EU prepares reply to Trump tariffs
(MENAFN) The European Commission is preparing to propose a list of US goods to target with additional tariffs in retaliation for the sweeping new import duties announced by President Donald Trump, according to sources cited by Reuters on Sunday. Trump’s new trade policy imposes a minimum 10% tariff on all imports, along with higher tariffs on numerous countries that he accuses of unfair trade practices. The European Union was hit particularly hard, with its exports facing a 20% tariff. Trump justified the tariffs by claiming that many nations have been exploiting the US through practices such as currency manipulation and high taxes.
The EU’s countermeasures would potentially target up to $28 billion worth of US products, including items like meat, wine, cereals, wood, clothing, chewing gum, vacuum cleaners, and toilet paper. One product under particular scrutiny is bourbon, which the European Commission has suggested a 50% tariff on. In response, Trump has threatened to impose a 200% tariff on European alcoholic beverages.
EU diplomats have stated that the aim of a key meeting scheduled for Monday is to present a unified stance, calling for negotiations with Washington to remove the tariffs while also preparing to implement countermeasures if necessary. Despite differing opinions among member states, with some like France advocating for broader measures and others like Ireland urging a more measured approach, the EU aims to maintain unity. A vote on the tariffs is set for April 9, and it is expected to pass unless significant opposition arises.
The EU is particularly focused on maintaining a cohesive commercial policy after Brexit, and officials stress the importance of staying united despite challenges. The tariffs are expected to be implemented in two stages, with the first beginning on April 15.
In the US, protests against Trump’s tariffs have gathered momentum, with over 1,400 rallies across the country. Economic experts, such as those from JPMorgan, have raised concerns that these new tariffs could increase the likelihood of a global recession, noting the potential for retaliation, supply chain disruptions, and a decline in business sentiment in the US.
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