EU Moves Towards Counter-Tariffs Amid U.S. Trade Negotiations
The European Union approved potential counter-tariffs on $109 billion of U.S. goods in response to possible 30% tariffs by the U.S. The move aims to encourage a trade agreement with Washington. A possible deal may see a 15% tariff on EU goods, matching a U.S.-Japan trade arrangement.
The European Union member states have approved counter-tariffs on $109 billion worth of U.S. goods, EU diplomats confirmed on Thursday. This measure, contingent upon a failure in trade negotiations with Washington, represents a significant step in the ongoing U.S.-EU trade discourse.
The European Commission, aiming to avert the proposed 30% U.S. tariffs set for August 1, is pushing for a negotiated outcome while preparing for potential retaliatory actions. These actions consolidate previous proposals into a singular approach, pending approval.
Although no tariffs will be enacted before August 7, the EU is strategically positioning itself amid evolving negotiations, potentially leading to a trade deal mirroring the U.S.-Japan framework. Key industry sectors, notably automobiles and pharmaceuticals, could be subject to a new standard 15% tariff.
(With inputs from agencies.)
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