EU approves 25% retaliatory tariffs against the US
The European Union (EU) has approved retaliatory tariffs of 25% against the United States in response to tariffs imposed by President Donald Trump as part of his trade war. Initially, the EU was subjected to 20% tariffs following Trump’s enactment of reciprocal tariffs affecting many countries, which caused important turmoil in global stock markets. The new EU tariffs will take effect on April 15 and are aimed at countering the harm perceived from the US tariffs, which the EU deems unjustified and damaging to both economies and the global market.
The European Commission has expressed a preference for negotiated outcomes with the US that are fair and mutually beneficial, stating that these countermeasures could be suspended if the US agrees to engage in balanced negotiations. European Commission President Ursula von der Leyen has indicated openness to discussions about a “zero-for-zero” tariff scheme. This growth follows prior efforts that nearly led to the elimination of industrial tariffs during discussions of the transatlantic Trade and investment Partnership, a plan which was ultimately abandoned during Trump’s first term.
EU approves 25% retaliatory tariffs against the US
The European Union approved retaliatory tariffs against the United States in an escalation of President Donald Trump’s trade war.
The EU was hit with 20% tariffs after Trump enacted so-called “reciprocal tariffs” on nearly every country, sending stock markets around the globe into a panic. The EU said Wednesday that the coalition approved 25% tariffs against the U.S. that will go into effect April 15.
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“The EU considers US tariffs unjustified and damaging, causing economic harm to both sides, as well as the global economy,” the European Commission said in a statement.
“The EU has stated its clear preference to find negotiated outcomes with the US, which would be balanced and mutually beneficial,” the statement continued.
The union noted that “countermeasures can be suspended at any time, should the US agree to a fair and balanced negotiated outcome.”
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European Commission President Ursula von der Leyen previously said the EU was open to a “zero-for-zero” tariff scheme should the U.S. be willing to negotiate but noted the EU was “prepared to respond through countermeasures and defend our interests.”
The United States and EU came close to scrapping industrial tariffs for about 10 years in their discussions of the Transatlantic Trade and Investment Partnership. However, Trump sunk that plan during his first administration.
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