BRUSSELS: European Union international locations will search to current a united entrance within the coming days in opposition to US President Donald Trump’s tariffs, doubtless approving a primary set of focused countermeasures on as much as US$28 billion of US imports from dental floss to diamonds.
Such a transfer would imply the EU becoming a member of China and Canada in imposing retaliatory tariffs on the USA in an early escalation of what some concern will develop into a world commerce conflict, making items dearer for billions of shoppers and pushing economies around the globe into recession.
The 27-nation bloc faces 25 p.c import tariffs on metal and aluminium and vehicles and “reciprocal” tariffs of 20 p.c from Wednesday (Apr 9) for nearly all different items.
Trump’s tariffs cowl some 70 p.c of the EU’s exports to the USA, price in whole US$585 billion final 12 months, with doubtless duties on copper, prescription drugs, semiconductors and timber nonetheless to come back.
The European Fee, which coordinates EU commerce coverage, will suggest to members late on Monday a listing of US merchandise to hit with additional duties in response to Trump’s metal and aluminium tariffs moderately than the broader reciprocal levies.
It’s set to incorporate US meat, cereals, wine, wooden and clothes in addition to chewing gum, dental floss, vacuum cleaners and bathroom paper.
One product that has obtained extra consideration and uncovered discord within the bloc is bourbon. The Fee has earmarked a 50 p.c tariff, prompting Trump to threaten a 200 p.c counter-tariff on EU alcoholic drinks if the bloc goes forward.
Wine exporters France and Italy have each expressed concern. The EU, whose economic system is closely reliant on free commerce, is eager to verify it has vast backing for any response in order to maintain the strain up on Trump finally to enter negotiations.
