EU eyes tariffs on €93bn of US goods

The European Union (EU) is in talks to potentially impose tariffs on €93 billion ($108 billion) of US goods if President Donald Trump follows through on his threat to hit European countries with a 10% levy on February 1.The EU is also weighing additional countermeasures beyond the tariffs but will first try to find a diplomatic solution, according to people familiar with the discussions. Representatives from the EU’s 27 countries met Sunday to begin preparing options.EU leaders will hold an emergency meeting in Brussels later this week to explore possible retaliatory measures. European Council President Antonio Costa said in a social media post Sunday that the bloc’s nations were united in support of Denmark and Greenland and were ready “to defend ourselves against any form of coercion.”Trump on Saturday announced a 10% tariff on goods from eight European countries starting February 1, rising to 25% in June, unless there’s a deal for the “purchase of Greenland.” Trump levied the threat after the countries said they would undertake token Nato military planning exercises in the semi-autonomous Danish territory.UK Prime Minister Keir Starmer blasted Trump’s comments as “completely wrong” and Sweden’s Ulf Kristersson said his country wouldn’t be “blackmailed.” French Prime Minister Emmanuel Macron, who called the threat “unacceptable,” plans to request that the EU activate its most powerful trade retaliation tool, the so-called anti-coercion instrument.The most immediate and tangible reaction from the EU was that it will halt approval of its July trade deal with the US, which still requires an endorsement from the European Parliament. The European People’s Party, the largest group in parliament, said it would join other parties in blocking ratification of the accord.“President Trump has triggered an avalanche that threatens to destroy decades of transatlantic cooperation,” Stefan Lofven, president of the Party of European Socialists, said in a Sunday statement. The party, whose parliamentary group is the second largest in Brussels, supports suspending the trade agreement and called on the EU to examine using the anti-coercion instrument.The trade deal, which many in Europe criticised as too lopsided in Washington’s favour, saw the EU agree to remove nearly all tariffs on American products. The EU also accepted a 15% duty on most exports to the US and 50% on steel and aluminium. The US has since expanded the list of goods included in the higher 50% rate to include hundreds of additional products that contain the metals.The EU has already approved retaliatory tariffs on €93 billion of US products but suspended their implementation. If Trump moves forward with his threat and imposes duties on the countries at the beginning of February, the EU can allow the countermeasures to be reintroduced, said the people, who spoke on the condition of anonymity.-Bloomberg

EU eyes tariffs on €93bn of US goods

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EU eyes tariffs on €93bn of US goods

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