BRUSSELS: European Union international locations will search to current a united entrance within the coming days towards 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 worry will develop into a world commerce battle, making items dearer for billions of shoppers and pushing economies world wide into recession.
The 27-nation bloc faces 25 p.c import tariffs on metal and aluminium and automobiles 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 america, price in whole US$585 billion final yr, 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 further 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 acquired 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 ensure it has large backing for any response in order to maintain the stress up on Trump in the end to enter negotiations.
