs planned to come into effect by mid-April and most by mid-May. Ursula von der Leyen, President of the European Commission, will engage with major European steel, automotive, and pharmaceutical leaders to assess the potential impacts of the proposed tariffs and the next steps that may follow.
On Sunday, UK Prime Minister Keir Starmer discussed the U.S. tariffs with European leaders.
Following its own assessments, the UK government emphasized the need to minimize the impact of American tariffs on workers and to maintain close cooperation with other countries to uphold broader economic stability.
In summary, the EU aims to establish a coordinated response to the trade policies initiated by the Trump administration, with a commitment to negotiating for tariff removal while preparing for necessary counteractions if negotiations do not yield results.
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