BRUSSELS: The European Union will launch its first countermeasures towards US President Donald Trump’s tariffs subsequent week, the bloc’s members agreed on Wednesday (Apr 9), becoming a member of China and Canada in retaliating and escalating a world commerce battle.
The approval got here on the day that Trump’s “reciprocal” tariffs on the EU and dozens of nations took impact, together with large 104 per cent duties on China, extending his tariff onslaught and spurring extra widespread promoting throughout monetary markets.
The 27-nation bloc faces 25 per cent import tariffs on metal and aluminium and automobiles in addition to the brand new broader tariffs of 20 per cent for nearly all different items below Trump’s coverage to hit international locations he says impose excessive obstacles to US imports.
The European Union will put in place duties largely of 25 per cent on a variety of US imports from subsequent Tuesday in response particularly to the US metals tariffs. The bloc remains to be assessing how to answer the automobile and broader levies.
The U.S. imports embrace maize, wheat, barley, rice, bikes, poultry, fruit, wooden, clothes and dental floss, in keeping with a doc seen by Reuters. They totalled about €21 billion (US$23 billion) final yr, which means the EU’s retaliation shall be towards items value lower than the €26 billion of EU metals exports hit by US tariffs.
They’re to enter power in levels – on Apr 15, Could 16 and a last stage on almonds and soy beans on Dec 1.
“These countermeasures might be suspended at any time, ought to the US comply with a good and balanced negotiated consequence,” the European Fee mentioned in an announcement.
A committee of commerce consultants from the EU’s 27 international locations voted on Wednesday afternoon on the Fee’s proposal. EU diplomats mentioned that 26 EU members had voted in favour, with solely Hungary towards.
The results of the vote was broadly anticipated given the Fee has already canvassed EU members and refined an preliminary checklist from mid-March, eradicating US dairy and alcoholic drinks.
Main wine exporters France and Italy had expressed concern after Trump threatened to hit EU wine and spirits with a 200% tariff if the EU went forward with its deliberate 50 per cent obligation on bourbon.
Trump has already responded to Beijing’s counter-tariffs introduced final week, practically doubling duties on Chinese language imports. In response to that, China mentioned it will impose 84 per cent tariffs on US items from Thursday.
