BRUSSELS: European Union nations 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 america in an early escalation of what some concern will change into a worldwide commerce warfare, making items costlier for billions of shoppers and pushing economies world wide into recession.
The 27-nation bloc faces 25 per cent import tariffs on metal and aluminium and automobiles and “reciprocal” tariffs of 20 per cent from Wednesday (Apr 9) for nearly all different items.
Trump’s tariffs cowl some 70 % of the EU’s exports to america, value in whole US$585 billion final yr, with doubtless duties on copper, prescribed drugs, semiconductors and timber nonetheless to return.
The European Fee, which coordinates EU commerce coverage, will suggest to members late on Monday an inventory of US merchandise to hit with further duties in response to Trump’s metal and aluminium tariffs somewhat 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 per cent tariff, prompting Trump to threaten a 200 per cent counter-tariff on EU alcoholic drinks if the bloc goes forward.
Wine exporters France and Italy have each expressed concern. The EU, whose financial system is closely reliant on free commerce, is eager to ensure it has broad backing for any response in order to maintain the stress up on Trump finally to enter negotiations.
