EU Poised for Trade Clash with the U.S.: Counter-Tariffs on the Horizon

The European Union is ready to enact countermeasures totaling 93 billion euros on U.S. imports if a trade deal isn't achieved by the imposing deadline set by Washington. The European Commission has drafted a comprehensive set of counter-tariffs, awaiting the green light from EU members to activate them. These measures, targeting a spectrum of U.S. products, are strategically crafted to begin from August 7.

The EU plan involves banning scrap metal sales and enacting tariffs on a wide range of goods from the U.S. Notably, tariffs on steel and aluminium imports, suspended in April, are now poised for action. High-impact goods include agricultural products like poultry, ethanol and motor vehicles, with varied tariff percentages per product category.

Reacting to potential escalated duties from the U.S., particularly on cars and car parts, the EU proposes a revised tariff plan. By mirroring U.S. tariff levels, primarily set at 30%, the EU aims for parity, focusing on high-value industrial goods like aircraft and machinery. These strategic moves reflect the EU's firm stance on safeguarding its economic interests amidst ongoing trade tensions.

(With inputs from agencies.)