EU-U.S. Trade Tensions Escalate: A Possible 30% Tariff Showdown
The European Union warns the United States of countermeasures if a trade deal isn't reached, as Trump threatens a 30% tariff on EU imports. EU ministers urge negotiation to prevent escalation but propose retaliation if necessary, amid global efforts to seal trade agreements before the August 1 deadline.
The European Union has accused the United States of stalling on a trade deal, warning on Monday of countermeasures if an agreement isn't secured to avoid the "absolutely unacceptable" tariffs that President Donald Trump has threatened to impose starting August 1.
Despite holding back on retaliation to prevent a tit-for-tat trade war, EU ministers, after a meeting in Brussels, appeared closer to retaliatory action. Danish Foreign Minister Lars Lokke Rasmussen highlighted the unacceptability of the tariff threats, while EU Trade Chief Maros Sefcovic emphasized the effort invested in negotiations.
The EU has prepared a list of tariffs on U.S. goods worth 21 billion euros, awaiting final negotiations. The looming tariff threats have already impacted European markets, with industries bracing for uncertainty. With time running out, global efforts are underway to finalize trade agreements to prevent economic disruption.
(With inputs from agencies.)
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